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NCERT Solutions for Class 12 Accountancy 2024-25

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Last updated date: 15th Jul 2024
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NCERT Class 12 Accountancy Solutions (Accountancy - Part I and II) - FREE PDF Download

NCERT Solutions for Class 12, Accountancy textbook is divided into two sections, each covering a different component of the course topic and also providing complete answers that help students comprehend important accountancy ideas. Accountancy covers topics including cash flow analysis, partnership firms, and financial accounts, which are meant to simplify the learning process. NCERT Class 12 Accountancy solutions are valuable for studying for examinations and building a strong foundation in accountancy.

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Table of Content
1. NCERT Class 12 Accountancy Solutions (Accountancy - Part I and II) - FREE PDF Download
2. NCERT Solutions for Accountancy Class 12 Chapter-wise Links - Download the FREE PDF
3. Quick Overview of NCERT Solutions Accountancy Class 12
4. NCERT Solutions for Accountancy Class 12: Chapter Details, Concepts, and Important Links (Part 1)
    4.1Chapter 1: Accounting for Partnership Firms: Basic Concepts
    4.2Chapter 2: Reconstitution of a Partnership Firm: Admission of a Partner
    4.3Chapter 3: Reconstitution of a Partnership Firm: Retirement / Death of a Partner
    4.4Chapter 4: Dissolution of Partnership Firm
5. NCERT Solutions for Accountancy Class 12: Chapter Details, Concepts, and Important Links (Part 2)
    5.1Chapter 1: Accounting for Share Capital
    5.2Chapter 2: Issue and Redemption of Debentures
    5.3Chapter 3: Financial Statements of a Company
    5.4Chapter 4: Analysis of Financial Statements
    5.5Chapter 5: Accounting Ratios
    5.6Chapter 6: Cash Flow Statements
6. Benefits of Referring to Vedantu’s NCERT Solutions for Class 12 Accountancy (Part I and II)
7. Related Important Links for Class 12 Accountancy
FAQs


Students can practise Accountancy Class 12 by answering different kinds of questions and improving how they can analyse these solutions. Students may develop their ability to solve problems and take their board exams with confidence by using the CBSE Class 12 Accountancy Syllabus.


NCERT Solutions for Accountancy Class 12 Chapter-wise Links - Download the FREE PDF

Chapters Included in Class 12th Accountancy for Part 1 are as follows:




The following Chapters have been removed from Accountancy NCERT Class 12 for the Academic year 2024-25


  • Accounting for Not-For-Profit Organisation


Chapters Included in Class 12th Accountancy for Part 2 are as follows:




Below is the pictorial representation of the NCERT Accountancy Class 12 Syllabus for better understanding.


NCERT Accountancy Class 12 Syllabus


Quick Overview of NCERT Solutions Accountancy Class 12

  • NCERT Class 12 Accountancy Solutions offers comprehensive coverage with 10 chapters. These chapters are divided into two parts:

  • Part I focuses on Accounting for Partnership Firms and Companies.

  • Part II is dedicated to Financial Statement Analysis.

  • Accountancy teaches how to manage and record finances for non-profit organisations.

  • Learn the basics of partnership accounting, including how to handle changes when new partners join or old partners leave.

  • Class 12 Accountancy covers how to record share capital transactions and manage debentures.

  • Study how to prepare and present financial statements for companies.

  • Learn to analyse financial statements using various tools and techniques, such as accounting ratios.

  • Understand how to prepare and interpret cash flow statements to track a company's cash movements.

  • This subject teaches the accounting processes involved in dissolving partnerships and reconstituting firms.

Chapter 1: Accounting for Partnership Firms: Basic Concepts

  • NCERT Class 12 Accountancy Solutions of Chapter 1, Accounting in Partnership Firms has basic concepts that teach the fundamentals of partnership accounting. 

  • It teaches how to manage capital accounts, distribute revenue and losses, and handle partnership changes. 

  • The chapter discusses how to calculate interest on capital, interest on draws, and partner payment. 

  • It also explains how to revalue assets and liabilities when a new partner enters or an old partner leaves. 

  • Understanding these fundamentals helps in maintaining accurate and balanced partnership management of all partners.


