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Accounting Contents
Accounting is the process of recording financial transactions pertaining to a business. The accounting
process includes summarizing, analyzing, and reporting these transactions to oversight agencies,
regulators, and tax collection entities. The financial statements used in accounting are a concise summary
of financial transactions over an accounting period, summarizing a company's operations, financial
position, and cash flows.
Business: Any Economic Activity carried on for the purpose of earning profit.

Basic Terms
1. Proprietor: Owner of the business, brings capital into the business & enjoys all incomes and profits and bears all
expenses and losses. From accounting point of view business concern is aseparate entity apart from its owner.

2. Capital: It is the amount of money or property with which a trader starts his business. Whatever the benefit in any form
received by a business concern from its proprietor is known as Capital. The excess of Assets over Liabilities is also
known as "Capital ".

3. Drawings: It is the value of cash or goods or any other item withdrawn from the business by theproprietor for his
personal or private or domestic use. It reduces the capital of the proprietor.

4. Assets: Assets or properties are possessions, which belong to a trader. They help the trader in carrying on his business.
E.g.: Plant & Machinery, Land & Buildings, Furniture, Cash, Inventory, Bank Balance, Investments, Goodwill,
Patents, Trademarks, Trade receivables, Bills Receivable etc.

5. Tangible Assets: Such assets, which have physical existence, i.e. they can beseen. E.g.: vehicles, buildings, cash and
furniture etc.

6. Intangible Assets: Those assets which have no physical existence, which cannot be seen and touched are termed as
intangible assets, Viz., Trademarks, Goodwill, Copy Rights and Patents etc.
7. Fixed Assets or Non-Current Assets: These assets are acquired for long term use in the business. They are not
meant for resale. They include both tangible and intangible assets. E.g.: Land and Buildings, Plant and Machinery,
Furniture, Vesicles, Goodwill, Patents etc.

8. Floating or Current Assets: These are the assets which are intended to be sold or converted intocash on a later date
or and which frequently undergo change. E.g.: Cash in hand, Cash at Bank, Sundry Trade receivables, Bills
receivable, Inventory of goods etc.

9. Liquid Assets: These are the current assets which can be converted into cash easily and quicklywithout appreciable
loss. E.g.: Cash in hand, cash at bank, short term investments etc.
10. Non-liquid Assets: These are the current assets which can not be converted into cash easily and quickly. For E.g.:
Inventory in trade, Pre-paid Expenses etc.

11. Wasting assets: These are the assets which are depleted gradually or exhausted in the process ofworking such as
mines, quarries, oil wells, etc.

12. Fictitious Assets: These are the assets having no sale value. They are not real assets. They are theexpenses and
losses which are yet to be written off and temporarily shown on the assets side ofbalance sheet for the legal or
technical reasons. E.g. Discount on issue of Debentures, UnderwritingCommission, etc.

13. Livestock: Horses, bullocks and other animals which are used in business, are called Live stockof that business. It will
be treated as an asset.

14. Liabilities: These are debts owing by a trader to outsiders. E.g.: Trade payables, Bills Payable, BankOverdraft, Loans, etc.
15. Current Liabilities: Current Liabilities are those liabilities which are required to be repaid in a relatively short
period, which does not exceed one year. E.g.: Sundry trade payables, bills Payable, Bank overdraft and
outstanding expenses, etc.
16. Long Term / Non-Current Liabilities: These are the amounts payable to outsiders, who have provided long-term
funds to the business, which are normally repayable after one year period. These are the long term sources of funds.
E.g.: Long term loans and debentures.

17. Contingent Liabilities: They are uncertain liabilities. They may arise or may not arise in future. They will not be
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recognized in the financial statements. However, they will be disclosed as a footnote to the Balance Sheet.
18. Working Capital: It is the excess of current assets over current liabilities Working Capital = Current Assets — Current
Liabilities

19. Trade Receivable (Debtor): He is a person who owes money to the business. He has to pay some amount to the
business for receiving a benefit from the business. He is an asset to thebusiness.
20. Trade Payable (Creditor): He is a person to whom some amount is owed by the business. The business has to
pay some amount to him for receiving a benefit from him. He is a liabilityto the business.

