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Which is the best reference books fro CA final (New) course?

CA DEEPAK BANG (Manager - Accounts) (462 Points)

29 September 2009  

hi  all....

can anyone tell me that which is the best reference books for CA final (new) course...?


DeePaK BanG

 11 Replies

Sushil (CA Final Student) (2571 Points)
Replied 29 September 2009

Financial Reporting - M.P. Vijaykumar

SFM (MAFA) - Pattabhiram & Bala (You can suppliment this with Ravi Kishore's FM reference book)

Auditing & Assurance Standard - Padhka, For AAS / SA - Module

Corporate & Allied Laws - Munish Bhandari

Advanced Management Accounting (Costing) - Saxena & Vashisht

ISCA - Module

DT - T.N. Manoharan / Vinod Gupta

IDT - Yogendra Bangar

1 Like

Ankur Garg (Company Secretary and Compliance Officer)   (114654 Points)
Replied 29 September 2009

You may go for the following options regarding books for ca final:


For Accounts : M.P.Vijay kumar or Shukla & Agrawal along with Module And Compilation and for AS part go for D.S. Rawat


For Audit: Prakhar Sharma/Paduka/ V.K Agrawal
Note: (MP Vijay Kumar can be used for AS reference)

For Corp Law; Munish Bhandari

For Mafa: Module and Notes of Tarun Mahajan. You may also refer A.N Sridhar.

For Direct Taxes TN Manoharan (Theory part), Circular, Notification, Amendments, case law

For IDT: Vandana Bangur

For MICS: Module

For Costing: Saxena and vashist or Ravi M Kishore with module


Also refer Scanners and Suggested Answer issued by ICAI for previous year exams and revised them properly.


