Financial Accounting

Accountancy is mostly regarded as a difficult subject but the reader of this 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 this 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 has been published strictly accounting for the latest syllabus of the University of Lucknow for B.Com. Semester I Examination. The book includes the latest status of Accounting Standards (A.S.), International Financial Reporting Standards (IFRSs) and Indian Accounting Standards (IND-AS).

In the present edition of the book, almost all chapters have been thoroughly revised and several advanced problems have been included in each chapter.

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, 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.

Financial Accounting Book Contents

1. Definition, Nature, and Scope of Accounting
2. Concepts and Conventions of Accounts
3. Indian Accounting Standards including International Financial Reporting Standards (IFRS) and Indian Accounting Standards]
4. Capital Expenditure and Revenue Expenditure
5. Partnership Accounts (including Limited Liability Partnership)
6. Goodwill and Admission of a New Partner [Concept of Goodwill (As Per A.S.26)]
7. Partnership Accounts: Retirement of a Partner (Concept of Goodwill and Joint Life Policy)
8. Partnership Accounts: Death of a Partner (Including Joint Life Policy)
9. Dissolution of Partnership Firm-1
10. Dissolution of Partnership Firm-2 (with Insolvency of Partner)
11. Piecemeal Distribution
12. Hire-Purchase System
13. Installment Payment System
14. Royalty Accounts
15. Insolvency Accounts
16. Insurance Claims for Loss of Stock and Loss of Profit
17. Branch Accounts
18. Voyage Accounts
19. Introduction to Financial Statements

• Examination Question Paper 2021