Important Topics Covered in Chapter 1: Accounting for Partnership Firms: Basic Concepts

  • Capital Accounts

  • Profit and Loss Sharing

  • Interest on Capital

  • Interest on Drawings

  • Partner Salaries

  • Admission of a New Partner

  • Retirement/Death of a Partner

  • Revaluation of Assets and Liabilities


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

  • Chapter 2: Reconstitution of Partnership Firms contains Admissions of a Partner describes what happens when a new partner joins the company. 

  • It includes altering the existing partner's capital accounts, calculating the new profit-sharing ratio, and revaluing assets and liabilities. 

  • The chapter also discusses how to deal with goodwill, whether it gets increased or cancelled. 

  • Understanding this chapter is important for managing financial changes and maintaining accurate records when a new partner is accepted, allowing the business to move smoothly.


Important Topics Covered in Chapter 2: Reconstitution of a Partnership Firm: Admission of a Partner

  • Adjusting existing partners' capital accounts

  • Calculating the new profit-sharing ratio

  • Revaluing assets and liabilities

  • Treatment of goodwill (raising or writing off)

  • Calculation of new capital contributions

  • Adjustments for accumulated profits and losses

  • Accounting entries for admission of a new partner


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

  • Chapter 4: Reconstruction of a Partnership Firm is Retirement/Death of a Partner focuses on the changes that are required when a partner retires or dies.

  • It refers to the revaluation of assets and liabilities. This chapter describes how to calculate and distribute the retirement or deceased partner's share.

  • It also deals with goodwill adjustment and payment settlement.

  • Students learn about variations in profit-sharing ratios between the remaining partners.

  • These concepts support smooth transitions and fair settlements within the partnership firm.

  • Understanding these processes is important for maintaining the financial health of the company.


Important Topics Covered in Chapter 3: Reconstitution of a Partnership Firm: Retirement / Death of a Partner

  • Adjustments to Capital Accounts

  • Revaluation of Assets and Liabilities

  • Calculation and Distribution of Goodwill

  • Settlement of Retiring/Deceased Partner’s Dues

  • Adjustments in Profit Sharing Ratio

  • Preparation of Reconstituted Balance Sheet

  • Treatment of Reserves and Accumulated Profits

  • Accounting for Joint Life Policy


Chapter 4: Dissolution of Partnership Firm

  • NCERT Class 12 Accountancy Solutions of Chapter 4, Dissolution of Partnership covers how to discontinue the partnership business. 

  • It includes settling accounts and dividing property among partners. The chapter teaches how to handle responsibilities, pay off debts, and properly distribute remaining assets. 

  • It also addresses how to deal with any financial losses or gains generated during the divorce. 

  • It also explores the legal requirements and formalities for terminating a partnership. 

  • This chapter is important for understanding how to close a partnership firm and address all financial issues correctly.


Important Topics Covered in Chapter 4: Dissolution of Partnership Firm

  • Settlement of accounts

  • Distribution of assets among partners

  • Handling liabilities and paying off debts

  • Dealing with losses or gains during dissolution

  • Legal requirements and formalities for dissolution

  • Realisation account

  • Partner's capital accounts during dissolution


NCERT Solutions for Accountancy Class 12: Chapter Details, Concepts, and Important Links (Part 2)

Chapter 1: Accounting for Share Capital

  • Chapter 1: Accounting for Share Capital covers the basics of share capital and its importance in a company. 

  • This chapter describes the various kinds of shares, including equity and preference shares, as well as how they are issued. 

  • It discusses the accounting procedures for issuing shares at average, premium, and discount. 

  • It also covers the concepts of oversubscription and under-subscription of shares.

  • The chapter also discusses the financial view of calls in backlog and calls in advance. 

  • Overall, this chapter provides an excellent overview of how companies raise money through shares, as well as the financial records involved.


Important Topics Covered in Chapter 1: Accounting for Share Capital

  • Types of shares: Equity and Preference

  • Issuing shares at par, premium, and discount

  • Over-subscription and under-subscription of shares

  • Accounting treatment for calls in arrears and calls in advance

  • Journal entries for issuing shares


Chapter 2: Issue and Redemption of Debentures

  • NCERT Class 12 Accountancy Solutions of Chapter 2, Issue and Redemption of Debentures, explains how companies raise money by offering debentures. 

  • It covers the different types of debentures and their features. 

  • This chapter covers accounting for issuing debentures at the standard, premium, or discount. 

