Accounting Is Easy (for Beginners)

Learn fundamentals of accounting from Chartered Accountant
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  • Lectures 90
  • Contents Video: 8.5 hours
    Other: 8 mins
  • Skill Level All Levels
  • Languages English
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About This Course

Published 5/2014 English

Course Description

About this Course:

This Course is for Students who wants to learn Fundamentals of Accountancy. It is also useful for students pursuing Higher Secondary (Second Year). This course covers all the chapters on Fundamentals of Accountancy so students can use this course as a foundation for taking up Accountancy in Graduation and Professional Courses like CA / CMA / CS.

Materials used in this Course:

Study materials published by various Government Bodies for the benefits of students to understand Fundamentals of Accountancy.

Course Duration:

It would take 1 year to complete this course.

Course Structure:

This course is structured in Self Pace Learning style. i.e., Students can access recorded videos of Chapters, Specific Topics, Problems, Past Exam Questions, etc.

Why take this course:

a) To lay strong foundation on Fundamentals of Accountancy.

b) To equip for examinations.

c) To equip for Graduation Professional Courses.

Mandatory Disclosure regarding course contents:

The contents available in this course are also available in the following courses namely

  • a)Basics of Accounting – A Complete Study
  • b)Accounting, Finance and Banking – A Comprehensive Study.

If you have purchased any of the above two courses, then you need not purchase this course.

What are the requirements?

  • Students should have Basic Knowledge of Accounting

What am I going to get from this course?

  • By the end of this course, students will be able to understand
  • Final Accounts
  • Accounts from Incomplete Records
  • Depreciation Accounting
  • Ratio Analysis

What is the target audience?

  • Higher Secondary Students, Professional Course Beginners, Graduates.

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: FINAL ACCOUNTS
17:41

THIS SESSION INTRODUCES WHAT IS FINAL ACCOUNTS AND WHAT DOES ADJUSTMENTS AND ADJUSTMENT ENTRIES MEAN.

FA 2 Outstanding Expenses And Prepaid Expenses
09:38
FA 3 Accrued Income And Income Received In Advances
15:43
FA 4 PART 1 - Problem In Final Accounts
Preview
26:14
FA 5 Interest On Capital And Interest On Drawings
15:17
03:51

•BAD DEBTS:

•The trial balance as on 31st March 2014 shows,Sundry debtors Rs.60,000.

ADJUSTMENT: Write off Rs.5000 as bad debts

08:42

•PROVISION FOR BAD AND DOUBTFUL DEBTS:

•The trial balance shows on 31.3.2014,Sundry Debtors as Rs.1,20,000

•ADJUSTMENT: Provide 10% provision for bad & doubtful debts on Sundry debtors.

04:49

DEPRECIATION

•The Trial balance shows the value of Furniture 31.3.2014 as Rs.1,00,000.

•ADJUSTMENT: Furniture is to be depreciated at 15%.

FA 9 Provision For Discount On Debtors
04:17
FA 10 PART 2 - Problem In Bad Debts, Provition For Bad And Doutful Debts
05:30
FA 11 Problem on Provision for Bad and Doubtful Debts
18:58
FA12 Problem on Provision for Bad and Doubtful Debts
07:09
FA 13 Problem on provision for Bad and Doubtful Dedts
09:30
FA 14 Illustration 8 Preparation of Trading, Profit and Loss Account with Adjust
25:08
FA15 Illustration 9: Prepartion of Trading, Profit and Loss and Balance Sheet
20:33
FA 16 Illustration 10: Prepartion of Trading Profit and Loss and Balance Sheet
23:05
11:59

Problem 1

1. Pass necessary adjusting entries for the following adjustments:

•a) Closing stock Rs. 6,00,000.

•b) Provide 6% interest on capital of Rs. 16,00,000

•c) Rent received in advance Rs. 5,000

•d) Interest accrued on investments Rs. 2,000

•e) Insurance premium prepaid Rs. 1,000

•f) Wages outstanding Rs. 15,000.

16:01

PROBLEM 2:

•2. Pass necessary adjusting entries for the following adjustments:

•a) Interest on drawings Rs. 10,000.

•b) Interest on loan outstanding Rs.5,000.

•c) Depreciation at 5% on furniture Rs.50,000.

•d) Write off bad and doubtful debts Rs.3,000.

•e) Provide provision for bad and doubtful debts at 5% on

•Sundry debtors Rs.4,00,000.

04:13

Problem 3:

•3. Give adjusting entry and transfer entry for the following adjustments:

•a) Interest on drawings Rs. 5,000.

•b) Depreciation on machinery Rs.4,000.

•c) Write off bad debts Rs.2,000.