21. Goods: These are the commodities (articles) in which the business deals. Commodities purchased for the
purpose of sale are termed as goods, To a furniture dealer furniture is goods and to a car dealer, cars are goods and
furniture is asset.
22. Expense: Money spent on conducting business activities is an expense. It is the amount paidor payable for obtaining
goods or services from others. E.g.: Salaries, Rent, Wages, Insurance, Taxes, Advertisement, Stationery, Salaries,
Wages, Insurance, Stationery, Advertisement, Taxes, Rent, Discount Allowed etc.

23. Loss: It means an amount lost without getting anything in return. E.g.: Loss by Fire, Loss by theft,Bad Debts, loss on sale
of machinery, etc.

24. Income: It is the amount earned by the business in exchange of goods or services. E.g.:
Rent received, Commission received, Interest received, Discount Received etc.

25. Gain: It means an amount received without giving anything in exchange. E.g.: Subsidyfrom government, Bad debts
recovered, Profit on sale of building etc.
26. Business Transactions: It is an economic activity that involves transfer of money or money'sworth. It occurs between
an outsider and a business entity. E.g.: Purchase of goods, Sale of goods,payment of salaries etc.
27. Cash Transaction: A transaction in which there is an immediate payment or receipt of money is called Cash
Transaction. These are of two types a) Cash receipts b) Cash payments. E.g.: Goods sold for cash, Furniture
purchased for cash, Cash received fromGopal, Cash deposited in bank etc.

28. Credit Transaction: In a Credit Transaction there is no immediate payment or receipt of money.The payment or receipt
is postponed to a future date. E.g.: Goods purchased from Kumar on credit, Old furniture sold to Pavan on credit.
29. Event: An event is a happening as a consequence of a transaction. The result of a transaction isan event. Events do not
involve outsiders. E.g. Closing inventory, Depreciation, Profit on sale of land etc.
30. Account: An account is a summary of business transactions affecting a person or property or an income or an
expense. It has two sides — debit and credit. The left side is known as Debit Sideand the right side is known as Credit
Side. The accounts can be divided into three types:
(a) Personal Accounts (b) Real Accounts (c) Nominal Accounts.
31. Double Entry System: This is a system under which both the debit and credit aspects of a transaction are
recorded. The receiving aspect and giving aspect of a transaction are recorded in two different accounts on two different
sides. The receiving aspect is recorded on the debit side of an account and the giving aspect is recorded on the credit
side of another account.

32. Debit and Credit: There are two aspects in any business Transactions:

33. Books of Accounts: These are different sets of books which are used to record business transactions of varied
nature. E.g.: Journal, Ledger, Purchases Book, Cash Book...

34. Journal: It is a day book (daily record). All business transactions are recorded first in theJournal in the order of time. It
is a book of first I original entry.

35. Journalizing: The process of recording business transactions in the book "Journal" is calledas Journalizing.

36. Entry: It is a record of business transactions or events in the books of account. An entry ispassed on the basis of
vouchers.

37. Ledger: It is a book of accounts. It contains all types of accounts. It is the book of final entry.

38. Posting: The process of transferring the business transactions from Journal to the relevantaccounts in the ledger is
called as posting.

39. Casting: Totaling of amounts.

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40. Voucher: Documentary evidence of a transaction is called a Voucher. When goods are purchased for cash, a
cash memo is given by the seller to the buyer, this cash memo is a voucher. Every voucher should have an entry
and every entry should have a voucher.
41. Narration: Brief explanation of a transaction is called as Narration. It is given in the Journalentry.

42. Opening Inventory: Stock of goods at the beginning/ of an accounting year is called Opening Inventory. It is
nothing but the stock of -goods at the end of the previous year (Closing inventory).

43. Closing Inventory: Stock of unsold goods at end of an accounting year is called Closing Inventory.
44. Discount: It is an allowance or concession given by one person to another. The concession given by the receiver of money
to the giver of money for prompt payment is called "Cash discount" Theallowance given by manufacturer to wholesaler
on the invoice price is called "Trade discount".

45. Entity: An entity means an economic unit that performs economic activities. E.g. Bajaj Auto ltd., Vijaya & Co., BSNL, SBI
etc.

