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Modern Accountancy
Volume II
Third Edition
Modern Accountancy
Volume II
Third Edition
Mohammed Hanif
Sr. Professor of Accounting & Finance
St. Xavier’s College (Autonomous), Kolkata
Amitabha Mukherjee
Former Sr. Professor of Accounting & Finance
St. Xavier’s College (Autonomous), Kolkata
Copyright © 2019, 2002, 1992 by McGraw Hill Education (India) Private Limited.
No part of this publication may be reproduced or distributed in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise or stored in a database or retrieval system without the prior written permission of the publishers. The program
listings (if any) may be entered, stored and executed in a computer system, but they may not be reproduced for publication.
1 2 3 4 5 6 7 8 9 D103074 22 21 20 19 18
Printed and bound in India.
Print-Book Edition
ISBN (13): 978-93-5316-225-2
ISBN (10): 93-5316-225-4
E-Book Edition
ISBN (13): 978-93-5316-226-9
ISBN (10): 93-5316-226-2
Director—Science & Engineering Portfolio: Vibha Mahajan
Senior Portfolio Manager: Suman Sen
Associate Portfolio Manager: Laxmi Singh
Information contained in this work has been obtained by McGraw Hill Education (India), from sources believed to be reliable. However,
neither McGraw Hill Education (India) nor its authors guarantee the accuracy or completeness of any information published herein, and
neither McGraw Hill Education (India) nor its authors shall be responsible for any errors, omissions, or damages arising out of use of this
information. This work is published with the understanding that McGraw Hill Education (India) and its authors are supplying information
but are not attempting to render engineering or other professional services. If such services are required, the assistance of an appropriate
professional should be sought.
Typeset at APS Compugraphics, 4G, PKT 2, Mayur Vihar Phase-III, Delhi 96, and printed at
During the last few years a lot of changes have taken place in the world of accounting and finance,
particularly in India. This rapidly changing business environment in India is attracting foreign investors
as well as manufacturers. The Companies Act, 2013 has already been implemented and accordingly
different professional institutes, and universities have changed their syllabi.
In the third edition of Modern Accountancy, Volume II, much emphasis has been given to ‘Accounting
Standards’ which have been thoroughly incorporated in relevant chapters. The company related chapters
have been revised meticulously as per the provisions of the Companies Act, 2013, Companies Rules
2014 and 2015.
In this edition, the following new chapters have been included:
∑ Buy Back of Shares
∑ Cash Flow Statement
∑ Funds Flow Statement
∑ Ratio Analysis
∑ Employee Stock Option Scheme/Plan
∑ Conceptual Framework
∑ Banking Companies
∑ Accounts for Insurance Companies
All the above chapters have been discussed as per latest provisions of the related Acts. Sufficient
examples have been given for better understanding of the new topics.
The updated edition also comprises enriched web resources. New chapters on ‘Liquidation of
Companies’ and ‘Accounting Standards’ can be accessed via www.mhhe.com/hanifma-vol2.
Volume II provides an exhaustive coverage of accounting concepts and illustrations to reinforce the
fundamentals. Chapter summary have been provided for quick recapitulation of the topics. Multiple-
choice questions have been included at end of each chapter to test conceptual clarity. In addition, scores
of unsolved problems have been provided, with guide to answers.
We would like to thank the readers for overwhelming support showered over the last 25 golden years.
Utmost care has been taken to make it an error free book, but if you still find any error please email us
at pmhanif@gmail.com. All suggestions are welcome.
Preface
vi
We specially thank Mr. S. Rangarajan for typesetting, formatting this book and bearing with us.
Our students have always been our source of inspiration and happiness. Curiously, they never cease
to raise good points and we have tried to incorporate their points in this book.
Authors
Preface to the First Edition
We are indeed gratified by the readers’ response to our first very effort, Modern Accountancy, Volume
II. Since its release in 1992, we have actively sought feedback from students, teachers and other
professionals in the field.
Modern Accountancy, Volume II, almost three years in the making benefitted from all the comments,
suggestions and enthusiasm showered on the first volume.
Essentially, we have retained all the winning ways of Volume I. Each topic has been developed
gradually and special care has been taken to ensure conceptual clarity. Topics of examination focus and
those of particular relevance for students in their later-day professional careers have been given utmost
importance.
As in Modern Accountancy, Volume I, we have followed a pattern of theory, examples, illustrations
(solved problems), theoretical questions, practice problems and hints to answers in each chapter.
