SVKM’s NMIMS ASMSOC – Course Outline
Course
Code
Course Financial Accounting – II
Title
Course Garima Pandey
Instructor/s
Course 4
Credit
Program F.Y.B. Com. (Hons.) - Semester II
and
Semester
Pre- The students should know rules and regulations laid by accounting body,
Requisite accounting concepts, conventions, GAAP.
Students should be able to prepare Financial Statements of Sole Proprietor &
Partnership Firm.
Learning PLO 1c – Demonstrate Ability to Understand Compliance as per Various
Objectives Enactment
PLO 2a – Acquiring Conceptual Clarity of Various Functions and Ability to
Analyse Various Functional Issues
CLO 1: Demonstrating the ability to read and draft financial statement of
Limited Liability Partnership, Co-operative Societies & Trusts.
CLO 2: Understanding and preparing books of accounts for Hire Purchase
Transactions and Investment Transactions.
Learning 1. Understand and be able to prepare basic accounts of LLP, Co-operative
Outcomes Societies, Trusts and Branch.
2. Understand the accounting for investments, Hire purchase and
Piecemeal distribution.
Course Financial accounting teaches students how to prepare Financial Statements of
Description certain class of organisations and accounting of special business transactions
and items.
Evaluation Specific % AOL Intended CLOs to
Pattern Assessment Weightage Instruments be Assessed
Methods /
Task
C C C C C
L L L L L
O O O O O
1 2 3 4 5
Class Test 30 √ √
Quiz 20 √ √
Term End 50 √ √
Course Session Plan
Session Topics / Module Chapters (Mention Page
Numbers) / Articles / Cases /
Material and Activities
1-10 Accounting for Limited Liability Advanced Accountancy -Vol I
Partnership - By S.N. Maheshwari and
S.K.Maheswari
Learning Outcome: Financial Accounting (revised
Students will be able to understand & draft edition)- Ainapure
the format/ contents of Statement of
Income & Expenditure and Balance Sheet of
LLP from the trial balance after various
year-end adjustments.
11-22 Accounting for Piecemeal Distribution. Advanced Accountancy -Vol I
- Excess Capital Method - By S.N. Maheshwari and
- Maximum Loss Method S.K.Maheswari
Accounts of Non-Profit Making
Learning Outcome: Organizations 3.216-3.228
Students will be able to understand and
appreciate the rules of piecemeal
distribution in case the assets are sold
gradually to realize the best price. They will
be able to apply the two methods (Highest
Relative Capital Method and Maximum
Loss Method) in case the capital of the
partners is not in the profit-sharing ratio on
the date of dissolution.
23-32 Final Accounts of Co-operative Societies Advanced Accountancy -Vol I
and Trusts. Simple practical problems on - By S.N. Maheshwari and
preparation of final accounts of a S.K.Maheswari
cooperative housing society. Accounts of Non-Profit Making
Organizations 1.400-1.472
Learning outcome:
Prepare Receipts & Payments Account,
Income & Expenditure Account and
Balance Sheet and understand the
accounting treatment of items which are
peculiar to a non-profit making
organization.
33-42 Branch Accounts – Stock and debtors Advanced Accountancy -Vol I
method, Debtors Method and Independent - By S.N. Maheshwari and
Branch Method, Foreign Branches for S.K.Maheswari
recording transactions. Branch Accounts-
2.204-2.285
Learning outcome: ICAI notes applicable for May 2022
Students will be able to understand the exam onwards.
concept of dependent and independent
branch. They will be able to make
accounting entries and ledgers under
different systems of keeping branch
records.
43-52 Investment accounting ICAI notes applicable for May 2022
exam onwards.
Learning outcome:
Students will be able to understand the
meaning of the term ‘Investments’,
compute the cost and carrying amount of
investment and calculate profit/loss on
disposal of investment.
They will be able to determine the transfer
value on reclassification of investment.
53-60 Hire Purchase Accounting – Sales method, Advanced Accountancy -Vol I
Interest Suspense method and Cash price - By S.N. Maheshwari and
method S.K.Maheswari
Branch Accounts-
Learning Outcomes: 2.111-2.124
ICAI notes applicable for May 2022
Students will be able to journalise the hire exam onwards.
purchase entries both in the books of hire
purchaser and the hire vendor. Learn
various methods of accounting for hire
purchase transactions.
Prescribed Text Books:
S. N. Maheswari and S.K. Maheshwari - Advanced Accountancy, Volume
Reading 1
List and References:
References S. N. Maheswari and S.K. Maheshwari - Financial Accounting for B.Com,
CA,CS and ICWA
M.C. Shukla and T.S. Grewal - Advanced Accounts
Ainapure – Financial accounting
R.L. Gupta and Radhaswamy - Advanced Accounts
Sehgal and Sehgal (Volume 1 and 2) - Advanced Accountancy
Accounting Standards and study material issued by ICAI
Prepared by Faculty Approved by Program Approved by Associate Deans
Members Chairperson
Garima Pandey
Jignesh Thakkar
CA Padmini Vasanth
Approved by I/C Dean –
ASM SOC
