Weightage of Marks for CA Foundation Paper-1 Accounting May 2023

Download revised section wise and skill wise weightages of marks for CA Foundation May-June 2023 Exams Paper 1 Principles and Practice of Accounting.

CA Foundation accounts chapter wise weightage May 2023: ICAI has revised the weightage of marks for May/June 2023 exams. CA Foundation students may download in PDF chapter wise marks allocation. This facility would help you to plan your studies in a structured manner for the coming ICAI examinations.

Weightage of marks for account paper is here. First paper of CA Foundation course is Principles and Practice of Accounting. Download chapter-wise allocation of marks for account paper.

ICAI New Course 2023: ICAI CA Foundation New Syllabus is expected to be applicable from 1st July 2023. The first exam under CA Foundation new syllabus would be held in Nov 2023 term of examinations. CA Institute brings new syllabus for the CA Foundation Course. The name of Paper-1 has been changed to “Accounting” from “Principles and Practice of Accounting”.

The CA Institute has published revised section wise and skill wise weightages of marks for CA Foundation. The Board of Studies (BoS) of ICAI has assigned weightage of marks to various sections of Paper 1: Principles and Practice of Accounting.

The question paper would take into consideration the weightage range assigned to different sections. Accounting for Special Transactions carries 15% to 20% weightage in CA Foundation exams.

CA Foundation Weightage of Marks for Account

Following are the detail weightage of 100 marks assigned to first paper of CA Foundation course examination for May 2023 under New Scheme of Education and Training:

Section-I (Weightage 5%-10%) i.e. 5-10 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 (Weightage 25%-30%) i.e. 25-30 Marks

  1. Accounting Process
    • (i) Books of Accounts
    • (ii) Preparation of Trial Balance
    • (iii) Rectification of errors.
  2. Bank Reconciliation Statement: Introduction, reasons, preparation of bank reconciliation statement.
  3. Inventories: Cost of inventory, Net realizable value, Basis and technique of inventory valuation and record keeping.
  4. Concept and Accounting of Depreciation: Concepts, Methods of computation and accounting treatment of depreciation, Change in depreciation methods.

Section-III (Weightage 15%-20%) i.e. 15-20 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) Average Due Date Meaning, Calculation of average due date in various situations.
    • (v) Account Current Meaning of Account Current, Methods of preparing Account Current.

Section-IV (Weightage 30%-40%) i.e. 30-40 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.
  2. 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.
  3. 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 (Weightage 10%-15%) i.e. 10-15 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

As per revised skill wise weightage of marks, 5-20 marks questions will be theoretical and 80-95 marks practical questions.

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