Financial Accounting

Financial Accounting Book For B.Com II Year of Dr. Ram Manohar Lohia Avadh University Faizabad (RMLAU)

Accountancy is mostly regarded as a difficult subject but the reader of Financial Accounting Book will realize 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 Financial Accounting Book. The book includes the latest status all the 32 Accounting Standards issued by the Institute of Chartered Accountants of India.
• This 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.
• 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.

Financial Accounting Book Contents

1. Meaning and Scope of accounting
2. Accounting Principles
3. Accounting Standards in India (Including International Accounting Standards)
4. Concept of Double Entry System
5. Rules of Debit and Credit: Journal
6. Sub-Division of Journal: Cash Book
7. Sub-Division of Journal: Subsidiary Books
8. Ledger (Including Rules of Posting)
9. Trial Balance
10. Capital and Revenue
11. Adjustment Entries
12. Final Accounts (Manufacturing Account, Trading Account, Profit & Loss Account, and Balance Sheet)
13. Insolvency Accounts
14. Branch Accounts
15. Hire-Purchase System
16. Installment Payment System
17. Royalty Accounts
18. Partnership Accounts (Preliminary & Final Accounts)
19. Partnership Accounts: Admission of a New Partner (Concept of Goodwill (as Per AS-10
20. Partnership Accounts: Retirement of a Partner [Concept of Goodwill (as Per AS-10)]
21. Partnership Accounts: Death of a Partner) (Including Joint Life Policy)
22. Dissolution of Partnership Firm-1
23. Dissolution of Partnership Firm-2 (Insolvency of Partner)
24. An amalgamation of Partnership Firms
25. Conversion of Partnership into a Joint Stock Company and Sale of Partnership Business to a Company