ISC Class 11 Accountancy Syllabus 2024-25
CISCE has released the Latest Updated Syllabus of the New Academic Session 2024-25, for class 11. It is available under the ‘‘Regulations and Syllabuses’ page of ISC 2026 on www.cisce.org.
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ISC Accountancy Class 11 Latest Syllabus 2024-25
There will be two papers in the subject:
Paper I - Theory: 3 hours ……80 marks
Paper II- Project Work………20 marks
Paper - I (Theory) -
80 Marks
1. Introduction to Accounting
Background of accounting and accountancy; types of accounts; basic terms used in accounting, and Accounting Equation.
(i) Evolution of accounting: The three phases.
(ii) Basic Terms: Event, Transaction, Vouchers, Capital, Assets (intangible, tangible, fixed, current, liquid, wasting and fictitious), Liabilities (internal and external – current, long-term and contingent), Trade Debtors, Trade Creditors, Purchases, Sales, Goods traded in, Stock (raw material, work in progress and finished goods), Profit, Loss, Expense, Revenue, Income and Drawings.
(iii) Accounting equation: Meaning and usefulness.
(iv) Meaning and definition of Book-keeping, Accounting and Accountancy; difference between book-keeping, accounting and accountancy; accounting cycle.
(v) Users of accounting information.
(vi) Subfields of accounting: Meaning of financial accounting, cost accounting and management accounting.
NOTE: Practical problems in Accounting Equation are not required.
2. Journal, Ledger and Trial Balance
(i) Journal: recording of entries in journal with narration.
(a) Classification of Accounts- traditional classification or modern approach.
(b) Double Entry System.
(c) Rules of journalizing – traditional classification or modern approach.
(d) Meaning of journal; Advantages of using a journal.
(e) Format of journal.
(f) Simple and compound journal entries.
(g) Opening Journal entry.
(h) Journal Entries- Input CGST and Input SGST / Input IGST; Output CGST and Output SGST/ Output IGST) / Setting off Input GST against Output GST.
(ii) Ledger: posting from journal to respective ledgers.
(a) Meaning of ledger.
(b) Format of a ledger.
(c) Mechanics of posting.
(d) Closing / Balancing of ledger accountsexpenses and revenues to be closed by transferring to Trading / P/L Account depending upon their direct/ indirect nature and balances of Assets, Liabilities and Capital to be carried down.
(e) Adjusting and closing journal entries.
(iii) Sub-division of journal - cash book [including simple cash book and triple column cash book (cash, bank and discount) with - contra entry pertaining to receipt of cheque not deposited on the same day; adjustments pertaining to a definite cash balance to be maintained / overdraft facility to be availed at the end of the month. Petty cash book (including analytical and imprest system), sales day book, purchases day book, sales return day book , purchases return day book and Journal proper.
(a) Cash book [including simple cash book and triple column cash book (cash, bank and discount) with - contra entry pertaining to receipt of cheque not deposited on the same day; adjustments pertaining to a definite cash balance to be maintained / overdraft facility to be availed at the end of the period].
(b) Petty cash book (including analytical and imprest system).
(c) Sales day book, purchases day book Simple (Date, Particulars, I. No, L.F, Details, Amount); Columnar (Date,
Particulars, I. No, L.F, Details, Net Invoice, Goods, Carriage, GST-Input CGST and Input SGST / Input IGST;
Output CGST and Output SGST / Output IGST- Amount or percentage given).
(d) Sales return day book, purchases return day book- Simple (Date, Particulars, Credit/ Debit Note No., L.F, Details, Amount.
(e) Journal proper.
(f) Mechanics of posting from special subsidiary books.
NOTE: Transactions with GST is excluded in Cash Book and Returns Books.
(iv) Trial Balance.
(a) Meaning, objectives, advantages and limitations of a Trial Balance.
(b) Preparation of the Trial Balance by the balance method from the given ledger account balances.
3. Depreciation
Depreciation, Methods of charging depreciation, Method of recording depreciation.
(i) Depreciation: meaning, need, causes, objectives and characteristics.
(ii) Methods of charging depreciation: Straight Line and Written Down Value method; advantages, limitations of both the methods and differences between the two.
(iii) Methods of recording depreciation: charging to asset account, creating provision for depreciation / accumulated depreciation.
(iv) Problems relating to purchase and sale of assets (with or without asset disposal account) incorporating the application of depreciation under the two stated methods.
NOTE: Questions on change of method from SLM to WDV and vice-versa are not required.
4. Bills of Exchange
(i) Introduction to Negotiable Instruments: explanation of basic terms.
Meaning of negotiable instruments; Bills of exchange, promissory note (including specimen and distinction), cheque, advantages and disadvantages of Bills of Exchange, explanation of basic terms - drawer, drawee, payee, endorser, endorsee, bill on demand / bill on sight, bill after date, bill after sight, tenure of the bill, days of grace, due date, endorsement and discounting of bills, bill sent for collection, dishonour of a bill, holder of a bill, noting charges, notary public, renewal of a bill, retirement of a bill and insolvency of the drawee/acceptor.
