Financial Accounting presents the fundamental principles and concepts of accounting. The development from a single-entry system to a more refined double-entry system is discussed in detail. The concepts of trading accounts, profit and loss accounts and balance sheets are explained with appropriate illustrations, as are hire purchase, calculation of interest, and the risks involved in hire purchases. Royalty, rent, lease, and preparation of accounts are thoroughly covered with examples. The text also explains the process of conversion of a partnership concern into a private limited company.