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Principles and Practice of Accounting
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BCP-111 |
Principles and Practice of Accounting |
Upon successful completion, students will have the knowledge and skills to: CO 1:Identify and analyze the events that need to be recorded in the accounting records CO 2:Develop the skill of recording financial transactions and Rectify errors CO 3:Compare and contrast cash book and pass book balances CO 4:Valuation of inventories CO 5:Evaluate the useful life and value of the depreciable asset CO 6:Prepare final accounts of sole trader including consignment and bill of exchange and sale on return basis CO 7:Prepare partnership accounts and accounts for not for profit organizations. CO 8:Prepare company accounts |
Approach in teaching: Interactive Lectures, Discussion, Tutorials, assignments.
Learning activities for the students: Self-learning assignments, Effective questions, Giving tasks, Solving numerical problems
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Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Individual projects |
Theoretical Framework: Meaning and Scope of accounting, Accounting Concepts, Principles and Conventions, Accounting terminology – Glossary, Capital and revenue expenditure, Capital and revenue receipts, Contingent assets and contingent liabilities, Accounting Policies, Accounting as a Measurement Discipline – Valuation Principles, Accounting Estimates, Accounting Standards – Concepts and Objectives, Indian Accounting Standards – Concepts and Objectives.
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.
Accounting for Special Transactions:
Bills of exchange and promissory notes Meaning of Bills of Exchange and Promissory Notes and their Accounting Treatment; Accommodation bills.
Sale of goods on approval or return basis Meaning of goods sent on approval or return basis and accounting treatment.
Consignments Meaning and Features of consignment business, Difference between sale and consignment, Accounting treatments for consignment transactions and events in the books of consignor and consignee.
Average due Date Meaning, Calculation of average due date in various situations.
Account Current Meaning of Account Current, Methods of preparing Account Current.
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.
Partnership Accounts:
Final Accounts of Partnership Firms
Admission, Retirement and Death of a Partner including Treatment of Goodwill
Introduction to LLPs and Distinction of LLPs from Partnership.
Financial Statements of Not-for-Profit Organizations: Significance of Receipt and Payment Account, Income and Expenditure Account and Balance Sheet, Difference between Profit and Loss Account and Income and Expenditure Account. Preparation 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.
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(Vikas 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 (Taxman’s)
