NCERT Solutions for Class 12 Accountancy

Accountancy class 12 NCERT solutions are the best for Accountancy students in class 12. Class 12 Accountancy book is based on the NCERT syllabus 2023-24. The NCERT syllabus has been revised this year as per the NEP 2020 or New Education Policy that focuses on reducing the content load on students. NCERT Class 12 Accountancy deals with accounting pertaining to Not-for-Profit Organisation and Partnership Firms. Furthermore, the Accounts NCERT class 12 delves into Computerised Accounting System as an optional course for Company Accounts and Analysis of Financial Statements.

Accounting is an ever-changing field; the financial laws get updated every year, and hence the Accountancy class 12 NCERT solutions have been designed by well-informed subject matter experts who are skilled in handling the complex content of class 12 Accounts chapters but are also accustomed to the ever-changing finance parameters. Accountancy class 12 NCERT solutions cover all the class 12 Accounts chapters. Class 12 Commerce students can easily access these CBSE class 12 accountancy solutions and practice for their exams. NCERT solutions of class 12 accountancy book are divided into Part A & Part B, while Part C is Project work. With the help of Accountancy class 12 NCERT solutions, students understand the exam pattern better.

Class 12 Accountancy NCERT Solutions

NCERT Accountancy book class 12 solutions are a perfect study material for 12th Accountancy students. Accountancy is not what we learn from class 1. It is introduced after class 10 for students who take Commerce as a subject. Class 12th Accountancy is a specialised subject that focuses on training professionals who take care of all the Account related operations in the professional and business field. The class 12 Accounts NCERT solutions by Oswal Publishers help create a stronghold in the subject with its easy language. Our subject matter experts have set the 12th Accountancy solutions with utmost precision while considering the latest changes.

When you prepare for Accountancy with the help of the 12th Accountancy guide, do not forget to refer to the Accountancy class 12 NCERT solutions that help understand the exam pattern and weightage of marks. Practicing with Accountancy class 12 solutions will help you understand the CBSE exam pattern and score well in your subject.

Class 12 Accountancy NCERT Solutions – Free PDF Download

Class 12 Accountancy NCERT All Chapters

Part A

    • Accounting for Partnership: Basic Concepts
    • Reconstitution of a Partnership Firm-Admission of a Partner
    • Reconstitution of a Partnership Firm-Retirement/Death of a Partner
    • Dissolution of Partnership Firm

Part B

    • Accounting for Not-for-Profit Organisation
    • Accounting for Partnership: Basic Concepts
    • Reconstitution of a Partnership Firm-Admission of a Partner
    • Reconstitution of a Partnership Firm-Admission of a Partner
    • Dissolution of Partnership Firm

Computerised Accounting System

    • Overview of Computerised Accounting System
    • Spreadsheet
    • Use of Spreadsheets in Business Applications
    • Graphs and Charts for Business Data

NCERT Solutions for Class 12 Accountancy Chapter Brief

The class 12 Accountancy book is divided into five parts. Part A covers Accounting for Partnership Firms and Companies, Part B covers the Financial Statement Analysis, and Part C is about the project work that students must complete in their academic session, including a project file and viva. Now, students taking Commerce after class 10 would also have the option to opt for Computerised Accounting, which a student can opt for instead of Part B, i.e., Financial Statement Analysis. The project would be aware of Computerised Accounting and cover practical files and viva. NCERT has made many changes in the curriculum for school students this year following the National Education Policy 2020. However, Accounting is a field that has to be covered elaborately as it directly implies commercial operations. The changing scenario, financial legalities, and laws make it complex. Accounts NCERT class 12, however, is not hard if you put in hard work and some smart work. Accountancy class 12 NCERT solutions cover all the chapters that are mentioned below:

Part A

Chapter 1: Accounting for Partnership Firms: Basic Concept

Class 11 Accountancy introduces the world of business, commerce & economic operations. Class 12 Accountancy continues to delve into Accountancy further. The first chapter in the class 12 Accountancy chapters deals with Accounting for Partnership Firms. The aim is to inform students about Partnership, Partnership firms, and Partnership deeds. Account NCERT Solutions also help students understand the basic concept of Accounting for Partnership Firms and prepare them to answer correctly in exams. The chapter covers the essential features of Partnership, including, Provisions of the India Partnership Act 1932 (relevant to accounting); Preparing Partners’ capital accounts under fixed and fluctuating capital methods; Distribution of profit or loss among the partners, and preparing the profit and loss appropriation account; Calculate interest on capital and drawing under various situations; How guarantee for a minimum amount of profit affects the distribution of profits among the partners; Making necessary adjustments to rectify the past errors in partners capital account, and Prepare final accounts of a partnership firm.

