Shri Vile Parle Kelavani Mandal’s

MITHIBAI COLLEGE OF ARTS, CHAUHAN INSTITUTE OF SCIENCE &

AMRUTBEN JIVANLAL COLLEGE OF COMMERCE AND ECONOMICS
(AUTONOMOUS)
NAAC Reaccredited ‘A’ grade, CGPA:3.57

Affiliated to the
UNIVERSITY OF MUMBAI

Program: Bachelor of Commerce

F.Y.B.Com

Semester I

Choice Based Credit System (CBCS) with effect

from the Academic year 2023-24

Academic Council No:

Agenda No:

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 PROGRAMME OUTCOMES (PO’S)
On completion of the B.Com. - Programme the learners should be enriched with knowledge
and be able to-

PO1: Demonstrate interdisciplinary approach in business and commerce in the contemporary

world leading to holistic development
PO2: Critically apply knowledge of commerce and management to real world situations and
reflect on futuristic challenges in business.
PO3: Equip themselves with domain knowledge as well as employability skills and
entrepreneurial ability.
PO4: Apply business and environmental ethics in life and become responsible global
citizens.

PROGRAMME SPECIFIC OUTCOMES (PSO’S)

On completion of the B.Com. - Programme, the learners should be enriched with knowledge
and be able to-

PSO1: Understand various accounting tools and system related to business

PSO2: Understand existing Taxation rules applicable to business.
PSO3: Apply theoretical and technical business knowledge, skills and research techniques in
Practical business.
PSO4: Understand legal aspects of business and corporate sector
PSO5: Understand and solve complex accountancy and finance problems
PSO6: Make effective use of IT tools in all aspects of business.
PSO7: Understand required mathematical, analytical and statistical tools for financial and
accounting analysis.
PSO8: Develop effective communication skills both oral as well as written and including
business communication skills.
PSO9: Understand various Marketing strategies and Management techniques to be applied in
business
PSO10: Understand Economic and political Environment of business
PSO11: Exercise critical thinking and reasoning in the analysis of business problems
PSO12: Develop awareness about social and environmental issues affecting business

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 Program: B.Com(2023-24) Semester: I
Course: Fundamentals of Accounting Course Code:

Teaching Scheme Evaluation Scheme

Tutorial
Lecture Practical (Hours Credit
(Hours per (Hours per per week)
week) week)

2 - - 2
Learning Objectives :

• Develop a comprehensive understanding of accountancy principles, including terminology, concepts, and

conventions.
• Apply various methods of recording accounting information, such as double-entry bookkeeping and the
use of accounting documents like journals and ledgers.
• Prepare and analyze final accounts for a proprietary concern, including trading accounts, profit and loss
accounts, and balance sheets.
• Demonstrate proficiency in classifying accounts and applying the golden rules of debit and credit in both
traditional and modern approaches.
• Comprehend the importance of balance sheets, including asset and liability classification, grouping, and
marshalling.
Course Outcomes:
After completion of the course, learners would be able to:
CO1: Acquire a solid foundation in accountancy principles and terminologies.
CO2: Effectively use double-entry bookkeeping and accurately record journal entries.
CO3: Classify accounts correctly and apply the golden rules of debit and credit.
CO4: Interpret and prepare trading accounts, profit and loss accounts, and balance sheets for a proprietary
concern.
CO5: Understand the significance of balance sheets and demonstrate the ability to classify, group, and marshal
assets and liabilities effectively.

Outline of Syllabus: (per session plan)

Module Description No of Hours
1 Introduction to Book -keeping and Accountancy 10
2 Journal & Ledger 10
3 Final Accounts of a Proprietary Concern 10
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 TOTAL 30

Unit Topic No. of

Hours
/Credits
Module 1 Introduction to Book Keeping and Accountancy 10
• Meaning of Book Keeping and Accountancy
• Distinction between Book Keeping and Accountancy
• Advantages of Double entry system of book - keeping
• Accounting concepts, conventions and principles
• Methods of Recording Accounting Information
• Classification of Accounts – Personal, Real and Nominal
• Golden Rules of Debit & Credit ( Traditional Approach )
• Classification of Accounts ( Modern Approach )
• Illustrations of Accounting Equations

Module 2 Journal & Ledger 10

• Accounting Documents
• Journal
- Meaning
- Specimen and format of Journal
- Recording of Journal Entries
• Subsidiary Books
- Meaning
- Understanding different Subsidiary Books
• Ledger
- Meaning
- Specimen of Ledger
- Posting Entries from Journal/ Subsidiary books to ledger
- Balancing of Ledger Accounts
- Preparation of Trial Balance

Module 3 Final Accounts of a Proprietary Concern 10

• Introduction of Final Accounts
- Meaning
- Objectives & Importance
• Trading Account
- Need for preparing Trading account
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 - Format of Trading account
- Preparation of Trading account
- Closing of Trading account

• Profit and Loss Account

- Need for preparing profit and loss account
- Format of profit and loss account
- Preparation of profit and loss account
- Closing of profit and loss account

• Balance Sheet
- Need for preparing a Balance sheet.
- Relevant Items in the Balance Sheet
- Characteristics of Balance sheet
- Preparation of Balance Sheet

To develop scientific temper and interest by exposure through industrial visits and
study/educational tours is recommended in each semester

Essential Reading:
1. Introduction to Accountancy by T. S. Grewal, S. Chand and Company (P) Ltd.,
New Delhi
2. Modern Accountancy by Mukherjee and Hanif, Tata Mc. Grow
Hill & Co. Ltd., Mumbai Financial

Reference Books:
1. Accounting by Lesile Chandwichk, Pentice Hall of India Adin Bakley (P) Ltd.
2. Financial Accounting by P. C. Tulsian, Pearson Publications, New Delhi
3. Accounting Principles by Anthony, R.N. and Reece J.S., Richard Irwin Inc.
4. Compendium of Statement & Standard of Accounting, ICAI.
5. Financial Accounting by Williams , Tata Mc. Grow Hill & Co. Ltd., Mumbai
6. Financial Accounting by V. Rajasekaran, Pearson Publications, New Delhi.
7. Introduction to Financial Accounting by Horngren, Pearson Publications.
Financial Accounting by M. Mukherjee.M. Hanif. Tata McGraw Hill
Education Private Ltd; New Delhi

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