Class 12 Accountancy NCERT Solutions
Accountancy is a subject that deals with the systematic study of recording and classifying and also maintaining reports on every transaction, business or otherwise. This record maintenance is very valuable as it gives important feedback to the management with regard to the financial situation of the institute. One of the best ways to prepare for 2nd PUC Accountancy is through NCERT Class 12 Solutions.
NCERT Accountancy book Class 12 Solutions are an incredible resource while preparing for CBSE Class 12 Accountancy exam. This examination material provides detailed information and solutions provided by the topic experts. NCERT Solutions for Class 12 Accountancy provide us with comprehensive information related to the chapter. Class 12 Accountancy study material is the simplest way for CBSE students to clear all doubts on the subject.
Topics Included in Class 12th Accountancy for Part 1 are as Follows:
This unit deals with the basics of partnership, including concepts of business transactions and maintenance of accounts.
Topics Included in Class 12th Accountancy for Part 2 are as Follows:
This unit basically talks about what financial statements are and how to read them. It covers interesting avenues like what a statement means for a company, its objectives, and analysis.
NCERT Solutions for Class 12 Accountancy Part 1 & 2
FAQs on CBSE Class 12 Accountancy NCERT Solutions 2022-23
1. What is Goodwill? Define Accounting for Goodwill.
Goodwill is an impalpable resource related to the acquisition of one organization by another. In particular, altruism is recorded in a circumstance in which the price tag is higher than the total of the reasonable estimation of all noticeable strong resources and impalpable resources. These resources are bought and the liabilities accepted simultaneously. The estimation of an organization's image name, strong client base, great client relations, great representative relations and any licenses or restrictive innovation speak to certain instances of altruism.
Goodwill emerges when an organization obtains another business. The honest assessment of the resources can be distinguished and the liabilities also get carried over due to purchases.
2. What is a Partnership and What is Partnership Deed?
A partnership is a sort of business where a conventional understanding between at least two individuals is made and consented to be the co-proprietors. They divide duties regarding running an association and offer the salary or misfortunes that the business produces. This type of association is archived in a report which is known as organization deeds. A partnership deed is an association and understanding between the accomplices of the firm which includes the terms and states of the association between the accomplices. The reason for an association deed is to give away from the functions of each accomplice which guarantees smooth running of the activities of the firm.
3. What are the topics covered in NCERT Class 12 Accountancy Part A?
The topics covered in NCERT Class 12 Accountancy Part A “Accounting for Non-profit Organizations, Partnership Firms and Companies” are :
Unit 1 - Financial statements of not-for-profit organizations
Unit 2 - Accounting for partnership firms
Unit 3 - Accounting for companies
These are the important topics covered in Part A. Students should familiarise themselves with all the terms given in these chapters thoroughly to understand the concepts and score good marks in the board exams.
4. What are the topics covered in NCERT Class 12 Accountancy Part B?
The topics covered in NCERT Class 12 Accountancy Part B are -
Accounting for share capital
Issue and redemption of debentures
Financial statements of a company
Cash flow statements
Both Part A and Part B of Class 12 NCERT Accountancy are important for students from the CBSE board exams point of view. Students must understand all the chapters well and revise the important concepts before the exam to score high in their board exams.
5. What is bookkeeping and how has it changed in recent times?
Bookkeeping has traditionally been restricted to financial bookkeeping exercises by the bookkeeper. However, as the exchange climate has changed, bookkeepers have now become capable of working in fine beginner development fields. Examples include online business, monetary arranging, ecological bookkeeping, scientific bookkeeping, PC hacking, etc. In today’s times, the role of a bookkeeper has changed from an endorser of exchanges to a delegate who equips the dynamic group with relevant information.
6. What is the topic-wise weightage of Class 12 NCERT Accountancy?
The mark wise distribution of the units of CBSE Class 12 Accountancy is as follows :
PART A - Accounting for Non-profit organizations - 60 marks
UNIT 1 - 10 marks
UNIT 2 - 30 marks
UNIT 3 - 20 marks
PART B - Financial statement analysis - 20 marks
UNIT 4 - 12 marks
UNIT 5 - Eight marks
Students can prepare their study strategy by understanding the mark distribution of each chapter and focus more on units having more weightage.
7. What is the best solution book for Class 12 NCERT Accountancy?
Vedantu’s NCERT solutions are the best solution book for Class 12 NCERT Accountancy. There are many reasons why the solutions offered by Vedantu are considered the best :
The solutions are prepared by a group of subject experts with several years of expertise.
It offers concise and credible study resources free of cost which makes studies easier for students. This helps students in preparing efficiently for the Board exams.
Both long and short-form answers are given, which can help students in preparing how to write answers in the board exams.
The solutions are provided on the Vedantu Mobile app as well, making them accessible from anywhere.