📘 Financial Accounting I & II | M. Inbalakshmi, E. Meera, J. Lavanya & B. Rekha | S. Chand Publishing | Edition 2026

Financial Accounting I & II by M. Inbalakshmi, E. Meera, J. Lavanya & B. Rekha, published by S. Chand Publishing, is a comprehensive textbook designed for students pursuing Financial Accounting across various university and undergraduate commerce programmes. The 2026 edition presents accounting concepts in simple and accessible language and combines theoretical explanations with examples, illustrations, objective questions, and chapter-end practice exercises. The book contains 1,088 pages and more than 1,100 objective-type questions, including MCQs, True/False and one-word questions. 

⭐ Best Overall

🏢 Publisher: S. Chand Publishing

✍️ Authors: M. Inbalakshmi, E. Meera, J. Lavanya & B. Rekha

📚 Edition: 2026

📖 Category: Financial Accounting | Accountancy | Commerce | B.Com. | Undergraduate Accounting

🎯 Suitable For: B.Com. Students | Commerce Students | Accounting Students | Undergraduate Students | University Exam Aspirants | Financial Accounting Learners

📄 Pages: 1,088

🔢 ISBN: 9789369589111

📕 Binding: Paperback

🗣️ Language: English

🚀 Why This Book is Important

👉 One fundamental principle:

📌 "A strong understanding of Financial Accounting requires both conceptual clarity and continuous practice of accounting problems."

👉 This book helps readers learn:

✔️ Fundamentals of Accounting

✔️ Accounting Theory & Principles

✔️ Recording of Business Transactions

✔️ Trial Balance & Rectification of Errors

✔️ Bank Reconciliation Statement

✔️ Bills of Exchange

✔️ Capital & Revenue Transactions

✔️ Final Accounts

✔️ Depreciation

✔️ Average Due Date & Account Current

✔️ Single Entry System

✔️ Consignment Accounts

✔️ Insurance Claims

✔️ Not-for-Profit Organisation Accounts

📌 Accounting Concepts + Practical Illustrations + Objective Questions + Exercises = Complete Financial Accounting Learning

📖  Description (Complete Guide to Financial Accounting)

🔹 1. Fundamentals of Accounting

✔️ Covers:

• Meaning of Accounting

• Nature of Accounting

• Objectives of Accounting

• Functions of Accounting

• Importance of Accounting

• Basic Accounting Terminology

• Accounting Process

✔️ Establishes the foundation required to understand financial accounting and its practical applications. 

🔹 2. Accounting Theory, Principles & Policies

✔️ Covers:

• Accounting Theory

• Accounting Principles

• Accounting Concepts

• Accounting Policies

• Accounting Conventions

• Basic Accounting Framework

✔️ Helps students develop conceptual clarity regarding the principles and policies that guide accounting practices.

🔹 3. Recording of Business Transactions

✔️ Covers:

• Business Transactions

• Journal Entries

• Ledger

• Debit & Credit

• Recording Procedures

• Classification of Accounts

✔️ Provides practical understanding of how business transactions are systematically recorded and classified.

🔹 4. Trial Balance & Rectification of Errors

✔️ Covers:

• Trial Balance

• Objectives of Trial Balance

• Preparation of Trial Balance

• Accounting Errors

• Types of Errors

• Rectification Entries

✔️ Helps students identify accounting errors and understand the procedures used to correct them.

🔹 5. Bank Reconciliation Statement

✔️ Covers:

• Bank Reconciliation Statement

• Cash Book

• Pass Book

• Bank Transactions

• Causes of Differences

• Reconciliation Procedures

✔️ Develops practical skills for reconciling the balance shown by the cash book with the bank statement.

🔹 6. Bills of Exchange

✔️ Covers:

• Bills of Exchange

• Promissory Notes

• Parties to Bills

• Acceptance

• Discounting

• Endorsement

• Dishonour

✔️ Explains the accounting treatment of bills and related credit transactions.