Best Regards

1 Like

dishant Bhatt (CA FINAL STUDENT) (158 Points)
Replied 29 September 2009



thank you

CA Swapnil (job ) (1205 Points)
Replied 30 September 2009

Paper 1: Advanced Accounting
  • Advanced Accounts, M.C. Shukla, T.S. Grewal & S.C. Gupta, S. Chand & Company, Ltd., New Delhi (NAY!)
  • Advanced Accountancy, H. Chakraborty, Oxford University Press, Calcutta (nope!)
  • Advanced Accounting - Vol. I, II, III, IV, R.L. Gupta and M. Radhaswamy, S. Chand & Sons, New Delhi (ok book)
  • Advanced Financial Accounting (International Edition, Singapore), R.E. Baker, V.C. Lembke and T.E. King, McGraw Hill Book Co. (You gotta be kidding me, who has the time?)
  • Financial Accounting, A.R. Jennings, ELBS, D.P. Publications, London(Mr.Jennings--QUIT INDIA! HAHAHA!--It is a great book but who has the time?)
  • Advanced Accountancy, S.P. Jain & K.L. Narang, Kalyani Publishers (Good one)
  • IAS : Interpretation and Application, Barry J. Epstein and Abbas Ali Mirza, John Wiley & Sons, Inc.(Surely, you must be joking Mr.ICAI, we are not experts mere students)
Books for Reference
  • Students Guide to Accounting Standards, Mr. D.S. Rawat, M/s. Taxman Ltd. (Yeah good one!)
  • Indian Accounting Standards & GAAP, Mr. Dolphy Dsouza, M/s. Snow White Ltd.(Nice book for accounting stds)
Vidhyashankar's list:
Saxena,Taxmann's book,Class notes of some coaching centres like Prime Academy,sreeram Coaching point,etc(provided one attends the coaching,else the going is gonna be tough!),compiler,Rtps.
Paper 2: Management Accounting and Financial Analysis
  • Financial Management and Policy, Van Horne and C. James, Prentice Hall of India Pvt. Ltd. New Delhi .(You gotta be kiddine--Its a nice book to read after one clears the CA or if one has enormous time or if one wants to be a Hero in MAFA and zero in others.But yes, this book is a good one)
  • Financial Management, S.C. Kuchhal, Chaitanya Publishing House, Allahabad (Good one but not perfect)
  • Management Accounting & Financial Analysis, Dr. S.N. Maheshwari, S. Chand & Sons (Ok book)
  • Principles of Corporate Finance - Steward C. Myers, Richard A. Brealey , McGraw Hill Book Co., (International Edition, Singapore) (Hmm, I would be tempted to support this book because I used it a bit but then time is a factor guys and gals, if you have interest you may keep this book in your shelf and do some reference, dont pose yourself as an expert and advanced than other students and read this book, you will be fooling yourself, even people with minimal resources from Kohima can clear the exam and you will lag behind for the assinine assay!)
  • Financial Management - Theory and Practice, Prasanna Chandra, Tata McGraw Hill Book Co., New Delhi(This one is a cool book)
  • Capital Issues, SEBI & Listing, Dr. K.R. Chandrate, B.S. Acharya, S.D. Israni and K. Seetharaman, Bharat Publishing House, New Delhi (Yeah tell me! I will look it up later after I clear my CA.Whatyasay?)
  • Investment Appraisal and Financial decisions, Steve Lumby, Chapman & Hall (Steve Lumby--Comeone ICAI recommender-Have you read it or you wanna take revenge on students? Be practical!)
  • Lease Financing, Hire Purchase with Consumer credit, Dr. J.C. Verma, Bharat Law House, New Delhi (Im a Lease Financing Hero but zero in the rest Hahaha! Thumbs down for this reco though the book is good)
  • Amalgamations Mergers, Takeovers Acquisitions, L.M. Sharma, Company Law Journal, New Delhi (Well, this one is good but then one good referencer txt would cover it well)
  • International Financial Management, P.G. Apte, Tata McGraw Hill Publishing Co. Ltd., (Ok book for International financal management alone!)
  • Management and CostAccounting, Colin Drury, International Thomson Business Press (Yeah, many students have this but they make use of it like a show-piece decoration or as a pillow.I have used this book both for my CA final and my MBA studies in USA.I would say this book is great though!But remember time-factor for CA)
  • Corporate Financial Management, Douglas R. Emery & John D. Finnerty, Prentice Hall (Never heard of this book.I dont want to hear too hehe!)
  • Financial Management, I.M. Pandey, Vikas Publishing House New Delhi (Yeah, this one is good)
  • Financial Management Text & Problems, M.Y. Khan & R.K. Jain, Tata McGraw Hill Publishing Co. Ltd.(This is the book I used those days when Padhukas was not available.It was not available because I was roughly a contemporary of Saravana Prasath!)
  • Financial Analysis and Financial Management, R.P. Rustagi, Sultan Chand & Sons(Ok book)
Vidhyashankar's recommendation:
ANSridhar(by far the best after Saravana Prasath),His problems and solutions,Pattabhi and Bala(by snowwhite publications, this one is also good),Coaching material of Sreeram Coaching point(the only draw back is he(LMuralidharan) gives unique solutions which cnnot be applied to all cases.Incidentally Saravana Prasath studied under him).
Paper 3: Advanced Auditing
  • Contemporary Auditing, Kamal Gupta, Tata McGraw Hill Book Co., N.D. (Good one but I would say some irrelevant info as far as CA exam is also contained.The book is not completely focussed for CA final)
  • Advanced Auditing and Investigation , Emile Woolf et al, Mcdonald & Evans, U.K. (Mr.ICAI, please read this book yourself.We prefer books for CA exam not to become auditing experts or to develop our langauge skills)
  • Management Auditing: A questionnaire approach , R.J. Thirauf, AMACOM Publication (What the heck was that?Oh you mean to improve our subject IQ? Well, we can do that later after we clear.)
  • Auditing Today , Emile Woolf, Prentice Hall (Nay!)
  • Reference Books, (?????)
  • Compendium of Statements and Standards - Accounting and Auditing, , (Hmm, this also frightens the students.Anything which frightens, anyone who frightens too much is your first enemy for clearing CA final,Remember this much.But the book is good, but obviously, just look into the time factor)
  • Compendium of Guidance Notes Vol I, II, III and IV, , (same as above)
  • Modern Internal Auditing , Victor Z. Brink and Herbert Witt, A Ronald Press Publication, John Wiley & Sons USA(I would like to meet these authors and interact with them,have a cup of Indian Chai! But to read this book for my CA exam...Nay! You are kidding me again!)
Vidhyashankar's recommendation:
Kamal Garg,Compiler,Any good class notes-Murali,Bhansals,etc coupled with study material and compiler(like Reliance) and Standards on auditing,Aruna Jhas series of books(Taxmann)
Paper 4: Corporate Laws and Secretarial Practice
  • Company Law and Practice , A.K. Majumdar and G.K. Kapoor, Taxman Publications (Good one, I followed this along with study material and 10 years past exams suggested answers and RTPs)
  • Bare Acts as amended upto date (Yes, ofcourse but dont become an expert, just use it for reference)
  • Companies Act, 1956 (ICAI means bareact I guess here...yes)
  • Competition Act(Yes)
Foreign Exchange Management Act, 1999, H. Chakraborty, Oxford University Press, Calcutta (yes)
  • Reference Books
  • A guide to Companies Act,
Wadhwa & Co., Nagpur
(Surely, you must be joking, Mr.ICAI! Who has the time to read Rammaiyya's book?I request the recommender to recommend all these books for his son or daughter studying CA final and make them read it.Come on I challenge the man or woman who recommeded it! 99.9999/100 cases he would make them buy Padhukas or the like!)
  • Guide to Company Law Procedures, M.C. Bhandari, Wadhwa & Co., Nagpur (Nope, same comment as above.I know these are for reference but even for reference I wont use such big tomes!)
  • Company Law (Vol. I & II, A.M. Chakraborty, Taxmann, New Delhi (Good one but deals only with company law)

