Accounting

Paper Code: 
COM 101
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

To develop a conceptual understanding of financial accounting system and their application in business.

10.00
Unit I: 
Preparation of Final Accounts

Concept of Capital, Revenue and Deferred Revenue Expenditure, Opening Entries, Closing Entries, Adjustment Entries, Manufacturing, Trading and Profit and Loss Account (With Adjustment) and Balance Sheet.

10.00
Unit II: 
Preparation of Accounts from Incomplete Records (Single Entry System):

Nature of Incomplete Records, Limitations of the Single Entry System, Ascertainment of Profit or Loss, Difference between Double Entry System and Single Entry System
Sectional and Self Balancing System: The Nature of Ledgers, Sectional Balancing System, Self Balancing System

Unit III: 
Joint Venture Accounts

Features of a Joint Venture, Methods of keeping accounts, Conversion of Consignment into Joint Venture

10.00
Unit IV: 
Introduction of Indian Accounting Standards and IFRS

Consignment Accounts-Accounting for consignment in the books of consignor and consignee, Normal Loss and Abnormal Loss of goods sent on consignment, Accounting for Goods sent on consignment at mark up price, Valuation of Closing Stock, Del Creder Commission and Bad Debts

5.00
Unit V: 
Introduction of Indian Accounting Standards and IFRS
Academic Year: 
2016-2017
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