🔹 7. Capital & Revenue Transactions

✔️ Covers:

• Capital Expenditure

• Revenue Expenditure

• Capital Receipts

• Revenue Receipts

• Capital & Revenue Classification

• Accounting Treatment

✔️ Helps students understand the effect of capital and revenue transactions on business accounts and financial statements.

🔹 8. Final Accounts of Sole Trading Concerns

✔️ Covers:

• Trading Account

• Profit & Loss Account

• Balance Sheet

• Final Accounts

• Adjustments

• Gross Profit

• Net Profit

• Financial Position

✔️ Develops practical skills in preparing final accounts for sole trading businesses. 

🔹 9. Depreciation

✔️ Covers:

• Meaning of Depreciation

• Causes of Depreciation

• Need for Depreciation

• Depreciation Accounting

• Calculation of Depreciation

• Accounting Treatment

✔️ Helps students understand the systematic allocation of the cost of depreciable assets.

🔹 10. Average Due Date

✔️ Covers:

• Average Due Date

• Calculation of Due Dates

• Interest Calculations

• Multiple Transactions

• Practical Accounting Applications

✔️ Provides students with the skills required to solve accounting problems involving different payment dates.

🔹 11. Account Current

✔️ Covers:

• Account Current

• Interest Calculation

• Transactions on Different Dates

• Due-Date Calculations

• Accounting Applications

✔️ Helps students understand account-current calculations and related interest adjustments.

🔹 12. Single Entry System

✔️ Covers:

• Single Entry System

• Incomplete Records

• Statement of Affairs

• Calculation of Profit or Loss

• Conversion to Double Entry

• Accounting Treatment

✔️ Develops understanding of accounting situations where complete double-entry records are not maintained.

🔹 13. Consignment Accounts

✔️ Covers:

• Consignment Transactions

• Consignor

• Consignee

• Commission

• Consignment Stock

• Consignment Profit or Loss

✔️ Explains accounting procedures for goods sent to an agent for sale.

🔹 14. Insurance Claims

✔️ Covers:

• Insurance Claims

• Loss of Stock

• Loss of Profit

• Calculation of Claim

• Insurance Accounting

• Accounting Treatment

✔️ Provides practical knowledge of accounting procedures involved in insurance claims relating to loss of stock and loss of profit.

🔹 15. Not-for-Profit Organisations

✔️ Covers:

• Not-for-Profit Organisations

• Non-Trading Concerns

• Receipts & Payments Account

• Income & Expenditure Account

• Balance Sheet

• Accounting Adjustments

✔️ Helps students understand accounting procedures applicable to clubs, societies, associations and other non-profit organisations. 

📝 Objective Questions & Examination Practice

🔹 16. More Than 1,100 Objective Questions

✔️ Includes:

• Multiple Choice Questions

• True/False Questions

• One-Word Questions

• Objective-Type Practice

• Chapter-End Exercises

✔️ The publisher highlights more than 1,100 objective-type questions, making the book useful for students who want additional practice alongside theoretical and numerical preparation. 

📚 17. Simple & Student-Friendly Presentation

✔️ The book focuses on:

• Simple Language

• Clear Explanations

• Easy-to-Understand Concepts

• Simple Examples

• Practical Illustrations

• Chapter-Wise Practice

✔️ The authors have designed the content to make Financial Accounting accessible to a wide range of learners. 

🎓 18. Academic & University Relevance

✔️ Useful for:

• B.Com.

• Commerce Courses

• Undergraduate Accounting Courses

• University Examinations

• Financial Accounting Papers

• Accounting Foundation Learning

✔️ The publisher states that the book covers course content followed by various universities, making it relevant across a broad student base. 

