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Have Doubts Regarding This Product ? Ask Your Question

  • Q1
    Who are the authors of this book?
    A1

    The authors of this book are Dr Sanjeev Sharma of whom are recognized authorities in the field of accounting.

  • Q2
    What are the key topics covered in this book?
    A2

    The book covers essential topics in financial accounting, including GAAP, financial statements, branch accounting, departmental accounts, consignment accounts, joint venture accounts, partnership accounts, royalty accounts, and more.

  • Q3
    Is this book aligned with the BCom curriculum at Panjab University?
    A3

    Yes, the book is meticulously crafted to align perfectly with the BCom 1st year curriculum at Panjab University.

  • Q4
    What makes this book an indispensable resource for students?
    A4

    The book includes previous years' question papers, making it an invaluable resource for exam preparation and academic success.

  • Q5
    What is the unique feature of this book?
    A5

    The book's clear and straightforward language makes complex concepts easy to understand and apply, ensuring students can master financial accounting principles with ease.

  • Q6
    Are there any previous editions of this book available?
    A6

    This is a student edition of the book, specifically designed to be affordable and accessible to all students.

  • Q7
    Can this book be used as a reference for other courses or exams?
    A7

    Yes, the book's comprehensive coverage of financial accounting principles makes it an excellent reference for other courses or exams.

  • Q8
    What is the significance of GAAP in financial accounting?
    A8

    GAAP (Generally Accepted Accounting Principles) is a set of principles that govern financial accounting practices, ensuring consistency and accuracy in financial reporting.

  • Q9
    How does this book help students understand financial statements?
    A9

    The book provides a thorough understanding of financial statements, including income statement and balance sheet, as well as their preparation and interpretation.

  • Q10
    What is the overall benefit of using this book for BCom students?
    A10

    This book provides a comprehensive foundation in financial accounting principles, making it an essential resource for achieving academic success and preparing students for a career in commerce.

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1.Generally Accepted Accounting Principles
(Accounting Concepts and Conventions)
2.Financial Accounting Standards and IFRS
3.Introduction to GST-Based Accounting System
4.Financial Statements of Sole Proprietors and Partnership Firms: Without Adjustments
5.Financial Statements of Sole Proprietors and Partnership Firms: With Adjustments
6.Accounting for Branches: Dependent and Independent
7.Department Accounting
8.Accounting for Consignments
9.Accounting for Joint Ventures
10.Dissolution of Partnership Firm
(Including Insolvency of Partners and Piecemeal Distribution)
11.Royalty Accounts
12.Introduction to Accounting Software and Tally
13.Practical Accounting Work Using Tally Software
Syllabus

Objective: The objective of this paper is to help students to acquire conceptual knowledge of
financial accounting and to impart skills for recording various kinds of business transactions.

UNIT – I
Generally Accepted Accounting Principles (GAAP): Accounting Concepts and Conventions:
their Nature, Purposes and Limitations. Introduction to Accounting Software and Tally.
Financial Statements of Sole Proprietor and Partnership Firm (with adjustments): Income
Statement, Balance Sheet
Branch Accounting: Dependent and Independent Branches (Excluding Foreign Branches).
Departmental Accounting: Meaning, Needs, Advantages, Apportionment of Expenses, Inter
Departmental Transfers and Provision for Unrealised Profit.

UNIT – II
Accounting for Consignment.
Accounting for Joint Venture.
Accounting for Dissolution of Partnership Firm; Insolvency of Partners(excluding Sale to a
Company) and Piecemeal Distribution.
Royalty Accounts

Practical work:
1. Practical Accounting work using Tally Software 

Dive into the world of financial accounting with "Spectrum Principle of Financial Accounting (Including GST)." This essential textbook, written by renowned authors Sanjeev Sharma, Sukh Raj Singh, Bala Khanna, and Rinkey Priya Bali, is tailored for BCom 1st-year students attending Panjab University, Chandigarh. Published by Sharma Publications, it serves as a comprehensive guide, meticulously covering the fundamental principles and practices of financial accounting while incorporating the latest GST regulations.

