CBSE Class 11 Accountancy Syllabus 2021-22 (New): CBSE Academic Session 2021-22

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CBSE Class 11 Accountancy Syllabus 2021-22: New

Theory: 80 Marks, (3 Hours), Project: 20 Marks 

PART A: FINANCIAL ACCOUNTING - I

Unit-1: Theoretical Framework

Introduction to Accounting

· Accounting- concept, 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- Business Transaction, Capital, Drawings. Liabilities (Non Current and Current). Assets (Non Current, Current); Fixed assets (Tangible and Intangible), Expenditure (Capital and Revenue), Expense, 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

· 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 in IndAS

· Goods and Services Tax (GST):

· Characteristics and Objective.

Unit-2: Accounting Process

Units/Topics

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

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 with Adjusted Cash Book

Depreciation, Provisions and Reserves

· Depreciation: Concept, Features, Causes, factors

· Other similar terms: Depletion and Amortisation

· 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

· Accounting treatment of depreciation

i. Charging to asset account

ii. Creating provision for depreciation/accumulated depreciation account

iii. Treatment for disposal of asset

· Provisions and Reserves: Difference

· Types of Reserves:

i. Revenue reserve

ii. Capital reserve

iii. General reserve

iv. Specific reserve

v. Secret Reserve

· Difference between capital and revenue reserve

Accounting for Bills of Exchange

· Bill of exchange and Promissory Note:

Definition, Specimen, Features, Parties.

· Difference between Bill of Exchange and Promissory Note

· Terms in Bill of Exchange:

i. Term of Bill

ii. Accommodation bill (concept)

iii. Days of Grace

iv. Date of maturity

v. Discounting of bill

vi. Endorsement of bill

vii. Bill after due date

viii. Negotiation

ix. Bill sent for collection

x. Dishonour of bill

xi. Retirement of bill

xii. Renewal of bill

· Accounting Treatment

Note: excluding accounting treatment for accommodation bill

Trial balance and Rectification of Errors

· Trial balance: objectives and preparation

(Scope: Trial balance with balance method only)

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

· Detection and rectification of errors; preparation of suspense account.

Part B: Financial Accounting - II

Unit 3: Financial Statements of Sole Proprietorship

Units/Topics

Financial Statements

Meaning, objectives and importance; Revenue and

Capital Receipts; Revenue and Capital Expenditure;

Deferred Revenue expenditure.

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 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.

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.

Difference between accounts from incomplete records and Statement of Affairs. Preparation of Trading, Profit and Loss account and Balance Sheet.

Unit 4: Computers in Accounting

Units/Topics

· Introduction to computer and accounting information system {AIS}: Introduction to

computers (elements, capabilities, limitations of computer system)

· Introduction to operating software, utility software and application software.

· Introduction to accounting information system (AIS) as a part of Management Information System.

· Automation of accounting process: meaning

· Stages in automation: (a) Accounting process in a computerised environment; comparison between manual accounting process and computerised accounting process, (b) Sourcing of accounting software; kinds of software: readymade software; customised

software and tailor-made software; generic considerations before sourcing accounting software (c) creation of account groups and hierarchy (d) generation of reports - trial balance, profit and loss account and balance sheet

Scope:

(i) The scope of the unit is to understand accounting as an information system for the generation of accounting information and preparation of accounting reports.

(ii) It is presumed that the working knowledge of any appropriate accounting software will be given to the students to help them learn basic accounting operations on computers.

Part C: Project Work (Any One)

1. Collection of source documents, preparation of vouchers, recording of transactions with the help of vouchers.

2. Comprehensive project of any sole proprietorship business. This may state with journal entries and their ledgering, preparation of Trial balance. Trading and Profit and Loss Account and Balance Sheet. Expenses, incomes and profit (loss), assets and liabilities are to be depicted using pie chart / bar diagram.

PROJECT WORK

It is suggested to undertake this project after completing the unit on preparation of financial statements. The student(s) will be allowed to select any business of their choice or develop the transaction of imaginary business. The project is to run through the chapters and make the project an interesting process. The amounts should emerge as more realistic and closer to reality.

Specific Guidelines for Teachers

Give a list of options to the students to select a business form. You can add to the given list:

After selection, advise the student(s) to visit a shop in the locality (this will help them to settle on a realistic amount of different items. The student(s) would be able to see the things as they need to invest in furniture, decor, lights, machines, computers etc.

A suggested list of different items is given below.

At this stage, performance of bulk of originality and ledger may be provided to the students and they may be asked to complete the same.

In the next step the students are expected to prepare the trial balance and the financial statements.

1. Rent

2. Advance rent [approximately three months]

3. Electricity deposit

4. Electricity bill

5. Electricity fitting

6. Water bill

7. Water connection security deposit

8. Water fittings

9. Telephone bill

10. Telephone security deposit

11. Telephone instrument

12. Furniture

13. Computers

14. Internet connection

15. Stationery

16. Advertisements

17. Glow sign

18. Rates and Taxes

19. Wages and Salary

20. Newspaper and magazines

21. Petty expenses

22. Tea expenses

23. Packaging expenses

24. Transport

25. Delivery cycle or a vehicle purchased

26. Registration

27. Insurance

28. Auditors fee

29. Repairs & Maintenance

30. Depreciations

31. Air conditioners

32. Fans and lights

33. Interior decorations

34. Refrigerators

35. Purchase and sales

At this stage, performance of bulk of originality and ledger may be provided to the students and they may be asked to complete the same.

In the next step the students are expected to prepare the trial balance and the financial statements.

Suggested Question Paper Design Accountancy (Code No. 055) Class XI (2021-22)

Theory: 80 Marks, 3 hrs. Project: 20 Marks 

Download CBSE Class 11 Accountancy Syllabus 2021-22 (New): CBSE Academic Session 2021-22