Financial Accounting, 6/e

Financial Accounting, 6/e

Authors : Dr S N Maheshwari, CA Sharad K Maheshwari & Dr Suneel K Maheshwari

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About the Author

Dr S N Maheshwari :-
He is presently Professor Emeritus & Academic Advisor, Delhi Institute of Advanced Studies, Delhi. He is also the Chairman, Indian Society of Accounting and Management, New Delhi. During his long and varied career, he worked as Director General, Delhi Institute of Advanced Studies; Principal, Hindu College, University of Delhi; Professor and Dean, Faculty of Commerce and Business Management, Goa University; Director, Institute of Management Science and Productivity Research, New Delhi; Director (Academic), BLS Institute of Management, Mohan Nagar; Vice-Principal, Shri Ram College of Commerce, University of Delhi; and Principal, Staff Training College, New Bank of India, Chandigarh. Dr S N Maheshwari has more than five decades of experience in teaching students of BCom, BBA, MCom, MBA, CA, CS and CMA. He has authored around 150 books/monographs and participated in several national and international seminars.

CA Sharad K Maheshwari :-
He is a highly qualified business professional with more than 20 years of experience at senior management positions. He is an accomplished Chartered Accountant, a Cost & Management Accountant, a Company Secretary, a CPA from Australia and a CMA from USA. Mr Sharad is a Fellow Member of the Institute of Chartered Accountants of India, Associate Member of the Institute of Cost Accountants of India and Associate Member of the Institute of Company Secretaries of India. He is currently practising as a Chartered Accountant at Gurugram, Haryana. Prior to this he provided his services as General Manager, Dalmia Cement Bharat Ltd, New Delhi, General Manager: Corporate Finance, The Lalit Suri Hospitality Group, New Delhi, and also served as a Senior Executive with Schlumberger Ltd. Baker Hughes, and Bumi Armada Ltd, Kuala Lumpur, Malaysia, the three leading names in the oil field services industry. Mr Sharad has also authored more than five dozen books/monographs besides participating in several national and international seminars.

Dr Suneel K Maheshwari :-
He is a PhD in Business Administration from Florida Atlantic University, USA. He also obtained his Masters in Accountancy from Miami University, Oxford, Ohio, USA. He was till recently, Professor of Accounting at Marshall University, USA. At present he is Professor of Accounting, Eberly College of Business and Information Technology, Indiana University of Pennsylvania, USA. Dr Suneel Maheshwari has also been a management consultant to many corporate-sector giants, like Holiday Inn and TCS. His research interests include Executive Compensation, Activity-based Costing, Ethical issues and interdisciplinary applications. He has more than two decades of teaching, research and industry experience. He has also authored more than 70 books/monographs and contributed over 40 articles in refereed national and international journals, besides attending/chairing several national and international conferences.

About the Book

Financial Accounting provides a comprehensive coverage of course requirements for students studying to appear in the Financial Accounting paper of B.Com examinations under different Indian universities, including those that have adopted the CBCS system.  It also meets the requirements of students appearing in the accounting paper at the Foundation Examinations of Institute of Chartered Accountants of India, the Institute of Company Secretaries of India and the Institute of Cost Accountants of India. The book is divided into three sections: Section I explains the fundamental principles necessary for understanding the subject. It covers the entire accounting cycle, from recording of financial transactions to the preparation of final accounts. Section II deals with accounting problems related to certain specific types of business transactions.  Section III deals with partnership accounts.

New in this Edition

• Updated position regarding Accounting Standards (ASs) issued by the Institute of Chartered Accountants of India.
• Notification of 40 Indian Accounting Standards (Ind ASs) issued by the Ministry of Corporate Affairs, Govt. of India.
• Phased implementation of Ind ASs by the concerned authorities to bring at par Indian Finance Reporting System with Global Financial Reporting System.
• Addition of a new chapter "Royalty Accounts" in section II as per course content requirements.

Table of Content

Section-1: Accounting Principles and Processes: 1. Meaning and Scope of Accounting, 2. Accounting Principles, 3. Basic Accounting Terms, 4. Journalising Transactions, 5. Ledger Posting and Trial Balance, 6. Sub-Division of Journal, 7. Negotiable Instruments, 8. Bank Reconciliation Statement, 9. Matching Concept, 10. Capital and Revenue, 11. Final Accounts, 12. Rectification of Errors, 13. Depreciation, Provisions and Reserves, 14. Accounting Concept of Income, 15. Sectional and Self-Balancing Systems, 16. Accounts of Non-Profit Making Organizations, 17. Single Entry System, 18. Computers and Accounting: An Introduction, 19. Accounting in a Computerized Environment, 20. Accounting and Database System, Section-2: Special Accounting Problems: 1. Consignment Accounts, 2. Joint Venture Accounts, 3. Account Current and Average Due Date, 4. Inventory Valuation, 5. Hire Purchase, Lease and Instalment Purchase Systems, 6. Branch Accounts, 7. Departmental Accounts, 8. Accounting for Price Level Changes, 9. Insurance Claims, 10. Royalty Accounts, Section-3: Partnership Accounts: 1. Fundamentals, 2. Reconstitution of Partnership Firms (Admission), 3. Reconstitution of Partnership Firms-II (Retirement, Death and Amalgamation), 4. Dissolution of Partnership Firms • Appendices: I: Present Value of Rs. 1, II: Periodic Deposit Which Will Amount to Rs. 1, III: Present Value of Rs. 1 Received Annually for N Years, IV: Periodic Payment to Amortize Rs. 1 and Interest