![]() Delivery cycle or a vehicle purchasedĪt this stage, performas of bulk of originality and ledger may be provided to the students and they may be asked to complete the same. The student(s) would be able to see the things as they need to invest in furniture, decor, lights, machines, computers etc.Ī suggested list of different item is given below.Ģ. Give a list of options to the students to select a business form.Īfter selection, advise the student(s) to visit a shop in the locality (this will help them to settle on a realistic amounts different items. The amounts should emerge as more realistic and closer to reality. The project is to run through the chapters and make the project an interesting process. The student(s) will be allowed to select any business of their choice or develop the transaction of imaginary business. It is suggested to undertake this project after completing the unit on preparation of financial statements. This may include simple GST related transactions. Expenses, incomes and profit (loss), assets and liabilities are to be depicted using pie chart / bar diagram. ![]() Trading and Profit and Loss Account and Balance Sheet. ![]() This may state with journal entries and their ledgering, preparation of Trial balance. Comprehensive project of any sole proprietorship business.Preparation of Bank Reconciliation Statement with the given cash book and the pass book with twenty to twenty-five transactions.Collection of source documents, preparation of vouchers, recording of transactions with the help of vouchers.Preparation of Trading and Profit and Loss account and Balance Sheet of a sole proprietorship with adjustments.Īscertainment of Profit/Loss by Statement of Affairs method. Adjustments in preparation of financial statements with respect to closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provision for doubtful debts, provision for discount on debtors, Abnormal loss, Goods taken for personal use/staff welfare, interest on capital and managers commission. Balance Sheet: need, grouping and marshalling of assets and liabilities. Trading and Profit and Loss Account: Gross Profit, Operating profit and Net profit. Meaning, objectives and importance Revenue and Capital Receipts Revenue and Capital Expenditure Deferred Revenue expenditure. Part B: Financial Accounting - II Unit 3: Financial Statements of Sole Proprietorship (i) Errors which do not affect trial balance (Scope: Trial balance with balance method only)Įrrors: classification-errors of omission, commission, principles, and compensating their effect on Trial Balance. Trial balance: objectives, meaning and preparation Trial balance and Rectification of Errors ĭifference between capital and revenue reserve.Provisions, Reserves, Difference Between Provisions and Reserves. Creating provision for depreciation/accumulated depreciation account Other similar terms: Depletion and Amortisation Need and preparation, Bank Reconciliation Statementĭepreciation: Meaning, Features, Need, Causes, factors Ledger: Format, Posting from journal and subsidiary books, Balancing of accounts Note: Including trade discount, freight and cartage expenses for simple GST calculation. Ĭash Book: Simple, cash book with bank column and petty cashbook.Recording of Transactions: Books of Original Entry- Journal Voucher and Transactions: Source documents and Vouchers, Preparation of Vouchers, Accounting Equation Approach: Meaning and Analysis, Rules of Debit and Credit. Goods and Services Tax (GST): Characteristics and Advantages. Īccounting Standards: Applicability of Accounting Standards (AS) and Indian Accounting Standards (IndAS).Basis of Accounting: cash basis and accrual basis īasic accounting concept : Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Dual Aspect, Revenue Recognition, Matching, Full Disclosure, Consistency, Conservatism,.Assets (Non Current, Current) Expenditure (Capital and Revenue), Expense, Revenue, Income, Profit, Gain, Loss, Purchase, Sales, Goods, Stock, Debtor, Creditor, Voucher, Discount (Trade discount and Cash Discount)įundamental accounting assumptions: GAAP: Concept īasic Accounting Terms- Entity, Business Transaction, Capital, Drawings.Qualitative Characteristics of Accounting Information. Unit-3: Financial Statements of Sole ProprietorshipĬBSE Class 11 Accountancy 2023-24 Course Content PART A: FINANCIAL ACCOUNTING - I Unit-1: Theoretical Frame WorkĪccounting- concept, meaning, as a source of information, objectives, advantages and limitations, types of accounting information users of accounting information and their needs. Marks Breakup: Total = 100 (Theory 80 + Project 20) CBSE Class 11 Accountancy 2023-24 Course Structure CBSE 11th Accountancy Syllabus Highlights
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