(ii) Practical problems on the above in the books of drawer, drawee and endorsee- Journal entries and Ledger accounts.
Self explanatory
NOTE :
- Accommodation Bill is not required.
- Recording in the books of the bank not required.
5. Accounting Concepts
GAAP (Generally Accepted Accounting Principles), Basis of Accounting; Accounting Standards; Knowledge and understanding of IFRS (International Financial Reporting Standards).
(i) GAAP : Going Concern, Accounting Entity, Money Measurement, Accounting Period, Complete Disclosure, Revenue Recognition, Verifiable Objective, Matching Principle, Historical Cost, Accrual Concept, Dual Aspect Concept, Materiality, Consistency, Prudence and Timeliness, Industry Practice,Substance over legal form.
(ii) Basis of accounting – cash basis and accrual basis (meaning; difference).
(iii) Accounting Standards: Meaning; Utility/ Advantages.
(iv) IFRS (International Financial Reporting Standards) - Meaning; Need for IFRS; Fundamental Assumptions in IFRS- Going Concern, Accrual, Measuring Unit, Purchasing Power; difference between IFRS and Indian GAAP; Procedure for implementation of IFRS; India and IFRS.
6. Final Accounts and Concept of Trading, Profit and Loss account and Balance Sheet (with and without adjustments), Marshalling of Balance Sheet
(i) Capital and Revenue Expenditure/Income.
(a) Meaning and difference between capital expenditure and revenue expenditure with examples.
(b) Meaning and difference between capital receipts and revenue receipts with
examples.
(c) Meaning and difference between capital profit/income and revenue profit/ income with examples.
(d) Meaning and difference between capital loss and revenue loss with examples.
(e) Meaning of deferred revenue expenditure with examples.
(ii) Provisions and Reserves.
Meaning, importance; difference between provisions and reserves; types of reserves - revenue reserve, capital reserve, general reserve, specific reserve and secret reserve.
(iii) Trading, Profit and Loss Account and Balance Sheet of a sole trader, (Horizontal Format) without adjustments.
Meaning, objectives, importance and preparation of Trading, Profit and Loss Account and Balance Sheet of a sole trader.
(iv) Preparation of Trading Account, Profit and Loss Account and Balance Sheet with necessary adjustments.
Adjustments relating 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, manager’s commission (on the net profit before and after charging such commission), goods distributed as free
samples, goods taken by the owner for personal use and abnormal loss; Treatment of Adjusted Purchases and calculation of cost of goods sold.; Input CGST and Input SGST/ Input IGST and Output CGST and Output
SGST/ Output IGST given in the Trial Balance to offset against each other in the Balance Sheet.
(v) Marshalling of a Balance Sheet: Order of permanence and order of liquidity.
(vi) Adjusting, closing and transfer entries. GST is excluded in Adjustments.
NOTE:
- Practical problems on preparation of provision for doubtful debts account are not required.
- Since creating provision for doubtful debts accounts involves being prudent, in the absence of any information of the amount of the new provision, it will be assumed that the amount of the new provision will be the same as the old provision unless the remaining debtors are good.
7. Rectification of Errors
Errors and types of errors: Rectification of errors after the preparation of trial balance and rectification of errors after the preparation of Final Accounts.
(i) Types of Errors: errors of omission, errors of commission, errors of principle, compensating errors.
(ii) Rectification of errors after the preparation of trial balance and through suspense account if required.
(iii) Rectification of errors after the preparation of Final Accounts through P/L Adjustment A/c if required.
NOTE: Redrafting of Balance Sheet not required.
8. Non -Trading Organisation
(i) Non-Trading Organization: meaning, objectives, necessity and treatment of specific items.
Self-explanatory.
(ii) Different books maintained and differences between them.
(a) Receipts and Payments Accounts: meaning, features, differences between Receipts and Payments Account and Cash Book.
(b) Income and Expenditure Accounts: meaning, features, difference between Income and Expenditure account and Profit and Loss account.
(c) Balance Sheet and its role.
(iii) Preparation of Income and Expenditure Account and Closing Balance Sheet.
Preparation of Income and Expenditure Account and Balance Sheet when Receipts and Payments Account and other information is given.
(a) Entrance, admission fees, life membership fees, legacies, special grants and special donations are to be capitalised.
(b) General donations, general grants and all receipts of a recurring nature such as membership fees/ subscriptions are to be taken as revenue receipts.
(c) Preparation of accounts of incidental activities such as restaurant accounts are not required.
NOTE: Preparation of a Receipt and Payments Account only or an Income and Expenditure Account with a Balance Sheet from incomplete records need not be covered (in horizontal format).
Paper II – Project Work
20 Marks
Candidates will be expected to have completed two projects from any topic covered in Theory.
Mark allocation for each Project [10 marks]:
| Internal Assessment | 10 Marks |
| Overall format | 1 mark |
| Content | 4 marks |
| Findings | 2 marks |
| Viva-voce based on the Project only | 3 marks |
2023-24 Reduced Syllabus
(for reference purposes only)
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