ISC/Class 11
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PAPER - I (THEORY) – 80 Marks

Part I (20 marks): will be compulsory and will consist of short answer questions, testing knowledge, application and skills relating to elementary or fundamental aspects of the entire syllabus.

Part II (60 marks): Candidates will be required to answer five questions out of eight from this section. Each question shall carry 12 marks.

1. Introduction to Accounting Background of accounting and accountancy; types of accounts; basic terms used in accounting, and Accounting Equation.

(i) Evolution of accounting: The three phases.

(ii) Basic Terms: Event, Transaction, Vouchers, Capital, Assets (intangible, tangible, fixed, current, liquid, wasting and fictitious), Liabilities (internal and external – current, long-term and contingent), Trade Debtors, Trade Creditors, Purchases, Sales, Goods traded in, Stock (raw material, work in progress and finished goods), Profit, Loss, Expense, Revenue, Income and Drawings.

(iii)Accounting equation: Meaning and usefulness.

(iv) Meaning and definition of Book-keeping, Accounting and Accountancy; difference between book-keeping, accounting and accountancy; accounting cycle.

(v) Users of accounting information.

(vi) Subfields of accounting: Meaning of financial accounting, cost accounting and management accounting. NOTE: Practical problems in Accounting Equation are not required.

2. Journal, Ledger and Trial Balance

(i) Journal: recording of entries in journal with narration.

(a) Classification of Accounts- traditional classification or modern approach.

(b) Double Entry System.

(c) Rules of journalizing – traditional classification or modern approach.

(d) Meaning of journal; Advantages of using a journal.

(e) Format of journal.

(f) Simple and compound journal entries.

(g) Opening Journal entry.

(h) Journal Entries- Input CGST and Input SGST / Input IGST; Output CGST and Output SGST/ Output IGST.

(ii) Ledger: posting from journal to respective ledgers.

(a) Meaning of ledger.

(b) Format of a ledger.

(c) Mechanics of posting.

(d) Closing / Balancing of ledger accounts, expenses and revenues to be closed by transferring to Trading / P/L Account depending upon their direct/ indirect nature and balances of Assets, Liabilities and Capital to be carried down.

(e) Adjusting and closing journal entries.

(iii)Sub-division of journal - cash book [including simple cash book and triple column cash book (cash, bank and discount) with - contra entry pertaining to receipt of cheque not deposited on the same day; adjustments pertaining to a definite cash balance to be maintained / overdraft facility to be availed at the end of the month. Petty cash book (including analytical and imprest system), sales daybook, purchases day book, sales return daybook, purchases return day book and Journal proper.

3. Bank Reconciliation Statement Bank Reconciliation statement.

(i) Meaning and need for bank reconciliation statement.

(ii) Preparation of a bank reconciliation statement from the given cash book balance / overdraft or pass book balance / overdraft.

(iii)Preparation of a bank reconciliation statement from the extract of the cash book as well as the pass book relating to the same month. (Practical problem not required)

(iv) Preparation of an amended cash book and a bank reconciliation statement after adjusting the cash book balance from the given cash book balance.

4. Depreciation Depreciation, Methods of charging depreciation, Method of recording depreciation.

(i) Depreciation: meaning, need, causes, objectives and characteristics.

(ii) Methods of charging depreciation: Straight Line and Written Down Value method; advantages, limitations of both the methods and differences between the two.

(iii)Methods of recording depreciation: charging to asset account, creating provision for depreciation / accumulated depreciation.

(iv) Problems relating to the purchase and sale of assets (with or without asset disposal account) incorporating the application of depreciation under the two stated methods.

5. Bills of Exchange

(i) Introduction to Negotiable Instruments: explanation of basic terms. Meaning of negotiable instruments; Bills of exchange, promissory note (including specimen and distinction), cheque, advantages and disadvantages of Bills of Exchange, explanation of basic terms - drawer, drawee, payee, endorser, endorsee, bill on demand / bill on sight, bill after date, bill after sight, tenure of the bill, days of grace, due date, endorsement and discounting of bills, bill sent for collection, dishonour of a bill, holder of a bill, noting charges, notary public, renewal of a bill, retirement of a bill and insolvency of the drawee/acceptor.

(ii) Practical problems on the above in the books of drawer, drawee and endorseeJournal entries and Ledger accounts. 

6. Accounting Concepts GAAP (Generally Accepted Accounting Principles), Basis of Accounting; Accounting Standards; Knowledge and understanding of IFRS (International Financial Reporting Standards).

7. Final Accounts and Concept of Trading, Profit and Loss account and Balance Sheet (with and without adjustments), Marshalling of Balance Sheet (i) Capital and Revenue Expenditure/Income.

8. Rectification of Errors Errors and types of errors: Rectification of errors after the preparation of trial balance and rectification of errors after the preparation of Final Accounts.


Course content

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