Our experience in teaching commerce subjects, especially Accountancy, is in the form of this book in your hands. This book “Financial Accounting” is prepared for the New SEP syllabus requirements of First Semester BBA.
Being student friendly is the unique feature of this book. The subject matter has been presented systematically, which can enable the reader to master the topics covered, without any additional guidance. Most later provisions have been incorporated in this book.
Contents –
Module 1 INTRODUCATION TO FINANCIAL ACCOUNTING
Introduction – Meaning, Definition, Scope, Objectives, Functions of Accounting – Terminologies used in Accounting – Users of Accounting Information – Limitations of Accounting; Accounting Principles- Accounting Concepts Conventions; Meaning of Double entry system – Process of Accounting – Types of Accounts – Traditional and Modern Accounting – Golden Rules of Debit and Credit. Accounting Standards (Ind AS)- Meaning, Definition, Need and Objectives – List of Accounting Standards issued by ICAI; Accounting Equations – Problems on Accounting Equations.
Module 2 JOURNAL, LEDGER AND TRIAL BALANCE
Meaning of Journal, Ledger & Trial Balance – Transaction Analysis – Journal – Ledger – Balancing of Accounts – Trial Balance – Simple Problems on Journal, Ledger Posting and Preparation of Trial Balance.
Module 3 SUBSIDIARY BOOKS
Meaning – Types of Subsidiary Books – Preparation of Purchases Book- Purchase Returns Book – Proforma Invoice; Sales Book -Sales Return Book – Account Sales; Bills Receivable Book – Bills Payable Book. Simple Problems on the Purchases – Purchases Returns – Sales – Sales Returns – Bills Receivable and Payable Books.
Module 4 CASH BOOK
Introduction – Types of Cash Book- Simple Cash Book, Double Column Cash Book, Three Column Cash Book and Petty Cash Book -Problems.
Module 5 FINAL ACCOUNTS OF PROPRIETARY CONCERN
Preparation of Statement of Profit and Loss and Balance Sheet of a proprietary concern with special adjustments like depreciation, outstanding expenses and prepaid expenses, outstanding incomes and incomes received in advance and provision for doubtful debts, interest on drawings and interest on capital. (Vertical Form)
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