Accounting

The present Accounting book covers all topics of the new syllabus as prescribed by Allahabad University for B.Com. Part-I from the academic session 2022-23.

• Accountancy is mostly regarded as a difficult subject but the reader of this book will realize that it is not so, because it has been written in simple language and in most systematic order explaining each and every point at length.
• Acquisition of thorough knowledge of Accountancy: A candidate can solve Accountancy questions only when he has confidence and such confidence can be acquired only on the basis of real knowledge of this subject. For this purpose sufficient illustrations have been given to explain various theories, principles, rules, and procedures. Selection of practical illustrations and questions in each chapter and placing them in a systematic order is so reasonable, logical, orderly and scientific that even an ordinary student can acquire real, complete, thorough, knowledge of the subject in a very short period of time and without any exertion on his part.
• The most important salient feature of the book is that all Chapters have been thoroughly revised and updated. An effort has been made to incorporate the latest developments in Accounting in the book. The book includes the latest list (as on 01.04.2023) of all Indian Accounting Standards (Ind. AS).

Chapters related to Corporate Accounting:

1. 1. Profit or Loss Prior to Incorporation;
   2. Accounting for Amalgamation of Companies (As per A.S.-14);
   3. Accounting of Holding Companies (With A.S.-21);
   4. Liquidation of Companies has been revised on the basis of the Companies Act, 2013.

• This book adequately satisfies the standard of undergraduate students. After going through the theory, illustrations and questions of this book, one can easily solve questions of university examinations.

New Syllabus Group A Paper-I: Accounting for B.Com. Part-I of Allahabad University

1. Nature, Principles and Concept of Accounting : (a) Nature of Accounts, Bases of Accounting, Users of Accounting Information. (b) Principles of Accounting – Accounting Concepts and Conventions. (c) Indian Accounting Standards – a brief study.
2. Government Accounting and Lease Accounting : (a) Government Accounting: Meaning, Objectives, Principles, Structure of Funds, Compilation of Accounts and Functions of Treasury. (b) Lease Accounting: Meaning, Significance, Classification of Leases – Operating and Finance, Accounting treatment.
3. Reserves and Funds: Reserves for Ascertained, Anticipated and Contingent Liabilities, Reserve Funds, Specific Funds (Dividend Equalization Fund, Insurance Fund), Sinking Funds, Secret Reserves.
4. Royalty Accounts: Basic Terms – Royalty, Dead Rent, Short Working, etc., Entries in the books of Lessee and Lessor. Practical Problems
5. Accounts of Installment Retailing : (a) Hire Purchase System: The System and its Operation, Analysis of Installment from Accounting View Point, Entries in Hire Purchasers’ Books, Entries in Hire Vendors’ Books, The System Appropriate to the Sale of Large number of Articles of Small Value. Practical Problems. (b) Installment Payment Method: System and its Operation, Entries in the Books of the Buyer, Entries in the Books of the
   Seller, Comparison with Hire Purchase System. Practical Problems
6. Accounts of Non-Profit Organization: Preparation of Income and Expenditure Account, Receipts and Payment Account, Balance Sheet. Practical Problems
7. Accounts of Branch Organisation: Features of Suitable System of Branch Accounts, Accounts Relating to Branches Authorized to Sell Goods Supplied at Cost price by the Head Office for Cash as well as on Credit, Accounts relating to Branches when Goods Supplied by the Head Office at Market Price, Accounts Relating to Independent Branches, Accounts Relating to Foreign Branches. Practical Problems
8. Accounting of Insurance Claims: Stock Insurance, Loss of Profit Insurance. Practical Problems
9. Profit or Loss Prior to Incorporation: Ascertainment of Profit or Loss Prior to Incorporation, Calculation of Sales Ratio, Weighted Ratio. Practical Problems
10. Amalgamation of Companies: Amalgamation in the Nature of Merger and Amalgamation in the Nature of Purchase; Purchase Consideration; Pooling of Interest Method and Purchase Method; Entries Relating to Realization Expenses. Accounting Entries. Practical Problems
11. Accounting of Holding Companies: Holding Companies – Its Rational Legal Definition, Advantages and Disadvantages; Consolidated Balance Sheet; Minority Interest, Cost of Control, Pre-acquisition and Post-acquisition Profit. Practical Problems
12. Liquidation of Company: Order of Payment; Preferential Creditors; Contributories; Liquidator’s Final Statement of Account. Practical Problems

Accounting Book Contents

1. Accounting (Nature, Bases, and Users of Accounting Information)
2. Accounting Principles, Concepts, and Conventions
3. Indian Accounting Standards
4. Government Accounting
5. Lease Accounting (as per Accounting Standard-19)
6. Reserves and Funds
7. Royalty Accounts
8. Hire-Purchase System
9. Installment Payment Method
10. Accounts of Non-Profit Organization
11. Branch Accounts
12. Accounting of Insurance Claims
13. Profit or Loss Prior to Incorporation
14. Accounting For Amalgamation of Companies (as per A.S-14)
15. Accounting of Holding Companies (with A.S.-21)
16. Liquidation of Companies