CA Foundation: Inaugural Batch of Foundation Live Learning Classes

Lecture by Priya C Priya Subramanyan

Introduction

• Priya from the Board of Studies welcomes inaugural batch of Foundation Live Learning classes
• Eminent faculty for all subjects in CA course
• Subjects at Foundation level: Accounting, Quantitative Aptitude, Business Laws, Business Economics

Study Tips

• Balance time between theoretical (Business Laws, Business Economics) and numerical papers (Accounting, Quantitative Aptitude)
• Topics covered are common with class 12 topics
• Beneficial for pre-board and board exam preparation

Study Material

• Basic preparation material: illustrations, examples, questions
• MCQ practice portal to assess understanding
  • Two papers MCQ-based, two papers descriptive
  • Portal includes MCQs for all papers for practice

Student Journal & Additional Resources

• Monthly capsules in the journal with tables, flowcharts, etc.
• Live learning classes available, doubts can be raised in real-time
• Recorded classes available for later viewing if unable to attend live

Lecture by CA Sankit Sha

Introduction and Teaching Approach

• Sankit Sha: Faculty for Foundation, Inter, and Final levels
• Emphasis on participation, unique perspectives, and a positive environment
• Classes conducted in English, revisions in Hindi

Course Syllabus: Principles and Practice of Accounting

• New additions: Limited Liability Partnership (LLP), GST Accounting, Company Accounts
• New topics at Foundation level: Incomplete Records, Partnership Accounts, Company Accounts
• Important to use study material provided by ICAI

Study Tips for CA Students

• Maintain a 100-page revision book
• Use black pen for writing, red pen for important points, and a scale for diagrammatic representation
• Use calculators from reputable companies (preferably Citizen or Orpat)
• No shortcuts or excuses for success, emphasis on sincerity and passion
• Teachers can guide, but effort must come from students

Journal Entries and Basic Accounting Principles

• Introduction to Double Entry System: every debit has a corresponding credit
• Concepts of accounts in T-format: left side (debit) and right side (credit)
• Two accounting approaches: Modern (accounting equation approach) and Traditional
  • Modern approach: Asset (Debit), Liability (Credit), Capital (Credit), Expense (Debit), Income (Credit)
  • Traditional approach: Personal, Real, and Nominal Accounts
    • Personal: Debit the Receiver, Credit the Giver; Dater becomes Giver, Creditor becomes Receiver
    • Real: Debit what comes in, Credit what goes out
    • Nominal: Debit all expenses and losses, Credit all incomes and gains

Explanation of Practical Application

• Tutorial on how to pass journal entries and apply accounting rules
• Emphasis on consistency and regular attendance in classes
• Encouragement to enjoy the learning process and maintain a positive attitude

Practical Tips and Tools for CA Students

• Regular revision and practice are crucial for success in CA exams
• Focus on understanding and applying accounting principles

Next Steps

• Continued teaching in upcoming sessions
• Emphasis on practical application and revision in following classes