Course No. 103 FINANCIAL ACCOUNTING (FACC-III)
(For B.Com.General And Six Speciality
Courses )
Marks: 80 Hours: 40
Objective: To impart reasonable
knowledge on the subject and its application to business.
Course Contents:
Unit I: Preparation of Financial
Statements by Sole Trading and Partnership Firms-use of Accounting Standards
(AS), vis-Ã -vis. IFR standards, Accounting Policies- disclosure and change. 20: 10 hrs
Unit II: Hire purchase and Installment
Purchase System —Meaning, features, Advantages and disadvantages, Rights
of Hire purchaser and Hire vendor (including legal position), Methods of
calculation of interest and cash price of an asset, Accounting treatment under
Hire Purchase, Repossession of Assets and Preparation of Hire purchase trading
account. Installment purchase system; meaning, difference between hire purchase
and installment purchase system, accounting entries under installment purchase
system. 20: 10 hrs
Unit III: Branch Accounting —Meaning,
objectives, need of Branch Accounting; classification of Branches; Accounting
treatment of Branch Accounting – synthetic or Debtors System, Analytical or
stock and debtor for system. Final Account system including accounting
treatment for independent Branch. Departmental accounting; introduction,
methods and techniques, allocation of expenses, inter departmental transfer,
preparation of departmental Trading, Profit and Loss account and balance sheet.
20: 10 hrs
Unit IV: Meaning of royalty, minimum
rent, short working, recoupment of short working, sub-lease, accounting for
royalty including sub-lease. 20: 10 hrs
Text and Reference Books:
1.Maheswari
& Maheswari: Advanced Accountancy, Vikas Publishing House. New Delhi .
2.Hanif
& Mukherjee: Modern Accountancy Vol-I & II., Tata Mc. Graw. New Delhi.
3.Rajaseharam:
Financial Accounting; Pearson Education New Delhi
4.Dam,
BB; Gautam HC & Goswami K: Financial Accounting, Ashok Publishing,
Guwahati.
5.
Sukla and Grewal: Advanced Accountancy, S. Chand, New Delhi.
6.
Paul: Financial Accounting, New Central Book Agency, Hyderabad.
7.
Sinha: Financial Accounting, New Central Book Agency, Hyderabad
8.
Tulsian: Financial Accounting, Pearson, New Delhi.