02:43

Problem 4:

•4.The value of closing stock shown outside the Trial Balance

•(31.3.05) is Rs.2,50,000. Pass adjusting entry. Show how this

•item will appear in the Final accounts as on 31.3.05.

03:12

Problem 4:

•5. Trial Balance (31.3.05) shows salaries paid Rs.1,50,000. Salary

•for March 2005 Rs.4,000 not yet paid. Pass adjusting entry and

show how this item will appear in the Final accounts.

03:45

Problem 6:

•6. Trial Balance as on 31.3.05 shows Rs.40,000 as Insurance

•premium paid. Unexpired insurance premium Rs.5,000. Pass

•adjusting entry and show how this item will appear in the Final

•accounts.

03:25

Problem 7:

•7. Credit side of Trial Balance as on 31.03.05 shows ‘Commission

•received Rs.10,000.’ Commission accrued but not yet received

•Rs.4,000. Pass adjusting entry and show how this item will appear in the Final accounts.

03:46

Problem 8:

•8. Trial balance as on 31.3.05 shows ‘Rent received Rs.30,000.’

•Rent received in advance Rs.6,000. Pass adjusting entry and show

•how this item will appear in the Final accounts.

03:12

Problem 9:

•9. As per Trial Balance (31.3.05) capital is Rs. 6,00,000. Provide

•6% interest on capital. Pass adjusting and transfer entries. Show

•how this item will appear in the Final accounts.

04:45

Problem 10

•10. The Trial Balance shows the followings

•Capital as on 31.3.03 – Rs.6,00,000

•Drawing as on 31.3.03 – Rs.50,000

•Charge interest on drawings @ 5%. Pass adjusting and transfer

•entry. Show how this item will appear in the Final accounts.

04:58

Problem 11:

•11. The Trial Balance (31.3.04) shows the following:

•Bank loan @ 10% (1.4.03) ---- Rs. 10,00,000

•Interest paid Rs. 60,000

•Provide interest outstanding. Pass adjusting entry and show how this item will appear in the Final accounts.

04:06

Problem 12

•12. The trial balance shows the following as on 31.3.14.

•Capital Rs. 5,00,000

•Drawings (1.7.13) Rs. 50,000

•Charge interest on drawings @ 5% . Pass adjusting and transfer

•entry. Show how this item will appear in the Final accounts.

01:36

Problem 13:

•13. Rent received shown in the Trial Balance as on 31st March 2014, Rs.10,000. Rent received in advance is Rs.1,000. You are required to show how it appears in the Profit and Loss account and Balance sheet.

02:29

Problem 14:

•14. How will the following adjustment appear in the Balance sheet as on 31.3.2014

•Sundry debtors R 21,000

•Adjustment:

•Bad debts to be written off Rs. 1,000

•Provide @ 5% provision for Bad and Doubtful debts

•and @2% Provision for discount on Debtors.

01:53

Problem 15:

•15. Commission received given in Trial Balance is Rs.1,000 as on

•31st March 2014. Commission accrued but not yet received

•Rs.150. Show the adjusting entry.

03:26

Problem 16:

•16. The Trial Balance shows the value of machinery on 31.3.04 as Rs.50,000. Machinery is to be depreciated at 10%.

•Passadjustment entry and show how this item will appear in the Final accounts.

03:51

Problem 17:

•17. The Trial Balance as on 31st March 2014 show Sundry debtors Rs.60,000. Write off bad debts Rs.4,000. Pass adjusting and transfer entry. Show how this item will appear in the Final accounts

05:18

Problem 18:

•18. The Trial Balance shows on 31.3.2014, Sundry debtors

•Rs.1,50,000. Provide 5% provision for bad and doubtful debts

•on Sundry debtors. Pass adjusting entry and how this item will

•appear in the Final accounts.

09:17

Problem 19:

19. The Trial Balance shows on 31.3.2014, Sundry debtors

•Rs.1,25,000.

•Adjustment:

•1. Bad debts to be written off Rs.5,000.

•2. Provide @ 5% Provision for bad and doubtful debts and

•3. Provide @ 2% Provision for discount on debtors.

•Pass entries and show how these items will appear in the Final

•accounts.

04:25

Problem 20:

•20. The Trial Balance as on 31st March 2014 shows.

•Sundry debtors 90,000 ---

•Adjustment: Create 2% Provision for discount on Debtors.

•Pass Journal entry and show how this item will appear in the Final accounts.

05:38

Problem 21:

•21. The Trial Balance shows sundry creditors at Rs.10,000 on

•31.3.2014

•Adjustment: It is desired to make a provision for discount on

•Sundry creditors at 2½ %.

