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Work With UsTeach With UsSubject: Financial Accounting-I Course Code: BBA-104 Author: Dr. Chandra Shekhar Lesson: 1 Vetter: INTRODUCTION TO ACCOUNTING STRUCTURE 1.0.
Chandra Shekhar Lesson: 1 Vetter: INTRODUCTION TO ACCOUNTING STRUCTURE 1.0 Objectives 1.1 Introduction 1.2 Development of accounting discipline.
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Subject: Financial Accounting-I. Course Code: BBA-104. Author: Dr. Chandra Shekhar. Lesson: 1. Vetter: INTRODUCTION TO ACCOUNTING. STRUCTURE.
INTRODUCTION TO ACCOUNTING this book is Financial Accounting -1 Author: Dr.Chandra Shekhar Course Code: BBA-104.
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From Financial Accounting
When a bill receivable is discounted, the bill is removed from bills receivable and bank gives net proceeds after deducting discount. Entry:
Bank A/c Dr. (net amount received) Discount A/c Dr. (discount charged by bank) To Bills Receivable A/c (full bill amount)
If a bill receivable held till maturity is dishonoured, the bill is cancelled and the debtor becomes liable again. The entry is: Debtor’s A/c Dr. To Bills Receivable A/c (for bill amount). If noting charges are paid by the holder, they are also recoverable from the debtor, so Debtor’s A/c is further debited and Bank/Cash A/c is credited for noting charges.
Closing stock is credited in Trading Account and shown as a current asset in the Balance Sheet. Since COGS is calculated by deducting closing stock from the total of opening stock, purchases and direct expenses, any change in closing stock changes COGS and gross profit. Higher closing stock reduces COGS and increases gross profit; lower closing stock increases COGS and reduces gross profit. Therefore, correct inventory valuation is essential for true gross profit in Trading Account and true current assets in Balance Sheet.