B.Com. (Accountancy) Semester 1 Notes 2026

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• Valid for one year, 365 days from the day you pay.
• If the University revises the syllabus while your year is running, the notes are rewritten to match and you read the new version at no extra cost. You are never asked to buy the same semester twice.

1. Recent Trends in Accounting - I

   Official Notes munotes.in

   Recent Trends in Accounting - I

   B.COM. (ACCOUNTANCY) · SEMESTER 1

   Strictly as per the University of Mumbai NEP 2020 syllabus set by the Board of Studies in Accountancy, circular item 7.2 (N), with Ind AS 41 read off the notified Companies (Indian Accounting Standards) Rules, 2015

   For FYBCom students of the University of Mumbai taking Accountancy as their Major, a degree now awarded as B.Com. (Commerce and Management) and examined as Bachelor of Commerce

   munotes.in FY BCom Accountancy

   Recent Trends in Accounting - I

   Copyright © 2026 munotes.in. All rights reserved.

   Written and first published by munotes.in, 2026.

   This book is free for individual students to read at munotes.in. No part of it may be reproduced, distributed, stored, translated or used for institutional or classroom purposes in any form without a prior written licence from munotes.in.

   Licensing and permissions: contact@munotes.in

   The text of statutes and of judgments reproduced in this book is in the public domain under section 52(1)(q) of the Copyright Act 1957. The commentary, arrangement, examples and questions are the original work of munotes.in.

   munotes.in is an independent study resource for MU students. It is not affiliated with, endorsed by, or officially connected to the University of Mumbai. Course names and university references describe the students and syllabus the material relates to.

   Contents

   Module I Unit I: Introduction to Farm Accounting

   1. What Farm Accounting Is 1
   2. Why a Farm Needs Its Own Accounts 3
   3. IoT on the Farm 5
   4. Data Analytics in Farm Accounting 7
   5. What Ind AS 41 Is 9
   6. The Objective and the Scope 12
   7. Agricultural Activity 14
   8. The Bearer Plant 16
   9. The Biological Asset 18
   10. The Other Definitions the Standard Uses 20
   11. Recognition 22
   12. Measurement: Fair Value Less Costs to Sell 24
   13. When Fair Value Cannot Be Measured Reliably 27
   14. Gains and Losses 30
   15. Government Grants 33
   16. The Disclosures 36
   17. Disclosures Where Fair Value Is Not Used 39
   18. Ind AS 41 Worked From End to End 41
   19. Practice: Module I 44

   Contents continued

   Module II Unit III - Book-keeping and Accounting – Farm Accounting

   1. Book-keeping and Accounting for a Farm 48
   2. What a Farm Record Is 50
   3. The Objectives of Farm Records 52
   4. Why Farm Records Are Maintained 54
   5. The Muster Roll 56
   6. The Overseer’s Diary 58
   7. The Cultivation Register 60
   8. The Farm Cashbook 62
   9. The Stock Book 64
   10. The Issue Register 66
   11. The Receipt Register 68
   12. The Labour Requisition Book 70
   13. The Attendance Register 72
   14. The Deadstock Register 74
   15. The Ration Book 76
   16. The Peon Book 78
   17. The General Register 80
   18. The Thirteen Records Together 82
   19. Preparing the Final Accounts of a Farm 84

   Contents continued

   Module II continued Unit III - Book-keeping and Accounting – Farm Accounting

   1. Capital and Revenue on a Farm 86
   2. Farm Income 89
   3. Farm Expenditure 91
   4. The Trial Balance 93
   5. The Farm Trading Account 95
   6. The Farm Profit and Loss Account 98
   7. The Farm Balance Sheet 100
   8. The Final Accounts Worked From a Trial Balance 102
   9. A Second Worked Set, With Adjustments 104
   10. Practice: Module II 107

   Page 1 onwards

   110 pages in this book. The cover and the contents are above. Everything from page one is in the pass.

