Financial Accounting

The book has been prepared strictly according to the new syllabus for B.Com. First Semester effective from academic session 2022-23 for Binod Bihari Mahto Koyalanchal University, Dhanbad.
Some of the special features of this book are :

• In each chapter of the book final accounts have been closed on 31st March only.
• In each chapter Descriptive Answer Type Questions, Short Answer Type Questions and large number of M.C.Q. with Answer have been given.

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 suitable 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, latest and up- to-date knowledge of this subject in a very short period of time and without any exertion on his part.

Financial Accounting Syllabus For B.Com. Ist Semester of Binod Bihari Mahto Koyalanchal University, Dhanbad

• Unit-1 : Posting of Business Transaction : Preparation of different Ledgers for Transaction, Preparation of Trial Balance with calculation of missing figures and Rectification of Errors.
• Unit-2 : Cash Book : Preparation of Single Column, Double Column, Three Column and Petty Cash Book.
• Unit-3 : Departmental Accounts Meaning, Objectives, Basis of Allocation of Expenses, Trading and Profit and Loss Account in Columnar Form and Balance Sheet with adjustments.
• Unit-4 : Accounting of Incomplete Records : Meaning, Advantages and Disadvantages, Difference between Single entry system and Double entry System, Accounting of Single System including conversion of Single entry system into Double entry system, Role of Computers in Accounting, Practical Applications of Computerised Accounting.
• Unit-5 : Partnership Firm : Methods of Registration of a Firm, Effect of Non Registration of a Firm, Partnership Firms : Accounting treatment for admission retirement and death of partners, Revaluation of Assets and Liabilities.
• Unit-6 : Hire Purchase System : Meaning of Hire Purchase and Installment Purchase System; Differences between Hire Purchase and Installment Purchase System, Important Definitions–Hire Purchase Agreement, Journal Entries and ledgers in the Books of Hire Purchaser and Hire Vendor.
• Unit-7 : Concept of Depreciation, Different Methods of Calculation of Depreciation, Preparation of Accounting for Depreciation, straight line method, diminishing balance Method and Depreciation Fund Method, disposal of depreciable assets– change of method salient features of Accounting Standard (AS) : 6 (ICAI). Provision and Reserve : Preparation of Account for creation of Provision and Reserve.

Financial Accounting Book Contents :

Part-I

1. Sub-Division Of Journal : Cash Book
2. Ledger (Including Rules Of Posting)
3. Trial Balance
4. Rectification Of Errors
5. Final Accounts (Trading And Profit And Loss Account)
6. Departmental Accounts
7. Hire-Purchase System
8. Instalment Purchase System

Part-II

1. Accounting Of Incomplete Records
2. Partnership Accounts : Basic Concepts (Including Limited Liability Partnership)
3. Partnership Accounts : Admission Of A New Partner [Concept Of Goodwill (As Per As-26)]
4. Partnership Accounts : Retirement Of A Partner (Concept Of Goodwill And Joint Life Policy) 199
5. Partnership Accounts : Death Of A Partner (Including Joint Life Policy)
6. Concept And Accounting Of Depreciation
7. Provisions And Reserves
8. Computerised Accounting System