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Weightage of Marks for CA Foundation Paper 1 Principles and Practice of Accounting

Section wise weightage of marks for CA Foundation Paper 1 (Principles and Practice of Accounting) for May 2018 Exam under New Scheme of Education and Training.

The Board of Studies (BoS) of the Institute of Chartered Accountant of India (ICAI) has now assigned weightage of marks to various sections of a subject. This facility would help students to plan their studies in a structured manner for the coming ICAI examinations.

Accordingly, each subject has been divided into various topics and topics have been grouped into sections and weightage range has been assigned to these sections. The question paper would take into consideration the weightage range assigned to different sections.

Following are the detail section wise weightage of marks assigned to the Paper-1 Principles and Practice of Accounting of CA Foundation course examination to be held in May 2018 under New Scheme of Education and Training.

Section wise Weightage of Marks for Paper 1

Foundation Paper 1: Principles and Practice of Accounting (100 Marks)

Section-I (5 Marks to 10 Marks)


  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

(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.

Section-II (20 Marks to 25 Marks)

  1. Accounting Process

(i) Books of Accounts

(ii) Preparation of Trial Balance

(iii) Rectification of errors.

  1. Bank Reconciliation Statement

Introduction, reasons, preparation of bank reconciliation statement.

  1. Inventories

Cost of inventory, Net realizable value, Basis and technique of inventory valuation and record keeping.

  1. Concept and Accounting of Depreciation

Concepts, Methods of computation and accounting treatment of depreciation, Change in depreciation methods.

Section-III (15 Marks to 20 Marks)

  1. 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.

Section-IV (25 Marks to 30 Marks)

  1. 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

  1. 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.

  1. 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.

Section-V (10 Marks to 15 Marks)

  1. 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

Section-VI (10 Marks to 15 Marks)

  1. Basic Accounting Ratios (Profitability, Solvency, Liquidity and Turnover)

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