Financial Accounting

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. Some of the special features of this book are:

The most important salient feature of the revised edition of the Financial Accounting book is that the following Chapters of the book have been thoroughly revised and updated. A new chapter on “Journal Entries of GST” has been included in the book.

Many developments have taken place in Accounting Philosophy and International Accounting Standard. An effort has been made to incorporate all such developments in this book. The book includes the latest status of all Accounting Standards issued by the Institute of Chartered Accountants of India.

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.

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.

Care has been taken to present the study material in a logical sequence to facilitate easy understanding by the students. Small illustrations have been incorporated in each chapter to explain the concepts/principles dealt with in the chapter.

Financial Accounting Syllabus

Unit-I: Nature and Scope of Accounting: Accounting Concepts and Conventions, Indian and International Accounting Standards. Accounting Mechanics: Double Entry System, Preparation of Journal Ledger and Trial Balance, Concept Income, and Its Measurement. Preparation of Final Statement.

Unit-II: Royalty Accounts, Hire Purchase and Instalment Payment System, Insolvency Accounts.

Unit-III: Departmental Accounts, Branch Accounts, Double Account System.

Unit-IV: Accounts of Insurance Companies, Computation of Fire Insurance Claims, Accounts of Banking Companies, Voyage Account, Empties Accounts.

Financial Accounting Book Contents

1. Meaning and Scope of Accounting
2. Accounting Concept and Conventions
3. Accounting Standards in India (including International Accounting Standards)
4. Concept of Double Entry System
5. Rules of Debit and Credit: Journal
6. Journal Entries of GST
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. Branch Accounts
14. Hire-Purchase System
15. Installment Payment System
16. Royalty Accounts
17. Insolvency Accounts
18. Departmental Accounts.
19. Accounts of Insurance Companies
    ● Accounts of Life Insurance Company
20. Computation of Fire Insurance Claims
21. Accounts of Banking Companies
22. Accounting Concept of Income and its Measurement
23. Double Account System: including Electricity Supply Companies
24. Voyage Accounts
25. Packages, Empties and Containers Accounts