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Book-Keeping and Accountancy (50)

Introduction teacher, commerce teacher must follow basis

A person who invests his hard earned assumptions and postulates systematically to
money into business whether big or small understand why a particular thing is done in a
expects good returns. To calculate returns particular manner. As an Art students, commerce
businessman has to maintain systematic record students should be able to apply the skill in
of all transactions. One of the primary function maintaining books of account.
of accounting is to provide vital information The role of accounting has been
for decision making to external and internal diverging with the changes in the economic
users. Book Keeping being defined as trend as well as the effect of Globalisation,
systematic record of business transactions Liberalisation and Privatisation. The Board of
achieves this purpose. Also partnership Act, studies for Book Keeping and Accountancy
Companies Act, Co-operative Societies Act has diverted its efforts to make the syllabus
makes it mandatory to keep records more innovative, informative and practical
systematically for knowing operating results. oriented which will enable students to face
Book-keeping and Accountancy is one challenges posed in todays competitive era.
of the core subjects in Commerce faculty. It is Objectives
a compulsory subject at graduate and post- To enable the students to
graduate level. Book-keeping is no doubt one 1. Acquire knowledge of basic terms,
of the most interesting, practically relevant and definitions, concepts and conventions of
important subject for students aspiring Book-Keeping and Accountancy.
professional courses like C.A. C.S and 2. Understand business transactions and their
I.C.W.A.I. effects on business operations.
The object of introducing this subject at 3. Study different documents used for
Std. XI is to develop conceptual understanding business transactions by knowing their
of principles of accounting system which contents and formats.
identifies, analyses, classifies, measures, 4. Know and practice the basic principles of
summaries and records all business transactions Book-Keeping and Accountancy.
in significant manner in separate set of books. 5. Understand and practice the contents and
The business transactions are first specimen of various books of account.
recorded in primary books and subsequently 6. Develop the skill of calculations and
posted in the ledger. At the end of accounting accuracy.
year it helps in presenting the financial position 7. Develop the technique of entering the
and result of operation of that business. Hence transactions into the books of accounts
accounting is regarded as the language of with the understanding of their ultimate
business. effect on final accounts.
Book Keeping and Accountancy is both 8. Prepare the final accounts of proprietary
a science as well as an art. As a science concern, partnership firm, not for profit

organization and learn to analyze them. B.9 Cash discount and Trade discount
9. Ascertain profit or loss from incomplete B.10 Solvent and Insolvent
records. B.11 Accounting Year
10. Learn to use computer in accounting. B.12 Trading Concerns and ‘Not for
Profit’ Concerns
Std. XI B.13 Goodwill
Sr.No. Topic C. Accounting Concepts, Conventions
1. A. Introduction of Book-keeping and and Principles and Indian
Accountancy Accounting standards concepts
A.1 Meaning and definition and objectives
A.2 Objectives C.1 Meaning and Importance
A.3 Importance and Utility C.2 Business Entity
A.4 Difference between Book-Keeping C.3 Money measurement
and Accountancy C.4 Cost
A.5 Basis of Accounting - Cash basis C. 5 Consistency
and Accrual basis. C. 6 Conservatism
A.6 Qualitative characteristics of C. 7 Going Concern
accounting information C. 8 Realization
A.7 Financial Accounting, Cost C. 9 Accrual
Accounting, Management C.10 Dual Aspect
Accounting C.11 Disclosure
B. Basic Accounting Terminologies C.12 Materiality
B.1 Business Transactions - Cash C.13 Revenue
Transactions and Credit Transactions C.14 Matching
B.2 Goods C.15 Accounting Standards
B.3 Profit, loss-Operating and Non- 2. A. Meaning and fundamentals of
operating profits, Normal gains and Double Entry Book-keeping
abnormal gains with examples. System
Difference between profit and A.1 Study of Double Entry Book-keeping
Income system.
B.4 Assets, Liabilities, Net-worth/ A.2 Advantages of Double Entry Book-
Owners Equity Assets: Fixed/ keeping system.
Current/Tangible/ Intangible/ A.3 Comparison of Double Entry Book-
fictitious keeping system with Conventional
B.5 Contingent Liability Accounting system.
B.6 Capital, Drawings B. Classification of Accounts and
B.7 Debtors, Creditors Accounting equations Rules
B.8 Capital Expenditure, Revenue and B.1 Types of accounts-personal,
Deferred Revenue Expenditure Impersonal accounts- Real

