Financial Accounting

The present text has been planned and designed to cope with the needs of B.Com. students of various universities and to present the subject in simple language and lucid style.

Salient features of the वित्तीय लेखांकन Financial Accounting book:

• The subject-matter has been arranged and systematised strictly according to course prescribed.
• In the present edition of the book almost all chapters have been thoroughly revised.
• An important feature of revised edition of this book is that in the chapter of “Financial Statements” Notification dated 24th March, 2021 which has amended Schedule III to the Companies Act, 2013 and which is effective from the 1st day of April 2021 has been included. Schedule III provides the framework of preparing Financial Statements such as Balance Sheet and the Statement of Profit and Loss of the company.
• Chapter on Conversion of Partnership into Joint Stock Company have been revised on the basis of Companies Act, 2013.
• 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.
• The language and style of presentation are very simple and the subject-matter has been divided into various headings and sub-headings so as to give a flow in studying this numerical subject.
• Both theoretical and numerical aspects of the subject have been given due importance. The numerical illustrations have been carefully graded with supporting theoretical background. At many places explanatory notes have also been given to clarify the working of solution.
• Numerical illustrations and questions have been arranged in a systematic and scientific sequence from simple to complex.
• Illustrations and questions both have been arranged in the identical sequence so that students can easily solve the questions after understanding the illustration in the same order.
• In the selection of illustrations and questions priority has been given to the latest university examination papers so that students may make practice according to that standard.
• At the end of the book Examination Question Papers of various universities of Bihar have been included.

Financial Accounting Syllabus For B.Com (Hons.) Ist Year of Various Universities of Bihar

T.M. BHAGALPUR UNIVERSITY, BHAGALPUR

Basic Accounting concepts, Principles and conventions, Nature and significance of Accounting, Types of Accounting, Preparation, Presentation and Analysis of financial statements and their limitations, Consignment and Joint venture Accounts. Accounting of non trading Organisations. Receipts and Payment account – Income and Expenditure Account.
Royalty, Hire Purchase and Instalment System of Accounts, Departmental and Branch Accounts (Excluding foreign Branch), Insolvency Accounts.
Depreciation, Reserves and Provisions their treatment, Methods of charging Depreciation Partnership dissolution, Insolvency of partners Garner Vs. Murray Case, Sale to a company.

MAGADH UNIVERSITY, BODHGAYA VEER KUNWAR SINGH UNIVERSITY, ARA PATLIPUTRA UNIVERSITY, PATNA

Basic Accounting concepts, Principles and conventions, Nature and significance of Accounting, Types of Accounting, Preparation, Presentation and Analysis of Financial statements and their limitations.
Accounting of non-trading Organisations—Receipts and payments Account—Income and Expenditure Account.
Single Entry System—Preparation of Accounts from incomplete records—conversion of single entry into Double Entry system.
Royalty, Hire Purchase and Instalment System of Accounts, Departmental and Branch Accounts (Excluding foreign Branch), Insolvency Accounts. Partnership dissolution, Insolvency of partners-Garner Vs. Murray Case, Sale to a company.

B.N. MANDAL UNIVERSITY, MADHEPURA

1. Accounting Principle—Meaning, definition, characteristics, nature, significance, principles, limitations, basic postulates of accounting principles concept of accounting. Fundamental Accounting Assumptions.
2. Financial Analysis—Meaning, definition, Objects types procedure, importance and techniques of financial analysis.
3. Accounting analysis—Receipt and payment account and Income and expenditure accounts.
4. Partnership—Simple dissolution gradual realisation and piecemeal distribution, insolvency of partners-Garner Vs. Murray case and its application in India conversion of partnership into joint stock company and sale of partnership firm.
5. Royalty Accounts.
6. Hire purchase system.
7. Instalment payment system and lease accounting.
8. Insolvency Accounts.
9. Branch Account (excluding foreign branch).
10.Self Balancing and sectional Balancing system of ledger.
11.Single Entry system—Preparation of Accounts from incomplete records conversion of
Single Entry system into double entry system.

वित्तीय लेखांकन Financial Accounting Book Contents

1. Meaning, Nature, Significance, and Types of Accounting
2. Basic Concepts, Principles & Conventions of Accounting
3. Financial Statements: Meaning, Types, and Limitations
4. Analysis and Interpretation of Financial Statements
5. Accounting Not-For-Profit (Non-Trading) Institutions (Receipts & Payments Account – Income & Expenditure Account)
6. Royalty Accounts
7. Hire-Purchase System
8. Installment Payment System
9. Branch Accounts
10. Insolvency Accounts (Including Insolvency and Bankruptcy Code, 2016)
11. Dissolution of Partnership Firm-1
12. Dissolution of Partnership Firm-2 (with Insolvency of Partner)
13. Piecemeal Distribution
14. Conversion of Partnership into a Joint Stock Company and Sale of Partnership Business
15. Single Entry System
16. Departmental Accounts
17. Joint Venture Accounts
18. Concept and Accounting of Depreciation
19. Provisions, Reserves, and Funds
20. Consignment Accounts
21. Accounting of Lease Financing (as Per Accounting Standard-19)
22. Self-Balancing System and Sectional Balancing System

• Objective Questions
• Examination Question Papers of various Universities