Chapter 2: Reconstitution of a Partnership Firm-Admission of a Partner

Accountancy class 12 prepares students for the professional world of Accounts. The curriculum begins with basic concepts of a Partnership Firm, while the second chapter of the class 12 Accountancy Book explains the concept of updating or changing an agreement between two or more partners. Students would be able to understand the dynamics of a partnership firm which will cover topics like the Admission of a new partner, change in profit sharing ratio, the retirement of a partner, death or insolvency of a partner, and more.

Chapter 3: Reconstitution of a Partnership Firm-Retirement/Death of a Partner

Running a business could be complicated if one is unaware of all the functioning, laws, and implications. Therefore, the training of a professional in Accounting begins at an early stage. Students interested in the world of Accounts opt for Accountancy by choosing Commerce as a subject after the class 10 CBSE board examination. The third chapter of the class 12 Accountancy Book also deals with the Reconstitution of partnership but in case of retirement or death of a partner. It helps students understand the change a partnership firm goes through in case of retirement or death of a partner.

Chapter 4: Dissolution of Partnership Firm

Accounting not only deals with the constitution or reconstitution of a Partnership Firm but also handles the dissolution of a partnership, which is a major part of Accounting. If a partner chooses to retire or in case of the death of a partner, the partnership is considered dissolved. Chapter 4 of the class 12 Accountancy Book deals with the meaning of dissolution; the difference between the dissolution of partnership and the dissolution of a partnership firm; modes of dissolution of the partnership firm; rules relating to the settlement of claims among all partners, and preparing a realisation account.

Part B

Chapter 1: Accounting for Share Capital

While studying Accounting, students will learn about various forms of organisations. Proprietorship, Partnership Firm, and Company, are some basic forms an organisation works on. When an organisation becomes a company, it accepts capital from many people that are considered shareholders. The first chapter of Part B deals with Accounting for Share Capital, which deals with accounting aspects in a large firm with an elected Board of Directors and is registered under the Companies Act 2013 or any other companies act (if there is one).

Chapter 2: Issue and Redemption of Debentures

A successful business needs a lot of capital support. Many companies call out investors/public to invest in their company through shares & debentures. Debentures let companies get long-term funds. This chapter helps students understand the meaning of debentures and the difference between debentures and shares. NCERT Solutions of Accounts class 12 are curated in a manner that helps students in learning about the topic in detail.

Chapter 3: Financial Statement of a Company

Accounts are related to taxes. Maintaining a balance sheet in accordance with tax laws is of utmost importance for any company. This chapter in Company Accounts class 12 throws light on the purpose & importance of the Financial Statement of a Company. Accountancy class, 12 NCERT solutions, are designed to ease the pressure on students studying Accountancy and complex topics like financial statements.

Chapter 4: Analysis of Financial Statements

The fourth chapter in NCERT class 12 Accountancy Part B focuses on the nature and significance of financial analysis. It will enable a student of Accountancy to properly analyze a financial statement with a precise interpretation of the company’s progress. Various tools will also be introduced that help in analysing financial statements.

Chapter 5: Accounting Ratios

Balance sheets explain a lot about companies’ success, liabilities, and potential. Accounting, therefore, is considered one of the most crucial aspects of business. It is based on a company's financial statement that its value ascends or descends in the market. Many financial experts invest their time, skill & money in analysing financial statements. This chapter explains the meaning, objectives, and limitations of accounting ratios for assessing the enterprises' solvency, efficiency, and profitability.

Chapter 6: Cash Flow Statement

Chapter 6 of Accountancy Class 12 explains the third type of financial statement, the Cash Flow Statement. The Cash Flow Statement helps understand the inflows and outflows of the cash and cash equivalents. This chapter introduces the concept of Cash Flow Management, which is an integral part of Accountancy, and provides information about cash flow and different techniques used in preparing the same.

Project Work

Part B of the Accountancy class 12 NCERT also involved project work that will cover any two aspects;

    • Comparative and common size financial statements
    • Accounting Ratios
    • Segment Reports
    • Cash Flow Management

(Or) Part B- Computerised Accounting System

Chapter 1: Overview of Computerised Accounting System

In the times before digitization, Financial Experts used to burn the midnight oil and worked hard to reconcile the finances of a company. The Advent of Information Technology transformed the whole world. The world of Accountancy is not untouched as well. Modern practices in business have imbibed digitization in accounting as well. The first chapter in the Computerised Accounting System unit explores its need and the impact of Information Technology on the Financial Accounting System.

