...Commerce Justice Basheer Ahmed Sayeed College for Women Chennai - 600 018. REVIEWERS Dr. K. GOVINDARAJAN Reader in Commerce Annamalai University Annamalai Nagar - 608002. Dr. M. SHANMUGAM Reader in Commerce SIVET College Gowrivakkam,Chennai-601302. The book on Accountancy has been written strictly in accordance with the new syllabus framed by the Government of Tamil Nadu. As curriculum renewal is a continuous process, Accountancy curriculum has undergone various types of changes from time to time in accordance with the changing needs of the society. The present effort of reframing and updating the curriculum in Accountancy at the Higher Secondary level is an exercise based on the feed back from the users. This prescribed text book serves as a foundation for the basic principles of Accountancy. By introducing the subject at the higher secondary level, great care has been taken to emphasize on minute details to enable the students to grasp the concepts with ease. The vocabulary and terminology used in the text book is in accordance with the comprehension and maturity level of the students. This text would serve as a foot stool while they pursue their higher studies. Since the text carries practical methods of maintaining accounts the students could use this for their career. Along with examples relating to the immediate environment of the students innovative learning methods like charts, diagrams and tables have been presented to simplify conceptualized learning. As mentioned earlier...
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...comprehensive range of financial products including corporate deposit accounts, syndicated financing, term loan, project finance, export-import financing, working capital and other finance, bonds and guarantees, investment and business counseling, infrastructure finance, cash management services etc. With urban banking focus, the Bank is offering various alternative delivery channels like ATMs, Bills Pay Machines, Kiosks, and Internet Banking etc. The Bank has set up a brand image attributable in part to its policy of continuous customer service excellence, innovative products and services at competitive prices and maximum technology utilization. Unlike conventional branch banking, credit proposals as well as business operations are processed centrally at MBL. MBL TIME LINE MBL AT A GLANCE MBL LOCATED Corporate structure [pic] Different Books of Account of Mercantile Bank Ltd. We have studied the accompanying Balance Sheet of Mercantile Bank Limited as of 31 December 2008 and the related Profit and Loss Account, Statement of Cash Flows, Statement of changes in Equity together with the Notes 1 to 44 for the year then ended. We believe that our study provides a reasonable basis for our opinion. We also found that, i) The Bank's Balance Sheet and Profit and Loss Account together with the annexed notes 1 to 44 dealt with by the report are in agreement with the books of account and returns; ii) The expenditure incurred was for the purpose...
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...In this essay, I will be exploring the role of social experiences in child development. It is important to consider and define what social experience is when taking it into account in the terms of social development. For the purpose of exploring the ideas in Book 1, Chapter 2; social experiences is physical and mental interaction between other children and adults either directly or through observation by watching social interaction and feeling socially involved. So, with that in mind, for a child’s environment to not contain some sort of social experience, they would have to be socially isolated by either being alone or by ignoring their surroundings. Throughout this essay I will be assessing the role of social experience in each theory and evaluating the extent it has played in a child’s development. ‘Behavourism’ is a conditioning theory, which involves consequences for behaviour. Depending on the desired behaviour, the child is either rewarded or punished for how they behave according to the particular behaviour. The ‘Constructivism’ theory is a school of though that children build their own learning depending and through their own experiences and activities. In the ‘constructivism’ theory, children follow a set of stages in development. The ‘Social Learning Theory’ teaches that children learn by example, by observing others they understand and learn how to behave. The last theory I will be exploring is ‘Social Constructivism’ theory believes that children build their development...
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...Commerce Justice Basheer Ahmed Sayeed College for Women Chennai - 600 018. REVIEWERS Dr. K. GOVINDARAJAN Reader in Commerce Annamalai University Annamalai Nagar - 608002. Dr. M. SHANMUGAM Reader in Commerce SIVET College Gowrivakkam,Chennai-601302. The book on Accountancy has been written strictly in accordance with the new syllabus framed by the Government of Tamil Nadu. As curriculum renewal is a continuous process, Accountancy curriculum has undergone various types of changes from time to time in accordance with the changing needs of the society. The present effort of reframing and updating the curriculum in Accountancy at the Higher Secondary level is an exercise based on the feed back from the users. This prescribed text book serves as a foundation for the basic principles of Accountancy. By introducing the subject at the higher secondary level, great care has been taken to emphasize on minute details to enable the students to grasp the concepts with ease. The vocabulary and terminology used in the text book is in accordance with the comprehension and maturity level of the students. This text would serve as a foot stool while they pursue their higher studies. Since the text carries practical methods of maintaining accounts the students could use this for their career. Along with examples relating to the immediate environment of the students innovative learning methods like charts, diagrams and tables have been presented to simplify conceptualized learning. As mentioned earlier...
