Lanka Mahavidyalaya the premier higher education institution was established on 20th July 1979 with Arts Stream only. The College got government Concurrence in the year 1986 & in the year 1990 Commerce Stream was introduced with only one student in HS 1st Year & one student in B.Com 1st Year. Manik Chakraborty was the founder teacher of Commerce Stream, who joined the department on 19th October 1990 & after two days another teacher Mr. Amar Gautam also joined the same department in the year 1991 unfortunately Prof. Amar Gautam left the college but the department was lucky to have Prof. Baidyanath Paul & Prof. Montosh Roy, who joined the college on 13th September 1991 and 16th September 1991 respectively. Mr. Kehu Ram Nath & Mr. Amal Bhowmick joined the college on 04-01-1993 & 25-01-1993 respectively. Then came Prof. Ratan Kumar Das in the year 1994 & left the college in the year 1996. Mr. Narayan Sharma joined the college on 06-09-1996. Then came Prof. Poritosh Sarkar on 23-10-1999 & Prof. Moloy Das on 23-10-1999 respectively. For a limited period of time our former students Dipankar Roy & Biki Shill also served the department. Hemanta Bora & Prinika Nunisa also served the department for sometime as IT & Accountancy teachers.
Right from its inception the department is providing quality education for Higher Secondary & B.Com. Initially the B.Com course was named as three year Bachelors degree in commerce which was divided as Part-1 & Part-2. Part-1 was for two years & Part-2 was for one year. Later on it was converted to three year degree course with one year each annual span of examination.
As the college is affiliated to Gauhati University, it was following the regulations of the university. In the year 2011 the university started semester system. The duration of the course remained the same, but the course was divided into six semesters. Again in the year 2019 another system was introduced viz. CBCS, which is still going on but the same will be modified with the introduction of NEP 2020 from the session 2023-24. Right from the beginning the college was offering Honors (Major) in Accountancy & after two years Honors (Management) was also introduced. The stream has three departments viz Accountancy, Management & Finance. In the earlier systems there were different categories of students were having Honors (Major) in particular subject & another group was without Honors (Major). Students without major were termed as general students, but with the introduction of CBCS system the course is divided into two groups - Honors and Regular. There is no specialization.
So far the department has produced large number of quality graduates most of who are engaged in nation building activities. In the mean time two of the members of the faculty Prof. B.N Paul & Prof. N. Sharma were offered with a doctorate degree. Right from the inception the department is contributing in different field for the overall development of the institution.
Members of the department are engaged in maintaining a co-operative society & also a mutual fund.