Financial Accounting

Paper Code: 
COM 101
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

To develop a conceptual understanding of financial accounting system and their application in business.


CO 1: Construct the skills of identification and uses of different Accounting Standard.
CO 2: Analyze the technique or skill of Preparing Financial Statements and its uses for the growth of Organization.
CO 3: Appraise the Students to prepare Joint Venture Accounts and relate the features of a Joint Venture, Methods of keeping accounts, Conversion of Consignment into Joint Venture.
CO 4: Develop the habits of Students to Understand the Concept of Consignment Account and How to Prepare a Consignment Accounts.
CO 5: Develop the skills among the Students to prepare Accounts from Incomplete Records.

8.00
Unit I: 
Introduction to Accounting Standard
Introduction to Accounting Standard

Financial accounting standards: concept, benefits, procedure for issuing accounting standards in India. Need for a global standard, IFRS (concept only).
Basic introduction of :
AS 1 Disclosure of Accounting Policies
AS 2 Valuation of Inventories
AS 3 Cash Flow Statement
AS 29 Provisions, Contingent Liabilities and Contingent Assets

 

8.00
Unit II: 
Preparation of Final Accounts
Preparation of Final Accounts :Trading and Profit and Loss Account (With Adjustment) and Balance Sheet

 

10.00
Unit III: 
Joint Venture Accounts
Joint Venture Accounts-Features of a Joint Venture, Methods of keeping accounts, Conversion of Consignment into Joint Venture

 

10.00
Unit IV: 
Consignment Accounts
Consignment Accounts-Accounting for consignment in the books of consignor and consignee, Normal Loss and Abnormal Loss of good sent on consignment, Accounting for Goods sent on consignment at mark up price, Valuation of Closing Stock, Del Creder Commission and Bad Debts

 

9.00
Unit V: 
Preparation of Accounts from Incomplete Records
Preparation of Accounts from Incomplete Records (Single Entry System): Nature of Incomplete Records, Limitations of the Single Entry System, Ascertainment of Profit or Loss, Difference between Double Entry System and Single Entry System

Recent Trends of Accounting:Theoretical concepts of Green Accounting, Carbon Credit Accounting,Forensic Accounting

 

Essential Readings: 

1. Financial Accounting-R.L Gupta, V.K Gupta( Sultan Chand& Sons)
2. Modern Accountancy-A Mukharjee, M Hanif. (Tata Mc- Graw-Hill)
3. Fundamentals of Financial Accounting- Dr Ashok Sehgal, Dr Deepak Sehgal (TaxMann’s)
4. Financial Accounting- Jain, Khandelwal Pareek( Ajmera Book Company)

References: 

1. Accountancy- PC Tulsian (Tata Mc- Graw-Hill)
2. Accountancy-DK Goel, Rajesh Goel(Arya Publications)
3. An Introduction to Accountancy- S.N Maheshwari(Vikash Publishers)
4. Fundamental of Accounting-Dr T P Ghosh,(Sultan Chand& Sons)

Academic Year: 
2021-2022
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