WBCHSE Class 12 Syllabus for Commercial Law and Preliminaries Of Auditing

SYLLABUS COMMERCIAL LAW AND PRELIMINARIES OF AUDITING (CLPA) CLASS-XII Full Marks 100 Commercial Law (40 Marks) 1. The Law of partnership (15 marks ) a) Introduction - Definition of partnership firm, essential elements of a partnership - who can be a partner? - Legal status of partnership firms - classification of partnership and partners - partnership Deed. b) Registration of Partnership firms - The formalities of registration - Consequences of non-registration. c) Rights and liabilities of partner - Mutual rights and duties u/s 12, 13 - The authority of a partner, Express and Implied authority, Limitations of implied authority, Alteration of authority, Authority in an emergency - Liability of partners to outsiders - Rights and duties of partners - Position of minor in partnership firm. 2. The Law relating to Negotiable Instruments (15 marks ) a) Introduction - Concept of Negotiable Instruments, Essential features of Negotiable Instruments, Types of Negotiable Instruments - Promissory Note: definition and essential elements - Bills of Exchange; definition and essential elements - Cheque: Definition, Features, Types - Difference between promissory Note and Bill of Exchange, Difference between Bill of Exchange and Cheque - Meaning of Holder and Holder in due course, Rights of a Holder in due course. b) Acceptance, Negotiation, Endorsement - Acceptance : Definition, Types, When acceptance is not necessary; Time and place of presentments for acceptance, - Negotiation: Meaning, Negotiation by delivery, Negotiation by endorsement, Who may negotiate? - Endorsement: Definition, Effect, Types, Rules of endorsement. 3. The Law of Insurance (10 marks ) a) Principles - Objects of insurance - contract of insurance; characteristics - meaning of the terms insurer, insured, insurance policy, premium, risk, cover note. 173

SYLLABUS b) Life insurance - Definition, difference between life insurance and property insurance, types of life insurance, meaning of surrender value, Nomination, procedures, Effects of suicide. c) Marine Insurance - Definition, features, types, Fire Insurance - Definition, features, types, Preliminaries of Auditing (40 Marks) Unit-1 : New Branches of Auditing (15 marks ) i) Cost Audit : Definition - Objectives - Advantages - Limitations ii) Management Audit : Definition - Objectives - Advantages - Limitation iii) Performance Audit : Definition - Objectives - Advantages - Limitations iv) Social Audit : Definition Objectives - Advantages - Limitations Unit-2 : Pre-Audit Procedure (15 marks ) i) Preparatory Steps before commencement of new audit ii) Audit Programme : Definition - Objectives - Features - Advantages - Limitations iii) Audit Memorandum : Definition - General Contents. iv) Explanation of the Terms : Audit File - Audit planning - Audit working papers (excluding detailed discussion) v) Routine Checking : Definition - Scope - Objectives - Advantages - Limitations. vi) Test Checking : Definition - Factors to be considered - Advantages - Limitations Unit-3 : Vouching of Transactions (10 marks ) i) Vouching : Definition - Features - Objectives - Importance - Important Factors to be considered in vouching. ii) Voucher : Definition - classification - Features iii) Comparison between Routing checking and vouching. PROJECT : (20 marks ) 1) Visit an Audit Firm, collect data on the pre-audit procedure and prepare a report. 2) Visit two partnership firms, go through their Partnership Deed and write a report. 174