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...Introduction to Bank Reconciliation A company's general ledger account Cash contains a record of the transactions (checks written, receipts from customers, etc.) that involve its checking account. The bank also creates a record of the company's checking account when it processes the company's checks, deposits, service charges, and other items. Soon after each month ends the bank usually mails a bank statement to the company. The bank statement lists the activity in the bank account during the recent month as well as the balance in the bank account. When the company receives its bank statement, the company should verify that the amounts on the bank statement are consistent or compatible with the amounts in the company's Cash account in its general ledger and vice versa. This process of confirming the amounts is referred to as reconciling the bank statement, bank statement reconciliation, bank reconciliation, or doing a "bank rec." The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company's books) is consistent with the amount of cash shown in the bank's records. Because most companies write hundreds of checks each month and make many deposits, reconciling the amounts on the company's books with the amounts on the bank statement can be time consuming. The process is complicated because some items appear in the company's Cash account in one month, but appear on the bank statement in a different month. For example, checks...
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...prepared. Steps in Accounting Cycle:1. 2. 3. Journalizing (Recording) Posting to Ledger (Classifying) Final Account (Summarizing) Now Explain Steps:1 Recording:- This is the basic function of accounting. All business transaction, as evidenced by some documents such as Sale bill, Pass book, Salary Slip ect are recorded in the books of account. This is called recording process. 2. Classifying:- All entries in the Journal or books of Original Entry should be posted to the appropriate ledger accounts to find out at a glance the total effect of all such transactions in a particular account. 3. Summarizing:- It is concerned with the preparation and presentation of the classified data in a manner useful to the Internal a well as the external users of financial statements. This process leads to the preparation of the following financial statements:a) Trial Balance b) Profit & Loss Account c) Balance Sheet d) Cash flow Statement. DIFF. BETWEEN BOOK KEEPING AND ACCOUNTING BOOK KEEPING ACCOUNTING 1. It is a Process concerned with recording of transaction. 2. It is the basic of accounting. 1. It is a process concerned with Summarizing of the recorded transaction. 2. It is the basic for business language. for accounting are 3. Person responsible for book-keeping are called book keeper. 4. It does not required any special skill or Knowledge. 5. Personal judgment of the book-keeper is not required. 6. Financial statement are not prepared from 3. Personal responsible called...
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...Introduction to Bank Reconciliation A company's general ledger account Cash contains a record of the transactions (checks written, receipts from customers, etc.) that involve its checking account. The bank also creates a record of the company's checking account when it processes the company's checks, deposits, service charges, and other items. Soon after each month ends the bank usually mails a bank statement to the company. The bank statement lists the activity in the bank account during the recent month as well as the balance in the bank account. When the company receives its bank statement, the company should verify that the amounts on the bank statement are consistent or compatible with the amounts in the company's Cash account in its general ledger and vice versa. This process of confirming the amounts is referred to as reconciling the bank statement, bank statement reconciliation, bank reconciliation, or doing a "bank rec." The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company's books) is consistent with the amount of cash shown in the bank's records. Because most companies write hundreds of checks each month and make many deposits, reconciling the amounts on the company's books with the amounts on the bank statement can be time consuming. The process is complicated because some items appear in the company's Cash account in one month, but appear on the bank statement in a different month. For example, checks...
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...For Joint Stock Company’s Account: Certificate of incorporation. Certificate of commencement of business. Determination of panel of administrators for introductory the account postulating the general public official to exposed and activate the corporation account to be attained on corporation letter-head. NTN certificate in company name. Complete memorandum & articles of association. Angle of administrators compulsory on “Form-A/Form-B” distributed further down Corporations Regulation 1984. Form to 29 duly attested by Registrar of Company. For individual stock holder allotment 5% or else beyond pale in corporation duplicates of distinctiveness official papers as revealed beyond be achieved. For Illiterate person Accounts: Shaky signatures...
