Financial Accounting provides a comprehensive coverage to course requirements of students appering in the Financial Accounting paper at the BCom examinations of different Indian universities as per CBCS. 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. • Updated position regarding Accounting Standards (ASs) issued by the Institute of Chartered Accountants of India. • Notification of 39 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. • Updating the text material as per the contemporary subject requirements.