Accountancy And Financial Management–i

Accountancy and Financial Management–I F.Y.B.Com: Semester–I Discipline Specific Elective (DSE) Course (As per Revised Syllabus w.e.f. 2016–17) About the Author Sanjay D. Sonawane, M.Com, LL.B, FCMA, CA, CMA, FCA, DISA(ICAI), PhD, is an Associate Professor in Accountancy at Sathaye College, University of Mumbai. He has over 25 years’ experience of teaching subjects like Financial, Cost, Management Accounting, Auditing, Direct and Indirect Taxation. He has worked as a Chairman/Member in the panel of examiners, moderators and paper setters for various College and University Examinations. Furthermore, Dr. Sonawane has been practicing as a Chartered Accountant for over 3 decades in the field of Auditing, Accounting, Taxation, Corporate Laws and allied laws. He has published and presented several research papers as a speaker/resource person for various International Residential Refresher Courses conducted under the Continuing Professional Education (CPE) programs of The Institute of Chartered Accountants of India at Bangkok, Singapore, Hong Kong, Indonesia, and Tashkent (Uzbekistan). He is a fellow member (FCA) of The Institute of Chartered Accountants of India and fellow member (FCMA) of the Institute of Cost Accountants of India. Accountancy and Financial Management–I F.Y.B.Com: Semester–I Discipline Specific Elective (DSE) Course (As per Revised Syllabus w.e.f. 2016–17) Sanjay D. Sonawane (CA) Associate Professor in Accountancy Sathaye College University of Mumbai, Mumbai McGraw Hill Education (India) Private Limited CHENNAI McGraw Hill Education Offices Chennai New York St Louis San Francisco Auckland Bogotá Caracas Kuala Lumpur Lisbon London Madrid Mexico City Milan Montreal San Juan Santiago Singapore Sydney Tokyo Toronto McGraw Hill Education (India) Private Limited Published by McGraw Hill Education (India) Private Limited 444/1, Sri Ekambara Naicker Industrial Estate, Alapakkam, Porur, Chennai 600 116 Accountancy and Financial Management–I Copyright © 2017, by McGraw Hill Education (India) Private Limited. No part of this publication may be reproduced or distributed in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise or stored in a database or retrieval system without the prior written permission of the publishers. The program listings (if any) may be entered, stored and executed in a computer system, but they may not be reproduced for publication. This edition can be exported from India only by the publishers, McGraw Hill Education (India) Private Limited. ISBN (13): 978-93-5260-585-9 ISBN (10): 93-5260-585-3 Managing Director: Kaushik Bellani Director—Science & Engineering Portfolio: Vibha Mahajan Lead—UG Portfolio: Suman Sen Content Development Lead: Shalini Jha Specialist—Product Development: Amit Chatterjee Production Head: Satinder S Baveja Assistant Manager—Production: Atul Gupta General Manager—Production: Rajender P Ghansela Manager—Production: Reji Kumar Information contained in this work has been obtained by McGraw Hill Education (India), from sources believed to be reliable. However, neither McGraw Hill Education (India) nor its authors guarantee the accuracy or completeness of any information published herein, and neither McGraw Hill Education (India) nor its authors shall be responsible for any errors, omissions, or damages arising out of use of this information. This work is published with the understanding that McGraw Hill Education (India) and its authors are supplying information but are not attempting to render engineering or other professional services. If such services are required, the assistance of an appropriate professional should be sought. Typeset at Tranistics Data Technologies Pvt. Ltd., J-2, 2nd Floor, Block-EP&GP, Sector-5, Salt Lake City, Kolkata 700091, and printed at Cover Printer: Visit us at: www.mheducatio