   Notes

   2026 Edition, as per the latest syllabus. 110 pages.

   Every chapter in the notes: 48 chapters across 2 modules

   Module I Introduction to Farm Accounting and Ind AS 41 19 chapters

   1. 1 What Farm Accounting Is pages 1–2
   2. 2 Why a Farm Needs Its Own Accounts pages 3–4
   3. 3 IoT on the Farm pages 5–6
   4. 4 Data Analytics in Farm Accounting pages 7–8
   5. 5 What Ind AS 41 Is pages 9–11
   6. 6 The Objective and the Scope pages 12–13
   7. 7 Agricultural Activity pages 14–15
   8. 8 The Bearer Plant pages 16–17
   9. 9 The Biological Asset pages 18–19
   10. 10 The Other Definitions the Standard Uses pages 20–21
   11. 11 Recognition pages 22–23
   12. 12 Measurement: Fair Value Less Costs to Sell pages 24–26
   13. 13 When Fair Value Cannot Be Measured Reliably pages 27–29
   14. 14 Gains and Losses pages 30–32
   15. 15 Government Grants pages 33–35
   16. 16 The Disclosures pages 36–38
   17. 17 Disclosures Where Fair Value Is Not Used pages 39–40
   18. 18 Ind AS 41 Worked From End to End pages 41–43
   19. 19 Practice: Module I pages 44–47

   Module II Farm Records and the Final Accounts of a Farm 29 chapters

   1. 20 Book-keeping and Accounting for a Farm pages 48–49
   2. 21 What a Farm Record Is pages 50–51
   3. 22 The Objectives of Farm Records pages 52–53
   4. 23 Why Farm Records Are Maintained pages 54–55
   5. 24 The Muster Roll pages 56–57
   6. 25 The Overseer’s Diary pages 58–59
   7. 26 The Cultivation Register pages 60–61
   8. 27 The Farm Cashbook pages 62–63
   9. 28 The Stock Book pages 64–65
   10. 29 The Issue Register pages 66–67
   11. 30 The Receipt Register pages 68–69
   12. 31 The Labour Requisition Book pages 70–71
   13. 32 The Attendance Register pages 72–73
   14. 33 The Deadstock Register pages 74–75
   15. 34 The Ration Book pages 76–77
   16. 35 The Peon Book pages 78–79
   17. 36 The General Register pages 80–81
   18. 37 The Thirteen Records Together pages 82–83
   19. 38 Preparing the Final Accounts of a Farm pages 84–85
   20. 39 Capital and Revenue on a Farm pages 86–88
   21. 40 Farm Income pages 89–90
   22. 41 Farm Expenditure pages 91–92
   23. 42 The Trial Balance pages 93–94
   24. 43 The Farm Trading Account pages 95–97
   25. 44 The Farm Profit and Loss Account pages 98–99
   26. 45 The Farm Balance Sheet pages 100–101
   27. 46 The Final Accounts Worked From a Trial Balance pages 102–103
   28. 47 A Second Worked Set, With Adjustments pages 104–106
   29. 48 Practice: Module II pages 107–110

2. Vocational Skills in Accounting - I

   Official Notes munotes.in

   Vocational Skills in Accounting - I

   B.COM. (ACCOUNTANCY) · SEMESTER 1

   Strictly as per the University of Mumbai NEP 2020 syllabus set by the Board of Studies in Accountancy, circular item 7.2 (N), with every registration cited to the statute that is actually in force

   For FYBCom students of the University of Mumbai taking Accountancy as their Major, a degree now awarded as B.Com. (Commerce and Management) and examined as Bachelor of Commerce

   munotes.in FY BCom Accountancy

   Vocational Skills in Accounting - I

   Copyright © 2026 munotes.in. All rights reserved.

   Written and first published by munotes.in, 2026.

   This book is free for individual students to read at munotes.in. No part of it may be reproduced, distributed, stored, translated or used for institutional or classroom purposes in any form without a prior written licence from munotes.in.

   Licensing and permissions: contact@munotes.in

   The text of statutes and of judgments reproduced in this book is in the public domain under section 52(1)(q) of the Copyright Act 1957. The commentary, arrangement, examples and questions are the original work of munotes.in.

   munotes.in is an independent study resource for MU students. It is not affiliated with, endorsed by, or officially connected to the University of Mumbai. Course names and university references describe the students and syllabus the material relates to.

