CA Foundation in Laxmi Nagar, New Delhi – Paper 1 – Principles and Practice of Accounting

CA Foundation Paper1

What is the correct answer for 29 - 10

CA Preparation Course Highlights

Faculties

Our team of faculties consist the professionals with proven track record from various field (CA/CS/CMA/LLB/IT Proffesional)

Batch Size

We kept our Batch Size quite rational so that individual attention can be given on one to one basis. Special arrangement for students on article ship or on job otherwise.

Study Notes

Class notes customized with ICAI Study-material is provided online as well as offline.

Practical Exposure

This may not be very important from examination point of view but it will prepare you for post-exam real world scenario.

Mock Test

Daily Class Test followed with periodical test to equipped the student for examination hall.

Student Support

Life time access to 24*7 student support login on our portal for their doubts and other clarification.

Paper Details
Paper Title Faculty Name No. of Classes
CA Foundation – Paper 1 Faculty Name 20 Classes
Foundation Paper 1: Principles and Practice of Accounting (100 Marks)
Sections Weightage Content Area
I 5%-10% 1. Theoretical Framework
    (i) Meaning and Scope of accounting
    (ii) Accounting Concepts, Principles and Conventions
    (iii) Accounting terminology – Glossary
    (iv) Capital and revenue expenditure, Capital and revenue receipts, Contingent assets and contingent liabilities
    (iv) Capital and revenue expenditure, Capital and revenue receipts, Contingent assets and contingent liabilities
    (v) Accounting Policies
    (vi) Accounting as a Measurement Discipline – Valuation Principles, Accounting Estimates.
    (vii) Accounting Standards– Concepts and Objectives
    (viii) Indian Accounting Standards– Concepts and Objectives.
II 20%-25% 2. Accounting Process
    (i) Books of Accounts
    (ii) Preparation of Trial Balance
    (iii) Rectification of errors.
    3. Bank Reconciliation Statement
    Introduction, reasons, preparation of bank reconciliation statement.
    4. Inventories
    Cost of inventory, Net realizable value, Basis and technique of inventory valuation and record keeping.
    5. Concept and Accounting of Depreciation
    Concepts, Methods of computation and accounting treatment of depreciation, Change in depreciation methods.
III 15%-20% 6. Accounting for Special Transactions
    (i) Bills of exchange and promissory notes
    Meaning of Bills of Exchange and Promissory Notes and their Accounting Treatment; Accommodation bills.
    (ii) Sale of goods on approval or return basis
    Meaning of goods sent on approval or return basis and accounting treatment.
    (iii) Consignments
    Meaning and Features of consignment business, Difference between sale and consignment, Accounting treatments for consignment transactions and events in the books of consignor and consignee.
    (iv) Joint Ventures for non-corporate entities
    Meaning and Features of joint venture transactions, Distinction between joint venture and partnership, Methods of maintaining joint venture accounts.
    (v) Royalty Accounts
    Meaning of the term “Royalty” and Accounting Treatment thereof.
    (vi) Average Due Date
    Meaning, Calculation of average due date in various situations.
    (vii) Account Current
    Meaning of Account Current, Methods of preparing Account Current.
IV 25%-30% 7. Final Accounts of Sole Proprietors
    Elements of Financial Statements, Closing adjustment entries, Trading account, Profit and Loss account and Balance sheet of Manufacturing and Non-manufacturing entities
    8. Partnership Accounts
    (i) Final accounts of Partnership Firms

(ii) Admission, Retirement and Death of a Partner including Treatment of goodwill

(iii) Introduction to LLPs and distinction of LLPs from Partnership
    9. Financial Statements of Not-for-Profit Organisations
    Significance of Receipt and Payment Account, Income and Expenditure Account and Balance Sheet, Difference between Profit and Loss and Income and Expenditure Account; Preparation of Receipts and Payments Accounts, Income and Expenditure Account and Balance Sheet of Not-for-profit-Organizations.
V 10%-15% 10. Introduction to Company Accounts
    (i) Definition of shares and debentures

(ii) Issue of shares and debentures, forfeiture of shares, re-issue of forfeited shares

(iii) Statement of Profit and Loss and Balance Sheet as per Schedule III to the Companies Act, 2013
VI 10%-15% 11. Basic Accounting Ratios (Profitability, Solvency, Liquidity and Turnover)