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This book is a comprehensive, authentic, and well-illustrated resource for Financial Accounting. It adheres to the Accounting Standards and relevant statutes, making it suitable for students in undergraduate commerce and management courses. Specifically, it caters to: (i) B.Com. (Hons.) Core Paper BCH: DSC – 1.3, based on the Undergraduate Curriculum Framework (UGCF) for Delhi University (ii) B.Com. (Prog.) Core Paper BC: DSC 1.3, based on the UGCF for Delhi University (iii) Non-Collegiate Women's Education Board (iv) School of Open Learning, University of Delhi (v) Various Central Universities across India (vi) BBA, MBA, CA-Intermediate (IPC), and Company Secretaries courses The Present Publication is the 12th Edition, authored by Bhushan Kumar Goyal and Dr H.N. Tiwari, and includes several noteworthy features: (i) [Highlights of the 12th Edition] (a) Revised according to the UGCF Syllabus under the New Education Policy (b) Amended and updated content (c) New illustrations added (d) Includes B.Com. (Hons.) Past Question Paper for January 2024 (ii) [Comprehensive Presentation] (a) Thorough coverage of accounting theory, procedures, and practices (iii) [Student-Oriented Approach] (a) Developed with insights from classroom interactions between the author/teacher and students (b) Shaped by the author/teacher's 45+ years of teaching experience (c) Incorporates student feedback and responses (iv) [Clear and Systematic Presentation] (a) Simple language and systematic presentation, focusing on areas that students typically find challenging (b) Solved illustrations and working notes throughout the book to facilitate understanding (v) [Additional Resources] (a) Practical assignments and the latest question papers included in Vol. II (b) Multiple true/false type questions for self-assessment The contents of the book are as follows: (i) Volume I (a) Accounting System (b) Capital and Revenue Expenditures and Receipts (c) Events Occurring after the Balance Sheet Date (d) Extraordinary Items, Prior Period Items, Accounting Estimate, Accounting Policies and Fair Value (e) Provisions, Contingent Liability and Contingent Assets (f) Financial Accounting Principles (g) Introduction to Accounting Standards and Ind-AS (h) Accounting Process: Journal and Ledger (i) Accounting Process: Subsidiary Books, Ledger and Trial-Balance (j) Accounting for Goods and Services Tax (k) Measurement of Business Income and Revenue Recognition (l) Accounting for Property, Plant, Equipment and Depreciation (m) Accounting for Intangible Assets (n) Inventory Valuation (o) Financial Statements of Non-Corporate Business Entities (p) Financial Statements for Not-For-Profit Organisations (q) Accounting for Inland Branches (r) Departmental Accounting (s) Lease Accounting (t) Computerised Accounting System (ii) Volume II (a) Objective Questions with Answers (b) Accounting Process: Journal and Ledger (c) Accounting Process: Subsidiary Books, Ledger and Trial-Balance (d) Accounting for Property, Plant, Equipment and Depreciation (e) Accounting for Intangible Assets (f) Inventory Valuation (g) Financial Statements of Non-Corporate Business Entities (h) Financial Statements for Not-For-Profit Organisations (i) Accounting for Inland Branches (j) Departmental Accounting (k) Lease Accounting (l) Computerised Accounting System (m) Previous Year Papers (1) March, 2023 B.Com. (Hons.), UGCF (2) March, 2023 B.Com., UGCF (3) January, 2024 B.Com. (Hons.), UGCF (4) January, 2024 B.Com., UGCF