•You are required to show how it appears in Profit and Loss account and Balance sheet.

Section 2: PARTNERSHIP ACCOUNTS - BASICS
PAB1 Introduction
Preview
05:08
PAB2 Fixed Capital And Fluctuating Capital
04:18
PAB3 Distinction Between Fixed Capital Method And Fluctuating Capital Method
02:18
PAB4 Illustration 1 On Fixed Capital Method And Fluctuating Capital Method
12:16
PAB5 Illustration 2 On Fixed Capital Method
11:14
Section 3: Section 3:Ratio Analaysis
02:33

Problem 1:

•From the following, calculate the current ratio.


Rs

Cash in hand

20000

Sundry debtors

8000

Stock

120000

Sundry creditors

150000

Bills payable

50000

02:16

Problem 2:

•Calculate liquid ratio


Rs

Current asset

20000

Stock

3000

Prepaid expense

1000

Current laibility

8000

04:55

Problem 3:

•From the following information, calculate current ratio and liquid ratio

Rs

Rs

Cash

5000

Debtors

29000

Bills receivable

5000

Short term investment

15000

Stock

52000

Prepaid expense

2000

Creditors

36000

Bills Receivable

10000

Outstanding

8000

04:25

Problem 4:

•From the following, calculate Current ratio & Liquid ratio

Balance sheet of Gopi Co.ltd.,as on 31.03.05

Liabilities

Rs

Asset

Rs

Share capital

6300

Fixed Asset

5100

Reserve

1200

Stock

2100

Bank overdraft

600

Debtors

960

Creditors

1800

Cash

1740

9900

9900

12:42

Problem 5:

•From the following, you are required to calculate liquidity ratios.


Rs

Rs

Debtors

5000

Creditors

4000

Cash in hand

4000

Bills receivable

3000

Cash at bank

6000

Outstanding expenses

250

Short term investment

2000

Bills receivable

3000

Repaid expenses

1000

Closing stock

8000

05:38

Problem 6:

•From the following information, calculate current ratio, liquid ratio & Absolute liquid ratio.


Rs

Rs

Cash

1800

Creditors

5000

Debtors

14200

Outstanding expense

1500

Stock

18000

Bank overdraft

7500

Bills receivable

2700

04:44

Problem 7:

•Calculate Debt - Equity ratio


Rs

Equity share capital

200000

General reserve

150000

Long term lone

50000

Debenture

100000

01:32

Problem 8:

•From the following, Calculate Gross Profit Ratio


Rs

Gross profit

50000

Sales

550000

Sales return

50000

02:55

Problem 9:

•Calculate Gross Profit ratio


Rs

Sales

650000

Cost of goods sold

480000

Sales return

50000

05:09

Problem 10:

•Calculate Capital turnover ratio


Rs

Rs

Sales

1020000

Sales returns

20000

Equity share capital

100000

Loans

25000

Preference share capital

50000

reserves

25000

03:45

Problem 11:

•From the following data, calculate the Fixed Asset Turnover ratio


Rs

Fixed asset

300000

Depreciation

100000

Total sales

850000

Sales returns

50000

01:52

Problem 12:

•Calculate Net Profit Ratio


Rs

Net profit

4000

Sales

44000

Sales return

4000

03:19

Problem 13:

Calculate Operating profit ratio


Rs

Rs

Gross profit

100000

Operating expenses

40000

sales

602000

Sales return

2000

00:46

Problem 14:

•Calculate Fixed Assets Turnover Ratio


Rs

Fixed asset

100000

Depreciation

25000

sales

300000

00:26

Problem 15:

•Calculate Fixed Assets Turnover Ratio


Rs

Fixed asset

150000

sales

450000

Section 4: Single Entry
02:25

Problem 1:

•What shall be the profits of the concern if:


Opening stock

160000

Closing stock

180000

Drawing

36000

Additional capital

10000

01:53

Problem 2:

•Calculate the missing information:

Closing stock

32000

Drawing

4800

Additional capital

8000

Profit made during the year

9600

01:39

Problem 3:

•Calculate the missing information when there is no drawings

Capital at the end

91000

Capital at the beginning

35000

Profit made during the year

14000

05:40

Problem 4:

•Calculate the missing information:

Closing capital

163800

Additional capital

42300

Drawing

25200

Loss

12600

02:45

Problem 5:

Mr.Rajesh maintains his books on single entry system.He is gives you the following information.

Rs

Capital as on 1.4.2013

480000

Capital as on 31.3.2014

540000

Drawing during the financial year

150000

Capital introduced during the financial year

90000

You are required to calculate profit or loss made by Mr.Rajesh

during 2003 - 04.