Key Features:
Comprehensive Coverage: The book details Generally Accepted Accounting Principles (GAAP) along with accounting concepts and conventions, ensuring a strong foundational understanding.
Financial Accounting Standards and IFRS: Students will gain insights into the global standards of financial reporting, crucial for both academic and professional success.
GST-Based Accounting System: A special section dedicated to the introduction of the GST-based accounting system, providing up-to-date knowledge on this critical aspect of Indian taxation.
Financial Statements: Detailed exploration of financial statements for sole proprietors and partnership firms, both with and without adjustments, to clarify varied accounting scenarios.
Real-World Applications: From accounting for branches, departments, consignments, and joint ventures to the dissolution of partnership firms and royalty accounts, the book offers practical knowledge applicable in real-world situations.

Supplementary Sections:
Introduction to Accounting Software and Tally: A primer on modern accounting tools, making students industry-ready.
Practical Accounting Work Using Tally Software: Step-by-step guides to practical accounting tasks using Tally software, reinforcing theoretical knowledge through hands-on practice.

1.Generally Accepted Accounting Principles
(Accounting Concepts and Conventions)
2.Financial Accounting Standards and IFRS
3.Introduction to GST-Based Accounting System
4.Financial Statements of Sole Proprietors and Partnership Firms: Without Adjustments
5.Financial Statements of Sole Proprietors and Partnership Firms: With Adjustments
6.Accounting for Branches: Dependent and Independent
7.Department Accounting
8.Accounting for Consignments
9.Accounting for Joint Ventures
10.Dissolution of Partnership Firm
(Including Insolvency of Partners and Piecemeal Distribution)
11.Royalty Accounts
12.Introduction to Accounting Software and Tally
13.Practical Accounting Work Using Tally Software

Have Doubts Regarding This Product ? Ask Your Question

  • Q1
    Who are the authors of this book?
    A1

    The authors of this book are Dr Sanjeev Sharma of whom are recognized authorities in the field of accounting.

  • Q2
    What are the key topics covered in this book?
    A2

    The book covers essential topics in financial accounting, including GAAP, financial statements, branch accounting, departmental accounts, consignment accounts, joint venture accounts, partnership accounts, royalty accounts, and more.

  • Q3
    Is this book aligned with the BCom curriculum at Panjab University?
    A3

    Yes, the book is meticulously crafted to align perfectly with the BCom 1st year curriculum at Panjab University.

  • Q4
    What makes this book an indispensable resource for students?
    A4

    The book includes previous years' question papers, making it an invaluable resource for exam preparation and academic success.

  • Q5
    What is the unique feature of this book?
    A5

    The book's clear and straightforward language makes complex concepts easy to understand and apply, ensuring students can master financial accounting principles with ease.

  • Q6
    Are there any previous editions of this book available?
    A6

    This is a student edition of the book, specifically designed to be affordable and accessible to all students.

  • Q7
    Can this book be used as a reference for other courses or exams?
    A7

    Yes, the book's comprehensive coverage of financial accounting principles makes it an excellent reference for other courses or exams.

  • Q8
    What is the significance of GAAP in financial accounting?
    A8

    GAAP (Generally Accepted Accounting Principles) is a set of principles that govern financial accounting practices, ensuring consistency and accuracy in financial reporting.

  • Q9
    How does this book help students understand financial statements?
    A9

    The book provides a thorough understanding of financial statements, including income statement and balance sheet, as well as their preparation and interpretation.

  • Q10
    What is the overall benefit of using this book for BCom students?
    A10

    This book provides a comprehensive foundation in financial accounting principles, making it an essential resource for achieving academic success and preparing students for a career in commerce.

Syllabus

Objective: The objective of this paper is to help students to acquire conceptual knowledge of
financial accounting and to impart skills for recording various kinds of business transactions.

UNIT – I
Generally Accepted Accounting Principles (GAAP): Accounting Concepts and Conventions:
their Nature, Purposes and Limitations. Introduction to Accounting Software and Tally.
Financial Statements of Sole Proprietor and Partnership Firm (with adjustments): Income
Statement, Balance Sheet
Branch Accounting: Dependent and Independent Branches (Excluding Foreign Branches).
Departmental Accounting: Meaning, Needs, Advantages, Apportionment of Expenses, Inter
Departmental Transfers and Provision for Unrealised Profit.

UNIT – II
Accounting for Consignment.
Accounting for Joint Venture.
Accounting for Dissolution of Partnership Firm; Insolvency of Partners(excluding Sale to a
Company) and Piecemeal Distribution.
Royalty Accounts

Practical work:
1. Practical Accounting work using Tally Software 

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