Financial Accounting

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 Financial Accounting Book are:

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 all Accounting Standards issued by the Institute of Chartered Accountants of India.

Financial Accounting 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.

Chapters of Hire-Purchase System has been thoroughly revised and new material and numerical illustrations have also been incorporated.

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.

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.

Financial Accounting Book Syllabus For Lucknow University of B.Com. (Hons.) Semester-I as per New Syllabus 

Unit I: Accounting – Definition, Functions, Objectives Nature and Scope Limitation Branches. Accounting as an information system. Accounting Principles – concepts and conventions. Accounting standards – Indian and International Context. Basic Accounting Process-Journal, Ledger Trial Balance, Double Entry System, Systems of Accounting.

Unit II: Business Income – Measurement, concept of Capital and Revenue. Final Accounts of Non-Corporate Entities. Final Accounts of Non-Profit making Organizations. Accounting for Depreciations.

Unit III: Hire Purchase System, Installment Payment System, Branch Accounting, Lease Accounting.

Unit IV: Voyage Accounts, Accounting for Insurance Claims, Royalty Accounts.

Financial Accounting Book Contents

1. Introduction of Financial Accounting (Theoretical Framework)
2. Financial Accounting Principles (Basic Concepts and Conventions)
3. Financial Accounting Standards (Salient Features of AS-1)
4. Preparation of Journals (Rules of Debit and Credit)
5. Sub-Division of Journal: Cash Book
6. Sub-Division of Journal: Subsidiary Books
7. Ledger (Including Rules of Posting)
8. Trial Balance
9. Capital and Revenue
10. Measurement of Business Income
11. Revenue Recognition: AS-9
12. Concept and Accounting of Depreciation (With As-6)
13. Valuation of Inventories (Salient Features of AS-2)
14. Adjustment Entries
15. Final Accounts (preparation of Financial Statements of Nom-Corporate Business Entities)
16. Hire-Purchase System
17. Instalment Payment System
18. Accounting of Lease Financing (As Per Accounting Standard-19)
19. Branch Accounts
20. Voyage Accounts
21. Accounting For Insurance Claims
22. Royalty Accounts
23. Accounting of Not-for-Profit Organisations