PRINCIPLES OF ACCOUNTING

Paper Code: 
GBCA 103
Credits: 
03
Periods/week: 
03
Max. Marks: 
100.00
Objective: 

To develop a conceptual understanding of financial accounting system and their application in business organization.

11.00
Unit I: 

Basics of Bookkeeping and Accountancy- Definition and its Usefulness, Financial Accounting Principles, Concepts and Convention.

System of Bookkeeping – Double Entry System, Books of Prime Entry, Subsidiary books, Recording of Cash and Bank Transaction, Preparation of Ledger accounts, Preparation of Trial balance

10.00
Unit II: 

Final Accounts: Concept of Capital, Revenue and Deferred Revenue Expenditure, Opening Entries, Closing Entries, Adjustment Entries, Manufacturing, Trading and Profit and Loss Account (Without Adjustment) and Balance Sheet.

Adjustment of final accounts: Trading account, profit and loss account and balance sheet

10.00
Unit III: 

Preparation of Accounts from Incomplete Records (Single Entry System): Nature of Incomplete Records, Limitations of the Single Entry System, Ascertainment of Profit or Loss, Difference between Double Entry System and Single Entry System

Sectional and Self Balancing System: The Nature of Ledgers, Sectional Balancing System, Self Balancing System

7.00
Unit IV: 

Computer accounting: Introduction of Accounting Softwares, use of accounting softwares, types of accounting software’s, accounting software: Tally: creation of company; creation of ledger account; voucher entry.

7.00
Unit V: 

Use of Accounting Software Tally; Maintenance of Inventory Record; Analysis of Trial Balance & Final Accounts, result analysis of computer accounting.

ESSENTIAL READINGS: 
  1. Financial Accounting-R.L Gupta, V.K Gupta( Sultan Chand& Sons)
  2. Modern Accountancy-AMukharjee,  MHanif.  (Tata Mc- Graw-Hill)
  3. Fundamentals of Financial Accounting- Dr Ashok Sehgal, Dr Deepak Sehgal (TaxMann’s)
  4. Financial Accounting- Jain, Khandelwal Pareek( Ajmera Book Company)
REFERENCES: 
  1. Accountancy- PC Tulsian (Tata Mc- Graw-Hill)
  2. Accountancy-DK Goel, Rajesh Goel(Arya Publications)
  3. An Introduction to Accountancy- S.N Maheshwari(Vikash Publishers)
  4. Fundamental of Accounting-Dr T P Ghosh,(Sultan Chand & Sons)

 

Note- The candidate shall be permitted to use battery operated calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless

 

Academic Year: 
2019-20
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