Coming soon
Business Accounting (Theory)
This course will enable the students to understand the fundamentals of financial accounting, the principles and concepts underlying them, apply accounting rules in preparation of financial statements. and understand the process of issue and forfeiture of shares.
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Course |
Learning outcomes (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course Title |
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24CBTM202 |
Business Accounting (Theory) |
CO61:Explain the fundamentals of accounting principles, IFRS and construct journal entries CO62:Prepare Subsidiary books, ledger, Trial Balance and depreciation account. CO63:Prepare and interpret bank reconciliation statements and rectify accounting errors. CO64: Create and prepare financial statements in accordance with Generally Accepted Accounting Principles CO65: Construct journal entries for the process of issue, forfeiture and reissue of shares. CO66: Contribute effectively in course specific interaction. |
Approach in teaching: Interactive Hours, Discussion, Tutorials, Reading assignments, Demonstration
Learning activities for the students: Self learning assignments, Effective questions, Seminar presentation, Group tasks |
Class test, Semester end examinations, Quiz, Assignments, Presentation, Individual and group projects |
Introduction to Financial Accounting, GAAP & IFRS: Introduction to Financial Accounting- Definition and its usefulness, Scope and Limitations. Users of Accounting Information.
Generally Accepted Accounting Principles- Concepts and Conventions. Introduction to International Financial Reporting Standards (IFRS).
Recording of Transactions in Journal.
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An overview of Subsidiary books, Preparation of Ledger Accounts & Trial Balance An overview of Subsidiary books – Cash Book, Purchase Book, Purchase Returns Book, Sales Book, and Sales Returns Book Preparation of Ledger Accounts & Trial Balance. Depreciation Accounting -Methods of charging Depreciation – Straight-line Method and Written-down-value Method. |
Bank reconciliation statement & Rectification entries:
Bank reconciliation statement: Need for reconciliation between Cashbook and bank passbook, problems relating to the preparation of Bank reconciliation statement
Rectification entries: Classification of Errors, Location of Errors, Rectification of Errors, Suspense Account, Effect on profit.
Preparation of Financial Statements: Preparing Trading Account, Profit & Loss Account and Balance Sheet for a Sole Proprietor.
Issue and Forfeiture of Shares: Introduction, Types of Companies, Types of Shares, SEBI Guidelines on Issue of Shares including Demat Account, Accounting for issue of shares, Right Issue, Bonus issue, Issue of Shares to Vendor, Sweat Equity Shares, Employees Stock Option Scheme (ESOS), Forfeiture and Reissue of Shares.
- Lal .J., Accounting for Management,Himalaya Publishing House
- Maheshwari, S. N., An Introduction to Accountancy, Vikas Publishers, New Delhi
- Mukharjee, A. and Hanif, M., Modern Accountancy, Tata McGraw Hill, New Delhi
- Sehgal, Ashok and Sehgal, Deepak, Fundamentals of Financial Accounting, Taxmann Allied Services
- Sharma, Gupta and Khandelwal,Financial Accounting, RBD Publishing House
- T.P. Ghosh, Financial Accounting for Managers: Taxmann Allied Services Pvt.Ltd.
Suggested Readings:
- Ghosh, T.P., Fundamentals of Accounting, Sultan Chand & Sons, New Delhi.
- Goel, D.K. and Goel, Rajesh, Accountancy, Arya Publications, New Delhi
- Jain, Khandelwal and Pareek, Financial Accounting, Ajmera Book Company, Jaipur
- Sharma& Jain, Fundamentals of Accounting, Shivam Publications.
- Tulsian, P.C., Accountancy, Tata McGraw-Hill, New Delhi
E- resources:
- Ellbrary.in.pearson.com
- https://youtu.be/LzVZuBIsusU
- www.accountingcoach.com