  • It also describes how companies redeem debentures, whether in a single payment, in instalments, or by buying them back on the market. 

  • Additionally, it includes how to record interest on debentures in the accounts.

  • This chapter helps in understanding the entire process of managing debentures in a company's financial records.


Important Topics Covered in Chapter 2: Issue and Redemption of Debentures

  • Types of debentures and their features

  • Issuing debentures at par, premium, and discount

  • Methods of redeeming debentures (lump sum, instalments, market purchase)

  • Accounting entries for issue and redemption

  • Interest on debentures and its accounting treatment

  • Conditions and provisions related to debenture issuance and redemption


Chapter 3: Financial Statements of a Company

  • Chapter 3: Financial Statements of a Company explains how to prepare and present a company's financial statements. 

  • It covers the balance sheet and income statement, showing what they include and why they are important. 

  • Students learn how to record and summarise financial data accurately. 

  • This chapter also discusses adjustments, rules, and reservations, which are necessary for proper reporting of earnings. 

  • By studying this chapter, students can understand and analyse a company's financial health. 

  • It provides the fundamental skills required for creating clear and accurate financial statements for effective business management.


Important Topics Covered in Chapter 3: Financial Statements of a Company

  • Balance Sheet

  • Income Statement

  • Adjustments

  • Provisions

  • Reserves

  • Financial Reporting


Chapter 4: Analysis of Financial Statements

  • Chapter 4: Financial Statement Analysis explains how to study financial statements to understand a company's performance better. 

  • It focuses on the value of evaluating financial data and provides several resources and methods such as ratios, trends, and comparative statements. 

  • These methods help in making sound decisions related to a company's health.

  • This chapter teaches students how to properly evaluate balance sheets and income statements properly, and assess a company's profitability, availability, and bankruptcy. 

  • This information is required for anyone choosing jobs in finance or business.


Important Topics Covered in Chapter 4: Analysis of Financial Statements

  • Tools for financial analysis

  • Comparative financial statements

  • Common-size financial statements


Chapter 5: Accounting Ratios

  • NCERT Class 12 Accountancy Solutions of Chapter 5, Accounting Ratios teaches the basics of accounting ratios and why they are important.

  • It shows how to calculate different types of ratios, like liquidity, solvency, and profitability ratios.

  • These ratios help understand how well a business is doing.

  • The chapter includes formulas for each ratio and explains how to use them.

  • There are real-life examples and practice problems to help learn.

  • Knowing these ratios is important for making good financial decisions and checking how a business is performing.

  • This chapter is helpful for anyone interested in finance or business management.


Important Topics Covered in Chapter 5: Accounting Ratios

  • Current Ratio

  • Quick Ratio

  • Debt to Equity Ratio

  • Gross Profit Ratio

  • Net Profit Ratio

  • Return on Investment (ROI)

  • Inventory Turnover Ratio

  • Importance and Uses of Accounting Ratios


Chapter 6: Cash Flow Statements

  • Chapter 6: Cash Flow Statements explains how to track the money a business receives and spends.

  • It teaches how to create a cash flow statement, showing cash inflows and outflows over a period.

  • This chapter highlights the importance of cash flow statements for understanding a business's financial health.

  • It breaks down cash flows into operating, investing, and financing activities.

  • You'll learn different methods to prepare cash flow statements, helping to see how businesses manage their cash.

  • This chapter focuses on the role of cash flow in making smart financial decisions.


Important Topics Covered in Chapter 6: Cash Flow Statements

  • Definition and purpose of cash flow statements

  • Classification of cash flows: operating, investing, and financing activities

  • Direct and indirect methods of preparing cash flow statements

  • Steps to create a cash flow statement

  • Analysis and interpretation of cash flow statements

  • Importance of cash flow statements in financial decision-making


Benefits of Referring to Vedantu’s NCERT Solutions for Class 12 Accountancy (Part I and II)

  • Vedantu's NCERT Solutions for Class 12 Accountancy (Accountancy - Parts I and II) provide clear and detailed explanations for each topic, allowing students to learn difficult accounting concepts more successfully.

  • These solutions cover all of the textbook's important parts and problems, making them perfect for whole exam preparation.

  • The step-by-step method makes it easier for students to learn and apply methods for problem-solving.

  • Students who practise these solutions can improve their speed and clarity, which helps to manage time during exams.

