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Financial Accounting Volume I is specially designed as an undergraduate textbook for the first year B Com (Hons and Gen.) students of the University of Calcutta (CU). The book seeks to provide a comprehensive coverage of the basic principles of financial accounting, incorporating the latest accounting norms and standards. The book begins with an introduction to accounting, double-entry book-keeping system, basis of, and basic concepts and conventions of accounting, followed by revenue recognition, inventories, depreciation, reserves and provisions, provisions on debtors and creditors, capital and revenue transactions, adjustment entries, and rectification of errors. Preparing final accounts including those of sole proprietorship trading concerns, manufacturing concerns, from incomplete records, and of non-profit organizations is covered next, followed by accounting for consignment, for sales on approval basis, self-balancing and sectional balancing system, and insurance claims for loss of stock and loss of profit. It concludes with partnership accounting which covers basic concepts and finalization of accounts, valuation and treatment of goodwill, life insurance policy, admission, retirement, retirement-cum-admission, change in profit-sharing ratio, and death of a partner. Written in a crisp, easy-to-understand style, the book also incorporates a large number of worked-out problems, model objective questions and answers, solutions to relevant problems set by CU B Com (Hons and Gen.) and professional examinations such as Chartered Accountancy (CA), Company Secretary (CS), and Cost and Works Accountancy (CWA), thereby making it ideal for self-study. About the Author Soumya Mukherjee is currently Assistant Professor in the Department of Commerce, Maharaja Manindra Chandra College, University of Calcutta. He is also associated with the Department of Commerce, University of Calcutta. Abhik Kr. Mukherjee is currently Assistant Professor in the Department of MBA, Burdwan University, West Bengal. He had also been associated with the Department of Business Administration at St. Xavier's College, Kolkata and the Department of Business Administration and Post Graduate Department of Shri Shikshayatan College, Kolkata.