The CA Foundation is an entry-level examination for CA students. A budding CA student must clear four exams to pass the foundation stage. Accounts, economics & math, and business law are the four papers a candidate must pass to qualify for the next step. The Business law paper is an integral part of the Foundation stage, which you will have to overcome. You can always join professional CA classes and get guidance from experts. ICAI has been doing its bit by updating its law amendments as per the change.
You will be briefed on these changes by enrolling in top institutes that offer CA classes in Bangalore. These CA coaching classes will guide extensively on the CA Foundation law study material & syllabus, and paper pattern. Let us now discuss this critical segment of the CA Foundation exam.
An overview of the CA Foundation paper:
The CA Foundation Business Law & Business Correspondence & Reporting is the second paper of the Foundation exam. You must appear for this paper just after the Principles & Practice of Accounting. You will learn in the CA classes that this paper is divided into two primary segments. Here are the details for readers in brief.
- The CA Foundation Business Law segment carries 60 marks.
- The Business Correspondence segment of the exam has 40 marks.
The CA classes in Bangalore will teach you extensively about this segment of The CA Foundation exam. It educates you about laws & amendments, and rights vital to running a business. A student needs to go through the acts thoroughly.
Is it an exciting subject to study?
As a prospective CA student, you might have this question at the back of your mind. It is undoubtedly a lengthy paper, but the Bangalore CA classes will explain all the concepts of Business law. After a few classes, you are sure to find it exciting. As a budding CA student, you must have a deep understanding of a company’s working and the business’s core concept. For this, you need to have a deep knowledge of Business Law.
The subject is divided into five core topics of The Indian Contract Act of 1872. Students who study this segment in detail will get proper guidance on business law and its legal areas.
Understand The CA Foundation Law paper pattern:
The CA classes in Bangalore will also brief you on the CA Foundation Law paper pattern. Here are the details for readers in brief.
- This is a subjective paper in the CA Foundation course.
- The paper carries 100 marks and is subdivided into two segments. They allocate 60 marks for the Business law segment and 40 marks for the Business Correspondence and Reporting segment.
- It is a two-hour duration paper a student will have to crack.
- Is it a difficult paper? As a student, you will be concerned about this question. Students who have sat for the exams have to say it is moderate in terms of difficulty index.
This is a complete guide on the CA Foundation Law paper pattern and should help your preparations.
A guide on how to start preparations for this paper:
It is a moderately difficult paper, and with the help of Bangalore CA classes, you must start the preparations. The coaching class will offer you plenty of notes because you must study plenty of amendments and dates. As a part of study preparations for the exam, you must revise them from time to time, so it is essential to make notes, which helps avoid confusion later.
Students are also required to solve an aptitude based on the case study of CA Foundation law. This is one more area where you must prepare extensively. The CA classes in Bangalore will also help you to prepare for the case study and help you to solve mock test papers.
Get insights into the syllabus for CA Foundation Business Law:
The CA classes in Bangalore will also give you extensive insights into the syllabus for the Business Law paper. You will primarily have to study five topics, and here are the details for readers.
- The first topic is The CA Foundation Law Indian Contract Act of 1872. It is an overview of sections 1 to 75. A closer look at this segment will tell you that this section covers the general nature of the contract & consideration and other essential aspects of a valid contract. This part of the syllabus further clarifies critical aspects such as the performance of contract & breach of contract.
- This segment of the paper also covers The Sales of Goods Act 1939. In this segment, the syllabus covers essential matters such as The Formation of the contract of sale & conditions and warranties. A student learns extensively about transferring ownership and delivery of goods. What are the rights of an unpaid seller? This act explains all these details for the benefit of prospective CA students.
- The syllabus for the CA Foundation Business Law paper sheds light on The Indian Partnership Act of 1932. Here the Bangalore CA classes will teach you about the general nature of the partnership. A student will also be briefed on the rights and duties of partners. This segment of the syllabus will also teach you about the reconstruction of firms & registration and dissolution of firms.
- The syllabus will shed light on The Limited Liability Partnership Act of 2008. This part of the syllabus will brief students on the covering nature and scope. It provides insights into the characteristics of an LLP. This section teaches students about the incorporation details and the difference from other companies.