46. Bad debt: The amount of debt which is not recoverable or realizable is called "Bad debt". It isa loss to the business.
47. Good debt: The amount of debt which is definitely recoverable is called "Good debt".
48. Doubtful debt: The amount of debt, the recovery of which is uncertain is called "Doubtful debt". Itmay be recovered or
may not be recovered.

49. Solvent: A solvent is a person who is able to pay his debts in full. His assets exceed or equal tohis liabilities.
50. Insolvent: An insolvent is a person who is unable to pay his debts in full. His liabilities exceed hisassets.

51. Trial Balance: It is a list or statement of debit and credit balances shown by different accounts inthe ledger at any given
date.
52. Final Accounts: These are the accounts or statements prepared at the end of an accountingyear to know the profit
or loss during the accounting year and the financial position at the end of the accounting year. Final accounts
consist of: a) Trading account b) Profit and lossaccountc) Balance Sheet.

53. Trading account: It is the account prepared to find out the gross profit or gross loss on the goodssold during the year.

54. Gross profit: The difference between the selling price and the cost price of the goods sold iscalled as gross profit.
Gross Profit = Sales — Cost of goods sold
55. Gross loss: The difference between the cost price of the goods sold and selling price iscalled as gross loss.
Gross Loss = Cost of goods sold — Sales
56. Profit and Loss Account: It is an income statement. It is the account prepared to find out thenet profit or net loss of
accounting year.
57. Net profit: The difference between gross profit plus income and total expenses and losses is the net profit.
Net profit = (Gross profit + Incomes) — (Expenses + Losses)

58. Net loss: The difference between total expenses and losses and gross profit plus income is the net loss.

Net loss = (Expenses + Losses) — (Gross profit + Incomes)

59. Balance Sheet: It is a statement of assets and liabilities of a business entity. It shows the financialposition of the
business on a particular date.
60. Contra: Contra means the opposite or the other side.

61. Net worth or Net Assets or Owners Equity: It is the excess of assets over outside liabilities.

Net worth = Assets — Out side Liabilities

62. Petty Cash: The amount of cash kept by businessman to make small or petty payments iscalled "Petty Cash".

Accounting Principles
Accounting principles are the general rules which are used as guidelines in accounting and as the
basis ofpractice. These principles can be classified into two categories :
1. Accounting Concepts 2. Accounting Conventions.

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Accounting Concepts
1. Separate Entity Concept:
Every business is a separate entity from the proprietor. Business and owners are distinct.
2. Dual aspect Concept:
Every business transation has two aspects – Debit. For example ,“Cash Received from Mr. SamthaRs. 5000”
has two aspects “Cash and “Mr.Samtha Account.
3. Going Concern Concept:
It is assumed that the business will exist for an indefinite period of time and transactions arerecorded
from this point of view.
4. Money Measurement Concept:
Those transactions and events are recorded in accounting only when they can be expressed in termsof
money. Accounting records only financial character of the business.
5. Cost Concept:
All transactions are to be recorded in the books of accounts at their Cost Price whenpurchased, not on Market
Price.
6. Matching Concept :
At the end of the financial year all costs (expenses) of the organisation are to be matched againstthe revenues of the
organization of the Same Period. Increments made by the business during a period can be measured only when the revenue
earned during a period is compared with the expenses incurred for earning that revenue.
7. Accounting Period Concept :
Uniformity in accounting period should be maintained in order to provide for intra firm comparison. Performance of one
year can be compared with other only when uniformity in accounting period is maintained.
8. Accrual concept & Realisation Concept :
Transaction should be recorded on due basis. Expenses / Incomes are recognised and recorded on accrual basis. Actual
receipt/payment is irrelevant for recognizing income/expense in P&L A/c.

Accounting Conventions
1. Materiality :
An accountant should disclose all the material facts and should ignore insignificant details. Accounting records should
consist only of such events as are significant from the point of view of income determination.
2. Consistency :
Accounting procedures or practices should remain the same(consistent) from one year to another.
3. Conservatism :
An accountant should be conservative and prudent. Anticipated Profits are not to be recorded and provision should be
made for losses.
Valuing stock at Cost Price or Market Price whichever is lower, and creating provision for doubtful debts are the examples
of applications of the principle of conservatism.

