Financial Accounting B.Com Ist Sem P-Ist Pareeksha Class Notes LU Latest Objective Pattern 2021
Publisher: Pareeksha Parakashan
Language: English
Description: Financial Accounting
Accountancy is mostly regarded as a difficult subject but the reader of this notes will realize that it is not so, because it has been written in simple language and in most systematic order explaining each and every point at length.
Some of the special features of this Financial Accounting notes are:
Many developments have taken place in Accounting Philosophy and International Accounting Standard. An effort has been made to incorporate all such developments in this notes. This notes has been published strictly accounting for the latest syllabus of the University of Lucknow for B.Com. Semester I Examination. The book includes the latest status of Accounting Standards (A.S.), International Financial Reporting Standards (IFRSs) and Indian Accounting Standards (IND-AS).
In the present edition of this notes, almost all chapters have been thoroughly revised and several advanced problems have been included in each chapter.
In each chapter of this notes, final accounts have been closed on 31st March only and the final accounts pertaining to companies have been prepared in accordance with Schedule III of the Companies Act, 2013.
Acquisition of thorough knowledge of Accountancy: A candidate can solve Accountancy questions only when he has confidence and such confidence can be acquired only on the basis of real knowledge of this subject. For this purpose, suitable illustrations have been given to explain various theories, principles, rules, and procedures. Selection of practical illustrations and questions in each chapter and placing them in a systematic order is so reasonable, logical, orderly and scientific that even an ordinary student can acquire real, complete, thorough, latest and up-to-date knowledge of this subject in a very short period of time and without any exertion on his part.
Financial Accounting Notes Contents:-
- Definition, Nature, and Scope of Accounting
- Concepts and Conventions of Accounts
- Indian Accounting Standards including International Financial Reporting Standards (IFRS) and Indian Accounting Standards]
- Capital Expenditure and Revenue Expenditure
- Partnership Accounts (including Limited Liability Partnership)
- Partnership Accounts: Admission of a New Partner [Concept of Goodwill (As Per A.S.26)]
- Partnership Accounts: Retirement of a Partner (Concept of Goodwill and Joint Life Policy)
- Partnership Accounts: Death of a Partner (Including Joint Life Policy)
- Dissolution of Partnership Firm-1
- Dissolution of Partnership Firm-2 (with Insolvency of Partner)
- Piecemeal Distribution
- Hire-Purchase System
- Installment Payment System
- Royalties Accounts
- Insolvency Accounts
- Insurance Claims for Loss of Stock and Loss of Profit
- Branch Accounts
- Voyage Accounts
- Introduction to Financial Statements
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