    Vidhyashankar's recommendation:
  • Bestwords Corporate Laws And Secretarial Practice For CA Final
Taxaman's book,Munish Bhandari, other competent class notes.
Paper 5: Cost Management
  • Cost Accounting - A Managerial Emphasis , Charles T. Horngren and George Foster, Prentice Hall of India, New Delhi
  • Management & Cost Accounting, Colin Drury, International Thomson Business Press
  • Principles & Practices of Cost Accounting, Ashish K. Bhattacharya, A..H. Wheller Publisher
  • Advanced Management Accounting, Robert S. Kaplan Anthony A. Alkinson, Prentice Hall of India Pvt. Ltd.
  • Quantitative Techniques in Management, N.D. Vohra, Tata McGraw Hill Book Co, New Delhi
Vidhyashankar's take:All books mentioned above for costing are good.But look into the time factor and see whether you can spend inordinate time foreign authors(concept is not something foreign or Indian!) and for subjects like Operations research whether they require a seperate text)
 Ravi M Kishore(my reco after Padhukas)
  • Vidhyashankar's recommendation:Vashisht and Saxena, Ravi M Kishore,Costing notes by coaching centres,etc
Paper 6: Management Information and Control system
  • Management Information System , George M. Scott, Tata McGraw Hill Publishing Co. Ltd.
  • Accounting Information Systems, James A Hall, South-Western College Publishing
  • Management Information System Strategy and Action, Charles Parkel & Thomas , McGrawll Hill - International edition
  • Management Information & Control System, L.M. Prasad & Ms. Usha Prasad, Sultan Chand & Sons
There is no need to buy any of these except the last one(Prasad).Study material is more than enough just that it seems dry.But better a dry book than something which sucks time and is irrelevant whatever be the merit of the book  or the author
My nonpadhuka reco: Dinesh Madhan
Paper 7: Direct Taxes
  • Direct Taxes Law and Practice , V.K. Singhania, Taxmann Publication, New Delhi
    (Wow! a Classic book, provided you are either attuned to it or able to complete it)
  • Direct Tax Laws, T.N. Manoharan, Snowwhite Publications (P) Ltd., (I have sung enough hossanas about this book.This book is even better than Padhukas, is what I personally feel)
  • Professional Approach to Direct Taxes, Girish Ahuja & Ravi Gupta, Bharat Law House Pvt. Ltd., New Delhi.(Good one too)
My reco? You all know what it is and it is given below:
(Buy the latest one relevant for your exam...)
Reference Books
  • Bare Acts (Income-tax Act, 1961 and Wealth Tax Act, 1957) , ,
  • Income-tax Law, K. Chathurvedi and S.M. Pithisaria, Wadhwa & Co., Nagpur
Paper 8: Indirect Taxes
  • Indirect Taxes Law and Practice, V.S. Datey, Taxmann Publications, New Delhi
    (The best book...but a bit too much)
  • Central Excise Law Manual (2 Vols) (Yeah, we wanaa become all indrect tax experts and fail in the rest!Come on give me a break!!)
  • Customs Manual, R.K. Jain, Centax Publications P. Ltd. New Delhi. (Ok book)
  • Cen-Cus Publications, New Delhi (what the heck does ICAI mean? Oh, it means Some book published by Cen-Cus--never heard of it)
  • Indirect Taxes Made Easy, Prof. N.S. Govindan, C. Sitaraman & Co. Pvt. Ltd.(Nope thumbs down, unless you attend his classes.I saw him teach once in the insitute.The old man is really good at teaching but his book has a long way to go.So, if you are taking coaching classes with him, you are on safe ground following this book and couple it with study material,bare act and past questions,compiler,rtps and stuff)
Reference Books
  • The Law of Central Excise (Vol I & II), V.J. Taraporevala and S.N. Parikh, Orient Law House, New Delhi
    (Not for students)
  • Guide to Central Excise and Modvat Procedures , Arvind P. Datar, (Wadhwa & Co., Nagpur)
    (Not for students)
  • Commentaries on Customs Act, T.P. Mukherjee, Law Publishers Pvt. Ltd., Allahabad
(Commentaries and Bhashyams! Haha! we are not going to be pundits and scholars!)
  • Modvat Manual, T. Gunashekaran, Snow White Publication Ltd. Mumbai
Ok but too much time on Modvat alone
Whats my take?
Bangar is the best non-padhukas book in this subject

