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3It is well said that ‘change is the only permanent thing in this world’. Therefore, any change in curriculum of a subject is part of natural process of development. Advancement in knowledge is possible only if a subject is taught and learned differently, at different times. Since Sant Gadgebaba Amravati University is adopting new syllabus for B.Com. (Part – I) Semester I Students of Commerce, it is our duty to present necessary learning material to them. We have great pleasure in presenting the text book on, ‘Financial Accounting’ for B.Com. (Part -I), Semester I students. It has been written in a teach yourself style, strictly following student friendly approach. Sufficient theory content and numerous examples covering all typical points are given. Illustrations given in the book include the questions set in the University examinations. Topics are arranged exactly according to new syllabus. We have pleasure to mention that this book would never have been written, without the support and encouragement of family members. Many thanks to them. Special thanks are also due to colleagues in College. Who provided inclusive comments and useful feedback. We are thankful to Prashant Publications, Shri Rangrao Patil and his entire staff. Valuable suggestions and constructive feedback from users will be highly appreciated. With Best Wishes.
UNIT – 1
History, Concept and Double Entry System of
Book-Keeping and Accountancy………………………………………….. 7
1.1 History of Book-keeping and Accountancy, Meaning and Definition of
Book-keeping and Accountancy, Distinguish between Book keeping and
Accountancy, Objectives of Accountancy, Methods of Book-keeping
1.2 Accounting Concepts and Conventions 1.3 Double Entry System :
Meaning, Characteristics, Advantages and Disadvantages, Golden rules
of Debit and Credit
UNIT – 2
Journal Entries, Ledger Posting and Trial Balance………………. 19
2.1 Journal Entries : With and without GST related entries, Compound
entries, Discount related entries.
2.2 Ledger Posting and Balancing.
2.3 Opening entries and Closing entries.
2.4 Preparation of Trial Balance.
UNIT – 3
Financial Accounting: Subsidiary Books…………………………….. 82
3.1 Subsidiary books : Meaning, Advantages; Purchase Book and Sales
Book, Purchase Return Book, Sales Return Book, Bills Receivable
Book, Bills Payable Book.
3.2 Cash Book : Meaning, Importance, Characteristics, Utility of Cash Book,
maintaining a Cash Book, Sources of Writing the Cash Book.
3.3 Types of Cash Book : Simple Cash Book, Double Columnar Cash Book
and Triple Columnar Cash Book.
UNIT – 4
Final Accounts of Proprietary Concerns…………………………… 134
4.1 Final Accounts of Proprietary Concerns : Need of Final Accounts,
Preparation of Trading Account, Profit and Loss Account and Balance
Sheet, Problems on Final Accounts.
4.2 Adjustments : Prepaid Expenses, Outstanding Expenses, Accrued
Income, Unearned Income, Depreciation, Interest on Capital, Interest on
Drawing, Provision for Bad Debts and Doubtful Debts, Provision for
Discount, Closing Stock, Problems on Final Accounts with Adjustments.
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