  • These solutions successfully handle the confusion that students may experience, while creating a complete understanding of financial concepts.

  • Regular practice with Vedantu's NCERT Solutions for Class 12 Accountancy improves students' confidence while properly preparing them for their exams.


NCERT Class 12 Accountancy Solutions for 2024-25 are great resources for learning for students. They provide step-by-step answers to accountancy questions, making it easy to understand topics such as financial statements, partnership accounting, and cash flow analysis. Using these solutions, students can improve their capacity to solve problems and develop a basic understanding of accountancy. This will help students perform well on examinations and prepare for future studies in finance and business. Overall, these answers are important to success in Class 12 Accountancy.


Related Important Links for Class 12 Accountancy

Along with this, students can also download additional study materials provided by Vedantu for CBSE Class 12 Accountancy –


FAQs on NCERT Solutions for Class 12 Accountancy 2024-25

1. How to get 100 marks in Accounts Class 12?

Aim for a perfect score by deeply understanding concepts, not just memorising. Regularly practise solving numerical problems and revise theoretical concepts using NCERT Solutions and past papers to grasp exam patterns.

2. Is Accounts Class 12 accounts paper difficult?

The difficulty depends on your preparation and understanding. With thorough study and practise using resources like NCERT Solutions, you can effectively manage the exam. Focus on mastering each chapter to boost confidence.

3. Is Class 12 Accountancy NCERT Solutions hard?

It can be challenging due to its numerical and conceptual depth. However, consistent effort and using study aids like NCERT Solutions and teacher guidance can help you succeed. Practice problem-solving and grasp fundamental principles to overcome difficulties.

4. Which is the hardest chapter in Class 12 Accountancy NCERT Solutions?

The hardest chapter varies, but topics like cash flow statements or partnership accounting can be challenging due to technical aspects and calculations. Practice and understanding using NCERT Solutions can simplify these chapters.

5. Which topics are deleted from Class 12 Accountancy NCERT Solutions?

As of recent updates, specific topics may be revised or updated, there are no deleted topics but it's essential to consult the latest curriculum or NCERT guidelines for accurate information.

6. How many subjects are there in Class 12 Accountancy NCERT Solutions?

Accountancy typically covers various subjects such as financial accounting, cost accounting, management accounting, and auditing, each focusing on different aspects of financial management and reporting.

7. How many books are there in Class 12 Accountancy NCERT Solutions?

Generally, students use textbooks prescribed by the educational board, accompanied by supplementary study materials like workbooks or guides to enhance understanding and practice.

8. How many hours should I study accountancy class 12?

Allocate sufficient study time based on personal learning pace and workload. Aim for consistent daily or weekly study sessions, focusing on understanding concepts thoroughly rather than just completing hours.

9. What are the branches of accounting?

Branches of accounting include financial accounting, which deals with preparing financial statements; management accounting, focusing on internal decision-making; cost accounting, analysing costs; and auditing, ensuring accuracy in financial records through examination.

10. Are the NCERT Solutions for Accountancy Class 12 Question And Answer available for FREE?

Yes, the NCERT Solutions for Accounts Class 12 are available for free download in PDF format. This allows students to access the solutions anytime and anywhere without any cost. The free availability ensures that all students can take advantage of these resources, regardless of their financial situation.

11. Who prepares the NCERT Solutions for Accountancy Class 12 Question And Answer?

Accounts Class 12 solutions are prepared by experienced teachers and subject experts who are well-versed with the curriculum and exam requirements. They ensure that the solutions are accurate, comprehensive, and easy to understand. Their expertise helps in creating high-quality educational material that benefits students.

12. Can I rely on NCERT Solutions for Accountancy Class 12 Question And Answer for my board exams?

Yes, you can rely on these solutions for your board exams. They are designed to align with the NCERT Accounts Class 12 curriculum and cover all important topics and questions likely to appear in the exams. Using these solutions as a study guide can help you build a solid foundation in accountancy and be well-prepared for your exams.

13. How does the NCERT Solutions Accountancy Class 12 Question And Answer help in understanding difficult topics?

The NCERT Solutions Accounts Class 12 simplifies complex accounting problems by breaking them down into easy-to-understand steps. Each solution is explained in detail, making it easier for students to grasp challenging topics. This approach helps clarify doubts and reinforces learning, enabling students to tackle difficult problems confidently.