Capital Vs Revenue

Capital Expenditure is an expenditure intended to benefit future period in contrast to a

revenue expenditure which benefits a current period.

How do we treat an expenditure as Capital?

1. Expenditure resulting in the acquisition of fixed or long-lived assets.
2. When an expenditure is incurred to improve the present condition of a machine or putting an old
asset into working condition.
3. Cost of overhauling second-hand machine.
4. Expenditure incurred for acquiring the right to carry on business.
5. Expenditures incurred for remodeling and reconditioning an old plant or property.
6. Major repairs and replacement of plant which results in increased efficiency.

Revenue Expenditure is an expenditure charged against operation ; a term used to

contrast with capital expenditure.

How do we treat an expenditure as Revenue?

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1. Cost of goods purchased for re-sale.

2. Expenditures incurred in the normal course of the business.
3. Expenditures incurred for maintaining the business
4. Obsolescence of fixed assets.
5. Depreciation of fixed assets, loss on sale of asset, interest on loans taken for business finance, etc.
6. Upkeep of fixed assets etc
7. Expenditure incurred for maintaining an asset in working condition.

Capital Expenditure Revenue Expenditure

1. The economic benefits of Capital The economic benefits of Revenue
Expenditures are.enjoyed for more than Expenditures are enjoyed within a
one accounting period. particularaccounting period.
2. Capital Expenditures are of non- Revenue Expenditures are of recurring in
recurring in nature. nature.
3. All Capital Expenditures eventually Revenue Expenditures are not generally
becomeRevenue Expenditures like capital expenditures.
depreciation
4. Capital Expenditures are Recorded as All Revenue Expenditures are matched with
Assets in Balance Sheet Revenue Receipts in P&L A/c
5. Capital Expenditure Results in Revenue Expenditures are Maintenance in
Improvement or Increase in Efficiency nature (It does not increase
Life/Value/Efficacy)
6. Capital Expenditures are Real A/c Revenue Expenditures are Nominal Ac

7. Capital Expenditures are incurred before Post usage Maintenance Expenses are
the Asset is Put into use called Revenue Expenditure

Classify the following into capital and Revenue

 Spent Rs. 20,000 for remodeling the factory and the value of factory enhanced by Rs. 15,000.
 Wages paid for the installation of Machine amounted to Rs. 2,000 and cost of carriage for thesame also amounted to Rs. 500.
 An old machine costing Rs. 3,000(or W.D.V Rs. 1,800) was sold for Rs.1,000.
 The cost of removal of stock from old factory to the new on amounted to Rs. 1,000.
 The expenses incurred for white-washing the factory building amounted Rs. 4,000.
 Purchase of patent rights, Rs.4,000 and renewal fee for the next year Rs.400
 Cost of repainting the factory building Rs.800.
 Compensation paid to a retrenched employee for loss of employment amounted to Rs. 2,000.
 Purchase of new tyre for Rs. 2,000 for an old car.
 Imported goods worth Rs.20,000 confiscated by customs authorities for non-disclosure of material facts.
 Fees paid to a lawyer for drawing an agreement of lease for an immovable property amounted to Rs.1,000.
 Expenses incurred on research work for a particular product which ultimately did not produce any fruitful result
amounted to Rs.10,000.
 Cost of conversion of gas plant to oil fuel plant for the generation of electricity amounted to Rs. 20,000.
 Plant stock were destroyed by fire, amount recovered from the Insurance Company Rs. 10,000 and Rs. 5,000, respectively.
 Incurred Rs. 4,000 in redecorating a cinema hall and Rs.12,000 in enhancing the sitting accommodation.
 Fire insurance premium of Rs. 1,200 is paid on 30th November for one year. The accounting date is 31st December.
 A firm of builders spends Rs. 1,60,000 in purchasing a plot of land and erects officers for its own use a quarter of the site.
The remaining land is used for building houses which are sold to the Public.
 A sum of Rs. 2,000 spent on a machine comprises Rs. 400 for replacement of worn out parts and Rs. 1,600 for additions to
new devices which enable the output to be doubled.
 Visit of sales manager to U.K. total cost of which was 20,000 for promoting export sales visit is quite successful.

