PROGRAM Bachelors Of Commerce

SEMESTER I
COURSE TITLE FINANCIAL ACCOUNTING-I
COURSE CODE 04BC0101
COURSE CREDITS 04
COURSE DURATION 48 Hrs (48 sessions of 60 minutes each)

COURSE OUTCOMES:
 Implement the accounting process from journal entries to trial balance
 Understand the need for uniformity in accounting
 Prepare financial statements of sole-proprietary business

Course Contents:

Unit Unit / Sub Unit Sessions

No
I BASICS OF BOOK-KEEPING AND ACCOUNTING 08
Introduction to Book Keeping, Accounting and Accountancy – Process of
Accounting – Branches of Accounting- Methods of Accounting – Basis of
Accounting – Characteristics of Accounting – Functions of Accounting –
Users of Accounting Information – Basic Accounting Terms –
Classification of Accounts and its Rules – Accounting Equation –
Accounting Principles – Accounting Concepts – Accounting Conventions
– Fundamental Accounting Assumptions

II OVERVIEW OF INDIAN ACCOUNTING STANDARDS 06

Background of GAAP and IFRS – Introduction to Indian AS: Background,
need, applicability, overview of standards (only theory)

III PROCESS OF ACCOUNTING 16

Meaning of Journal – Format of Journal – Single and compound Journal
Entries – Difference between Cash Discount and Trade Discount –
Meaning of Ledger – Format of Ledger – Balancing of Ledger – Practical
problems on Journal and Ledger – Meaning of Trial Balance –
Preparation of Trial Balance – Redrafting of Trial Balance – Types of
Errors and their Rectification

IV FINAL ACCOUNTS OF SOLE-PROPERITORSHIP: 10

Types of Expenditure – Types of Income – Types of Profit – Meaning of
Deferred Revenue Expenditure – Difference between Trial Balance and
Balance sheet – Contingent Asset and Contingent Liability –
Classification of Assets and Liabilities under different heading -
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 Difference between Provisions and Reserves –Types of Reserves -
Preparation of Final accounts for sole proprietorship for non
manufacturing

V DEPRECIATION: 08
Meaning - Methods of calculating depreciation (straight line method
and written down value) - Method of recording Depreciation (Charging
to Asset Account, Creating provision for Depreciation/ Accumulated
Depreciation, Treatment of Disposal of Fixed assets.

Evaluation:
The students will be evaluated on a continuous basis and broadly follow the scheme given below:

Component Weight age

A Continuous Evaluation Component (Assignments / 20% (C.S.E.)
Presentations/ Quizzes / Class Participation/ etc.)
B Internal Assessment 30% (I.A.)
C End-Semester Examination 50% (External Assessment)

SUGGESTED READINGS:

Text Books:

Sr. No Author/s Name of the Book Publisher Edition &

Year of
Publication
T-01 P.C. Tulsian Financial Accounting Pearson Latest

T-02 S.N. Maheshwari, and. S. Financial Accounting Vikas Publishing Latest

K. Maheshwari House, New Delhi
T-03 M.C.Shukla, T.S.Grewal Advanced Accounts. S. Chand & Co., Latest
and S.C.Gupta Vol.-I New Delhi

Reference Books:

Sr. No Author/s Name of the Book Publisher Edition and Year

of
Publication
R-01 R. L. Gupta and M. Advanced Accounts. S. Chand & Co., Latest
Radhaswamy Vol.-I& II New Delhi
R-02 A.Mukharji and M. Hanif Financial Accounting Tata McGraw, Latest
Hill Publishing
Co. Ltd. New
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 Delhi
R-03 S. P. Jain and K. N. Narang Advanced Kalyani Latest
Accountancy Publishers, New
Delhi
R-04 T. S. Grewal Introduction to S. Chand & Co. Latest
Accountancy Pvt. Ltd., New
Delhi
R-05 Monga, J. R. Financial Accounting Mayoor Paper Latest
: concepts and Backs, New Delhi
applications

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