   Contents

   Module I Person, Digital Signature, PAN and TAN, Udyam and GST

   1. Person Under the Income-tax Law 1
   2. Person Under the GST Law 3
   3. Person Under Udyam 5
   4. The Three Meanings Compared 7
   5. What a Digital Signature Is 9
   6. Applying for a Digital Signature Certificate 11
   7. Registering and Using the Certificate 13
   8. What PAN Is 15
   9. Applying for PAN for a Business 18
   10. What TAN Is 20
   11. Applying for TAN for a Business 22
   12. The MSME Classification 24
   13. The Udyam Registration Procedure 27
   14. Udyog Aadhar, and What Replaced It 30
   15. Who Must Register Under GST 32
   16. The GST Registration Procedure 35
   17. One Firm, Five Registrations, Worked 38
   18. Practice: Module I 41

   Contents continued

   Module II Profession Tax, Provident Fund and State Insurance

   1. The Profession Tax Levy 46
   2. The Employer’s Certificate of Registration 49
   3. The Enrolment Certificate 52
   4. Returns, Payment, and What Happens If You Do Not 55
   5. The Schedule and the Exemptions 58
   6. The Rest of the 1975 Act 61
   7. Provident Fund: Who Has to Register 64
   8. The Provident Fund Registration Procedure 66
   9. State Insurance: Who Has to Register 68
   10. The State Insurance Registration Procedure 71
   11. The Registrations, in the Order They Have to Be Done 73
   12. Practice: Module II 76

   Page 1 onwards

   80 pages in this book. The cover and the contents are above. Everything from page one is in the pass.

   Notes

   2026 Edition, as per the latest syllabus. 80 pages.

   Every chapter in the notes: 30 chapters across 2 modules

   Module I Person, Digital Signature, PAN and TAN, Udyam and GST 18 chapters

   1. 1 Person Under the Income-tax Law pages 1–2
   2. 2 Person Under the GST Law pages 3–4
   3. 3 Person Under Udyam pages 5–6
   4. 4 The Three Meanings Compared pages 7–8
   5. 5 What a Digital Signature Is pages 9–10
   6. 6 Applying for a Digital Signature Certificate pages 11–12
   7. 7 Registering and Using the Certificate pages 13–14
   8. 8 What PAN Is pages 15–17
   9. 9 Applying for PAN for a Business pages 18–19
   10. 10 What TAN Is pages 20–21
   11. 11 Applying for TAN for a Business pages 22–23
   12. 12 The MSME Classification pages 24–26
   13. 13 The Udyam Registration Procedure pages 27–29
   14. 14 Udyog Aadhar, and What Replaced It pages 30–31
   15. 15 Who Must Register Under GST pages 32–34
   16. 16 The GST Registration Procedure pages 35–37
   17. 17 One Firm, Five Registrations, Worked pages 38–40
   18. 18 Practice: Module I pages 41–45

   Module II Profession Tax, Provident Fund and State Insurance 12 chapters

   1. 19 The Profession Tax Levy pages 46–48
   2. 20 The Employer’s Certificate of Registration pages 49–51
   3. 21 The Enrolment Certificate pages 52–54
   4. 22 Returns, Payment, and What Happens If You Do Not pages 55–57
   5. 23 The Schedule and the Exemptions pages 58–60
   6. 24 The Rest of the 1975 Act pages 61–63
   7. 25 Provident Fund: Who Has to Register pages 64–65
   8. 26 The Provident Fund Registration Procedure pages 66–67
   9. 27 State Insurance: Who Has to Register pages 68–70
   10. 28 The State Insurance Registration Procedure pages 71–72
   11. 29 The Registrations, in the Order They Have to Be Done pages 73–75
   12. 30 Practice: Module II pages 76–80

3. Accountancy and Financial Management - I

   Official Notes munotes.in

   Accountancy and Financial Management - I

   B.COM. (ACCOUNTANCY) · SEMESTER 1

   Strictly as per the University of Mumbai NEP 2020 syllabus set by the Board of Studies in Accountancy, circular item 7.2 (N), with AS 1, AS 2 and AS 9 read off the notified Companies (Accounting Standards) Rules, 2021

   For FYBCom students of the University of Mumbai taking Accountancy as their Major, a degree now awarded as B.Com. (Commerce and Management) and examined as Bachelor of Commerce

   munotes.in FY BCom Accountancy

   Accountancy and Financial Management - I

   Copyright © 2026 munotes.in. All rights reserved.

   Written and first published by munotes.in, 2026.

   This book is free for individual students to read at munotes.in. No part of it may be reproduced, distributed, stored, translated or used for institutional or classroom purposes in any form without a prior written licence from munotes.in.

