📒 Class 12 Accountancy
Complete Crash Revision | Board Exam Master Plan
Partnership + Company Accounts + Financial Statements + Cash Flow — Formats & Numericals
📖 CBSE & RBSE — Board Exam Ready!
🎯 Accountancy = Formats + Journal Entries + Practice! रोज़ 5 numericals = exam ready!
📖 Weightage: Part A (Partnership + Company) = 60 marks | Part B (Analysis / Computerised) = 20 marks
📖 Weightage: Part A (Partnership + Company) = 60 marks | Part B (Analysis / Computerised) = 20 marks
📊 Unit-wise Weightage — 80 marks
36
🤝 Partnership
Goodwill, Admission
Retirement, Dissolution
Ch.1-5
Goodwill, Admission
Retirement, Dissolution
Ch.1-5
24
🏢 Company A/c
Share, Debenture
Ch.6-8
Share, Debenture
Ch.6-8
20
📊 Analysis
Ratios, Cash Flow
Ch.9-11
Ratios, Cash Flow
Ch.9-11
🎯 Partnership alone = 36 marks! Goodwill + Admission + Retirement master करो!
🤝 Partnership Accounts — 36 marks
Ch.1: साझेदारी लेखांकन — आधारभूत अवधारणाएँ (Fundamentals)
Partnership Deed: लिखित समझौता — Profit sharing ratio, Capital, Salary, Interest, Drawings।
अगर Deed silent हो: Profit = Equal, Interest on Capital = 0%, Salary = ₹0, Interest on Drawings = 0%, Interest on Loan by Partner = 6% p.a.
अगर Deed silent हो: Profit = Equal, Interest on Capital = 0%, Salary = ₹0, Interest on Drawings = 0%, Interest on Loan by Partner = 6% p.a.
🔑 P&L Appropriation Account — Format:
- Dr. Side: Salary to Partners, Interest on Capital, Share of Profit
- Cr. Side: Net Profit (from P&L), Interest on Drawings
- ⚡ Rule: Salary & Interest on Capital = charge (P&L A/c) only if Deed में लिखा हो AND profit हो (unless deed says otherwise)
📝 Key Journal Entries:
Interest on Capital:
P&L Appropriation A/c Dr.
To Partner's Capital A/c
Interest on Drawings:
Partner's Capital A/c Dr.
To P&L Appropriation A/c
Partner's Salary:
P&L Appropriation A/c Dr.
To Partner's Capital A/c
Capital Accounts: Fixed (separate Current A/c) vs Fluctuating (all adjustments in Capital A/c)
Interest on Capital:
P&L Appropriation A/c Dr.
To Partner's Capital A/c
Interest on Drawings:
Partner's Capital A/c Dr.
To P&L Appropriation A/c
Partner's Salary:
P&L Appropriation A/c Dr.
To Partner's Capital A/c
Ch.2: ख्याति का मूल्यांकन (Goodwill Valuation) ⭐⭐
🔑 Goodwill — 3 Methods:
- 1. Average Profit Method: Goodwill = Average Profit × No. of years' purchase
Avg Profit = Total Profits / No. of years
(Abnormal items adjust करो — abnormal gain घटाओ, abnormal loss जोड़ो) - 2. Super Profit Method:
Normal Profit = Capital Employed × Normal Rate / 100
Super Profit = Actual Average Profit - Normal Profit
Goodwill = Super Profit × No. of years' purchase - 3. Capitalisation Method:
(a) Capitalisation of Super Profit: Goodwill = Super Profit × 100/Normal Rate
(b) Capitalisation of Average Profit: Capitalised Value = Avg Profit × 100/Normal Rate
Goodwill = Capitalised Value - Actual Capital Employed
⚡ Numerical Tip: "Capital Employed" = Total Assets - Outside Liabilities (3rd party)। Partners' Capital = NOT liability for this purpose। Abnormal items ALWAYS adjust करो!
Ch.3: साझेदार का प्रवेश (Admission of Partner) ⭐⭐ MOST IMPORTANT!
Admission = Goodwill + Revaluation + Capital Adjustment
🔑 Sacrificing Ratio:
- Sacrificing Ratio = Old Ratio - New Ratio
- New partner GAINS share, old partners SACRIFICE
- Example: A:B = 3:2, C admitted for 1/5 → C's share = 1/5, remaining = 4/5
A new = 3/5 × 4/5 = 12/25, B new = 2/5 × 4/5 = 8/25
A sacrifice = 3/5 - 12/25 = 3/25, B sacrifice = 2/5 - 8/25 = 2/25
📝 Journal Entries — Admission:
1. Goodwill (if C brings cash):
Cash/Bank A/c Dr.