Topics like Company Final Accounts, Branch Accounts, Royalty Accounts, Department Accounts,
Hire Purchase Accounts, Amalgamation, Absorption and Reconstruction, Capital Reduction, Holding
Companies, Packages and Containers, and Insurance Claims have been dealt with elaborately.
In all, the book has 474 solved problems, 73 theory questions and 374 unsolved problems with guide
to answers. Almost all the problems presented in the book have been taken from different university and
professional examinations.
We have taken sufficient care to ensure that the book meets the needs of a variety of students. B. Com
and M. Com students as well as students of professional courses such as CA, ICWAI, ICSI and ICFAI
would benefit equally.
A number of colleagues and friends helped us in the preparation of this book. We thank each and
every one of them.
Mr. S. Rangarjan of LOGS, our typesetter, deserves special thanks. The much-lauded presentation
and layout, tables and columns you see in the book are entirely his effort.
While we have taken all possible care to see that the book has no errors, we would be grateful if
mistakes or lacunae are pointed out. Suggestions for further improvement would be more than welcome
from fellow teachers and students.
Authors
Brief Contents
*
Chapters 26, 27 can be accessed at: www.mhhe.com/hanifma-vol2
Contents
Preface v
Preface to the First Edition vii
Brief Contents ix
Repossession 4.26
Complete Repossession 4.26
Partial Repossession 4.31
Hire Purchase Agreements for Goods of Small Value 4.38
Relevant Expressions in Regard to Hire Purchase Sales of Small Items 4.38
Ascertainment of Profit/Loss 4.39
Hire Purchase Trading Account Method 4.39
Calculation of Missing Figures 4.42
Repossession 4.46
Stock and Debtors System 4.49
Instalment Payment System 4.54
Accounting Arrangements 4.55
The Books of the Buyer 4.55
The Books of the Seller/Vendor 4.56
Key Points 4.61
Theoretical Questions 4.62
Objective Questions 4.62
Practical Questions 4.63
Guide to Answers 4.70
he had with him all manner of vessels] Such informal tribute was
an acknowledgment of David’s suzerainty made in order to claim
David’s protection in war. Compare the action of Asa (1 Kings xv. 18,
19) and of Ahaz (2 Kings xvi. 7, 8). In all three cases the policy was
the same, i.e. to acknowledge a distant suzerain and so gain the
benefit of a valuable alliance while losing the minimum of
independence.
scribe] margin, secretary. See 2 Kings xii. 10, xviii. 18, xxii. 3;
compare 2 Kings xxv. 19, a passage which suggests that there was
a second scribe with military duties. The first, the king’s scribe, would
formulate the king’s orders and conduct his correspondence with
foreign powers. Shavsha’s sons held the office in the reign of
Solomon, 1 Kings iv. 3.
chief about the king] Literally, the chief at the kings hand, i.e.
formed the executive to carry out his commands; compare
Nehemiah xi. 24. In 2 Samuel viii. 18 (Revised Version) David’s sons
are described as priests, a statement which is in all probability
correct, but which the Chronicler, following the later theory of the
priesthood, could not accept (see Introduction, pp. xli. f.).
Chapter XIX.
1‒19 (= 2 Samuel x. 1‒19).
War with the Ammonites and their Aramean Allies.
Chronicles here omits the story of David’s kindness in seeking
out and befriending Mephibosheth (Merib-baal) the son of Jonathan
(2 Samuel ix.), because he has ignored the story of David’s relations
with Saul. Further the Court History of David which occupies an
important place in 2 Samuel is passed over altogether in Chronicles
Consequently the shameful episode of Bath-sheba, and the rebellion
of Absalom vanish from the account of David. It is obvious how
greatly the presentation of David’s life and character is affected by
these omissions. Yet from his point of view the Chronicler is right in
passing these matters by in silence. He was concerned to present
David essentially as the founder of the religious life of Israel as a
kingdom and of the Temple as an institution of religion.
² Hebrew Abshai.
10. he chose of all the choice men] The Syrians were the more
formidable because of the chariots they had; Joab therefore opposed
to them the flower of his army.
16‒19.
The End of the Aramean War.
Chapter XX.
1‒3 (= 2 Samuel xi. 1, xii. 26‒31).
The Subjugation of Ammon.
Between the two sections of this chapter the Chronicler omits the
account of the rebellions of Absalom and of Sheba, and the story of
the Gibeonite vengeance on the house of Saul (2 Samuel xiii. i‒xxi.
14).
Dan] The modern Tell el-Kādī, about forty minutes distance from
Bāniās (Paneas), north of Lake Huleh (Waters of Merom). For its
original name Laish, see Judges xviii. 28.