Course No. 103: Financial Accounting
For B.Com General and Speciality Courses
Total Marks: 100 (End Sem 80 + IA 20)
Unit-I: Preparation of Financial Statements by Sole Trading and Partnership Firms – Use of accounting Standard (AS), Vis-à-vis IFR Standards, Accounting Policies – Disclosure and Change. 20 Marks
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 cum Cash price on an asset, Accounting treatment under Hire Purchase and Installment system including Repossession of assets and Hire purchase Trading account. Installment Purchase system: Meaning, Difference between hire purchase and installment purchase system, accounting entries under installment purchase system. 20 Marks
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 Debtors for system, Final Account System including accounting treatment for Independent and Foreign 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 Marks
Unit-IV: Royalty Accounting: Meaning, Minimum rent, Shortworking, Recoupment of Shortworking, sub-lease, Accounting for royalty including Sub-lease. 20 Marks
Text and Reference Books:
1. Maheswari and Maheswari: Advanced Accountancy, Vikas Publishing House, New Delhi.
2. Hanif and Mukherjee: Modern Accountancy Vol-I and II, Tata Mc. Graw, New Delhi.
3. Rajaseharam : Financial Accounting; Pearson Education New Delhi.
4. Sukla and Grewal: Advanced Accountancy, S.Chand, New Delhi.
5. Paul and Sinha: Financial Accounting, New Central Book Agency, Hyderabad.
6. Tulsian: Financial Accounting, Pearson, New Delhi.