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 SYLLABUS

B.COM.(HONS.): SEMESTER I
PAPER DSC 1.3: FINANCIAL ACCOUNTING

Course title Credit distribution of the

Pre-requisite of
& Code
Credit Lecture Tutorial Practical/ Eligibility the course (if
Practice criteria any)

4 3 0 1 Pass in NIL
Financial XII
Accounting 40 make

BCH: DSC 1.3 16 i+ so 220 + 10 + 10)

Learning outcomes
The Leaming Outcomes of this course are as follows:
1. Analyse the generally accepted accounting principles while recording transactions and
preparing financial statements.
2. Demonstrate the accounting process under a computerized accounting system.
3. Measure business income applying relevant accounting standards.
4. Evaluate the impact of depreciation and inventories on Business Income.
5. Prepare the Financial Statements of sole proprietor firms and Not-For-Profit Organisations.
6. Prepare the accounts for Inland Branches. Departments and Leases.

Unit 1: Theoretical Framework and Accounting Process (6 hours)

(A) Conceptual Framework

(i) Accounting as an information system, the users of financial accounting information
and their
needs. An overview of Artificial Intelligence and Data Analytics in Accounting.
(i) Qualitative characteristics of accounting information. Functions, advantages and limitations
of accounting. Branches of accounting. Basis of accounting: cash basis and accrual basis.
Capital and revenue expenditures and receipts. Events occurring after the balance sheet
date, Extraordinary Items. Prior Period Items, Accounting Estimate. Accounting Policies.
Fair Value, Meaning, Recognition and Disclosure Requirements of Provision. Contingent
Liability and Contingent Asset.
Financial Accounting Principles: Meaning and need; Generally.Accepted Accounting
Principles(GAPP): Entity, Money Measurement, Going Concern. Cost, Revenue Recognition.
Realization, Fundamental Accounting Assumptions, Accruals. Periodicity, Full Disclosure
Consistency. Materiality, and Prudence (Conservatism). Fundamental Accounting
Assumptions as per AS 1.
(iv) Accounting Standards: Concept, benefits, and Process of formulation of Accounting Standards
including Ind AS (IFRS converged standards) and IFRSs; convergence vs adoption;
Application of accounting standards (AS and Ind AS) on various entities in India. International
Financial Accounting Standards (IFRS), meaning need, and scope.
(B) Accounting Process
From the recording of a business transaction to the preparation of trial balance including
transfer and closing entries. Application of Generally Accepted Accounting Principles inadjusting.
financial transactions and preparing financial statements and accounting recording
treatment of GST.
 ' Unit 2: Business Income, Accounting for Property, Plant and Equipment, and
Valuation
of Inventory (9 hours)
(a) Business income: Concept of Revenue and Business Income, Measurement of business
income; relevance of accounting period, continuity doctrine and matching concept in the
measurement of business income; Objectives of measurement of Business income.
(b) Revenue recognition with reference to AS 9.
(c) Accounting for Property, Plant, and Equipment with
reference to AS 10. Impact of
Depreciation on measurement of business income. Accounting for Intangible Assets with
reference to AS 26.
(d) Valuation of Inventory with reference to AS 2. Impact of inventory valuation on measurement
of business income by using FIFO. LIFO, and Weighted Average Method
Unit 3: Financial Statements of Sole Proprietorship and Not-for-Profit Organisations
(9 hours)
Preparation of Financial Statements of Sole Proprietorship and Not-for-Profit Organisations

m
Unit 4: Accounting for Inland Branches, Departments and Leases (12 hours)
(a) Accounting for Inland Branches: Concept of Dependent branches; Branch Accounting as
per- Debtors System. Stock and Debtors' System

·
(b) Accounting for Departments (excluding Mark-up Account)
(c) Accounting for Leases with reference to AS 19
Unit 5: Computerized Accounting Systems (9 hours)
Computerized Accounting Systems: Computerized Accounts by using any popular accounting
software Creating a Company; Configure and Features settings; Creating Accounting Ledgers
and Groups; Creating Stock Items and Groups; Vouchers Entry including GST; Generating Reports
- Cash Book, Ledger Accounts, Trial Balance, Profit and Loss Account, Balance Sheet, Cash
Flow Statement. Selecting and shutting a Company; Backup, and Restore data of a Company.
Notes:

(1) The relevant Accounting Standards (both AS Ind AS) for all of the above topics should be
covered.

(2) Any revision of the relevant Indian Accounting Standard/Accounting Standard would become
applicable after it is included in the guidelines issued by the Department of Commerce.
Practical Exercises (30 hours)
The learners are required to:

1. Download 'Framework for the Preparation and Presentation of Financial Statements from
the websites of the Institute of Chartered Accountants of India (ICAI) to analyse the
qualitative characteristics of accounting information provided therein.
2. Collect and examine the balance sheets of business Organisations to study how these are
prepared
3. Examine the accounting policies and revenue recognition policies by collecting necessary
data from small business firms.
4. Prepare Trading and Profit & Loss Account and Balance Sheet collecting necessary data
from small business firms.

5 Prepare financial statements manually and using appropriate software.

6. Prepare accounts of Inland Branches.
7. Collect data from your college and prepare a Receipt and Payment Account, Income and
Expenditure Account and Balance Sheet.
I will plac From these two Bo-
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38t EDITION

TAXMANN'S

FINANCIAL
FINANCIAL ACCOUNTING
ACCOUNTING CONCEPTS AND APPLICATIONS
TEXT & ASSIGNMENTS
Volume I: Text & Illustrations
Incorporating As per Discipline Specific Core Course.
Numerous solved illustrations with working notes (BCH: DSC - 1.3), B.Com. (Hons.), Semester I under NEP
Accounting Treatment in conformity with accounting
standards and relevant statutes

Detailed Coverage of Accounting for GST

J. R. MONGA
Bhushan Kumar Goyal
Assaciate Professor RAJ BAHADUF
Department af Commerce Based on
Shri Ram College of Commerce National
University of Delhi Education
Policy (NEP)
H.N. Tiwari
Associate Professor PROFESSIONAL ADVISOR
Department of Col
Shri Ram College of Commerce
Also Available
CA DR. GIRISH AHUJA
University af Delhi

12th Edition
book
at www.laxmann
com/virtualbooks/library

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