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Best Accountancy Classes for 12th Commerce

The course in accountancy is introduced at plus two stage of senior second of school education. The course put emphasis on developing basic understanding about accounting.

In the life of career, Class 12th is counted as the turning point as you choose the base field of what you want to be. Either arts or commerce or science, you choose wisely what career option can provide you the structural information about that particular faculty. Choosing commerce as a career option, you have a opportunity to go in the fields of accountancy. To study for C.A., C.S., B.com, M.com, CFA, CPA, Cost accountant, Actuary, Investment Banker, Banking, and many more. Class 11th is counted as a birth in the world of commerce, you learn like a kid, like a kid learns how to talk, eat, walk, everything is same as a class 11th student learns how to manage accounts, knowledge of business, and everything about commerce.


CBSE Syllabus Term Wise Class 12th Accountancy

Accountancy (Code No. 055)


Units
    

Term 1
    

Marks

Part A
    

Accounting for Partnership Firms
    


1
    

Fundamentals
    

18

2
    

Change In Profit Sharing Ratio

3
    

Admission Of A Partner

1
    

Company Accounts: Accounting For Shares
    

12

Part B
    

Analysis of Financial Statement
    

 

    

Financial Statement of a Company
(i) Statement of Profit and Loss and Balance Sheet in prescribed form with major headings and sub headings (as per Schedule III to the Companies Act, 2013)
(ii) Tools of Analysis – Ratio Analysis
    

10


    

Accounting Ratios


    

OR
    

 

    

Computerized Accounting
    

10


    

Overview 0f Computerised Accounting System
Accounting Application of Electronic Spreadsheet


    

Total Theory
    

40


    

 Project Work (Part -1)
    

10

 

Units
    

Term 2
    

Marks

Part A
    

Accounting for Not-For Profit Organisations
    

10

1
    

Accounting for Partnership Firm
    

12

2
    

Retirement And Death Of A Partner

3
    

Dissolution Of Partnership Firms

1
    

Company Accounts: Accounting For Debentures
    

08

Part B
    

Analysis of Financial Statement
    

 

    

Financial Statement of a Company
(i) Comparative And Common Size Statements
    

10


    

Cash Flow Statement


    

OR
    

 

    

Computerized Accounting
    

10


    

Using Computerised Accounting System
Database Management System


    

Total Theory
    

40


    

 Project Work (Part -2)
    

10


Term 1 Detailed syllabus - Chapter wise
Part A
Unit: Accounting for Partnership Firms Units/Topics

Partnership: features, Partnership Deed.
Provisions of the Indian Partnership Act 1932 in the absence of partnership deed.
Fixed v/s fluctuating capital accounts. Preparation of Profit and Loss Appropriation account- division of profit among partners, guarantee of profits.
Past adjustments (relating to interest on capital, interest on drawing, salary and profit sharing ratio).
Goodwill: nature, factors affecting and methods of valuation – average profit, super profit and capitalization.

Accounting for Partnership firms – Reconstitution

Change in the Profit Sharing Ratio among the existing partners – sacrificing ratio, gaining ratio, accounting for revaluation of assets and reassessment of liabilities and treatment of reserves and accumulated profits. Preparation of revaluation account and balance sheet.
Admission of a partner – effect of admission of a partner on change in the profit sharing ratio, treatment o goodwill (as per AS 26), treatment for revaluation of assets and reassessment of liabilities, treatment of reserves and accumulated profits.
Note: (i) The realized value of each asset must be given at the time of dissolution. (ii) In case, the realization expenses are borne by a partner, clear indication should be given regarding the payment thereof.


Unit-3 Accounting for Companies
Accounting for Share Capital

Share and share capital: nature and types.
Accounting for share capital: issue and allotment of equity and preferences shares. Public subscription of shares – over subscription and under subscription of shares; issue at par and at premium, calls in advance and arrears (excluding interest), issue of shares for consideration other than cash.
Concept of Private Placement and Employee Stock Option Plan (ESOP).
Accounting treatment of forfeiture and reissue of shares.
Disclosure of share capital in the Balance Sheet of a company.

Part B: Financial Statement Analysis
Unit: Analysis of Financial Statements


Financial statements of a Company: Statement of Profit and Loss and Balance Sheet in prescribed form with major headings and sub headings (as per Schedule III to the Companies Act, 2013)

Financial Statement Analysis: Objectives, importance and limitations.
Tools for Financial Statement Analysis: Comparative statements, common size statements, cash flow analysis, ratio analysis.
Accounting Ratios: Meaning, Objectives, classification and computation.
Liquidity Ratios: Current ratio and Quick ratio.
Solvency Ratios: Debt to Equity Ratio, Total Asset to Debt Ratio, Proprietary Ratio and Interest Coverage Ratio.
Activity Ratios: Inventory Turnover Ratio, Trade Receivables Turnover Ratio, Trade Payables Turnover Ratio and Working Capital Turnover Ratio.
Profitability Ratios: Gross Profit Ratio, Operating Ratio, Operating Profit Ratio, Net Profit Ratio and Return on Investment.
OR
Part B: Computerised Accounting
Unit: Computerised Accounting


Overview of Computerised Accounting System

Introduction: Application in Accounting.
Features of Computerised Accounting System.
Structure of CAS.
Software Packages: Generic; Specific; Tailored.
Accounting Application of Electronic Spreadsheet

Concept of electronic spreadsheet.
Features offered by electronic spreadsheet.
Application in generating accounting information – bank reconciliation statement; asset accounting; loan repayment of loan schedule, ratio analysis
Data representation- graphs, charts and diagrams.


Term 2 Detailed syllabus - Chapter wise
Part – A
Unit : Accounting for Not – For Profit Organisations


Not-for-profit organizations: concept.
Receipts and Payments Account: features and preparation.
Income and Expenditure Account: features, preparation of income and expenditure account and balance sheet from the given receipts and payments account with additional information.
Unit : Accounting for Partnership Firms

Accounting for Partnership firms – Reconstitution and Dissolution

Retirement and death of a partner: effect of retirement / death of a partner on change in profit sharing ratio, treatment of goodwill, treatment for revaluation of assets and reassessment of liabilities, adjustment of accumulated profits and reserves and preparation of balance sheet.
Calculation of deceased partner’s share of profit till the date of death.
Dissolution of a partnership firm: meaning of dissolution of partnership and partnership firm, types of dissolution of a firm. Settlementof accounts – preparation of realization account, and other related accounts: capitalaccounts of partners and cash/bank a/c (excluding piecemeal distribution, sale to a company and insolvency of partner(s)).
Unit – Accounting for Companies
Accounting for Debentures

Debentures: Issue of debentures at par, at a premium and at a discount. Issue of debentures for consideration other than cash; Issue of debentures with terms of redemption; debentures as collateral securityconcept, interest on debentures. Writing off discount / loss on issue of debentures.

Part – B:
Unit : Analysis of Financial Statements


Financial statements of a Company

Tools for Financial Statement Analysis: Comparative statements, common size statements.
Unit : Cash Flow Statement
Meaning, objectives and preparation (as perAS 3 (Revised) (Indirect Method only)
OR

Part B: Computerised Accounting
Unit : Computerised Accounting
Using Computerized Accounting System

Steps in installation of CAS, codification and Hierarchy of account heads, creation of accounts.
Data: Entry, validation and verification.
Adjusting entries, preparation of balance sheet, profit and loss account with closing entries and opening entries.
Need and security features of the system.
Database Management System (DBMS)

Concept and Features of DBMS.
DBMS in Business Application.
Generating Accounting Information – Payroll.

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