Chapter 2: Spreadsheet

The spreadsheet is generally referred to as an MS Excel sheet with data about a company's expenses. The financial data, which was earlier written by hand, is now fed onto a computer in the form of a spreadsheet. The second chapter of Accountancy Class 12 NCERT explains the concept of a spreadsheet, its features, and how to work on a spreadsheet.

Chapter 3: Use of Spreadsheets in Business Applications

Chapter 3 of Accountancy Class 12 NCERT helps students understand and learn the use of spreadsheets and other applications like Asset Management and Loan Repayment. While learning Accountancy on a computer, a student will learn about computing the employee’s gross salary, calculating deprecation by various methods and loan repayment, interest calculation, etc.

Chapter 4: Graphs and Charts for Business Data

Graphs and Charts are easily understandable when it comes to large financial data of a company. Financial statements play a crucial role in formulating policies and planning logistics & operations for a business. Chapter 4 of Accountancy Class 12 NCERT helps a student represent financial data in the form of graphical charts & diagrams through Excel and use accounting data for graphical representation.

Chapter-wise Marking Scheme 2023-24

Units Chapters Marks
Part A Accounting for Partnership: Basic Concepts 80
Reconstitution of a Partnership Firm-Admission of a Partner
Reconstitution of a Partnership Firm-Retirement/Death of a Partner
Dissolution of Partnership Firm
Part B Accounting for Share Capital 20
Issue and Redemption of Debentures
Financial Statements of a Company
Analysis of Financial Statements
Accounting Ratios
Cash Flow Statement
Or
Part B Accounting for Partnership: Basic Concepts 20
Overview of Computerised Accounting System
Use of Spreadsheet in Business Applications
Graphs and Charts for Business Data
Total 100

The practical and internal assessment carries a weightage of 20 marks:

The Part B of class 12 Accountancy chapters are assessed based on the practical or project work assigned to them. Students can opt for any of Part B for Accountancy. Company Accounts and Analysis of Financial Statements and Computerised Accounting System are the two choices for Part B for class 12 Accountancy students.

Key Features of Class 12 Accountancy NCERT Solutions

Class 12 Accountancy book deals with the complex field of Accountancy. Worry not! Class 12 NCERT Solutions Accountancy by Oswal Publisher is the right reference study material along with the Accountancy 12th guide. Our experts specially collate the 12th Accountancy solutions to help you prepare well for the class 12 exam. If you are searching for NCERT Accountancy book class 12 solutions, you must look no further. The experts have made it easy for Accountancy class 12 students to solidify their preparation with Accountancy class 12 NCERT solutions. Here are some of the USPs that make our Accountancy class 12 NCERT solutions unique from others;

    • Follows the NCERT Syllabus: The Accountancy class 12 NCERT solutions by Oswal Publishers strictly follows the latest NCERT syllabus. This year, the NCERT syllabus has been revised as per the NEP 2020. These Accountancy class 12 NCERT solutions cover the latest chapters
    • No Subscription Fee: Students must not pay any subscription or registration fee to access the Accountancy Class 12 NCERT Solutions. The Account Class 12 solutions are free.
    • Experts from the field prepare the Accountancy Class 12 NCERT Solutions: We understand that class 12 is a decisive point in a students’ life. Hence, precision and accuracy are important. We have a team of subject matter experts who curate the class 12th Accounts solution with skills they have acquired from years of experience.

FAQs on Class 12 Accountancy NCERT Solutions

Ans: Accountancy is a complex subject and is introduced to students after class 10 only. But don’t worry, with the Accountancy Class 12 NCERT Solutions. You will find it easy to understand. These 12 Accountancy NCERT solutions will help you prepare for class 12 CBSE board exams.

Ans: Part B 12th Accountancy students can choose from Company Accounts and Analysis of Financial Statements and Computerised Accounting System. The 20 marks practical is based on the project/practical work from the units in Part B. Students can choose any topic for Part B depending on their interest and competency level.

Ans: Students can refer to any Accountancy 12th guide for Accountancy class 12. However, the Accountancy Class 12 NCERT Solutions properly explains each class 12 Accountancy chapter. The 12th Accountancy solutions are free and easily understandable.

Ans: No, Part B in Class 12 Accountancy has two options. If you choose the Company Accounts and Analysis of Financial Statements, you must prepare a project report. If you take Computerised Accounting System, you must give a practical test. The weightage for both is 20 marks.

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