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

Final accounts Problem & Solution

Preparation of Final Accounts

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2006 Cisco Systems, Inc. All rights reserved. Cisco Public

21-Oct-12

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TRIAL BALANCE FOR THE YEAR ENDED 31ST DECEMBER

Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Particulars Capital Cash in Hand Bank Overdraft Sales Purchases Sales Returns Purchase Returns Carriage Outward Carriage Inward Salaries Wages Sundry Debtors Sundry Creditors Stock on 1st January Land and Building Plant and Machinery. Trade Expenses Total Closing Stock Rs. 192100 Dr. Cr. A / L Amount Rs. Amount Rs. I / E 13450 1400 9320 236400 106400 13400 2960 2360 14260 9600 3660 16300 37360 94120 15000 20900 2090 299490 299490

Trading and Profit and Loss Account for the year ended 31st December
Particulars Rs. Rs. Particulars 94120 By Sales Less: Sales Returns 103440 By Closing Stock 3660 14260 199620 415100 Total 415100 Rs. 236400 13400 223000 192100 Rs.

To Opening Stock To Purchases 106400 Less: Purchase Returns 2960 To Wages To Carriage Inward To Gross Profit transferred to P & L A/c. Total To Carriage Outward To Salaries To Trade Expenses To Net Profit transferred to Capital Account Total

2360 By Gross Profit transferred 9600 from Trading A/c. 2090 185570 199620 Total

199620

199620

Balance Sheet As At 31st December.

Liabilities Capital Account Add: Net Profit transferred from P & L A/c. Rs. 13450 185570 199020 Cash in Hand Bank Overdraft Sundry Creditors 9320 Closing Stock 37360 Sundry Debtors Total 245700 Total 16300 245700 192100 1400 Rs. Assets Land & Building Plant & Machinery Rs. Rs. 15000 20900

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.

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2006 Cisco Systems, Inc. All rights reserved. Cisco Public

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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

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2006 Cisco Systems, Inc. All rights reserved. Cisco Public

21-Oct-12

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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

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2006 Cisco Systems, Inc. All rights reserved. Cisco Public

21-Oct-12

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XBRL
Extensible Business Reporting language Meaning and Importance

Application in India
www.xbrl.org/in

SITM
2006 Cisco Systems, Inc. All rights reserved. Cisco Public

21-Oct-12

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