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© 2006 Cisco Systems, Inc. All rights reserved. Cisco Public 1
Symbiosis Institute of Telecom Management
ACCOUNTING CONCEPTS
A.V.Chirputkar, Faculty - Finance, SITM.
M.Com. F.C.A. M.B.F. (ICAI), C.I.S.A. (USA)
© 2006 Cisco Systems, Inc. All rights reserved. Cisco Public 2
2Apr 7, 2023SITM
Final accounts Problem & Solution
Preparation of Final Accounts
TRIAL BALANCE FOR THE YEAR ENDED 31ST DECEMBER
Sr. No. Particulars Dr. Cr. A / LAmount Rs. Amount Rs. I / E
1 Capital 134502 Cash in Hand 14003 Bank Overdraft 93204 Sales 2364005 Purchases 1064006 Sales Returns 134007 Purchase Returns 29608 Carriage Outward 23609 Carriage Inward 1426010 Salaries 960011 Wages 366012 Sundry Debtors 1630013 Sundry Creditors 3736014 Stock on 1st January 9412015 Land and Building 1500016 Plant and Machinery. 2090017 Trade Expenses 2090
Total 299490 299490
Closing Stock Rs. 192100
Trading and Profit and Loss Account for the year ended 31st December……Particulars Rs. Rs. Particulars Rs. Rs.
To Opening Stock 94120 By Sales 236400To Purchases 106400 Less: Sales Returns 13400 Less: Purchase Returns 2960 223000
103440 By Closing Stock 192100To Wages 3660To Carriage Inward 14260To Gross Profit transferred to P & L A/c. 199620
Total 415100 Total 415100
To Carriage Outward 2360 By Gross Profit transferredTo Salaries 9600 from Trading A/c. 199620To Trade Expenses 2090To Net Profit transferred to Capital Account 185570
Total 199620 Total 199620
Balance Sheet As At 31st December…….Liabilities Rs. Rs. Assets Rs. Rs.
Capital Account 13450 Land & Building 15000Add: Net Profit transferred from P & L A/c. 185570 Plant & Machinery 20900
199020Cash in Hand 1400
Bank Overdraft 9320Closing Stock 192100
Sundry Creditors 37360Sundry Debtors 16300
Total 245700 Total 245700
© 2006 Cisco Systems, Inc. All rights reserved. Cisco Public 7
7Apr 7, 2023SITM
Case Study Final Accounts
Bharati Airtel Final Accounts 2011-2012:
1.Balance Sheet as at 31st March 2012 &
2.Statement of Profit & Loss Account for the year ended 31st March 2012.
Infosys Annual Report 2011-2012
1.Balance Sheet as at 31st March 2012 &
2.Statement of Profit & Loss Account for the year ended 31st March 2012.
© 2006 Cisco Systems, Inc. All rights reserved. Cisco Public 8
8Apr 7, 2023SITM
ACCOUNTING STANDARDS
Meaning of Accounting Standards
Need of Accounting Standards
Legal Framework for Accounting Standards in India
Applicability of Accounting Standards
Importance of Accounting Standards
Role of Accounting Standards in Final Accounts
© 2006 Cisco Systems, Inc. All rights reserved. Cisco Public 9
9Apr 7, 2023SITM
IFRS
International Accounting Standards (IAS)
AS Vs IAS
International Accounting Standard Board
IFRS used in preparation and presentation of Financial Statements
IFRS financial statements
Application of IFRS in India
Convergence Issues
© 2006 Cisco Systems, Inc. All rights reserved. Cisco Public 10
10Apr 7, 2023SITM
XBRL
Extensible Business Reporting language
Meaning and Importance
Application in India
www.xbrl.org/in