PRINCIPLES AND PRACTICE OF ACCOUNTING

Paper Code: 
BCP 111
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

Course Outcomes (COs):

Course Outcomes

Learning and teaching strategies

Assessment Strategies

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 Evaluate the useful life and value of the depreciable asset

CO 5:Prepare final accounts of sole trader, partnership accounts, and accounts for not-for-profit organizations. including consignment and bill of exchange and sale on return basis

CO 6:Prepare company accounts

Interactive Lectures, Discussion, Tutorials, assignments. Self-learning assignments, Effective questions, giving tasks, Solving numerical problems

 

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Individual projects

 

 

18.00

• 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 Course Objectives: s, Indian Accounting Standards – Concepts and Course Objectives. • Accounting Process: Books of Accounts, Preparation of Trial Balance, Rectification of Errors • Bank Reconciliation Statement Introduction, reasons, preparation of bank reconciliation statement.

18.00
Unit II: 

• 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.

18.00
Unit III: 

·Bills of exchange and Promissory notes Meaning of bills of exchange and promissory notes and their accounting treatment; accommodation bills.

·Preparation of Final accounts of Sole Proprietors: Elements of financial statements, closing adjustment entries, trading account, profit and loss account and balance sheet of manufacturing and nonmanufacturing entities.

·Accounts from Incomplete Records (excluding preparation of accounts based on ratios)

 

18.00
Unit IV: 
  • Partnership and LLP Accounts (i) Final accounts of partnership firms and LLPs. (ii) Admission, retirement and death of a partner including treatment of goodwill. (iii) Dissolution of partnership firms and LLPs including piecemeal distribution of assets.
  • Financial Statements of Not-for-Profit Organizations Significance and preparation of receipt and payment account, income and expenditure account and balance sheet, difference between profit and loss account and income and expenditure account.

 

18.00
Unit V: 

Company Accounts (i) Definition of shares and debentures. (ii) Issue of shares and debentures, forfeiture of shares, re-issue of forfeited shares. (iii) Redemption of preference shares and debentures (excluding purchase and redemption of own debentures and sinking fund method). (iv) Accounting for bonus issue and right issue.

 

Essential Readings: 

Study Material Published by Institute of Chartered Accountants of India

References: 

Arun Kumar.ScannerSuchitraPrakashan (P) Ltd

E-RESOURCES:
https://www.icai.org/post.html?post_id=17825

JOURNALS:
The Chartered Accountant Journal /ICAI Student Journal

Academic Year: 
2023-2024
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