🔹 19. Trusted Educational Resource

✔️ Published by S. Chand Publishing

✔️ Written by M. Inbalakshmi, E. Meera, J. Lavanya & B. Rekha

✔️ Edition 2026

✔️ 1,088 Pages

✔️ ISBN: 9789369589111

✔️ Simple & Accessible Language

✔️ Examples & Illustrations

✔️ More Than 1,100 Objective Questions

✔️ Chapter-End Practice Exercises

✔️ Broad University Course Coverage 

⭐ Why This Book is Highly Recommended

✔️ Comprehensive coverage of Financial Accounting I & II

✔️ Explains accounting concepts in simple and student-friendly language

✔️ Covers both theoretical concepts and practical accounting problems

✔️ Includes fundamentals, accounting principles, journal, ledger, trial balance, BRS and bills of exchange

✔️ Covers final accounts, depreciation, average due date and account current

✔️ Includes single entry, consignment, insurance claims and not-for-profit organisation accounts

✔️ Provides more than 1,100 objective questions

✔️ Includes chapter-end exercises for additional practice

✔️ Suitable for students following Financial Accounting courses across different universities. 

👉 This book is an excellent choice for students who want a single, comprehensive Financial Accounting reference combining conceptual explanations, practical illustrations, objective questions and examination-oriented exercises.

🧠 Smart Learning Strategy

✔️ Start with accounting fundamentals and principles

✔️ Practise journal entries and ledger posting regularly

✔️ Master trial balance and rectification of errors

✔️ Practise Bank Reconciliation Statements

✔️ Understand bills of exchange through numerical problems

✔️ Learn final accounts with adjustments step-by-step

✔️ Practise depreciation calculations

✔️ Give special attention to average due date and account current

✔️ Practise single-entry and consignment problems

✔️ Revise insurance claims and NPO accounting

✔️ Solve objective questions after completing each chapter

👉 Golden Rule:

📌 "Understand the accounting concept first, practise the numerical application next, and finally test your preparation with objective questions."

🎯 Final Verdict

✔️ Comprehensive Financial Accounting I & II textbook

✔️ Covers fundamentals, accounting theory, principles, policies and transaction recording

✔️ Includes trial balance, rectification of errors, BRS and bills of exchange

✔️ Covers capital and revenue transactions, final accounts and depreciation

✔️ Includes average due date, account current and single-entry system

✔️ Covers consignment accounts and insurance claims

✔️ Includes not-for-profit organisation/non-trading concern accounts

✔️ Contains 1,100+ objective questions and chapter-end exercises

✔️ Edition 2026 | 1,088 Pages | ISBN 9789369589111

✔️ Suitable for Commerce and undergraduate Financial Accounting students

👉 A complete guide to Financial Accounting covering accounting fundamentals, accounting theory, accounting principles, accounting policies, business transactions, journal, ledger, trial balance, rectification of errors, bank reconciliation statement, bills of exchange, capital and revenue transactions, final accounts, depreciation, average due date, account current, single entry, consignment accounts, insurance claims, loss of stock, loss of profit, and not-for-profit organisation accounts for undergraduate Commerce and Financial Accounting students. 

Buy Financial Accounting I & II by M. Inbalakshmi, E. Meera, J. Lavanya & B. Rekha, published by S. Chand Publishing, Edition 2026. A comprehensive Financial Accounting textbook covering accounting fundamentals, principles, journal, ledger, trial balance, BRS, bills of exchange, final accounts, depreciation, single entry, consignment, insurance claims and NPO accounting, with 1,100+ objective questions and practical exercises. 

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Comprehensive Financial Accounting I & II featuring accounting fundamentals, accounting theory, accounting principles, accounting policies, recording of business transactions, journal, ledger, trial balance, rectification of errors, bank reconciliation statement, bills of exchange, capital and revenue transactions, final accounts of sole trading concerns, depreciation, average due date, account current, single entry system, consignment accounts, insurance claims, loss of stock, loss of profit, and accounts of not-for-profit organisations for Commerce and undergraduate Financial Accounting students.