B.Com Honours 5th Semester Syllabus Calcutta University

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Course Structure for 5th Semester (B.Com Hons. under CBCS)

Subject Code	Subject	Marks
CC 5.1Ch	Auditing & Assurance	100
CC 5.2 Ch	Taxation II	100
DSE 5.1 A*	Economics II and Advanced Business Mathematics	100
DSE 5.2 A*	Corporate Accounting	100

Auditing & Assurance (CC 5.1Ch)

UNIT – I CONCEPT, NEED AND PURPOSE OF AUDIT (10Marks)
 Definition-Nature-Scope and Objectives of Independent Financial Audit
 Basic Principles Governing an Audit, Concept of Auditor’s Independence
 Errors and Fraud-Concepts, Means of doing Fraud, Auditor’s Responsibility towards
Detection and Prevention of Fraud, Difference between Audit and Investigation
 Classification of Audit- Organization Structure wise (Statutory, Non-statutory); Objective
wise (Internal and Independent Financial Audit); Periodicity wise (Periodical, Continuous,
Interim, Final); Technique wise (Balance Sheet, Standard, Systems, EDP);
 Standards on Auditing (SA)- Concept and Purpose
(This unit should be studied with SA 200[REVISED] and SA 240[REVISED])

UNIT – II AUDIT PROCEDURES AND TECHNIQUES (15Marks)
 Auditing Engagement-Audit Planning- Audit Programme (Concept)
 Documentation: Audit Working Paper, Ownership and Custody of Working Papers-Audit file
(Permanent and Current) – Audit Note Book- Audit Memorandum.
 Audit Evidence – Concept, Need, Procedures to obtain Audit Evidence
 Routine Checking, Test Checking and Auditing in Depth
 Concept of Analytical Procedure and Substantive Testing in Auditing.
 Audit of Educational Institutions, Hospitals and Hotels
(This unit should be studied with SA 210, SA 230, SA 300, SA 500, SA 520 and SA 530)

UNIT – III AUDIT RISK AND INTERNAL CONTROL SYSTEM (10Marks)
 Audit Risk – Concept and Types only.
 Internal Control- Definition, Objectives
 Internal Check- Definition, Objectives
 Internal Audit- Definition, Objectives, Regulatory Requirement, Reliance by Statutory
Auditor on Internal Auditor’s Work
(This unit should be studied with SA 610)

UNIT – IV VOUCHING, VERIFICATION AND VALUATION (10Marks)
 Vouching: Meaning, Objectives – Difference with Routine Checking – Factors to be
Considered during Vouching – Vouching of Following Items: i) Receipts: Cash Sale,
Collection from Debtors, Interest and Dividend from Investment, Sale of Fixed Assets. ii)
Payments: Cash Purchase, Payment to Creditors, Payment of Wages and Salaries,
Advertisement Expenses, Travelling Expenses, Research and Development Expenditure,
Prepaid Expenses.
 Verification and Valuation: Concept, Objectives, Importance, Difference with Vouching,
Difference between Verification and Valuation, Verification of following items: i) NonCurrent Assets: Goodwill, Patent and Copy Right, Leasehold Land, Plant and Machinery, ii)
Investments iii) Current Assets: Inventory, Loan and Advance, Cash and Bank Balances iv)
Non-current Liability: Secured Loan v) Current Liability: Trade Payables (Sundry
Creditors).

UNIT – V COMPANY AUDIT (15Marks)
 Qualification, Disqualification, Appointment and Rotation, Removal and Resignation,
Remuneration, Rights, Duties and Liabilities of Company Auditor
 Branch Audit and Joint Audit
 Depreciation – Concept and Provisions of the Companies Act
 Divisible Profit and Dividend (Final, Interim and Unclaimed/Unpaid): Provisions of the Act,
Legal Decisions and Auditor’s Responsibility

UNIT – VI AUDIT REPORT AND CERTIFICATE (10Marks)
 Definition – Distinction between Report and Certificate- Different Types of Report
 Contents of Audit Report (As per Companies Act and Standards on Auditing)
 True and Fair View – Concept
 Materiality – Concept and Relevance
(This unit should be studied with SA 700)

UNIT – VII OTHER THRUST AREAS (10Marks)
 Cost Audit – Concepts, Objectives Relevant Provisions of Companies Act
 Management Audit – Concepts, Objectives, Advantages
 Tax Audit – Concepts, Objectives, Legal Provisions
 Social Audit – Propriety Audit – Performance Audit – Environment Audit (Concepts only)

Notes:
1) The provisions of the Companies Act, 1956 which are still in force would form part of
the syllabus till the time their corresponding or new provisions of the Companies Act,
2013 are enforced.
2) If new Laws or Rules are enacted in place of the existing laws and rules, the syllabus
would include the corresponding provisions of such new laws and rules with
immediately following Academic Year.
3) Students are expected to develop analytical mind for answering problem based
questions along with the theoretical questions.

