Andhra University Syllabus for B.com IIIrd year

AU B.Com III Year - Banking and Insurance Company Accounts I

Objective:

To create an understanding of Banking Company Accounts and Insurance Company Accounts in view of the latest changes taken place in their accounting practices.

UNIT 1 :

Bank Accounts : Brief description of certain important books, ledgers and registers.
Slip system of costing Accounting year Final Accounts: Prescribed forms of Profit and Loss Account & Balance Sheet Salient Features Explanation of items appearing in the final accounts (including journal entries for transactions like bills for collection. Acceptances Endorsements and other obligation, bill discounted rebate on bills discounted interest on doubtful debts and revaluation of investment)
Problems on final accounts, rebate on bills discounted and interest on doubtful debts.

UNIT II: Accounts of Banking Companies: Treatment of special items like interest on doubtful debts and rebate on bills, discounted preparation of final accounts.

UNIT III: Life Insurance Accounts: Introduction Classes of Insurance Business Explanation of terms (Claim. Premium. bonus, surrender, value, annuity, etc.). The forms of revenue account and balance sheet Explanation of items (Including journal entries for adjustment like outstanding claims bonus in reduction of premium, interest accrued on investments. outstanding premium and claims on the reinsertion) problems Ascertainment of profit of a Life Insurance Company Accounting procedure relating to preparation of valuation balance sheet and statement showing results of valuation problems.

UNIT IV : Account of Insurance Company : Preparation of final account of Life Insurance Companies, Ascertainment of profit in Life Insurance Business, Preparation of valuation balance sheet.

UNIT V : Account of General Insurance Company : Preparation of final accounts Calculation of insurance claims Method of calculating annuities rates and ratios in mortality, expose to risk aggregate rates, life year and other rate intervals.

Suggested Readings:

1. Agarwal, A.N. : Higher Science of Accounting,
2. Agarwal, B.D. : Advanced Financial Accounting,
3. Jain, S.P & Narang, K.L. : Advanced Accountancy.

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