Financial Accounting
Financial Accounting for B.Com Examination
For
B.Com.1st Semester (Regular)
B.Com. 1st Year (Non Collegiate & S.O.L.)
Duration: 3 Hours Maximum Marks: 75
Syllabus
Objective:- To make the student familiar with generally accepted accounting principles of financial accounting and their applications in business organizations excluding corporate entitles.
Unit – I
- Financial Accounting: Nature and scope, Limitations of Financial Accounting.
- Basic concepts and conventions, Accounting Standards: Meaning, Procedure for issue of Accounting standards in India, Significance, Generally Accepted Accounting Principles (GAAP)
- Accounting Process: From Recording of transactions to preparation of Final Accounts.
Unit–II
Final account of a Sole- Trader
- Final Accounts of Not-For- Profit organizations: Meaning and features.
- Preparation of Income and Expenditure Account and Balance Sheet: From Receipts and Payments account with additional information and vice-versa. Preparation of Balance Sheet (Opening and Closing) from Receipts and Payments account and Income and Expenditure account and additional Information.
- Accounts from incomplete records: Statement of Affairs method and Final Account method
Unit–III
Deprecation Accounting: Meaning of depreciation, causes, objective of providing depreciation, factors affecting depreciation, accounting treatment including provision for depreciation accounting. Method of depreciation; Straight line method, Diminishing balance method change of method, change of method as per revised AS – 6.
Unit–IV
- Consignment and Joint Venture:
- Consignment: Features, Accounting treatment in the books of the consignor and consignee.
- Joint Ventures: Accounting Procedures; Joint Bank Account, Records maintain by Co-venturer of (a) all transactions (b) only his own transactions. (Memorandum joint venture account)
Unit–V
Accounting for Hire Purchase Transactions: Journal entries and ledger account in the books of the Hire vendor and Hire Purchaser for large value items including “Default and Repossession”.
Unit–VI
Inland Branches: Depended Branches only and ascertainment of profit by Debtors method and Stock and Debtors method.
Unit–VII
Dissolution of Partnership Firms: Legal position, Accounting for simple dissolution, Application of rule in case of Garner vs. Murray in case on insolvency of partner (s) (Excluding piecemeal distribution and Sales of a firm to a company).