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CBSE - Class 11 - Accountancy

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Video Accounting- concept, objectives, advantages and limitations, types of accounting information; users of accounting information and their needs. Basic accounting terms: business transaction, account, capital, drawings, liabilities (non -current and current); assets (non-current and current) fixed assets (tangible and intangible assets), receipts (capital and revenue), expenditure (capital, revenue and deferred), expense, income, profits, gains and losses, purchases, purchases returns, sales, sales returns, goods, stock, inventory, trade receivables (debtors and bills receivable), trade payables (creditors and bills payable), cost, vouchers, discount - trade and cash.

Basic Accounting Terms - 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)

Video Fundamental accounting assumptions: going concern, consistency and accrual. Accounting principles: accounting entity, money measurement, accounting period, full disclosure, materiality, prudence, cost concept, matching concept and dual aspect. Accounting Standards and IFRS (International Financial Reporting Standards): concept and objectives. Double entry system of accounting. Bases of accounting - cash basis and accrual basis.

Accounting Equation Approach: Meaning and Analysis

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Rules of Debit & Credit

Source Documents and preparation of Vouchers

Journal Entries

Video An Accounting equation is based on the dual concept of accounting, according to which, every transaction has two aspects namely Debit and Credit. It means that every transaction in accounting effect both Debit (DR.) and Credit (Cr.) side equally.

4.1 Cash Book 4.2 Purchases (Journal) Book 4.3 Purchases Return (Journal) Book 4.4 Sales (Journal) Book 4.5 Sales Return (Journal) Book 4.6 Journal Proper 4.7 Balancing the Accounts

Other Subsidiary Books

Video Bank reconciliation statement- concept, calculating bank balance at an accounting date: need and preparation. Corrected cash book balance. Ledger - format, posting from journal, cash book and other special purpose books, balancing of accounts. Trial balance: objectives and preparation {Scope: Trial balance with balance method only)

Video Depreciation: concept, need and factors affecting depreciation; methods of computation of depreciation: straight line method, written down value method (excluding change in method). Accounting treatment of depreciation: by charging to asset account, by creating provision for depreciation/ accumulated depreciation account, treatment of disposal of asset. Provisions and reserves: concept, objectives and difference between provisions and reserves; types of reserves- revenue reserve, capital reserve, general reserve and specific reserves.

Provisions & Reserves

Rectification of Errors

Video Errors: types-errors of omission, commission, principles, and compensating; their effect on Trial Balance. Detection and rectification of errors; preparation of suspense account.

Video Financial statements: Financial statements: Receipts and Expenditure: Revenue receipts and capital receipts. Capital expenditure, Revenue expenditure and deferred expenditure Objective and Importance. 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.

10.1 Need for Adjustments 10.2 Closing Stock 10.3 Outstanding Expenses 10.4 Prepaid Expenses 10.5 Accrued Income 10.6 Income Received in Advance 10.7 Depreciation 10.8 Bad Debts 10.9 Provision for Bad and Doubtful Debts 10.10 Provision for Discount on Debtors 10.11 Manager’s Commission 10.12 Interest on Capital



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