Live Account Classes for XI



This Course is designed by the ‘Kapil Dev Dhand’ Director- Delhi Institute of Commerce Education for
Class XI and XII for Accountancy Students of CBSE and ICSE
This course is developed by the India’s Top Most Faculties and caters the need of Concept Clarity
and High Scoring simultaneously.
Live Lectures are Beautifully designed in systematic sequence and in form of Questions and Answers
along with well designed illustration which make students fall in love with Accountancy.
E-book along with QRT(Quick Revision Techniques) notes are provided with this course.
All the Live Lectures are also available for students 24×7 after the class so that students can revise
the class according to his own convenience.


Part A: Financial Accounting-I

Unit 1: Theoretical Frame Work

Chapter 1. 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)

Chapter 2: 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: Need, benefits, limitations, applicability; IFRS- Need
  • Goods and Services Tax (GST): Characteristics and Objective.

 Unit 2: Accounting Process

 Chapter 3: 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-

o Journal
o Special Purpose books
o Cash Book: Simple, cash book with bank column and petty cashbook
o Purchases book
o Sales book
o Purchases return book
o Sales return book
( Including simple GST calculations)

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

Chapter 4: Bank Reconciliation Statement

  •  Need and preparation, Bank Reconciliation Statement with Adjusted Cash Book

Chapter 5: 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

Chapter 6: 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
  •  Bill sent for collection
  • Dishonour of bill
  •  Retirement of bill
  • Renewal of bill
    Accounting Treatment Note: excluding accounting treatment for accommodation bill

Chapter 7: Trial balance and Rectification of Error

  • 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-I

Unit 3: Financial Statements of Sole Proprietorship: From Complete and Incomplete Records

Chapter 8: 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

Chapter 9 : 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

  •  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.

Course Features

  • Lectures 0
  • Quizzes 0
  • Skill level Beginner
  • Language English
  • Students 1
  • Assessments Yes