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Accountancy
CLASS XI | One Paper | 3 Hours | 100 Marks | | Units | Unitwise Weightage | 50 Marks | Accounting- I
| 1. | Accounting-Meaning, Objectives and Accounting Terms | 6 | | 2. | Theory Base of Accounting | 5 | | 3. | Origin and Recording of Transactions | 10 | | 4. | Trial Balance and Errors | 8 | | 5. | Financial Statements-Trading , Account, Profit and Loss Account and Balance Sheet | 15 | | 6. | Computer Awareness | 6 |
Accountig 50 Marks
7. | Depreciation, Reserves and Provisions | 10 | | 8. | Bills of Exchange | 10 | | 9. | Accounts of Non-Profit Organization | 15 | | 10. | Accounts from Incomplete Records | 15 |
Units
1. Accounting
Meaning, Objectives and Basic Accounting Terms Meaning
( Summarization of accounting process in simple words )
(a) | Financial Transaction | | (b) | Recording | | (c) | Classification and Summarization | | (d) | Analysis and Interpretation objectives : | | (i) | To maintain records of business | | (ii) | Calculation of profit or loss | | (iii) | Depiction of financial position | | (iv) | To make the information available to various groups of users | BASIC TERMS
| (a) | Transaction | | (b) | Account | | (c) | Debtor | | (d) | Creditor | | (e) | Goods | | (f) | Stock | | (g) | Asset | | (h) | Liability | | (1) | Capital | | (j) | Journal | 2. Theory Base of Accounting
Basic Assumptions:
| (a) | Accounting. entity | | (b) | Going concern | | (c) | Money measurement | | (d) | Accounting period | Basic Principles:
| (a) | Revenue realization | | (b) | Expense | | (c) | Matching | | (d) | Full disclosure | 3. Origin and Recording of Transactions
Accounts and its classification
Rules of debit and credit
Double Entry Book-keeping
Books of original entry-meaning, format and entries:
| (a) | Journal | | (b) | Cash Book-single column, double column (cash and bank) and petty cash book. | | (c) | Day Books-purchases, sales, purchase returns and sales returns. | | (d) | Bill Books-Bills receivable and Bills payable. | LEDGER:
| (a) | Meaning, utility, format | | (b) | Posting from Journal, Cash Book and Day Books | | (c) | Balancing of accounts |
Bank Reconciliation, statement:
| (a) | Meaning | | (b) | Need and importance | | (c) | Preparation ( simple exercises ) | 4. Trial Balance and Errors
Meaning and Objectives:
(a)
| To ascertain arithmetical accuracy of ledger accounts | | (b) | To help in locating errors | | (c) | To help in Preparation of final accounts Preparation of Trial Balance by balance method Errors :
(a) Errors of commission
(b) Errors of omission
(c) Errors of principle
(d) Compensating errors | Rectification of errors-Passing journal entries
(Simple exercises)
Suspense account - Meaning, utility.
5. Financial Statements
Trading Account, Profit and Loss Account and Balance Sheet.
(Meaning, need and preparation)
Use of further information for adjustments in preparation of final accounts:
| (a) | Depreciation | | (b) | Provision for doubtful debts | | (c) | outstanding expenses | | (d) | Prepaid expenses | | (e) | Income received in advance and accrued incomes | | (f) | Closing stock | 6. Computer Awareness
Introduction of computers-Meaning and features. Role of computer in accounting.
7. Depreciation, Reserves and Provisions
Depreciation:
| (a) | Meaning of depreciation | | (b) | Need for charging depreciation | | (c) | Methods of depreciation-straight-line written-down value method | Reserves and provisions:
| (a) | Meaning and importance | | (b) | Difference between reserves and provisions | | (c) | Types of Reserves -General, specific, capital and secret | | (d) | Provision for doubtful debts ; provision for discount on debtors; provision for taxation | 8. Bills of Exchange
Definition
Features
Parties to a bill of exchange-drawer, drawer and payee, drawee and payee,
Specimen of a bill of exchange
Specimen of a bill of exchange
Important terms:
Terms of bill, days of grace, date of maturity, negotiation, endorsement, discounting of bill, dishonor
of bill, noting charges, retirement and renewal of a bill.
Journal entries.
Necessary accounts in the books of drawer and drawee.
9. Accounts of Non-profit Organization
Meaning of non-profit organization with examples.
Receipts and Payments accounts:
(a) Meaning and Significance
(b) Preparation
Income and Expenditure Account and Balance Sheet :
| (a) Meaning and relevant items | | c) Distinction between Receipt and Payment Account and Income and Expenditure Account | | (c) Preparation of Income and Expenditure and Balance Sheet. | 10. Accounts from Incomplete Records
| (a) Meaning | | (b) Ascertainment of profit/loss by statement of affairs and by conversion method. | | (c) Advantages and disadvantages | | (d) Difference between Single Entry and double Entry | | (e) Ascertainment of Profit and Loss by Preparation of Total Debtors and Total Creditors Accounts | Books Recommended
1. | Modern Accountancy by Gangadhar Pandey published by Wiley Eastern Ltd. | | 2. | Principles & Practices of Accountancy by S.N. Maheswari Sultan Chand. |
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