accounts, Nominal accounts. 5.9 Bank Book

B.2 Rules for different accounts for 5.10 Journal Proper, Transactions of
passing entries. Discounts to be taken in Journal
B.3 Illustrations Proper
B.4 Accounting equations Assets, 6. Ledger
Liabilities, Revenue and capital 6.1 Meaning, need and contents of
expenses ledger be explained
B.5 Brief: Explanation about IFRS 6.2 Specimen of ledger
3. Source documents required for 6.3 Posting of entries from Subsidiary
Accounting books to ledger
3. 1 Meaning, contents and specimen. 6.4 Balancing of ledger accounts.
3. 2 Voucher-internal, external voucher 7. Bank Reconciliation Statement
3. 3 Petty cash and cash voucher 7.1 Meaning, need and importance
3. 4 Cash and Credit memo 7.2 Reasons for difference in bank
3. 5 Receipt balance as per cash book and
3. 6 Debit and Credit note balance as per bank pass book
3. 7 Pay-in-slip 7.3 Specimen of Bank Reconciliation
3. 8 Withdrawal slip Statement
3. 9 Cheque-Bearer, Order, Crossed, 7.4 Preparation of Bank Reconciliation
Account payee Statement
3.10 Bank pass book, Bank Statement 8. Trial balance
and Bank advice 8.1 Meaning and Purpose
4 Journal 8.2 Specimen of Trial Balance
4.1 Meaning, Importance and utility of 8.3 Preparation of Trial Balance from
Journal. given balances of accounts.
4.2 Specimen of Journal 9. Errors and their rectification
4.3 Writing of Journal entries 9.1 Meaning and effects of errors.
5. Subsidiary Books 9.2 Types of errors - Errors of
5.1 Meaning, need and specimen of principles, Errors of Ommission,
different Subsidiary Books. Errors of commission and
5.2 Simple Cash Book with cash Compensating Errors.
column only 9.3 Steps to locate errors
5.3 Cash Book with cash and bank 9.4 Errors affecting and not affecting
columns Trial Balance
5.4 Analytical Petty Cash Book-imprest 9.5 Treatment of balance of suspense
system. account
5.5 Purchase Book 9.6 Rectification entries
5.6 Sales Book 10. Depreciation, Provisions and Reserves
5.7 Purchase Return Book 10.1 Depreciation : Meaning, Need and
5.8 Sales Return Book Factors affecting depreciation.

10.2 Methods of computation of System :

Depreciation : Straight Line Components of CAS, Features,
Method, Written Down Value Grouping of Accounts, using
Method (Excluding Change in software of C.A.S.
method) 12.2 Application of computer accounting
10.3 Accounting Treatment of Automation of accounting process,
Depreciation : By charging to asset designing accounting reports, data
account by creating Provision for exchange with other information
depreciation / accumulated system.
depreciation account.
10.4 Provisions and Reserves : Meaning, Project Work
Objectives and Difference between
provisions and Reserves. 1. A study of non-operating expenses of
10.5 Types of Reserves : Revenue proprietory concern with examples and
Reserve, Capital Reserve, General documents.
Reserve, Specific reserves, Secret 2. A study of various policies of company as
reserves. AS-2, AS-6 and AS-10 from annual report.
11. Financial statements of Proprietary 3. A comparative study of conventional and
concern modern system of accounting.
Financial Statements- Meaning, objective 4. Analytical study of all assets or
and Importance documents in your family.
11.1 Preparation of Trading Account 5. Collection of all types of documents used
11.2 Preparation of Profit and Loss in the banks and office.
Account 6. A report on organised exhibition on all
11.3 Preparation of Balance Sheet source documents in your college.
11.4 Effects of following adjustments only 7. Visit to any proprietory concern and
a. Closing stock preparation of journal of 8 days with the
b. Depreciation help of business transactions.
c. Bad and Doubtful debts 8. A record of different imaginery
d. Provision for discount on Debtors transactions for 10 days of a new business
and Creditors with capital of a 1,00,000, like Stationery
e. Outstanding expenses shop / Newspaper stall / Medical store /
f. Prepaid expenses Vegetable stall.
g. Accrued income 9. A study of account books maintained by
h. Income received in advance Mahila Bachat Gat in your area and
i. Drawings preparation of financial report.'
j. Goods distributed as free sample 10. Ledger accounts and trial balance of any
12. Computer in Accounting business concern with the help of a
12.1 Introduction to Computer Accounting journal.