To Premium for Goodwill A/c
Premium for Goodwill A/c Dr.
To Old Partners' Capital A/c (Sacrificing Ratio)
2. Revaluation — Increase in Asset:
Asset A/c Dr.
To Revaluation A/c
3. Revaluation — Increase in Liability:
Revaluation A/c Dr.
To Liability A/c
4. Revaluation Profit/Loss → Old Partners (Old Ratio)
5. Accumulated Profits (Reserve) → Old Partners (Old Ratio)
6. Capital Brought in by New Partner:
Cash/Bank A/c Dr.
To New Partner's Capital A/c
1. Goodwill (if C brings cash):
Cash/Bank A/c Dr.
To Premium for Goodwill A/c
Premium for Goodwill A/c Dr.
To Old Partners' Capital A/c (Sacrificing Ratio)
2. Revaluation — Increase in Asset:
Asset A/c Dr.
To Revaluation A/c
3. Revaluation — Increase in Liability:
Revaluation A/c Dr.
To Liability A/c
4. Revaluation Profit/Loss → Old Partners (Old Ratio)
5. Accumulated Profits (Reserve) → Old Partners (Old Ratio)
6. Capital Brought in by New Partner:
Cash/Bank A/c Dr.
To New Partner's Capital A/c
Ch.4: साझेदार की अवकाश-ग्रहण / मृत्यु (Retirement / Death) ⭐
🔑 Gaining Ratio:
- Gaining Ratio = New Ratio - Old Ratio
- Retiring partner's share is GAINED by remaining partners
- Goodwill of retiring partner → Debit remaining partners in Gaining Ratio
📝 Goodwill Entry — Retirement:
Remaining Partners' Capital A/c (Gaining Ratio) Dr.
To Retiring Partner's Capital A/c
Retiring Partner's Settlement:
Retiring Partner's Capital A/c Dr.
To Cash/Bank A/c (if paid fully)
To Retiring Partner's Loan A/c (if not paid)
Death: Same as retirement + Share of Profit till death date (proportionate) + JLP (Joint Life Policy / Insurance)
Remaining Partners' Capital A/c (Gaining Ratio) Dr.
To Retiring Partner's Capital A/c
Retiring Partner's Settlement:
Retiring Partner's Capital A/c Dr.
To Cash/Bank A/c (if paid fully)
To Retiring Partner's Loan A/c (if not paid)
Ch.5: साझेदारी फर्म का विघटन (Dissolution) ⭐
Dissolution vs Reconstitution: Dissolution = firm बंद | Reconstitution = firm continues (admission/retirement)
📋 Realisation Account Format:
Dr. Side: Assets (Book value) + Realisation Expenses + Liabilities paid (if excess)
Cr. Side: Liabilities (Book value) + Assets realised (cash received) + Assets taken by partner
Balance = Profit (Cr. excess) or Loss (Dr. excess) → transfer to Partners' Capital A/c in PSR
Dr. Side: Assets (Book value) + Realisation Expenses + Liabilities paid (if excess)
Cr. Side: Liabilities (Book value) + Assets realised (cash received) + Assets taken by partner
Balance = Profit (Cr. excess) or Loss (Dr. excess) → transfer to Partners' Capital A/c in PSR
📝 Key Entries — Dissolution:
1. Assets transfer to Realisation A/c:
Realisation A/c Dr.
To Various Assets A/c (all assets except Cash/Bank)
2. Liabilities transfer:
Various Liabilities A/c Dr.
To Realisation A/c (all liabilities except Partners' Capital/Loan)
3. Assets sold:
Cash/Bank A/c Dr.
To Realisation A/c
4. Liabilities paid:
Realisation A/c Dr.
To Cash/Bank A/c
5. Expenses:
Realisation A/c Dr.
To Cash/Bank A/c
6. Profit/Loss → Partners (PSR):
Realisation A/c Dr. (if profit)
To Partners' Capital A/c
1. Assets transfer to Realisation A/c:
Realisation A/c Dr.
To Various Assets A/c (all assets except Cash/Bank)
2. Liabilities transfer:
Various Liabilities A/c Dr.
To Realisation A/c (all liabilities except Partners' Capital/Loan)
3. Assets sold:
Cash/Bank A/c Dr.