Problems for Practice in Class

1. State which of the following expenditures are capital expenditure and which are revenue
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expenditure. Give reasons in each case.

(a) Payment of carriage on goods purchased paid by cheque.
(b) Purchase of packing materials for distribution of goods from AP Paper Mills Ltd.
(c) Purchase of xerox machine for use in own office from Business Equipment Suppliers Ltd.
2. Explain whether the following items of expenditure and income are of a capital or revenue
nature.
(a) Amount realised from sale of a discarded Machine.
(b) Repairs done to second hand furniture purchased.
(c) Cost of concrete water drains constructed on the land.
(d) Amount received as rent during the year for a part of the building sublet.
(e) Canal irrigation charges paid to the government.
(t) Directors’ fees.
3. Classify the following between Capital and Revenue giving reasons for the same:
(a) Rs 10,000 spent towards additions to the machinery.
(b) Repairs for Rs 2,000 necessitated by negligence.
(c) Rs 1,500 spent to remove a worn-out part and replace it with a new one.
(d) Rs 400 wages paid in connection with the erection of a new machinery.
(e) Old machinery of book value of Rs 10,000 wornout, dismantled at a cost of Rs 2,000 and scrapsrealised for Rs
500.
(f) Second hand motor-car purchased for Rs 20,000 and spent Rs 2,000 for repairs immediately.
(g) Employees’ State Insurance premium Rs 800 paid.
(h) Insurance claim of Rs 5,000 received from the Insurance Company for loss of goods by fire of Rs
6,000.
4. State which of the following items would be charged to capital and which to revenue:
(i) A second-hand truck was purchased for Rs 50,000 and Rs 12,000 was spent on overhauling and
painting it.
(ii) Rs 10,000 was spent for whitewashing the factory building.
(iii) An old machine which stood in the books at Rs 50,000 was sold for Rs 30,000.
(iv) Wages paid to workmen for installation of a new machinery Rs 10,000.
(v) Legal expenses Rs 5,000 incurred for purchasing a land.