03:38

Problem 6:

•Calculate the missing information:


Rs

Capital in the beginning

24000

Profits made during the year

9000

Capital introduced during the year

12000

capital at the end

39000

03:00

Problem 7:

•Calculate the missing information


Rs

drawings

50000

Additional capital

10000

Opening capital

100000

Profit made during the year

25000


01:55

Problem 8:

•Find out the profit of the business for the year 1996 from the

•particulars given below:

Rs

Capital on 1.4.1996

30000

Capital introduced during 1996

6000

Capital as on 31.3.1997

42000

dawings

3000

01:50

Problem 9:

•Calculate Gross Profit ratio

Rs

Sales

650000

Cost of goods sold

480000

Sales return

50000

Section 5: Depreciation Accounting
02:00

•A company purchased Furniture for Rs.28,000. Depreciation is to be provided annually according to the Straight Line Method. The useful life of the furniture is 5 years and the residual value is Rs.2,000. You are required to findout the amount of depreciation.

02:14

•From the following particulars, findout the rate of depreciation,

•under Straight Line Method.

Cost of fixed asset

50000

Residual value

5000

Estimated life

10years

02:02

•A Plant has the original value of Rs.5,00,000. The scrap value in 10 years time is expected to be Rs.20,000. Determine the rate of depreciation when the management wants to depreciate it by Straight Line Method.

01:44

•A machine costing Rs.3,00,000 is estimated to have a life of 10 years and estimated scrap value is Rs.20,000 at the end of its life. Calculate the rate of depreciation under the Straight Line Method.

01:18

•A machine was purchased for Rs.2,40,000 on 1.1.2000. This is expected to last for five years. Estimated scrap at the end of five years is Rs.40,000. Find out the rate of depreciation under the Straight Line Method.

03:58

•Find out the rate of depreciation under straight line method:


Cost of the plant

230000

Installation charges

20000

Expected life in years

10years

Scrap value

50000

26:06

•Sudha & Co., purchased a Machinery for Rs.64,000 on 1st April 1996. They spent Rs.28,000 on the repairs and installed the same. Depreciation is writtenoff at 10% p.a. on the Straight Line Method. On 30th June, 1998 the machinery was found to be unsuitable and sold for Rs.52,000. Assume that the accounts are closed on 31st December every year.

•Pass the journal entries and prepare Machinery account and

•Depreciation account for three years.

06:31

Senthil purchased Machinery for Rs.4,00,000 on 1st April 2000. On 1st April 2001, an additional machinery was purchased for Rs.40,000. Prepare the Asset account for three years. Depreciation is to be provided at 10% p.a. using Straight Line Method. The firm closes its book on 31st March of every year.

03:47

•A garment company purchased a Plant on 1st April 2001 for Rs.1,00,000. After having used it for three years it was sold for Rs.80,000. Depreciation is to be provided at the rate of 10% per annum on Fixed Instalment Method. Accounts are closed on 31st March every year. Find out the Profit or Loss on sale of Plant.

Introduction to Depreciation Accounting
13:47
Methods of Deprection
00:43
Straight Line Method of Depreciation
03:09
Written Down Value Method of Deprecitation
03:35
Changes in Method of Depreciation
01:54
Section 6: Rectification of Errors
Rectification of Errors Introduciton
Preview
01:25
Error of Principle
01:37
Error of Omission
00:46
Error of Commission
01:12
Compensating Error
00:55
Error of Principle Example
02:08
Section 7: Bank Reconciliation Statement
BRS Example 1
Preview
03:14
BRS Example 2
01:15
BRS Example 3
01:43
Bonus Lecture - Discount Coupon Links for other courses
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Instructor Biography

I am a practicing Chartered Accountant with tonnes of passion for teaching.

I teach Financial Management & Strategic Financial Management for Chartered Accountancy, Cost and Management Accountancy and Company Secretary students in Ernakulam, India. I also hold Post Graduate Diploma in Business Administration in Finance from Symbiosis, Pune and Bachelors in Commerce, from Loyola College, Chennai.

I worked in State Bank of India as Assistant Vice President - Credit for a period of four years after which i started my Chartered Accountancy Practice. During the stint in State Bank of India, I worked on credit proposals of Mid Corporate Units and gained good experience in Financial Analysis, Risk Assessment, Viability Study, Evaluating business models, Project Finance, Working Capital Management, etc.

I conduct work shops for Entrepreneurs, Chartered Accountancy / Cost and Management Accountancy Students on the topics like Project Finance, Credit Risk Assessment, Entrepreneurship Development, Finance for Non Finance Executives, etc.

I love teaching and i want fundamentals of accounting and finance to reach students and so i am here.

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