Financial Accounting

Financial Accountancy is mostly regarded as a difficult subject but the reader of this book will realise 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 book has been thoroughly revised and several new chapters have been included in the book on the basis of the new B.B.A. Year-wise syllabus as recommended by Central Board of Studies for various universities of Madhya Pradesh.
• In each chapter of the book final accounts have been closed on 31st March only and the final accounts pertaining to companies have been prepared in accordance with Schedule III of the Companies Act, 2013.
• In each chapter Short Answer Type Questions, Long Answer Type Questions, Objective Type Questions and Practical Problems 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.

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. Another important feature of the book is the inclusion of the latest examination questions of various universities of Madhya Pradesh.

Financial Accounting Book Syllabus For B.B.A. First Year As Per New B.B.A. III Years Syllabus of Financial Accounting For B.B.A First Year of Awadhesh Pratap Singh University, Barkatullah University, Dr. Harisingh Gour University, Rani Durgavati Vishwavidyalaya, Vikram University (Under New Education Policy, 2020) effective from Academic Session 2021-22 

• Unit I: Accounting and its place in business and relationship with other financial areas, Double entry system, Book Keeping – Meaning, Advantages, Concepts and Conventions.
• Unit II: Type of Books of Accounts and their Preparation. Journal, Ledger, Trial Balance, Depreciation.
• Unit III: Preparation of Final Account: Trading Account, Profit and Loss Account, Balance Sheet.
• Unit IV: Bank Reconciliation Statement, Royalty Accounts, Accounting record in the books of lease and landlord (when royalty is less than and more than minimum rent).
• Unit V: Hire Purchase Accounts: Accounting record in the books of purchase and vendor.

Financial Accounting Book Contents

1. Introduction to Accounting
2. Concept of Double Entry System
3. Accounting Concepts and Conventions
4. Preparation of Journal
5. Sub-Division of Journal: Cash Book
6. Sub-Division of Journal: Subsidiary Books
7. Preparation of Ledger
8. Preparation of Trial Balance
9. Adjustment Entries
10. Final Accounts with Adjustments
11. Concept and Accounting of Depreciation
12. Bank Reconciliation Statement
13. Royalty Accounts
14. Hire-Purchase Accounts
15. Difference Between Financial Accounting, Cost Accounting And Management Accounting
16. Computerized Accounting Software : Tally
17. Branch Accounts
18. Departmental Accounts