Course

Unit 1

Voyage Accounts – Meaning of important terms – Voyage in Progress – Farm Accounts –

Characteristics – Advantages and Disadvantages – Final Accounts of Farms.

Unit 2

Accounts of Life Insurance companies – Types of Insurance: Life Insurance, General Insurance – Final Accounts of Life Insurance Companies: Revenue Account, Profit and Loss Account and Balance Sheet.

Unit 3

Holding Company Accounts – Definition -– Minority interest – Pre-acquisition or Post-acquisition Profits – Cost of control or goodwill – Preparation of consolidated Balance Sheet

Unit 4

Accounting for liquidation of companies – Preparation of Statement of Affairs – Deficiency/Surplus Account – Liquidator’s Final Statement of Account – Receiver’s Statement of Accounts.

Unit 5

Double Account system – Features of Double Account system – Difference between single entry system and double account system – Receipts and Expenditure on capital Accounts – Revenue Account – Net Revenue Account – General Balance Sheet – Replacement of an asset – Accounts of Electricity companies – Special financial provisions relating to electricity companies.

Course objective:

To provide students with a deep understanding of advanced accounting principles and practices, including voyage accounts, life insurance accounts, holding company accounts, liquidation procedures, and the double account system.

Course outcomes

The students will able:

CO1: To apply knowledge of voyage accounts to analyze and prepare final accounts for farms.

CO2: To apply accounting principles to prepare final accounts for life insurance companies.

CO3: To understand the concept of holding companies and apply accounting principles to consolidate financial statements for holding companies.

CO4: To understand the procedures involved in the liquidation of companies, including preparing statements of affairs and deficiency/surplus accounts.

CO5: To understand the features of the double account system and its differences from the single account system and apply double account system principles to prepare revenue accounts and general balance sheets.

References:

1. S P Jain, K L Narang – Advanced Accounts 2 – Kalyani Publishers
2. Maheswari, Maheswari – Advanced Accountancy – Vikas Publishing
3. M C Shukla, S C Gupta – Advanced Accounts 2 – S. Chand
4. Gupta, Agarwal – Advanced Accounts 2 – Sultan Chand