To Complete the syllabus of CBSE accounts class 12 within the last 3 months would require sheer determination and hard work. Let’s break down the entire syllabus to help you start this difficult yet interesting and challenging CBSE accounts class 12 preparations.
So, in class 12 accounts, we have basically 3 sub-divisions.
1. Partnership Accounts which contain 40 marks
2. Company Accounts + Non-Profit Organization containing 20 marks
3. Financial Accounts includes 20 marks
First unit holds most of the weightage of the subject. So, start with partnership accounts. Try understanding the basics first and then solve as many practical questions as you can. To boost your confidence, include previous year's questions too.
After completing the first unit of the partnership accounts, start with company Accounts and complete the NPO portion. This unit contains 2–3 main questions carrying 6–8 marks weightage. Company Accounts is no doubt a little tricky but if you solve all the examples, then you will get to know about the chapter more effectively.
Financial accounting is also quite an important and equally scary unit. Chapters like Accounting Ratios include basic Maths formulae thus you need to aim to complete other chapters of Financial Accounting as soon as possible and then focus on Cash Flow Statement.
This unit involves some important topics which you must cover:
For Partnership Accounts in CBSE accounts class 12
1. Fixed capital A/C and fluctuating capital A/C, Preparation of Profit and Loss Appropriation A/C.
2. Interest on Capital, Interest on Loan, Interest on Drawings etc.
3. Past Adjustments and Guarantee of Profit to a Partner.
4. Gaining Ratio and Sacrificing Ratio.
5. Change in Profit Sharing Ratio.
6. Methods of Valuation of Goodwill.
7. Accounting treatment of Goodwill.
8. Preparation of Revaluation A/C and Hidden Goodwill.
9. Questions on retirement and death of a partner.
10. Preparation of Realisation Account.
11. Practice a lot of questions on dissolution of firm.
12. For those extra marks you need to grasp the theoretical portions of each chapter.
For Company Accounts and NPO in CBSE accounts class 12
1. Concept of subscriptions, arrears, cost of materials consumed, etc.
2. Preparation of Income Expenditure Account, Opening Balance Sheet, and Closing Balance Sheet.
3. Journal entries for issue of shares at par, at premium. Oversubscription, under subscription, pro rata allotment of shares, forfeiture of shares, reissue of shares, etc.
4. Journal entries for debentures. Issue of debenture at par, at premium, at discount, at collateral security, other than cash.
5. Redemption of debentures.
6. Writing of discounts.
7. Theoretical part of each chapter.
For Financial Accounting in CBSE accounts class 12
1. Common size balance sheet and comparative statements.
2. Accounting Ratios.
3. Cash Flow Statement.
For CBSE accounts class 12, consistently working hard will surely get you higher marks and you’ll be able to complete the entire syllabus with efficiency. Practice a lot with sample question papers as they are the score boosters for exams.