Accountancy Honours · Semester 1

Accounting & Finance Major, Semester 1

University of Kalyani's B.Com. revised NEP syllabus 2023 names this as the first Major paper. It is six credits; the source lists 60 semester-end marks and 15 internal marks.

UG BCOM-M-T-1 · Financial Accounting-I

1. Introduction: concepts, importance and scope of accounting; accounting principles, AS and Ind AS, functions and terms, cash and accrual bases, branches and accounting equations.
2. Rectification of errors; depreciation concepts and causes, straight-line and written-down-value methods, provisions and asset-account treatment.
3. Final accounts of sole traders: Trading and Profit & Loss Account and Balance Sheet, with and without adjustments. Non-profit organisations: Receipts & Payments, Income & Expenditure and Balance Sheet.
4. Accounts from incomplete records, including conversion to double entry.
5. Consignment accounts: cost/selling-price invoices, normal and abnormal loss, stock valuation and reserve, journal and ledger entries in the consignor's books.
6. Joint venture with separate or same sets of books.
7. Accounting for sales on approval.

The source also lists a Management Minor, E-Commerce Skill Enhancement and Environmental Education. Your registered combination determines which papers apply.

Study suggestions

These original prompts follow the Major topics and do not predict an exam.

1. Accounting equation: A shop owner invests cash, buys inventory on credit and pays part of the supplier balance. Show the effect of each step on assets, liabilities and equity.
   Answer guide

   Record each transaction separately; investment raises cash and equity, credit inventory raises assets and liabilities, and payment lowers cash and the payable by equal amounts. The equation must remain balanced.

2. Depreciation: Compare straight-line and written-down-value charges for the same asset over two years.
   Answer guide

   State cost, residual value, rate and useful life. Straight-line charges are even, while written-down-value charges decline as the carrying amount falls.

3. Final accounts: Why does a Receipts & Payments Account differ from an Income & Expenditure Account?
   Answer guide

   The former records actual cash receipts and payments, including capital items; the latter applies accrual principles to revenue income and expense for a period.

4. Consignment: Explain why abnormal loss and closing stock need separate treatment.
   Answer guide

   Abnormal loss is not an ordinary selling cost. Value remaining stock and the exceptional loss using the relevant cost and non-recurring expenses, then show the appropriate account entries.