FUNDAMENTALS OF ACCOUNTING

B Com(General and Computer Applications)

SEMESTER-I

Domain Subject: Commerce

Semester-wise Syllabus under CBCS (w.e.f. 2020-21 Admitted Batch)

 

COURSE1A: FUNDAMENTALS OF ACCOUNTING

 

Learning Outcomes:

At the end of the course, the student will able to

• Identify transactions and events that need to be recorded in the books
• Equip with the knowledge of accounting process and preparation of final accounts of sole trader.
• Develop the skill of recording financial transactions and preparation of reports in accordance with GAAP.
• Analyze the difference between cash book and pass book in terms of balance and maker conciliation.
• Critically examine the balance sheets of a sole trader for different
• Design new accounting formulas & principles for

Syllabus:

Unit-I – Introduction

Need for Accounting – Definition – Objectives, – Accounting Concepts and Conventions – GAAP – Accounting Cycle – Classification of Accounts and its Rules – Bookkeeping and Accounting – Double Entry Book-Keeping – Journalizing – Posting to Ledgers, Balancing of Ledger Accounts (including Problems).

Unit-II: Subsidiary Books

Types of Subsidiary Books – Cash Book, Three-column Cash Book- Petty Cash Book (including Problems).

Unit-III: Trial Balance and Rectification of Errors:

Preparation of Trial balance – Errors – Meaning – Types of Errors – Rectification of Errors – Suspense Account (including Problems)

Unit-IV: Bank Reconciliation Statement:

Need for Bank Reconciliation – Reasons for Difference between Cash Book and Pass Book Balances- Preparation of Bank Reconciliation Statement – Problems on both Favorable and Unfavorable Balance (including Problems).

Unit -V: Final Accounts:

Preparation of Final Accounts: Trading account – Profit and Loss account – Balance Sheet – Final Accounts with Adjustments (including Problems).

References:

1. Ranganatham G and Venkataramanaiah, Fundamentals of Accounting, S Chand Publications
2. S.Reddy& A. Murthy, Financial Accounting, Margham Publications
3. S N Maheswari and SK Maheswari, Financial Accounting, Vikas Publications
4. R L Gupta & V K Gupta, Principles and Practice of Accounting, Sultan Chand & Sons
5. P. Jain & K.L Narang, Accountancy-I, Kalyani Publishers
6. Tulasian, Accountancy -I, Tata McGraw
7. K.Goyal, Financial Accounting, Excel Books
8. Arunjothi, Fundamentals of Accounting; Maruthi Publications
9. Prof E Chandraiah : Financial Accounting Seven Hills International Publishers

Suggested Co-Curricular Activities:

• Bridge Course for Non-commerce Students
• Practice of Terminology of Accounting
• Quiz, Word Scramble
• Co-operative learning
• Seminar
• Co-operative learning
• Problem Solving Exercises
• Matching, Mismatch
• Creation of Trial Balance
• Visit a firm (Individual and Group)
• Survey on sole proprietorship and prepare final accounts over concern
• Group Discussions on problems relating to topics covered in syllabus
• Examinations (Scheduled and surprise tests)
• Any similar activities with imaginative thinking beyond the prescribed syllabus