Keeping in view the latest revision and restructuring of B.Com. (Honours) course, The book has been thoroughly revised and updated to meet the expectations of the teaching and student community of financial accounting of Indian Universities in general and that the University of Delhi in particular. The book provides a comprehensive presentation of subject-matter in simple language and lucid style. It unfolds the concepts and application of accounting principles systematically to enable the readers to develop thorough understanding of each topic. This makes the book equally useful for beginners and professionals. The illustrations and problems have been suitably graded. Most of the problems have been selected from the latest examination Papers of various universities and professional bodies such as I.C.A.I., I.C.W.A. And I.C.S.I. To help develop an in-depth understanding of subject-matter and to make the book result-oriented, solutions are provided with explanatory working notes so that students could learn the secret of perfect solutions without loss of time. A galaxy of selected problems will familiarise the students with the learning level of standard expected from them.