ISC

ACCOUNTS

INTERNAL ASSESSMENT GUIDE BOOK 2016-17

Dr. UNNI JOSE

HOD- Department of Commerce (Ambassador School, Dubai)

IA – 01 Background

Comprehensive Accountancy Project on Sole Proprietorship or Partnership Firm .Some points that you

should keep in mind while making project are:

STORY : There should be nicely written story in the project. The story should include all the major

decisions of the firm. It should give an overview of the business. Students are advised not to add all the

entries to the story. There should be 5 adjustment entries in project which should be shown in story.

CAPITAL: Since students are required to prepare accounts of sole proprietorship or Partnership, capital of

the firm should not exceed 50 lakhs.

JOURNAL: There should be around 60-75 journal entries or as specified by your teacher . Journal Entries

should be realistic and related to business on which you are making the project.

LEDGER: There should be around 25-30 ledger accounts.

TRIAL BALANCE

TRADING , PROFIT & LOSS A/C

BALANCE SHEET

Analysis of the Financial Statements using Accounting ratios to enable you to comment on the

liquidity, solvency, activity and profitability positions.

Step by step guide to the Research Your Internal assessment MUST begin with the story. The story must be a fictional one not real.

Title Page I have attached a sample title page – please

follow the exact outline.

Acknowledgements Here is where you acknowledge and thank the

people who helped you with your research.

Contents Page List of contents of your project

Introduction Introduction of the project will be the story.

The story of the business can be either a sole

trade business or partnership business. The

story should include the name of the business

and its objective and other relevant

information of the business like its capital,

assets etc. (Minimum 200 words)

Transaction and journal List out the transactions of the business for a

period of 1 year, minimum 3 to 5 transactions

in a month. Journalising the transaction in

properly drawn journal including narration.

Make sure you have covered entries of capital,

assets, purchases cash and credit, sales cash

and credit, expenses and other incomes.

(Minimum of 60 transactions)

Ledger Prepare ledger accounts for all of the above

transactions. Use neatly drawn ledger accounts

for this. Post all the journal entries and get the

balances of all ledger accounts. (Minimum 25-

30 ledger accounts)

Trial balance Prepare a trial balance from the ledger account

balances. Total the trial balance and debit side total

should be equal to credit side of trial balance.

Trading and profit and loss account

Balance sheet

Prepare a Trading and profit and loss account &

Balance sheet from the above trial balance and

some adjustments. Adjustments can be closing

stock, outstanding expense, prepaid expense,

depreciation etc. You should get your balance

sheet equal.(There should be minimum of 6

adjustments)

Analysis and interpretation of financial

statements.

You may analyze the financial statements with

the help of liquidity and profitability rations

such as Current ratio, liquid ratio, Gross profit

ratio, net profit ratio etc. You may interpret the

results of the analysis in detail.

Bibliography and references

These must be detailed, well referenced throughout

and well organized

Appendices

Any further data which you may wish to attach to

the project.

You may find the formats for journal, ledger, trial balance, financial statements below in this file. Certificate

and front page are also you may find below.

EVALUATION CRITERIA

PAPER II – PROJECT WORK – 20 Marks Candidates will be expected to have completed two projects from any topic covered in Theory. The project work will be assessed by the teacher and a Visiting Examiner appointed locally and

approved by the Council. Mark allocation for each Project [10 marks]:

Overall format 1 mark

Content 4 marks

Findings 2 marks

Viva-voce based on the Project 3 marks

NOTE: No question paper for Practical work will beset by the Council.

JOURNAL

Date Particulars LF Dr. Amount Cr. Amount

Dr LEDGER Cr

Date Particulars LF Amount Date Particulars LF Amount

TRIAL BALANCE

SL. NO. Particulars Dr. Amount Cr. Amount

TRADING AND PROFIT AND LOSS ACCOUNT

Particulars Amount Particulars Amount

BALANCE SHEET Liabilities Amount Assets Amount

IA – 02

Research Project

Background You must select a real organization for this, not a fictional one, and collect their financial audited

reports (Income statement and Balance sheet) Your research question is ‘Financial statement analysis of -------company’. You must produce a hand written report that does not exceed 1,000 words.

Bear in mind that some organizations fail to provide data, which may undermine the quality of your

report. So before you start, make sure that you will be able to obtain the necessary data from the chosen

organization. You must also be aware of ethical considerations. Step by step guide to the Research Your Internal assessment MUST begin with the audited financial reports of a company.

These will become the primary planning documents – and will give your research project

overall direction. The following is the format for your research. You MUST follow this

format. Each step is clearly explained for you in the box below…

Title Page I have attached a sample title page – please

follow the exact outline.

Acknowledgements Here is where you acknowledge and thank the

people who helped you with your research.

Contents Page List of contents of your project

Introduction Introduction about the company. (Not less

than 100 words)

Introduction to financial statement analysis

and its importance. (Not less than 150

words)

Methodologies used List out and explain the methodologies used

in the project to analyse the financial

performance analysis of the company which

you may have used. Example: Comparative

income statement and balance sheet, Ratio

analysis, Cash flow statement etc.(Not less

than 100 words)

Analysis of data Data may be analysed by using any 2

financial statement analysis tools which will

suit the requirement of the company’s

profile. Use graphs for your analysis. ( this

chapter is the most important part of the

study, which has more advantage in the

whole project)

Main results and findings This must include ALL findings and results.

Conclusion and Recommendations It shows the out comes you could

generate from the study. At the end of

your conclusion: what does the future

hold for your company?

Bibliography and references

These must be detailed, well referenced

throughout and well organized

Appendices

Any further data which you may wish to attach

to the project. (Eg: Copy of balance sheet)

NOTE:

The project should be hand written and you may use A4 size plain sheet for the same. You

must right only one side of the page. Other side of the sheet can be used for sticking

appropriate drawings or pictures. You can find the prescribed title page and certificate

page in this file. Audited financial report of Samsung company is also attached for your

reference but you have to find another companies audited financial statements.

EVALUATION CRITERIA

PAPER II – PROJECT WORK – 20 Marks Candidates will be expected to have completed two projects from any topic covered in Theory. The project work will be assessed by the teacher and a Visiting Examiner appointed locally and

approved by the Council. Mark allocation for each Project [10 marks]:

Overall format 1 mark

Content 4 marks

Findings 2 marks

Viva-voce based on the Project 3 marks

NOTE: No question paper for Practical work will beset by the Council.

ISC PROJECT

2016-17

Name:

Subject:

Title:

Registration No:

CERTIFICATE This is to certify that Ms/Mst

……………………………………………………………………………………………………

Has satisfactorily completed the project in ..………………………………………………………. prescribed

by ISC BOARD – Grade XII of this institution in the year 2016-17.

Teacher in charges Head of the department

Name: ………………………………………… Name: . .…………………………………

Date: ………………………………………….. Date: ……………………………………

Reg. No. Of the candidate: ……………………………………………………

Living a few years of your life like most people won’t,

so that you can spend the rest of your life like most people can’t !

Dr. UNNI JOSE

HOD- Department of Commerce (Ambassador School, Dubai)

Dr. UNNI JOSE

HOD- Department of Commerce (Ambassador School, Dubai)

hodcommerce@ambassadorschool.com