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Fundamentals of Accounts
The Course attempts to develop a conceptual understanding of fundamentals of the accounting system and their application in business.
Basics of Book Keeping and Accountancy: Definition and its Usefulness, Financial Accounting principles, Concepts and Convention
System of Book keeping: Double entry system, Books of prime entry, Subsidiary books, Recording of cash and Bank Transaction, Preparation of Ledger accounts, Preparation of trial balance.
Bank reconciliation statement: Need for reconciliation between Cashbook and bank passbook, problems relating to the preparation of Bank reconciliation statement
Depreciation Accounting: Straight line & diminishing balance method, Computation and accounting treatment of Depreciation, Changes in depreciation method
Bills of exchange: Bills receivable and bills payable, Acceptance and Endorsement, Discounting, Retirement, Dishonour and Renewal of bills, Accommodation bills
Rectification entries: Classification of Errors, Location of Errors, Rectification of Errors, Suspense Account, Effect on profit
Final Accounts: Concept of Capital, Revenue and Deferred Revenue Expenditure, Opening entries, Closing entries, Adjustment entries, Manufacturing, Trading and Profit and Loss Account, (With adjustment) and Balance Sheet
Case Studies
Essential Reading:
1. Maheshwari, S. N., An Introduction to Accountancy, Vikas Publishers, New Delhi
2. Mukharjee, A. and Hanif, M., Modern Accountancy, Tata McGraw Hill, New Delhi
3. Sehgal, Ashok and Sehgal, Deepak, Fundamentals of Financial Accounting, Taxmann Allied Services, New Delhi.
4. Jain, Khandelwal and Pareek, Financial Accounting, Ajmera Book Company, Jaipur
1. Tulsian, P.C., Accountancy, Tata McGraw-Hill, New Delhi
2. Goel, D.K. and Goel, Rajesh, Accountancy, Arya Publications, New Delhi
3. Ghosh, T.P., Fundamentals of Accounting, Sultan Chand & Sons, New Delhi.