11. A report on procedure for opening various preparation of Final Accounts with
types of bank accounts. following adjustments.
12. A visit to factory or workshop or small Adjustments
scale industry and a study of various a. Closing stock
methods adopted for calculation of b. Outstanding expenses
depreciation. c. Prepaid expenses
13. Final Accounts with the help of journal / d. Income received in advance
subsidiary books of sole trading concern. e. Income receivable
14. Journalising of household transactions for f. Bad debts
a month. g. Provision for doubtful debts
15. Effects on purchasing power of a h. Reserve for discount on debtors and
customer due to discount. creditors
16. Classification of family activities into i. Depreciation
monetary and non-monetary activities. j. Interest on capital, drawings and loans
17. Preparation of Bank Reconciliation k. Interest on investment and loans
Statement from given extracts of Cash l. Goods destroyed by fire/ accident
book and Pass book balances. (at least (insured / uninsured)
15 reasons expected). m. Goods stolen
18. An analytical study of 25 different ledger n. Goods distributed as free samples
accounts. o. Goods withdrawn by partners
19. A project on the types of accounts related p. Unrecorded purchases and sales
to goods. q. Capital expenditure included in
20. Any one Accounting Package. revenue expenses and vice-versa
Note : r. Bills Receivable dishonoured
The above list of projects is given only s. Bills payable dishonoured
as guidelines. Students are free to select t. Deferred expenses
any topic for project related to the u. Capital receipts included in revenue.
syllabus. Receipts and vice-versa
v. Commission to working partner/
Std. XII Managers on the basis of Gross profit,
Net profit, sales, etc.
Sr. No. Topic 3. Reconstitution of Partnership
1. Introduction to Partnership 3.1 Meaning and different ways of
1.1 Meaning and definitions reconstitution
1.2 The Indian partnership Act 1932 3.2 Admission of a partner
1.3 Methods of capital accounts 3.2.1 Meaning and Need
i) Fixed Capital Method 3.2.2 Capital brought by new partner
ii) Fluctuating Capital Method 3.2.3 New profit sharing ratio
2. Partnership Final Accounts 3.2.4 Sacrifice ratio
2.1 Introduction and Necessity of 3.2.5 Goodwill - Meaning, Methods

of valuation and treatment of in advance

goodwill. 3. Subscription received in advance and
i) Average profit method Subscription outstanding of the current
ii) Super profit method and previous year
3.2.6 Adjustment of accumulated 4. Depreciation
profits and losses. 5. Capitalisation of entrance fees.
3.2.7 Revaluation of assets and 6. Creation of special funds out of
liabilities donations
3.2.8 Adjustment of capitals 7. Stock of stationery
3.3 Retirement / Death of a partner 8. Opening balances of assets and
3.3.1 Meaning, need liabilities
3.3.2 New ratio b) Important Items
3.3.3 Gain ratio Entrance fess, Subscriptions, Legacy,
3.3.4 Treatment of goodwill life membership fees, Sale of old
3.3.5 Adjustment of accumulated assets, Scrap, News papers, Specific
profits and lossess donation, General Donations, Specific
3.3.6 Revaluation of assets and Funds, Endowment fund
liabilities 6. Single entry system
3.3.7 Adjustment of capital 6.1 Introduction
3.3.8 Amount due to retiring parter  Meaning of single entry system.
3.3.9 Death of partner  Difference between single entry and
4. Dissolution of Partnership Firm double entry system.
4.1 Simple dissolution 6.2 Preparation of statements
4.2 Dissolution under Insolvancy situation 6.3 Additional information.
5. Accounts of “Not for Profit” concerns  Additional capital
5.1 Introduction, meaning and features of  Drawings
“Not for Profit” concerns.  Depreciation on fixed Asset
5.2 Receipts and Payments Account-  Bad Debts
meaning and features. Distinction  Reserve for Doubtful Debts
between Income and Expenditure  Undervaluation and Overvaluation of
account. Assets and Liabilities
5.3 Preparation of Income and  Interest on loan
Expenditure Account and Balance  Interest on capital
Sheet with the following  Interest on Drawings
a) Additional Information  Partners salary
1. Outstanding expenses and prepaid  Outstanding / Unpaid expenses
expenses of the current and previous  Prepaid Expenses/ Expenses paid in
year advance.
2. Accrued income and income received  Illustrations

