NCERT Solutionss Logo
  1. Home
  2. NCERT Solutions
  3. Class 12 (english)
  4. Accountancy

Download NCERT Solutions for Class 12 Accountancy: Chapter-wise Detailed Guide

Accountancy is one of the most important subjects for commerce students in Class 12. It equips you with essential knowledge of financial concepts, laying the foundation for careers in business, accounting, and finance. To help students excel in their exams, NCERT provides a structured textbook covering all core topics. Here’s a comprehensive guide to NCERT solutions for Class 12 Accountancy, covering every chapter in detail.

Links for Chapter-wise Download NCERT Solution for Class 12 Accountancy in english Language

Here we have provided NCERT Solution for Class 12 Accountancy in english Language, Just select the chapters below to get solution of the same:

Accounting For Not For Profit Organization

Accounting for Partnership

Admission of a Partner

RetirementDeath of a Partner

Dissolution of Partnership Firm

Accounting for Share Capital

Issue and Redemption of Debentures

Financial Statements of a Company

Analysis of Financial Statements

Accounting Ratios

Cash Flow Statement

Chapter 1: Accounting for Not-for-Profit Organisations

Not-for-Profit Organisations (NPOs) focus on serving a cause rather than generating profits. The accounting principles for NPOs differ from those of profit-oriented entities, and understanding these distinctions is essential.

Key Topics Covered:

  1. Receipts and Payments Account: Summarises all cash and bank transactions without distinguishing between capital and revenue items.
  2. Income and Expenditure Account: Records revenue-based transactions to calculate surplus or deficit.
  3. Balance Sheet: Shows the organisation's financial position, listing assets and liabilities.

Important Adjustments:

  • Subscription Income: Includes outstanding and advance subscriptions for accurate reporting.
  • Donations: Differentiates between general and specific donations.
  • Legacy Funds: Proper accounting for endowments or funds received through wills.

Detailed examples of these concepts help clarify how NPOs manage their finances. Refer to the NCERT solution for this chapter for step-by-step explanations and practice problems.

Chapter 2: Accounting for Partnership Firms – Basic Concepts

Partnerships play a vital role in the business landscape. This chapter introduces the foundational accounting concepts for partnership firms.

Key Topics Covered:

  1. Partnership Deed: An agreement defining the terms and conditions between partners.
  2. Capital Accounts: Maintaining Fixed and Fluctuating Capital Accounts for each partner.
  3. Profit and Loss Appropriation Account: Allocates net profit among partners after adjustments like interest on capital or drawings.

Adjustments to Master:

  • Interest on Drawings: Calculating and deducting interest on withdrawals by partners.
  • Salary and Commission: Additional remuneration for partners’ contributions to the firm.

For hands-on practice, NCERT solutions include practical questions to refine your understanding.

Chapter 3: Reconstitution of a Partnership Firm – Admission of a Partner

This chapter explains the changes in accounting when a new partner joins the firm. It involves adjustments to ensure fairness among all partners.

Key Topics Covered:

  1. New Profit Sharing Ratio: Determining how profits and losses will be shared after admission.
  2. Goodwill Treatment: Adjusting goodwill to compensate existing partners for their sacrifice.
  3. Revaluation of Assets and Liabilities: Updating asset and liability values to reflect their current worth.

Practical examples of goodwill calculations, revaluation accounts, and profit-sharing adjustments are explained in the NCERT solutions.

Chapter 4: Reconstitution of a Partnership Firm – Retirement/Death of a Partner

The retirement or death of a partner brings significant changes to a partnership firm. This chapter deals with the adjustments required during these events.

Key Topics Covered:

  1. Gaining Ratio: Determines how the remaining partners share the outgoing partner’s profit share.
  2. Settlement of Accounts: Includes calculating and paying the retiring partner’s due share.
  3. Goodwill Adjustment: Ensures fair compensation for the outgoing partner's contribution to goodwill.

Real-life scenarios and solved examples make this chapter easier to understand.

Chapter 5: Dissolution of Partnership Firm

Dissolution marks the end of a partnership firm, requiring proper settlement of accounts.

Key Steps in Dissolution:

  1. Realisation Account: Created to record the sale of assets and repayment of liabilities.
  2. Settlement of Liabilities: Clearing all external and partner loans before distributing the remaining funds.
  3. Final Settlement: Dividing residual amounts among partners based on their capital accounts.

This chapter ensures that you master the entire process of winding up a partnership firm.

Chapter 6: Accounting for Share Capital

Moving into corporate accounting, this chapter deals with the basics of share capital.

Key Topics Covered:

  1. Types of Shares: Equity shares and preference shares.
  2. Issue and Allotment: Recording the process of issuing shares to investors.
  3. Over and Under Subscription: Managing scenarios where shares are oversubscribed or undersubscribed.

This chapter serves as a foundation for understanding corporate finance.

Chapter 7: Accounting for Debentures

This chapter explains the accounting principles for issuing and managing debentures, a common source of corporate finance.

Key Topics Covered:

  1. Types of Debentures: Secured, unsecured, redeemable, and irredeemable.
  2. Issue and Redemption: Accounting for the issue price, interest payments, and redemption.
  3. Discounts and Premiums: Handling cases of debenture issuance at a discount or premium.

Why These NCERT Solutions are Essential

  • Clear Explanations: Each topic is broken down into simple language for better understanding.
  • Step-by-Step Solutions: Every problem is solved systematically to enhance clarity.
  • Aligned with Curriculum: Fully compliant with the latest NCERT syllabus.

With this guide, students can confidently tackle even the most challenging problems in Class 12 Accountancy.

FAQs

Q1: Why are NCERT solutions important for Class 12 Accountancy?
NCERT solutions provide accurate and structured answers, helping students strengthen their conceptual understanding and score well in exams.

Q2: How can I effectively use NCERT solutions for preparation?
Start by understanding the theory behind each chapter, then practice the solved examples and attempt the exercises on your own.

Q3: Are these solutions sufficient for board exams?
Yes, NCERT solutions cover the entire syllabus and are aligned with the exam pattern, making them sufficient for thorough preparation.

Share a Word about Us

Facebook Twitter Whatsapp

;