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CBSE Class 12 commerce Accountancy

Accountancy is a subject closely related to any trade. This subject records, allocates and outlines the transactions of a business. It assesses and manages the monetary outcome of the institution. It may also record the classification and reporting of transactions. The final financial report that is made based on this data is known as a financial statement. So, it is essential that your Accountancy foundation is very strong.

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CBSE Class 12 Commerce Accountancy Chapters

Chapter 1 Accounting for Partnership: Basic Concepts

This chapter explains the need for and the nature of accounting records prepared by partnership firms as required by the provisions of the Indian Partnership Act, 1932. It also explains accounting treatment of special aspects like Profit and Loss Appropriation Account, Partners' Capital Accounts, Partners’ Salary and Commission, Interest on Capital and Drawings etc.

Chapter 2 Goodwill: Nature and Valuation

This chapter defines Goodwill and enumerates the factors which affect it. Along with the meaning, it also teaches the various methods of calculating the value of Goodwill like Simple Average Profit Method, Weighted Average Profit Method, Super Profit Method, Capitalisation of Profit Method etc.

Chapter 3 Reconstitution: Change in Existing Profit-Sharing Ratio

This chapter introduces the various modes of reconstitution of a partnership firm along with the calculation of new, sacrificing and gaining ratios. It also explains the accounting treatment for the various adjustments like Goodwill, Revaluation of Assets and Reassessment of Liabilities, Accumulated Profits and Losses, and Partners' Capital Accounts in the event of change in the existing profit-sharing ratio.

Chapter 4 Reconstitution: Admission of a Partner

This chapter introduces the concept of admission of a partner to partnership firm along with the calculation of new, sacrificing and gaining ratios. It also explains the accounting treatment for the various adjustments like Goodwill, Revaluation of Assets and Reassessment of Liabilities, Accumulated Profits and Losses, and Partners' Capital Accounts in the event of admission of a partner.

Chapter 5 Reconstitution: Retirement/Death of a Partner

This chapter introduces the concept of Retirement and Death of a Partner along with the calculation of the new and gaining ratios. It also explains the accounting treatment for various adjustments like Goodwill, Revaluation of Assets and Reassessment of Liabilities, Accumulated Profits and Losses, Partners’ Loan Account, Deceased Partner's Executor's Account, Partners' Capital Accounts and computation of the amount due to the retiring or deceased partner in the event of retirement or death of a partner.

Chapter 6 Dissolution of Partnership Firm

This chapter introduces the concept of Dissolution of Partnership Firm along with the various modes of dissolution. It also explains the rules relating to the settlement of claims and the accounting treatment relating to Realisation Account, Partners' Loan, Partners' Capital and Bank/Cash Account in the event of the dissolution of a partnership firm.

Chapter 7 Accounting for Not-for-Profit Organisation

This chapter explains the need for and the nature of accounting records prepared by Not-for-Profit Organisations. It also helps in understanding the accounting treatment for the peculiar items of Financial Statements such as Subscriptions, Membership Fees, Funds, Sale of Old Fixed Assets, Sports Materials, Legacies etc.

Chapter 8 Accounting for Share Capital

This chapter introduces the concept of a company along with the detailed explanations of its share capital. It also explains the accounting treatment of shares issued by a company including Oversubscription, Undersubscription, Calls-in-Arrears, Calls-in-Advance, Forfeiture of Shares and Reissue of Forfeited Shares.

Chapter 9 Issue of Debentures

This chapter explains the meaning of debentures and its various types. It also covers the accounting treatment relating to the issue of debentures for cash, for consideration other than cash, as collateral security along with the treatment for interest on debentures and writing off discount or loss on the issue of debentures.

Chapter 10 Redemption of Debentures

This chapter introduces the concept of Redemption of Debentures along with the sources and methods of redemption. It also covers the 2 important topics of Redemption of Debentures—Debenture Redemption Reserve (DRR) and Debenture Redemption Investment (DRI).

Chapter 11 Financial Statements of the Company

This chapter explains the Meaning, Objectives and Significance of Financial Statements of a Company along with its Limitations. It also explains the form and content of the Statement of Profit and Loss and Balance Sheet of a Company according to Schedule III of the Companies Act, 2013

Chapter 12 Analysis of Financial Statements

This chapter explains the meaning, objectives and significance of Analysis of Financial Statements along with its limitations. It also describes the various tools of financial statements analysis with the complete explanation for its preparation and presentation for analysing and interpreting the available financial information.

Chapter 13 Accounting Ratios

This chapter explains the meaning, objectives and limitations of Accounting Ratios. It also introduces the various classifications of Accounting Ratios which are used to assess the solvency, liquidity, efficiency and profitability of the firm based on the interpretations and comparisons within and between firms.

Chapter 14 Cash Flow Statement

This chapter explains the meaning, purpose and preparation of Cash Flow Statements. It also teaches to distinguish among the operating, investing and financing activities for correctly classifying the various transactions while preparing the cash flow statement.

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Why CBSE Class 12 Commerce Accountancy solutions are important?

Accountancy is a subject which requires constant practice to balance the equation and to understand concepts as well. For more practice related to the subject, study materials such as sample papers, previous years' papers and NCERT solutions are required.

Our in-house experts provide the best solutions for textbook questions and sample paper questions. Chapter-wise NCERT solutions for Class 12 Accountancy are easily accessible at TopperLearning. Use these solutions to get maximum practice.

To prepare for your Accountancy exam, you need to attempt solving different kinds of questions. One of the best ways to assess your problem-solving abilities is to attempt solving previous years' papers with a timer set. Our solutions will come in handy to help you with checking your answers and thus improving your learning experience. So, to score more marks in your Class 12 board exams, use our different solutions which will enable you with the right amount of preparation.

FAQs

Where can I find the important questions for the CBSE Class 12 exam?

Our Most Important Questions or MIQs are a dedicated section which lists the important topics and questions which are most likely to feature  in the exam.

Will online study help me score more marks?

TopperLearning’s intense practice and revision-based study materials ensure that if students practise and revise with dedicated effort, they will do well in the exams.

What should I read during CBSE Class 12 exam revision?

You can read the chapter summaries or the revision notes for a quick brush up before your exams.

If I find a concept difficult to understand, whom should I ask?

If you struggle to understand a concept, you can refer to our video lessons. Should you still have some doubts, you can always use our UnDoubt (Ask the Expert) forum and get them clarified as soon as possible.

Is TopperLearning equipped enough to help me?

Yes, we have 950+ video lessons, 200+ revision notes, a question bank with 8500+ questions and 15+ sample papers (including CBSE Class 12 sample papers 2019) for CBSE students. The study materials at TopperLearning are designed to give you clarity of the concepts that you study in class.