Suggested Readings:
• Tandon et al, Practical Auditing, S.Chand
• Gupta & Arora, Fundamentals of Auditing, TMH
• Jha, A., Auditing, Taxmann
• Basu, S. K., Auditing and Assurance, Pearson
• Ghosh, J., Contemporary Auditing and Assurance, Elegant Publishing
• Standards on Audit (SA) issued by the Institute of Chartered Accountants of India

TAXATION-II (CC 5.2 Ch)

Module I – Direct Tax

Unit 1 : Computation of Total Income and Tax Payable
a) Rate of tax applicable to different assesses (except corporate assessee)
b) Computation of tax liability of an individual, Firm (excluding application of
AMT)

(Marks -15)

Unit 2 : TAX MANAGEMENT
a) Provision for Filing of Return
Date of filing of return, relevant forms of return, different types of returns,
return by whom to be signed, PAN, TAN
b) Assessment of Return
Self assessment u/s140A, Summary assessment u/s 143(1), Scrutiny assessment
u/s 143(3) and Best judgement assessment u/s 144.
c) Advance Tax
Who is liable to pay, due dates and computation of advance tax (excluding
corporate assessees)
d) Interest & Fees
Section 234A, 234B, 234C, 234F (simple problems on interest and fees)
e) TDS Provisions regarding TDS from salary, interest on securities, horse racing,
lottery.

(Marks -25)

Module II – Indirect Taxes

Unit 3 : Central Sales Tax
Definitions, incidence and levy of tax, exemptions and exclusions, forms under CST,
determination of turnover and tax payable, registration of dealers.

(Marks -10)

Unit 4 : West Bengal Value Added Tax
Concepts and general principles, features, advantages and disadvantages, definitions,
incidence and levy of tax, Rates of VAT, Calculation of VAT liability, Input tax credit
(including on Capital goods), small dealers and composition scheme, registration of
dealers, cancellation of registration certificate.

(Marks -10)

Unit 5 : Central Excise
Basic concepts, conditions and taxable event for levy of excise duty, Goods and
excisable goods, Manufacture and deemed manufacture, Definitions of factory, broker
or commission agent, wholesale dealer, sale or purchase, valuation – MRP, transaction
value.

(Marks -10)

Unit 6 : Customs
Basic concepts, Taxable event, Territorial water, Indian customs water, Goods, Types
of Customs duties – Basic, Additional, Protective, Safeguard, Counter-veiling duty on
subsidised goods, Anti Dumping, Valuation of Custom Duty.

(Marks -10)

The indirect tax portion of this paper will be replaced by the Goods & Service Tax Law whenever the law is enforced and accordingly revised syllabus will be announced.
If any new legislations/provisions are enacted in place of the existing legislations/provisions, the syllabus will accordingly include such new legislations/provisions in place of existing
legislations/provisions with effect from such date as prescribed by CALCUTTA UNIVERSITY.
Similarly if any existing provision becomes redundant due to changes, it will be left out of the
syllabus.

Suggested Readings :
• Datey V.S., Indirect Taxes Law And Practice, Taxmann
• Sanjeev Kumar, Systematic Approach to Indirect Taxes, Bharat
• Bangar and Bangar, Students’ Gide to Indirect Taxes, Aadhya Prakashan.
• Sengupta, C.H., Direct & Indirect Taxes, Dey Book Concern
• Roy, S. K., Principles and Practice of Direct & Indirect Taxes, ABS

Economics II and Advanced Business Mathematics (DSE 5.1 A)

Module I – Macroeconomics

Unit – I : Introduction
Concepts and variables of Macroeconomics.

[Marks:2]

Unit – II: National Income Accounting
Concepts and measurement of National Income (numerical examples preferred); Circular flow of income – Real and Nominal GDP –Implicit deflator.

[Marks:6]

Unit – III: Determination of Equilibrium Level of National Income
Simple Keynesian Model; Consumption, saving and investment functions – National income
determination; Investment multiplier, Government expenditure multiplier, Tax multiplier,
Balanced Budget multiplier.

[Marks:10]

Unit – IV: Commodity market and Money market equilibrium
Concept of demand for Money: Liquidity Preference Approach; Derivation of IS and LM curves
–Shifts of IS and LM curves-equilibrium in IS-LM model – Effectiveness of monetary and fiscal
policies.

[Marks:10]

Unit – V: Money, Inflation and Unemployment
Concept of supply of money; Measures of money supply – High powered money – Money
multiplier. Concept of Inflation – Demand-pull and Cost-push theories of inflation – Monetary
and fiscal policies to control inflation; Unemployment: Voluntary and Involuntary, Frictional and Natural Rate of Unemployment (Concepts only).

