Class XI - Accountancy (Syllabus)

The Class XI Accountancy syllabus for the academic year 2024-25 is organized into three parts: Financial Accounting I, Financial Accounting II, and Project Work.

---

Part A: Financial Accounting - I

Unit 1: Theoretical Framework

1. Introduction to Accounting

   • Concept, meaning, objectives, advantages, and limitations.
   • Types of accounting information; users and their needs.
   • Qualitative characteristics and the role of accounting in business.

2. Basic Accounting Terms

   • Key terms: Entity, Business Transaction, Capital, Drawings, Liabilities (current and non-current), Assets (current and non-current), Expenditure (capital and revenue), Expense, Revenue, Income, Profit, Gain, Loss, Purchase, Sales, Goods, Stock, Debtor, Creditor, Voucher, Discount (trade and cash discount).

3. 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: Cash basis vs. Accrual basis.
   • Accounting Standards and GST: Applicability and characteristics.

---

Unit 2: Accounting Process

1. Recording of Business Transactions

   • Voucher and Transactions: Source documents, preparation of vouchers, accounting equation, rules of debit and credit.
   • Books of Original Entry - Journal, Cash Book, and Special Purpose Books (Purchases Book, Sales Book, Purchases Return Book, Sales Return Book, Journal Proper).

2. Ledger and Bank Reconciliation Statement

   • Ledger: Posting from journal and subsidiary books, balancing of accounts.
   • Bank Reconciliation Statement: Need and preparation.

3. Depreciation, Provisions, and Reserves

   • Depreciation: Meaning, methods (Straight Line Method, Written Down Value Method), difference between SLM and WDV.
   • Provisions and Reserves: Types and differences.

4. Trial Balance and Rectification of Errors

   • Trial Balance: Objectives, meaning, and preparation.
   • Errors and their rectification: Types of errors, suspense account.

---

Part B: Financial Accounting - II

Unit 3: Financial Statements of Sole Proprietorship

1. Financial Statements

   • Meaning, objectives, revenue, and capital receipts/expenditures.
   • Preparation of Trading and Profit & Loss Account and Balance Sheet.

2. Adjustments in Financial Statements

   • Adjustments related to closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provisions, abnormal loss, etc.

3. Incomplete Records

   • Features, limitations, and ascertainment of profit/loss by the Statement of Affairs method.

---

Part C: Project Work

1. Project Options
   • Collection and preparation of vouchers.
   • Bank Reconciliation Statement.
   • Comprehensive project for a sole proprietorship business, including journal entries, ledger preparation, trial balance, and financial statements.