- The last and final segment of the syllabus will shed light on The Companies Act of 2013. Here a student will gain insights into the essential features of the corporate veil theory. This syllabus segment sheds light on types of companies and varied ranges of share capital. The course sheds light on the Memorandum & Article of Association in this section. This section will also brief you on the Doctrine of indoor management.
This is the complete syllabus of the CA Foundation Business Law paper, and the expert faculty at a CA coaching in Bangalore will explain the details.
What is the weightage of each chapter in the paper?
As you prepare for the exam, you will also want to learn about the weightage for each chapter in the final paper. The ICAI has a guideline in place, and the facility offering you CA coaching in Bangalore will brief you adequately in this regard. The Business Law segment carries 60 marks, which is the weightage given to each chapter.
- Anywhere 25 to 35% of the questions will be based on The Indian Contract Act of 1872.
- 20 to 25% of the questions will be based on The Sale of Goods Act of 1930.
- The Indian Partnership Act of 1932 is also an important chapter and has weightage. Based on this chapter, you can expect 20 to 25% of the question.
- The Companies Act of 2013 is also important, and anywhere in the range of 15 to 20% of the question can come from this chapter.
- The Limited Liability Partnership Act of 2008 will cover 5 to 10% of the questions.
This is a guide on the weightage of each chapter in the main question paper. These are the inputs that should help a student to prepare extensively for the exam.
How can I prepare for the exam?
Students appearing for this exam must make adequate preparations before the exam day. You will need to enrol with a reputed CA coaching in Bangalore, and they can provide you with notes that should cover the entire syllabus easily. The key will be to simplify things, and that is what you can expect after joining a coaching facility.
A coaching facility will have access to the previous year’s questions, which should be handy for preparations. They will make you solve revision & mock test papers, which should help you prepare extensively for the exam.
Get some learning tips for the exam:
Law is a theoretical subject, and this calls for plenty of memorization. Here are a few tips that should help you to remember the concepts thoroughly.
- Focus on the head points of the answers wherever they are available. You must write and practice those head points; only then will you remember them.
- Every answer will have a keyword, and you must highlight them in some form. You must write and mesmerize those keywords. Knowing the keywords will make it easier for you to frame the sentences.
- Experts associated with the top CA classes in Bangalore insist on using legal and technical language in framing the answers.
How lengthy should my answers be?
The faculty at the CA classes will tell you that the ICAI does not have any guidelines in this regard. However, you can consider some of these guidelines as you decide on the length of the answer to the questions. Here are the details for readers in brief.
- For a 3-mark question, writing about half a page would be appropriate.
- The answer to a 4-mark question could be anywhere from 3/4th to one full page.
- For a 5-mark question, write anywhere in the 1 to 1 and a half pages.
- The answer to a 6-mark question could be about two pages.
- You could write anywhere between 2 to 2 and a half pages for a seven-mark question.
Writing Case Law: Your Essential Guide
The law question paper could contain case-based questions, and a CA coaching in Bangalore will guide you in writing a case law. The answer should be concise and to the point. Students must avoid writing lengthy paragraphs that resemble an essay. An examiner is burdened with work, and you must refrain from making them search for answers. Your answer should be structured in this format.
- Write the provisions
- Facts of the case
- Analysis/ solution
- Conclusion
Each of the points should contain keywords that should make the crux of the answer. You can even underline them, making it easy for the examiner to read your response. This effort will be worthwhile, and it should reflect in your results.
Is it necessary to learn from all sections?
It is not compulsory to quote the section number, but you must remember the relevant ones. Students who repeat section numbers in the exam will certainly get an edge over others. You must make a list of essential section numbers and read it every day.
Tips to remember on exam day
When you receive your exam paper, you will want to read it, but there is an important thing to remember. You must read the questions in reverse order. Traditionally, the last section is more straightforward and has shorter answers than the first. Therefore, if you attempt the easy questions and can write the answers quickly, you have more time to write the demanding answers. It would be best to try the law section first and then touch on the BCR questions. This segment involves plenty of reading and thinking.
Conclusion:
This is a complete guide on the CA Foundation Law paper and what you need to do to come out with flying colours. With extensive help from the Bangalore coaching classes, you should be able to pass the exam with good marks and generally score well in the CA Foundation segment.