[Marks:12]

Suggested Readings :
• W. H. Branson, Macro Economic Theory and Policy
• Joydeb Sarkhel, Macro Economic Theory
• Mazumdar & Chatterjee, Macroeconomics & Advanced Business Mathematics, ABS
• Dornbusch, Fischer & Startz, Macroeconomics, TMH
•Samuelson & Nordhaus, Macroeconomics, McGraw Hill

Module II – Advanced Business Mathematics

1. Functions,Limit and Continuity: Definition of functions, Classification of functions,
Different types of functions(excluding trigonometrical functions), Elementary ideas of
limit and continuity through the use of simple algebraic functions. [8Marks]

2. Differentiation and Integration: Derivative and its meaning; Rules of differentiation;
Geometrical interpretation; Significance of derivative as rate measure; Second order
derivatives; Integration as anti-derivative process; Standard forms; Integration by
substitution. [ 8 Marks]

3. Applications of Derivativeand Integration: Maximum and minimum values ; Cost
function ; Demand function ; Profit function; Increasing and decreasing functions ; Rate
measure, Applied problems on Average cost (AC), Average variable cost (AVC),
Marginal cost (MC), Marginal revenue (MR), Simple area calculation by integration
method. [8Marks]

4. Determinants: Determinants upto third order, Elementary properties of determinants,
Minors and co-factors, Solution of a system of linear equations by Cramer’s Rule (up to
three variables). [8Marks]

5. Matrix: Definition of matrix, Types of matrices, Operations on matrices (addition,
subtraction, multiplication), Adjoint of a matrix, Inverse of a matrix , Solution of a
system of linear equations by matrix inversion method (up to three variables).
[8Marks]

Suggested Readings :
• Basic Mathematics and its Application in Economics – S. Baruah (Macmillan )
• Mathematics for Economics and Business – R. S. Bhardwaj (Excel Books)
• Mathematical Analysis for Economists – R. G. D. Allen(Macmillan)
• Mathematics for Management – M. Raghavachari ( Tata McGraw-Hill )
• Mathematics for Business, Economics and Social Science – F. S. Budnick(Tata McGraw Hill)
• Advanced Business Mathematics – J. Chakraborti ( Dey Book Concern)
• Advanced Business Mathematics – R K Ghosh & S Saha ( New Central Book Agency(P) Ltd
• Advanced Business Mathematics – Dr. Priyotosh Khan ( Elegant Publication)
• Advanced Business Mathematics – Dr. S N De (Chhaya Prakashani)
• Advanced Business Mathematics – N K Nag & S K Nag ( Kalyani Publishers)
• Advanced Business Mathematics – Dr. Ranjit Dhar (Dishari Prakashani)

CORPORATE ACCOUNTING (DSE 5.2 A)

Unit	Topic	Details	Marks
1	Company – Introduction And Accounting for Shares & debentures	• Meaning of Company; Maintenance of Books of Accounts; Statutory Books; Annual Return • Issue of Shares – issue, forfeiture, reissue, issue other than in cash consideration and issue to the promoters; Pro-rata issue of shares. Issue of debentures. Sweat equity. • Right and Bonus Share – Rules, Accounting • Underwriting of shares and debentures: Rules; Determination of Underwriters Liability – with marked, unmarked & firm underwriting; Accounting. • Employee Stock Option Plan – meaning; rules; Vesting Period; Exercise Period. Accounting for ESOP. Meaning and Accounting of ESPS.	20
2	Buy back and Redemption of preference shares	• Buy Back of Securities – meaning, rules and Accounting. • Redemption of Preference Shares – Rules and Accounting (with and without Bonus Shares)	10
3	Company Final Accounts	Introduction to Schedule III; Treatment of Tax; transfer to reserve, Dividend and applicable tax (out of current profit, out of past reserve); Preparation of Statement of Profit & Loss and Balance Sheet. (tax on net profit without recognizing deferred tax)	15
4	Redemption of debenture	Redemption of Debenture – Important Provisions, Accounting for Redemption: by conversion, by lot, by purchase in the open market (cum and ex-interest), held as Investment and Use of Sinking Fund	10
5	Valuation	Goodwill – valuation using different methods,i.e., Average Profit, Super Profit, Capitalisation and Annuity. Shares – Valuation using different methods: Asset approach, Earnings approach, Dividend Yield, EarningsPrice, Cum-div and Ex-div, Majority and Minority view and Fair Value	10
6	Company Merger And Reconstruction	• Amalgamation, Absorption and Reconstruction– Meaning; relevant standard and meaning of different terms, Accounting in the books of Transferor Company. Accounting in the books of Transferee (based on relevant accounting standard); intercompany transactions (excluding inter-company share holding). • Internal reconstruction – meaning, provisions and Accounting, Surrender of Shares for redistribution; preparation of Balance Sheet after reconstruction	15

Suggested Reading :
• Sukla, Grewal, Gupta: Advanced Accountancy Vol. II, S Chand
• R. L.Gupta & Radheswamy, Advanced Accountancy Vol. II, S. Chand
• Maheshwari & Maheshwari, Advanced Accountancy Vol. II, Vikash Publishing
• Sehgal & Sehgal, Advanced Accountancy Vol. I II, Taxman Publication
• Hanif & Mukherjee, Financial Accounting, Vol III , TMH
• • Frank Wood, Business Accounting Vol II, Pearson
• V.K.Goyal, Corprate Accounting, Excel Books
• Rajasekaran, Corporate Accounting, Pearson
• Accounting Standards issued by ICAI

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