   Licensing and permissions: contact@munotes.in

   The text of statutes and of judgments reproduced in this book is in the public domain under section 52(1)(q) of the Copyright Act 1957. The commentary, arrangement, examples and questions are the original work of munotes.in.

   munotes.in is an independent study resource for MU students. It is not affiliated with, endorsed by, or officially connected to the University of Mumbai. Course names and university references describe the students and syllabus the material relates to.

   Contents

   Module I Introduction to Accounting Concepts & Accounting Standards

   1. The Accounting Concepts 1
   2. The Accounting Conventions 4
   3. Capital and Revenue Expenditure 6
   4. Capital and Revenue Receipts 9
   5. Capital and Revenue Profit and Loss 11
   6. What an Accounting Standard Is 14
   7. Ind AS and IFRS 17
   8. AS 1: Disclosure of Accounting Policies 20
   9. AS 2: Scope, and the Cost of Inventories 23
   10. AS 2: Net Realisable Value, the Cost Formulas, and Disclosure 27
   11. AS 9: Revenue Recognition 31
   12. Physical Stock Taking, and Recording It 35
   13. The Stock Ledger Account, and FIFO 38
   14. The Stock Ledger Account, Weighted Average Cost 41
   15. Valuation of Inventory under AS 2, Worked 44
   16. Practice Questions: Concepts, Standards and Inventory 47

   Module II Final Accounts of Manufacturing Concern

   1. Why a Manufacturing Concern Needs a Fourth Account 51
   2. The Manufacturing Account 54

   Contents continued

   Module II continued Final Accounts of Manufacturing Concern

   1. The Trading Account 57
   2. The Profit and Loss Account 59
   3. The Balance Sheet of a Proprietary Firm 61
   4. Closing Entries 63
   5. The Standard Adjustments, One by One 66
   6. Adjustment Entries and Their Double Effect 69
   7. A Complete Set of Final Accounts, Worked 72
   8. Practice Questions: Final Accounts of a Manufacturing Concern 75

   Page 1 onwards

   78 pages in this book. The cover and the contents are above. Everything from page one is in the pass.

   Notes

   2026 Edition, as per the latest syllabus. 78 pages.

   Every chapter in the notes: 26 chapters across 2 modules

   Module I Introduction to Accounting Concepts and Accounting Standards 16 chapters

   1. 1 The Accounting Concepts pages 1–3
   2. 2 The Accounting Conventions pages 4–5
   3. 3 Capital and Revenue Expenditure pages 6–8
   4. 4 Capital and Revenue Receipts pages 9–10
   5. 5 Capital and Revenue Profit and Loss pages 11–13
   6. 6 What an Accounting Standard Is pages 14–16
   7. 7 Ind AS and IFRS pages 17–19
   8. 8 AS 1: Disclosure of Accounting Policies pages 20–22
   9. 9 AS 2: Scope, and the Cost of Inventories pages 23–26
   10. 10 AS 2: Net Realisable Value, the Cost Formulas, and Disclosure pages 27–30
   11. 11 AS 9: Revenue Recognition pages 31–34
   12. 12 Physical Stock Taking, and Recording It pages 35–37
   13. 13 The Stock Ledger Account, and FIFO pages 38–40
   14. 14 The Stock Ledger Account, Weighted Average Cost pages 41–43
   15. 15 Valuation of Inventory under AS 2, Worked pages 44–46
   16. 16 Practice Questions: Concepts, Standards and Inventory pages 47–50

   Module II Final Accounts of Manufacturing Concern 10 chapters

   1. 17 Why a Manufacturing Concern Needs a Fourth Account pages 51–53
   2. 18 The Manufacturing Account pages 54–56
   3. 19 The Trading Account pages 57–58
   4. 20 The Profit and Loss Account pages 59–60
   5. 21 The Balance Sheet of a Proprietary Firm pages 61–62
   6. 22 Closing Entries pages 63–65
   7. 23 The Standard Adjustments, One by One pages 66–68
   8. 24 Adjustment Entries and Their Double Effect pages 69–71
   9. 25 A Complete Set of Final Accounts, Worked pages 72–74
   10. 26 Practice Questions: Final Accounts of a Manufacturing Concern pages 75–78

4. Vocational Skills in Accounting - II

   Official Notes munotes.in

   Vocational Skills in Accounting - II

   B.COM. (ACCOUNTANCY) · SEMESTER 1

   Strictly as per the University of Mumbai NEP 2020 syllabus set by the Board of Studies in Accountancy, circular item 7.2 (N), with every registration cited to the Act and the notification that governs it

   For FYBCom students of the University of Mumbai taking Accountancy as their Major, a degree now awarded as B.Com. (Commerce and Management) and examined as Bachelor of Commerce

   munotes.in FY BCom Accountancy

   Vocational Skills in Accounting - II

   Copyright © 2026 munotes.in. All rights reserved.