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...AN INTERNSHIP REPORT ON Analyzing the Problem of General Banking System of United Commercial Bank Limited Prepared By Sirajum Munira ID NO: 10254030 Department of Finance & Banking University of Rajshahi Supervised By Md. Monimul Haque Assistant Professor Department of Finance & Banking University of Rajshahi July 2012 Analyzing the Problem of General Banking System of United Commercial Bank Limited Prepared By Sirajum Munira ID NO: 10254030 Department of Finance & Banking University of Rajshahi An internship report submitted in partial fulfillment of the requirement for the degree of Master of Business Administration (MBA) Supervised By Md. Monimul Haque Assistant Professor Department of Finance & Banking University of Rajshahi July 2012 July-30, 2012 The Supervisor Department of Finance and Banking University of Rajshahi Subject: Submission of Internship Report Dear Sir, I am delighted to present my Internship Report on “Analyzing the Problem of General Banking System of United Commercial Bank Limited”, which is prepared in a partial fulfillment of the requirement for the degree of MBA. Preparing such kind of report is a great opportunity for me while having overall knowledge on General Banking practice. I believe that the practical learning will boost our intellects in our coming career life. I have...
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...FRANK WOOD’S business accounting TENTH EDITION 1 FRANK WOOD & ALAN SANGSTER Additional student support at www.pearsoned.co.uk/wood FRANK WOOD’S business accounting 1 Visit the Business Accounting, tenth edition Companion Website at www.pearsoned.co.uk/wood to find valuable student learning material including: l l l l l l Learning objectives for each chapter Multiple choice questions to help test your learning Review questions and answers Links to relevant sites on the web Searchable online glossary Flashcards to test your knowledge of key terms and definitions Frank Wood 1926–2000 FRANK WOOD’S business accounting TENTH EDITION 1 FRANK WOOD BSc (Econ), FCA and ALAN SANGSTER BA, MSc, Cert TESOL, CA Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE and Associated Companies throughout the world. Visit us on the World Wide Web at www.pearsoned.co.uk First edition published in 1967 Second edition published under the Longman imprint in 1972 Third edition published in 1979 Fourth edition published in 1984 Fifth edition published in 1989 Sixth edition published in 1993 Seventh edition published in 1996 Eighth edition published under the Financial Times Pitman Publishing imprint in 1999 Ninth edition published in 2002 Tenth edition published 2005 © Frank Wood 1967 © Longman Group UK Limited 1972, 1979, 1984, 1989, 1993 © Pearson Professional Limited 1996 © Financial Times Professional Limited 1999 © Pearson Education Limited...
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...Overview the Acquisition of Virginia Mines Inc. Osisko is a Canada-based intermediate mining royalty and exploration public company traded on the Toronto Stock Exchange. They acquired Virginia Mines Inc. with an acquisition date of February 17, 2015 by acquired all of the outstanding common shares of Virginia and issued a total of 29,964,240 common shares to Virginia shareholders (share exchange method). This acquisition diversifies the portfolio of assets in low geopolitical risk locations and improves the financial position of the new combined company. Other purchase consideration paid by Osisko including share options and the common shares hold by Osisko prior to the closing date. The fair value of purchase consideration is (provisional) $556,034. As a public company, Osisko is required to prepare financial statements according to IFRS. They have recognized this acquisition as a business combination, and they have combined Virginia’s financial statements to their own and issued combined financial statements according to IFRS because as parent company, they have control over Virginia by acquire all of their outstanding shares. According to IFRS, the accounting policies applied in Q1 2015 consolidated financial statements are consistent with those applied by Osiska before business combination. Osisko Gold Royalties is the Acquirer and parent company because their shareholders control the combined economic entity, and Virginia Mines Inc. is the acquiree and subsidiary company...