7. Bill of Exchange (Only Trade Bill) 8.2 Accounting for Share Capital: Issue
7.1 Introduction, necessity, Meaning, and Allotment of Equity Shares.
Definition of Bill of Exchange Private placement of shares. Public
7.2 Draft/format of Bills, Parties to the subscription of shares. Over
Bill of Exchange, Acceptance of Bill, subscription and Under subscription
Terms of Bill, Days of Grace, Date of of shares. Issue at Par and premium,
maturity, Due Date, Types of Bill and at discount, Calls in advance in
7.3 Honouring of Bill, Dishonour of Bill, arrears, Issue of shares for
Noting and Protesting of Bill, Notary consideration other than cash
Public and Noting Charges 8.3 Accounting treatment of forfeiture
7.4 Accounting Treatment of Bill by the and re-issue
Drawer/Holder and Drawee in 8.4 Disclosure of Share capital in
following cases Company’s Balance Sheet
a) Retaining the Bill till due date. (Horizontal form)
honour/dishonour, insolvency of the 9. Company Accounts Part-II
drawee/ acceptor Accounting for Debentures
b) Endorsement of the Bill, Honour/ 9.1 Debentures : Meaning, Issue of
dishonour and also insolvency of debentures at par, at premium and at
acceptor discount
c) Discounting the Bill with the Bank 9.2 Issue of debentures for consideration
honour/dishonour and insolvency. other than cash. Interest on
d) Sending the Bill to the Bank for Debentures
collection, honour/ dishonour and 10. Analysis of financial statements
insolvency 10.1 Financial statement Analysis:
e) Renewal of Bill-Reasons for Renewal meaning, objectives and limitations
of the Bill. Renewal of Bill with or 10.2 Tools for financial statement
without charging interest Analysis-meaning of comparative
f) Making part payment of basic amount, statements, common size statements,
interest and noting charges and cash flow analysis, and Ratio analysis
drawing of new Bill 10.3 Accounting Ratios : Meaning
g) Honour/dishonour of New Bill objectives and classification of
h) Insolvency of the acceptor and Ratios
settlement of his account 10.4 Introductions to current ratio, liquid
i) Retirement of Bill
ratio, Gross profit ratio, operating
j) Journal Entries and Ledger
profit ratio and Net profit ratio. ROI,
8. Company Accounts Part-I
Accounting for shares
8.1 Share and share capital, Meaning,
Nature and Types

Project Work 10) Comparative study of Profit Organisations

and 'Not for Profit' organisations and
1) Visit to Partnership Firm and study the analysis of adjustments in final accounts
management of the firm and a report on of not for profit concern / organization.
it. 11) Preparation of Report on various
2) A report on procedure of registration of treatments of Bills of Exchange (Trade
Partnership Firm under Partnership Act bill)
1932. 12) A visit to a cloth merchant who is
3) Preparation of Financial statement with maintaining his books of accounts under
the help of Journal / subsidiary books of single entry system. Preparation of
any partnership firm. statement of affairs and statement of profit
4) Analylical study on various adjustments or loss from the data collected.
in Final Accounts of Partnership Firm. 13) A visit to a Bank & preparation of a
5) A report on procedure of winding up report on the procedure of discounting
Partnership Firm. and collecting Hundies (Bills of
6) Study of the methods of valuation of Exchange)
goodwill and accounting treatment in case 14) An interview with a sharebroker.
of Admission, Retirement or Death of a 15) A report on the procedure of opening a
partner. DEMAT Account.
7) Visit to any not for profit concern. e.g. 16) A report on the procedure of purchasing
Library, Sports club, Mahila Bachat Gat, and selling of shares through DEMAT
Public Hospitals, Educational Institutions, Account.
Temples, Masjids, Gurudwaras, Ganesh 17) Visit to a company and preparation of
Mandal, etc. and preparation of a report informative report on the procedure of
on such visit or visits. issue of shares or Debentures.
8) Analysis of the school / college 18) A comparative study of different ratios to
transactions into revenue and capital be used in the Annual Report of a
receipts and revenue and capital company.
expenditure. Note :
9) Study of revenue and capital receipts, The above list of projects is given only
revenue and capital expenditure of as guidelines. Being creative and
minimum any ten non profit concerns. innovative, students may select any topic
for project related to the syllabus.