Tag: book keeping and accountancy

profit and loss appropriation account

preparation of profit and loss appropriation account

Covers accounting procedures and legal aspects when a partnership firm is dissolved or undergoes changes due to partner retirement or death. Topics include realization accounts, transfer of assets and liabilities, joint life policies, and the Garner v Murray rule.

procedure of settlement of accounts

Tests knowledge of book-keeping concepts, the double-entry system, and the relationship between book-keeping and accounting including their meaning, scope, and objectives.

accrued income

earned or accrued income

methods of redemption of debentures

single entry system

Covers types of journal entries, including compound entries, closing entries, adjusting entries, transfer entries, and error correction entries, along with related accounting principles