Accountancy Class 11 Syllabus (2024-25) Simplified

PART A: FINANCIAL ACCOUNTING - I

Unit-1: Theoretical Framework (12 Marks)

Introduction to Accounting:

Accounting- concept, meaning, as a source of information, objectives, advantages and limitations, types of accounting information; users of accounting information and their needs. Qualitative Characteristics of Accounting Information. Role of Accounting in Business.

Basic Accounting Terms:

Entity, Business, Transaction, Capital, Drawings. Liabilities (Non-Current and Current). 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)

Theory Base of Accounting:

Fundamental accounting assumptions:

GAAP: Concept Basic accounting concepts: Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Dual Aspect, Revenue Recognition, Matching, Full Disclosure, Consistency, Conservatism, Materiality and Objectivity

System of Accounting

Basis of Accounting: Cash basis and accrual basis

Accounting Standards: Applicability of Accounting Standards (AS) and Indian Accounting Standards (IndAS)

Goods and Services Tax (GST): Meaning, Characteristics and Advantages.

 

Unit-2: Accounting Process (44 Marks)

Recording of Business Transactions:

Voucher and Transactions: Source documents and Vouchers, Preparation of Vouchers,

Accounting Equation Approach: Meaning and Analysis, Rules of Debit and Credit.

Recording of Transactions: Books of Original Entry- Journal

Special Purpose books:

Cash Book- Simple, cash book with bank column and petty cashbook, Purchases book, Sales book, Purchases return book, Sales return book, Journal proper

Note: Including trade discount, freight and cartage expenses for simple GST calculation.

Ledger: Format, Posting from journal and subsidiary books, Balancing of accounts

Bank Reconciliation Statement: Need and preparation, Bank Reconciliation Statement

Depreciation, Provisions and Reserves

Depreciation: Meaning, Features, Need, Causes, factors, Other similar terms: Depletion and Amortization

Methods of Depreciation: i. Straight Line Method (SLM) ii. Written Down Value Method (WDV)

Note: Excluding change of method Difference between SLM and WDV;

Advantages of SLM and WDV

Method of recoding depreciation

  1. Charging to asset account
  2. Creating provision for depreciation/accumulated depreciation account

Treatment of disposal of asset

Provisions, Reserves, Difference Between Provisions and Reserves.

Types of Reserves: i. Revenue reserve ii. Capital reserve iii. General reserve iv. Specific reserve v. Secret Reserve

Difference between capital and revenue reserve

Trial balance and Rectification of Errors

Trial balance: objectives, meaning and preparation (Scope: Trial balance with balance method only)

Errors: classification-errors of omission, commission, principles, and compensating; their effect on Trial Balance.

Detection and rectification of errors;

(i) Errors which do not affect trial balance

(ii) Errors which affect trial balance preparation of suspense account.

Accountancy Class 11 Syllabus (2024-25) Simplified

PART B: FINANCIAL ACCOUNTING - II

Unit 3: Financial Statements of Sole Proprietorship (24 Marks)

Financial Statements:

Meaning, objectives and importance; Revenue and Capital Receipts; Revenue and Capital Expenditure; Deferred Revenue expenditure. Opening journal entry.

Trading and Profit and Loss Account: Gross Profit, Operating profit and Net profit. Preparation.

Balance Sheet: need, grouping and marshalling of assets and liabilities. Preparation.

Adjustments in preparation of financial statements :

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. Preparation of Trading and Profit and Loss account and Balance Sheet of a sole proprietorship with adjustments.

Incomplete Records:
Features, reasons and limitations, Ascertainment of Profit/Loss by Statement of Affairs method. (excluding conversion method)

 

PART C: PROJECT WORK – 20 MARKS

The syllabus contains guidelines for project work also.

 

Accountancy Quiz -1 based on first five chapters.

 

 

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