Financial Accounting

About The Book

The new revised edition of the book has been published strictly according to the new syllabus for B.Com. Part I effective from the academic session 2023-24 under New Education Policy (NEP), 2000. In the new syllable following new topics have been included besides other several topics :
1. Cash Book including GST Transactions,
2. Computerised Accounting System,
3. Indian Accounting Standard and Income Tax.
All the above three new topics have been incorporated in the book and the subject matter has been presented in the simple language and lucid style so that students may understand them easily.
A separate chapter has been included in the book on ‘‘Journal Entries of GST’’.
A separate chapter on ‘‘Indian Accounting Standard and Income Tax’’ consisting of IND-AS 12 and AS 22 has been included in the book.
This book has several unparalleled features which make it distinct from other available text books on Accountancy. The presentation of the subject is designed on ‘‘teach yourself’’ technique which enables the students to learn faster.
Topics of Computerised Accounting System have been bifurcated into five chapters and at the end of the book 300 MCQ based on Computerised Accounting System has been incorporated in the book.
In each chapter Short Answer Type Questions, Long Answer Type Questions, Objective Type Questions and Practical Problems with Answers have been given which will help the students in preparing for the examination.
A simplified, systematic approach to the understanding of a complex subject written in a unique, simple and easy to understand language.
Each topic, after a theoretical exposition, is followed by illustrations to facilitate the students to master the practical application of Accountancy.
User-friendly examination-oriented style facilitating easy comprehension of each topic.
Solved Illustrations and Questions for exercise are largest in number in comparison to other books on Financial Accounting.
Unsurpassed for over 61 years. The book is trusted and relied upon for accuracy and reliability. Mistakeless printing on paper of superior quality at moderate price.

Financial Accounting Syllabus For B.Com Ist Year of Baster University, Bilaspur University, Hemchand Yadav Vishwavidyalaya, Pandit Ravishankar Shukla University, Sarguja University

The course aims to help learners to acquire conceptual knowledge of financial accounting to import skills for recording various kinds of business transactions with G.S.T. and to prepare financial statements.

• Unit-I : Accounting : An Introduction : Development, Definition, Needs, Objectives, Branches of Accounting, Basic Accounting Principles Concepts and Conventions.

Accounting Standard : National and International.

Accounting Transaction : Concept of Single and Double Entry System, Books of Original Records, Journal, Ledger, Sub-Division of Journal Cashbook (including GST Transaction) and Trial Balance.

• Unit-II : Final Accounts: Manufacturing Accounts, Trading Accounts, Profit and Loss Account, Balance Sheet, Adjustment Entries with Various Provision and Reserves.

Rectification of Errors : Classification of Errors, Location of Errors, Rectification of Errors, Suspense Account, Effect on Profit. Depreciation Accounting, Methods of Recording Depreciation, Methods for Providing Depreciation, Depreciation of Different Assets, Indian Accounting Standard and Income Tax.

• Unit-III : Computerized Accounting System (using any popular accounting softwere), Creation of Vouchers, Recording Transactions, Preparing Reports, Cash Book, Bank Book,

Ledger Accounts, Trial Balance, Profit and Loss Account, Balance Sheet, Fund Flow Statement, Cash Flow Statement, selecting and Shutting a Company, Backup and Restore data of a Company.

• Unit-IV : Accounting for Hire-Purchase Transaction, Journal Entries and Ledger Account in the Books of Hire Venders and Hire Purchase for Large Value Items including Default and Repossession.

Consignment : Features, Accounting Tratment in the books of the Consignor and Consignee.

Accounting for Inland Branches : Concept of Dependent and Independent Branches, Accounting Aspects, Debtor’s System, Stock and Debtor’s System, Branch Final Accounts System and wholesale Basis System. Preparation of Consolidated Profit and Loss Accounts and Balance Sheet with Adjustment.

• Unit-V: Joint Venture : Features, Accounting Procedures, Joint Bank Account, Records Maintained by Co-venturer of (a) All Transactions, (b) Only his Own Transactions. (Memorandum Joint Venture Account).

Partnership Account : Dissolution of a partnership Firm, Amalgamation of Partnership Firms, Conversion of Partnership Firm into Limited Liability Company.

Financial Accounting Contents :

1. Accounting : An Introduction
2. Basic Accounting Principles, Concepts And Conventions
3. Accounting Standards : National And International
4. Concept Of Double Entry System
5. Books Of Original Records: Journal
6. Journal Entries Of G
7. Sub-Division Of Journal : Cash Book
8. Ledger (Including Rules Of Posting)
9. Trial Balance
10. Capital And Revenue
11. Adjustment Entries
12. Final Accounts (Manufacturing Account, Trading Account, Profit & Loss Account And Balance Sheet)
13. Rectification Of Errors
14. Concept And Accounting Of Depreciation
15. Provisions And Reserves
16. Single Entry System
17. Computerised Accounting System
18. Popular Accounting Software Tally (Select A Company, Shut A Company, Backup Of Data,Restor Of Data)
19. Group, Ledger And Vouchers Entry (Cash Book And Bank Book, Vouchers Entry, Ledger, Trial Balance, Profit And Loss Account, Blance Sheet)
20. Inventory Features (Stock Group And Creating Stock Items And Accounting Vouchers)
21. Generating Reports (Cash Flow/Fund Flow Report In Tally
22. Hire-Purchase System
23. Consignment Accounts
24. Branch Accounts
25. Joint Venture Accounts
26. Indian Accounting Standard And Income Tax
27. Dissolution Of Partnership Firm—1
28. Dissolution Of Partnership Firm—2 (With Insolvency Of Partner)
29. Piecemeal Distribution
30. Amalgamation Of Partnership Firms
31. Conversion Of Partnership Firm Into Limited Liability Company

• Objective Type Questions With Answer (Based On Computerised Accounts)