Problems for Practice at home

1. State whether the following are capital, revenue or deferred revenue expenditure.
(i) Carriage of Rs 7,500 spent on machinery purchased and installed.
(ii) Heavy advertising costs of Rs 20,000 spent on the launching of a company’s new product.
(iii) Rs 200 paid for servicing the company vehicle, including Rs 50 paid for changing the oil.
(iv) Construction of basement costing Rs 1, 95,000 at the factory premises.
Solution
(i) Carriage of Rs 7,500 paid for machinery purchased and installed should be treated as aCapital Expenditure.
(ii) Advertising expenses for launching a new product of the company should be treated as a Deferred Revenue
Expenditure.
(iii) Rs 250 paid for servicing and oil change should be treated as a Revenue Expenditure.
(iv) Construction cost of basement should be treated as a Capital Expenditure.
2 State whether the following are capital or revenue expenditure.
(i) Paid a bill of Rs 10,000 of Mr. Kumar, who was engaged as the erection engineer to set up anew automatic
machine costing Rs 20,000 at the new factory site.
(ii) Incurred Rs 26,000 expenditure on varied advertisement campaigns under taken yearly, on a regular basis,
during the peak festival season.
(iii) In accordance with the long-term plan of providing a well- equipped Labour Welfare Centre,spent Rs 90,000
being the budgeted allocation for the year.
Solution:
(i) Expenses incurred for erecting a new machine should be treated as a Capital Expenditure.
(ii) Advertisement expenses during peak festival season should be treated as a RevenueExpenditure.
(iii) Expenses incurred for Labour Welfare Centre should be treated as a Capital Expenditure.
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3. State the nature (capital or revenue) of the following expenditure which were incurred by
Vedanta & Co. during the year ending 30th June, 2023:
(i) Rs 350 was spent on repairing a second hand machine which was purchased on 8th July, 2006and Rs 200 was
paid on carriage and freight in connection with its acquisition.
(ii) A sum of Rs 500 was paid as compensation to two employees who were retrenched.
(iii) Rs 150 was paid in connection with carriage on goods purchased.
(iv) Rs 20,000 customs duty is paid on import of a machinery for modernisation of the factoryproduction during
the current year and Rs 6,000 is paid on import duty for purchase of raw materials.
(v) Rs 18,000 interest had accrued during the year on term loan obtained and utilised for the construction of
factory building and purchase of machineries; however, the production has not commenced till the last date of the
accounting year.
Solution:
(i) Repairing and carriage totaling Rs 550 for second hand machine should be treated as a Capital Expenditure.
(ii) Compensation paid to employees shall be treated as a Revenue Expenditure.
(iii) Carriage paid for goods purchased should be treated as a Revenue Expenditure.
(iv) Customs duty paid on import of machinery to be treated as a Capital Expenditure. However,import duty paid
for raw materials should be treated as a Revenue Expenditure.
(v) Interest paid during pre-construction period to be treated as a Capital Expenditure.
4. State with reasons whether the following items relating to Parvati Sugar Mill Ltd. are capital or
revenue:
1. Rs 50,000 received from issue of shares including Rs 10,000 by way of premium.
2. Purchased agricultural land for the mill for Rs 60,000. Rs 500 also paid for land revenue.
3. Rs 5,000 paid as contribution to PWD for improving roads of sugar producing area. 4. Rs 40,000paid for excise
duty on sugar manufactured.
5. Rs 70,000 spent for constructing railway siding.
Solution :
(1) Rs 40,000 (Rs 50,000 - Rs 10,000) received from issue of shares will be treated as a CapitalReceipt. The
premium of Rs 10,000 should be treated as a Capital Profit.
(2) Cost of land Rs 60,000 to be treated as Capital Expenditure and land revenue of Rs 500 to betreated as
Revenue Expenditure.
(3) Contribution paid to PWD should be treated as a Revenue Expenditure.
(4) Excise duty of Rs 40,000 should be treated as a Revenue Expenditure.
(5) Rs 70,000 spent for constructing railway siding to be treated as a Capital Expenditure.
5. State clearly how you would deal with the following in the books of a Theatrical Company:
(i) The redecoration expenses Rs 6,000.
(ii) The installation of a new wine bar for Rs 10,000.
(iii) The building of an extension of the club dressing room for Rs 15,000.
(iv) The purchase of wines and spirits Rs 2,000.
(v) The purchase of V.C.R. and T.V. for the use in the club lounge for Rs 15,000.
Solution :
(i) The redecoration expenses of Rs 6,000 shall be treated as a Deferred Revenue Expenditure.
(ii) The installation of a new wine bar is a Capital Expenditure because it is the acquisition of anasset.
(iii) Rs 15,000 spent for the extension of club dressing room is a Capital Expenditure because itcreates an asset of
an permanent nature.
(iv) The purchase of wines and spirits of Rs 2,000 is a Revenue Expenditure.
(v) The purchase of V.C.R. and T.V. for Rs 15,000 is a Capital Expenditure, because it is the acquisition of assets.
6. Classify the following items as capital or revenue expenditure :
(i) An extension of railway tracks in the factory area.
(ii) Wages paid to machine operators.
(iii) Installation costs of new production machine.
(iv) Materials for extension to foremen’s offices in the factory.
(v) Rent paid for the factory.
(vi) Payment for computer time to operate a new stores control system.
(vii) Wages paid to own employees for building the foremen’s offices. Give reasons for yourclassification.

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Solution :
(i) Expenses incurred for extension of railway tracks in the factory area should be treated as a Capital
Expenditure because it will yield benefit for more than one accounting period.
(ii) Wages paid to machine operators should be treated as a Revenue Expenditure as itwill yield benefit
for the current period only.
(iii) Installation costs of new production machine should be treated as a Capital Expenditure because it
willbenefit the business for more than one accounting period.
(iv) Materials for extension to foremen’s offices in the factory should be treated as a Capital Expenditure
becauseit will benefit the business for more than one accounting period.
(v) Rent paid for the factory should be treated as a Revenue Expenditure because it will benefit only the
current period.
(vi) Payment for computer time to operate a new stores control system should be treated asRevenue
Expenditurebecause it has been incurred to carry on the normal business.
(vii) Wages paid for building foremen’s offices should be treated as a Capital Expenditure
because it will benefitthe business for more than one accounting period.

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