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...41 Consignment accounts Objectives After you have studied this chapter, you should: • • understand what is meant by the term ‘consignment account’, how such accounts are used, and by whom know how to record the entries for consignment accounts 41.1 Nature of a consignment When a trader sells goods directly to customers, whether they are in his home country or overseas, these are ordinary sales. However, a trader may send goods to an agent to sell them for him. These goods are said to be sent on consignment. The main features are: (a) The trader sends the goods to the agent. The goods do not belong to the agent; his job is to sell them for the trader. The goods are owned by the trader until they are sold. The trader sending the goods is called the consignor. The agent is called the consignee. (b) The agent will store the goods until they are sold by him. He will have to pay some expenses, but these will later be refunded by the trader. (c) The agent will receive a commission from the trader for his work. (d) The agent will collect the money from the customers to whom he sells the goods. He will pay this over to the trader after deducting his expenses and commission. The statement from the agent to the trader showing this is known as the account sales. Consignment accounts are to be found mainly in overseas trade. 41.2 Consignors (the traders) records For each consignment to an agent a separate consignment account is opened. Think of it as a trading and profit...
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...14 BANK RECONCILIATION STATEMENTS . . . this chapter covers In the last chapter we balanced the cash book of a business to find out the balance of the bank account. In this chapter we look at the way in which a business deals with any differences between the balance of the bank account in the cash book and the closing balance of the bank account shown by the bank statement for the same period. These differences are explained by a document known as a bank reconciliation statement: which lists • • items which are in the cash book but not on the bank statement items which are on the bank statement but not in the cash book This process is an important one: it enables the business to update its cash book and also helps to prove the accuracy of the bookkeeping of the business and the bank. OCR LEARNING OUTCOMES unit 3: MAINTAINING THE CASH BOOK Assessment objectives 4 Prepare a Bank Reconciliation Statement (a) Compare transactions that appear on both Cash Book and Bank Statement (b) Update Cash Book from details of transactions appearing on Bank Statement (c) Balance the bank columns of the Cash Book to calculate the revised balance 5 Complete a Bank Reconciliation Statement (a) Enter correct date of the statement (b) Enter the balance at bank as per the Cash Book (c) Enter details of unpresented cheques (d) Enter sub-total on reconciliation statement (e) Enter details of bank lodgements (f) Calculate balance as per Bank Statement bank reconciliation statements ...
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...Student Assignment 11.27 On 31st August the book-keeper took out a trial balance. It didn’t balance with the debit side totalling £598,450 and the credit side totalling £600,470. He opened a suspense account with the difference. The following errors were subsequently discovered: a) An invoice sent to Joe Lowry for £520 net, VAT £104 had been omitted from the books completely b) A credit note sent to K Andrews for £34 net, VAT £6.80 had been entered in the account of C Andrew. c) The Purchase day book had been undercast by £130 d) Sales for the month of August of £5,800 had been entered in the sales account as £8,500 e) The purchase of computer equipment for £480 net, VAT £96 had been entered in the stationery account f) An invoice received from H Singh for £280 (VAT exempt) had been entered in the books as £820. g) A cheque received for commission for £370 had been posted to wrong side of commission received account h) The wages account had been overcast by £70 Student Assignment 11.28 On 30TH September a trial balance was extracted. As it didn’t balance a suspense account was opened up with the difference. The debit side totalled £79,130 and the credit side totalled £77,290. a) A credit purchase from J Wong for £96 net, VAT £19.20 has been omitted from the books completely b) A cash payment of £100 for cleaning premises had been entered in the cash book but not posted to ledger account c) A credit note from S Leeson for £170 net...
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...taken over by the new firm at values other than book value. This revaluation is done through revaluation account. Close this account by transferring its balance to capital accounts of partners in their profit-sharing ratio. Step 2. Close all assets and liabilities not taken over by the new firm: pay off such liabilities as have not been taken over by the new firm. Alternatively, close them by transferring them to partners’ capital account in the profit –sharing ratio. Similarly, close those asset accounts also which have not been taken over by the new firm by transferring them to capital accounts in the profit-sharing ratio. Step3. Close such assets and liabilities accounts as have been taken over by the firm: for closing the assets account that have been taken over by the new firm, we need to debit new firm account and credit the respective assets account. For closing the liabilities account, debit liabilities and credit new...
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