202: FINANCIAL ACCOUNTING II
Total Marks: 80
UNIT-I: Accounting Standards 20
Brief description of Indian Accounting Standards (AS 1, AS 2, AS 3, AS 6, AS 9, AS10, AS 14, AS 21); Compliance requirement of accounting standards; Applicability of accounting standards and their enforcement. International Accounting Standards Committee Foundation (IASCF) and its objectives and responsibilities; International Accounting Standards Board and its objectives and responsibilities; International Financial Reporting Interpretations Committee (IFRIC); Scope and process of issuing International Financial Reporting Standards (IFRS).
UNIT-II: Branch Accounting: 20
Meaning, need and objectives of branch accounting classification of branches for accounting purpose, System of Branch accounting; under Synthetic or Debtors system, analytical system or stock and debtors system; final accounting system and independent branch including foreign branch –accounting system.
UNIT –III: Departmental Accounts and Valuation of Goodwill
(a) Meaning, objectives, system of preparation of departmental trading and profit and loss accounts, allocation of common expenses, inter-departmental transfer. 10
(b) Meaning and types of goodwill; need for valuation; methods of valuation, relevant provisions in Accounting Standards, Problems on valuation of Goodwill. 10
UNIT-IV: Partnership Accounts: 20
Dissolution of partnership firms, settlement of accounts on dissolution when one or more partners are insolvent; Gradual realization of assets and Piecemeal Distribution; Sale to a company - Determination of purchase consideration, accounting entries for closing the books of account of a firm on sale or conversion into a company.
1. Financial Accounting- Ashish Bhattacharya, Prentice Hall, New Delhi.
2. Financial Accounting, S.N. Maheshwari, Vikash Publishing House, New Delhi.
3. Financial Accounting, K.R. Das, K.M. Sinha, Lawyers Book Stall.
4. Advanced Accounts, M.C. Shukla, T.S. Grewal, S.C. Gupta, S. Chand & Co.
5. Accountancy, R.L. Gupta, M. Radhaswamy, Sultan Chand & Sons, New Delhi.
6. Financial Accounting, B.B. Dam, H.C. Gautam, and other, Capital Publishing.
7. S Das, Accounting for Government, Oxford University Press, New Delhi.
8. Bittiya Hisab Vidya, Oriental Book Co.
9. Financial Accounting, Pajaseharam, Pearson Education, New Delhi.
10. Financial Accounting, M. Hanif, A. Mukherjee, Tata McGraw Hill, New Delhi.