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Class 11 12 Accountancy All in One

The document provides a comprehensive summary of key concepts in Class 11 & 12 Accountancy, including accounting principles, golden rules, journal and ledger formats, trial balance, depreciation methods, bank reconciliation, financial statements, partnership and company accounts, and ratio analysis. It outlines definitions, formulas, pros and cons, and differences between various accounting methods. This serves as an all-in-one guide for students to understand essential accounting topics.

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bhanukumar39939
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16 views2 pages

Class 11 12 Accountancy All in One

The document provides a comprehensive summary of key concepts in Class 11 & 12 Accountancy, including accounting principles, golden rules, journal and ledger formats, trial balance, depreciation methods, bank reconciliation, financial statements, partnership and company accounts, and ratio analysis. It outlines definitions, formulas, pros and cons, and differences between various accounting methods. This serves as an all-in-one guide for students to understand essential accounting topics.

Uploaded by

bhanukumar39939
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Class 11 & 12 Accountancy - All-in-One Summary

1. Accounting Principles & Concepts

- Definitions of key accounting concepts like Business Entity, Money Measurement, Going Concern, etc.

- Features and Importance of these principles.

- Pros: Provides consistency and transparency in financial reporting.

- Cons: Not all economic events are recorded (non-monetary).

2. Golden Rules of Accounting

- Personal: Debit the Receiver, Credit the Giver

- Real: Debit What Comes In, Credit What Goes Out

- Nominal: Debit All Expenses & Losses, Credit All Incomes & Gains

- Difference table: Golden Rules vs Modern Rules

3. Journal & Ledger

- Format of Journal Entry: Date | Particulars | L.F. | Debit | Credit

- Format of Ledger: Account Title | Date | Particulars | Amount

- Formula: Total Debits = Total Credits

- Concept: Journal is the book of first entry, Ledger is the book of final entry.

4. Trial Balance & Errors

- Definition: A list of ledger balances on a particular date.

- Formula: Debit Balances = Credit Balances

- Types of Errors: Error of omission, commission, principle, compensating errors

- Pros: Ensures arithmetical accuracy, Cons: Doesn't detect all types of errors.

5. Depreciation

- SLM Formula: (Cost - Scrap Value) / Useful Life

- WDV Formula: Cost × (1 - Rate)^n

- Pros: Systematic allocation of asset cost.

- Difference Table: SLM vs WDV

6. Bank Reconciliation Statement

- Definition: Statement to reconcile differences between Cash Book and Bank Statement.
- Common Causes: Cheques issued but not presented, Cheques deposited but not cleared.

- Format: Balance as per Cash Book/Pass Book -> Add/Subtract items -> Final Balance

7. Financial Statements

- Components: Trading A/c, Profit & Loss A/c, Balance Sheet

- Formula: Net Profit = Gross Profit - Indirect Expenses + Indirect Incomes

- Format: Balance Sheet (Assets = Liabilities + Capital)

8. Partnership Accounts

- Concepts: Admission, Retirement, Death, Dissolution

- Goodwill Methods: Average, Super Profit, Capitalization

- Formulas: New Ratio = Old Ratio ± Share, Gaining Ratio = New - Old

- Difference Table: Admission vs Retirement

9. Company Accounts

- Issue of Shares: At par, at premium, at discount

- Formula: Over-subscription = Shares Applied - Shares Issued

- Debentures: Fixed interest securities

- Pros: Source of long-term finance, Cons: Fixed obligation

10. Ratio Analysis & Cash Flow

- Types: Liquidity Ratios, Profitability Ratios, Solvency Ratios

- Formula Examples: Current Ratio = Current Assets / Current Liabilities

- Cash Flow Sections: Operating, Investing, Financing

- Format of Cash Flow Statement: Inflows - Outflows = Net Cash Flow

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