   Written and first published by munotes.in, 2026.

   This book is free for individual students to read at munotes.in. No part of it may be reproduced, distributed, stored, translated or used for institutional or classroom purposes in any form without a prior written licence from munotes.in.

   Licensing and permissions: contact@munotes.in

   The text of statutes and of judgments reproduced in this book is in the public domain under section 52(1)(q) of the Copyright Act 1957. The commentary, arrangement, examples and questions are the original work of munotes.in.

   munotes.in is an independent study resource for MU students. It is not affiliated with, endorsed by, or officially connected to the University of Mumbai. Course names and university references describe the students and syllabus the material relates to.

   Contents

   Module I Food Safety, the Importer-Exporter Code, and Registration of Firms

   1. What a Food Business Operator Is 1
   2. Registration: the Petty Food Business Operator 3
   3. Licensing: the State Licence and the Central Licence 5
   4. The FoSCoS Procedure, Documents and Renewal 8
   5. No Import or Export Without a Code 10
   6. The Importer-Exporter Code 12
   7. Suspension and Cancellation of the Code 14
   8. The Rest of the 1992 Act 16
   9. What a Partnership Is 18
   10. Registering a Firm 20
   11. The Effect of Not Registering 23
   12. Practice: Module I 26

   Module II LLPs, Private Companies, Start-ups and Unicorns

   1. What a Limited Liability Partnership Is 31
   2. The Incorporation Document and Incorporation by Registration 33
   3. The LLP Procedure, Step by Step 36
   4. What a Private Limited Company Is 38
   5. What Incorporating a Private Company Requires 40
   6. The Company Procedure: SPICe+ and What It Does at Once 43

   Contents continued

   Module II continued LLPs, Private Companies, Start-ups and Unicorns

   1. Firm, LLP and Private Company Compared 45
   2. Business Start-ups 47
   3. Unicorns 49
   4. DPIIT Recognition: Who Is Eligible 51
   5. The Recognition Procedure, and What It Gives 54
   6. Practice: Module II 57

   Page 1 onwards

   62 pages in this book. The cover and the contents are above. Everything from page one is in the pass.

   Notes

   2026 Edition, as per the latest syllabus. 62 pages.

   Every chapter in the notes: 24 chapters across 2 modules

   Module I Food Safety, the Importer-Exporter Code, and Registration of Firms 12 chapters

   1. 1 What a Food Business Operator Is pages 1–2
   2. 2 Registration: the Petty Food Business Operator pages 3–4
   3. 3 Licensing: the State Licence and the Central Licence pages 5–7
   4. 4 The FoSCoS Procedure, Documents and Renewal pages 8–9
   5. 5 No Import or Export Without a Code pages 10–11
   6. 6 The Importer-Exporter Code pages 12–13
   7. 7 Suspension and Cancellation of the Code pages 14–15
   8. 8 The Rest of the 1992 Act pages 16–17
   9. 9 What a Partnership Is pages 18–19
   10. 10 Registering a Firm pages 20–22
   11. 11 The Effect of Not Registering pages 23–25
   12. 12 Practice: Module I pages 26–30

   Module II LLPs, Private Companies, Start-ups and Unicorns 12 chapters

   1. 13 What a Limited Liability Partnership Is pages 31–32
   2. 14 The Incorporation Document and Incorporation by Registration pages 33–35
   3. 15 The LLP Procedure, Step by Step pages 36–37
   4. 16 What a Private Limited Company Is pages 38–39
   5. 17 What Incorporating a Private Company Requires pages 40–42
   6. 18 The Company Procedure: SPICe+ and What It Does at Once pages 43–44
   7. 19 Firm, LLP and Private Company Compared pages 45–46
   8. 20 Business Start-ups pages 47–48
   9. 21 Unicorns pages 49–50
   10. 22 DPIIT Recognition: Who Is Eligible pages 51–53
   11. 23 The Recognition Procedure, and What It Gives pages 54–56
   12. 24 Practice: Module II pages 57–62

Questions