Before I log-off for one more time I want to convey certain things
  • I have seen all your PMs and will reply at a later date.I just gave one final article for the sake of students as I dont want to appear like one Padhukas salesman or freak!
  • I have come on holidays here to Dubai and wont be able to access the internet from tommorow as I would be moving and seeing places here in Gulf (Bahrain included) which means I would be able to reply to your posts in approx ten days time.
  • I have other work to attend too and thus, though I appreciate your kind comments on me, please excuse me.Read all my posts and comments in this forum.Dont leave anything, as everywhere I have mentioned something important and helpful(except maybe a couple of distracting comments on Navarathna Thail! haha!)
  • Have faith in yourself.Dont panic just because a book which you bought does not come in my list .If you find it good continue else buy a book I recommended and shelf the older one.
  • Dont waste time comparing books.Just take the fruit of my advice and eat it.Dont compare with other fruits, analyse(analysis is paralysis) and dissect what I said and become critical(you are not gonna get a rank or passmark for this!).I have finished the course and I have some time to type these to you.But for you every second is precious my dear friends.Make best use of time.Thats all I can say.Every distraction can be handled later.
  • Dont consider internet or computer to be an ultimate guide for you in CA(Or for that matter even me!).Use your god-given commonsense.
Bye.....May all weal be with you. May all Good beset you from all sides!
Said one Folks of a surly Master tell,
And daub his Visage with the Smoke of Hell;
They talk of some sharp Trial of us Pish!
He's a Good Fellow, and twill all be well.
CA is not a surly master, neither are our trials sharp and painful.
All will be well dont worry!

( thats vidyashankar 's analysis!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)

2 Like

CA DEEPAK BANG (Manager - Accounts) (462 Points)
Replied 30 September 2009

hey thanks to all of u........

for giving me a nice suge....

Manmohan ACA, CS (Chartered Accountant ) (14243 Points)
Replied 30 September 2009

vidyashankar rocks ,

Punit Tibrewal (student ) (1684 Points)
Replied 30 September 2009

thanxx 2 all..!!!


thats great vvvvvvvvv

Rahim (Businessperson) (460 Points)
Replied 09 January 2010

 Financial Reporting by Prasun Raksheet

I have gone through this book and found plenty of solved practical problems. Is it enough? Should I use any other book?

Chintan Vasa (CA Final Student M.Com)   (1241 Points)
Replied 08 March 2010

Hey all

How about Khan & Jain for FM. For PCC i had referred it & it was an amazing experience. Has anyone referred it for CA final?

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