Financial Accounting

The book has been prepared strictly according to the new syllabus for B.Com. First Year (First Semester) effective from academic session 2022-23 for all Universities and Colleges of Uttarakhand.

Some of the special features of this book are :

• A new chapter on Journal Entries of G.S.T. has been included in the book so that students may study the accounting of G.S.T.
• Chapters on Hire-Purchase System, Instalment Payment System, Royalty Accounts and Insolvency Accounts have been thoroughly revised and enlarged.
• 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.

वित्तीय लेखाकंन (Financial Accounting) Syllabus For B.Com. Ist Semester of Various Universities of Uttarakhand

Course outcomes : The objective of this paper is to help students to acquire conceptual knowledge of fundamentals of accounting and to impart skills for recording various kinds of business transactions.

• Unit-I : Shri Kalyan Subramani Aiyar (K.S. Aiyar) 1859-1940 known as father of Accountancy in India.
  Nature and scope of Accounting, Generally Accepted Accounting Principles :
  Concepts and Conventions, Indian and International Accounting Standards. Accounting Mechanics : Double Entry System.
• Unit-II : Preparation of Journal, Ledger and Trial Balance, Profit and Loss A/c, Balance Sheet, Concept of Income and its Measurement. 8 Lectures
• Unit-III : Royalty Accounts—Accounting Records for Royalty in the books of Landlords and Lessee, Recoupment of Short working, Sub-lease, Short working Reserve Account, Nazarana. 6 Lectures
• Unit-IV : Hire Purchase Accounts—Accounting Records in the Books of Hire Purchaser and Vendor, Different Methods of Calculation of Interest and Cash Price, Maintenance of Suspense Account, Payment of Premium, Default in Payment and Partial Returns of Goods.
  Installment Payment System—Difference between Hire Purchase and Installment Payment System.
  Accounting Records in the book of Purchaser and Vendor, Interest suspense account.
• Unit-V : Departmental Accounts—Meaning, Objects and Importance, Advantage, Methods of Departmental Accounts, Final Accounts of Non-Corporate Departmental Business, Allocation of Indirect Expenses. 7 Lectures
• Unit-VI : Branch Accounts—Meaning and Objectives of Branch Account, Importance and Advantages, Classification of Branches, Accounting of Branch Accounts under various Methods.
• Unit-VII : Insolvency Accounts—Meaning, Circumstances of Insolvency, Procedure of Declaring Insolvency, Preparation of Statement of Affairs and Deficiency Account.
• Unit-VIII : Voyage Accounts—Meaning and Preparation of Voyage Accounts.

Financial Accounting Contents

1. Shri Kalyan Subramani Aiyar (1859-1940) (Father of The Accountancy Profession In India)
2. Nature And Scope of Accounting
3. Generally Accepted Accounting Principles : Concepts and Conventions
4. Indian and International Accounting Standards
5. Concept of Double Entry System
6. Preparation of Journal
7. Journal Entries of G.S.T.
8. Sub-Division of Journal : Cash Book
9. Ledger (Including Rules of Posting)
10. Trial Balance
11. Final Accounts (Profit & Loss Account and Balance Sheet)
12. Concept of Income and Its Measurement
13. Hire-Purchase Accounts
14. Installment Payment System
15. Branch Accounts
16. Royalty Accounts
17. Insolvency Accounts
18. Voyage Accounts
19. Departmental Accounts