The present book aims to meet in full measure the requirement of B.Com students opting Financial Accounting as a text book. The objective of the text book is basic treatment of main principles of Financial Accouting. The standard set for the book is complete clarity for beginners and such simplicity of exposition to make the text practically the best one. It is with this purpose that a maximum range of examples and illustrations (about 320) form the part of text book. The book covers all topics of the syllabus. The syllabus of B.Com. comprises Five Units which are elaborated in 19 chapters running in 760 text pages.
The Chapters of the book are arranged according to five broad units:
- Theoretical Framework and Accounting Process.
- Business Income, Accounting for Plant Property and Equipment and Valuation of Inventory.
- Financial Statements of Sole Proprietorship and Not-for-Profit Organisations.
- Accounting for Inland Branches, Departments and Leases.
- Computerised Accounting.
- Most comprehensive coverage of subject matter. All topics under the syllabus have been explained in detail.
- Most authentic and elaborate presentation of subject matter in simple and lucid style with a very large numbers of examples and illustrations (about 320).
- At the beginning of each chapter an outline of chapter is given. Important Aspects of the chapters are given at the end of the chapter.
- In each chapter Objective and Multiple Choice Questions are given in large number. At the end of each chapter, Assignments containing theoretical and numerical questions are also given for practice and revision.
- The book also contains GST Accounting as an Appendix of Chapter 2.
- The book covers latest changes and amendments in the law. It is based on Accounting Standard (AS) and Indian Accounting Standard (Ind. AS).
Unit-I Theoretical Framework and Accounting Process
Unit-II Business Income, Accounting for Property, Plant and Equipment, and Valuation of Inventory
- Theoretical Framework – Accounting Theory and Philosophy
- Rules of Accounting and the Journal Including Appendix on GST
- Cash Books
- Subsidiary Books
- Trial Balance and Rectification of Errors
Unit-III Financial Statements of Sole Proprietorship and Not-for-Profit Organisations
- Capital and Revenue (Expenditure and Receipts)
- Accounting for Property, Plant, Equipment &Depreciation
- Valuation of Inventory
Unit-IV Accounting for Inland Branches, Departments and Leases
- Final Accounts for Sole Proprietors
- Financial Statements of Non-Trading Organisations
Unit-V Computerized Accounting Systems
- Accounting for Branches Including Foreign Branches
- Departmental Accounting
- Lease Accounting
- Computerized Accounting
- Introduction to Accounting Package — Tally
- Creation of Groups, Ledger &Voucher in Tally
- Display of Financial Statements
- Application of Tally in Inventory Management
- Goods and Service Tax (GST) Accounting in Tally
- Backup, Restore, Data Export & Trouble Shooting