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Principles and Practice of Accounting
To develop an understanding of the basic concepts and principles of Accounting and acquire the ability to apply the same in preparing financial statements, computing accounting ratios and simple problem solving.
Theoretical Framework : Meaning and Scope of accounting , Accounting Concepts, Principles and Conventions, Capital and revenue expenditure and receipts, Contingent assets and liabilities, Accounting Policies, Valuation Principles, Accounting Estimates, Accounting Standards, Indian Accounting Standards
Accounting Process: Books of Accounts, Preparation of Trial Balance, Rectification of Errors.
Bank Reconciliation Statement Introduction, reasons, preparation of bank reconciliation statement.
Inventories Cost of inventory, Net realizable value, Basis and technique of inventory valuation and record keeping.
Concept and Accounting of Depreciation Concepts, Methods of computation and accounting treatment of depreciation, Change in depreciation methods.
Final Accounts of Sole Proprietors Elements of financial statements, Closing Adjustment Entries, Trading Account, Profit and Loss Account and Balance Sheet of Manufacturing and Non-manufacturing entities.
Accounting for Special Transactions: Bills of exchange and promissory notes, Accommodation bills, Sale of goods on approval or return basis. Accounting treatments for consignment transactions and events in the books of consignor and consignee. Joint Ventures for non-corporate entities, Distinction between joint venture and partnership, Methods of maintaining joint venture accounts. Royalty accounts, Average due Date and calculations, Account Current
Partnership Accounts: Final Accounts of Partnership Firms, Admission, Retirement and Death of a Partner including Treatment of Goodwill.
Financial Statements of Not-for-Profit Organizations : Significance of Receipt and Payment Account, Income and Expenditure Account and Balance Sheet,
Introduction to Company Accounts: Definition of shares and debentures, Issue of shares and debentures, forfeiture of shares, re-issue of forfeited shares, Statement of Profit and Loss and Balance Sheet as per Schedule III to the Companies Act, 2013.
Basic Accounting Ratios (profitability, solvency, liquidity and turnover)
Reference Books
1. Modern Accountancy-A Mukharjee, M Hanif. (Tata Mc- Graw-Hill)
2. Advanced Accountancy-B.M Agarwal (Suchitra Publication)
3. Study Material Published by Institute of Chartered Accountants of India
4. Accountancy- PC Tulsian (Tata Mc- Graw-Hill)
5. An Introduction to Accountancy- S.N Maheshwari(Vikash Publishers)
6. Fundamental of Accounting-Dr T P Ghosh,(Sultan Chand& Sons)
7. Financial Accounting-R.L Gupta, V.K Gupta( Sultan Chand& Sons)
8. Scanner-Arun Kumar(Suchitra Prakashan (P) Ltd)
9. Fundamentals of Financial Accounting- Dr Ashok Sehgal, Dr Deepak Sehgal (TaxMann’s)
