ISC Accounts Project of Class 12 #accounts #isc #newsong #Aankheinkhulihoyahobandsong

Accounts Prroject on topic-
Preparation of Journal/Sub-division of Journal, Ledger, Trial Balance and Financial Statements of a partnership form of business on the basis of a case study. • Develop a case study showing how two or more friends decide to come together and start a business with a certain amount of capital. Prepare their Partnership Deed including interest on capital, partner's salary, commission, interest on drawings, interest on partner's loan and rent paid to a partner. • Write in detail, their transactions during the year: Purchases-Cash and Credit, Sales-Cash and Credit, Expenses, Purchase of Fixed Assets and Depreciation charged on them, any Outstanding Expenses, Prepaid Expenses, Accrued Income, drawing Bills of Exchange, accepting Bills Payable, etc. . From this case study developed (which should have at least 15 transactions), pass the Journal entries, post them into the Ledger, prepare a Trial Balance and the Trading and Profit and Loss Account, Profit and Loss Appropriation Account and Balance Sheet. • The various expenses, for comparison purposes, could be depicted in the form of bar diagrams and pie charts. • Calculate relevant accounting ratios like liquidity, solvency, activity and profitability giving their formulae and computation (all this could be part of the viva-voce). The ratios could also be shown graphically and/or pictorially (bar diagrams, pie charts) and if possible, could be compared with the ratios of the industry.