To Realisation A/c
4. Liabilities paid:
Realisation A/c Dr.
To Cash/Bank A/c
5. Expenses:
Realisation A/c Dr.
To Cash/Bank A/c
6. Profit/Loss → Partners (PSR):
Realisation A/c Dr. (if profit)
To Partners' Capital A/c
⚡ Tip: Dissolution = Format-based! Realisation A/c + Partners' Capital A/c + Cash/Bank A/c — ये 3 accounts सही बना लो = 8/8 marks!
🏢 Company Accounts — 24 marks
Ch.6: अंशों का निर्गमन (Issue of Shares) ⭐
Share Capital Types: Authorised → Issued → Subscribed → Called-up → Paid-up
Issue at: Par (Face value) | Premium (above face) | Discount (below face — rare now)
Re-issue of Forfeited Shares: Can re-issue at discount (max discount = forfeited amount)
Balance in Forfeiture A/c after re-issue → Capital Reserve
Issue at: Par (Face value) | Premium (above face) | Discount (below face — rare now)
📝 Issue at Premium — Entries:
Application:
Bank A/c Dr.
To Share Application A/c
Allotment (with premium):
Share Allotment A/c Dr. (allotment + premium due)
To Share Capital A/c
To Securities Premium A/c
Calls:
Share Call A/c Dr.
To Share Capital A/c
Forfeiture: Non-payment → Cancel shares → Transfer paid amount to Share Forfeiture A/cApplication:
Bank A/c Dr.
To Share Application A/c
Allotment (with premium):
Share Allotment A/c Dr. (allotment + premium due)
To Share Capital A/c
To Securities Premium A/c
Calls:
Share Call A/c Dr.
To Share Capital A/c
Re-issue of Forfeited Shares: Can re-issue at discount (max discount = forfeited amount)
Balance in Forfeiture A/c after re-issue → Capital Reserve
⚡ Tip: Forfeiture + Re-issue = guaranteed 6-8 marks! Format: (1) Forfeiture entry (2) Re-issue entry (3) Capital Reserve entry।
Ch.7: ऋणपत्रों का निर्गमन (Issue of Debentures)
Debenture = Loan to company (creditor, not owner)। Fixed interest।
Issue at: Par, Premium, Discount
Redemption at: Par, Premium
Common Combinations:
• Issue at par, redeem at par (simplest)
• Issue at discount, redeem at par
• Issue at premium, redeem at par
• Issue at par, redeem at premium → Loss on Issue (Dr.)
• Issue at discount, redeem at premium → Highest Loss on Issue
Interest on Debentures: Fixed %, deducted TDS before payment
Writing off Discount/Loss: Against Securities Premium or P&L
Issue at: Par, Premium, Discount
Redemption at: Par, Premium
Common Combinations:
• Issue at par, redeem at par (simplest)
• Issue at discount, redeem at par
• Issue at premium, redeem at par
• Issue at par, redeem at premium → Loss on Issue (Dr.)
• Issue at discount, redeem at premium → Highest Loss on Issue
Interest on Debentures: Fixed %, deducted TDS before payment
Writing off Discount/Loss: Against Securities Premium or P&L
Ch.8: कम्पनी के वित्तीय विवरण (Financial Statements of Company)
Balance Sheet — Schedule III Format (Companies Act):
Equity & Liabilities: Shareholders' Funds (Share Capital + Reserves) + Non-current Liabilities (Long-term borrowings) + Current Liabilities (Trade payables, Short-term borrowings)
Assets: Non-current Assets (Fixed Assets + Investments) + Current Assets (Inventories, Trade receivables, Cash)
Statement of P&L: Revenue from Operations - Expenses = Profit Before Tax - Tax = Profit After Tax
Equity & Liabilities: Shareholders' Funds (Share Capital + Reserves) + Non-current Liabilities (Long-term borrowings) + Current Liabilities (Trade payables, Short-term borrowings)
Assets: Non-current Assets (Fixed Assets + Investments) + Current Assets (Inventories, Trade receivables, Cash)
Statement of P&L: Revenue from Operations - Expenses = Profit Before Tax - Tax = Profit After Tax
⚡ Tip: Schedule III format EXACTLY follow करो — headings + sub-headings सही होने चाहिए = 2-3 marks format के!
📊 Financial Statement Analysis — 20 marks (Part B Option 1)
Ch.9: वित्तीय विवरणों का विश्लेषण (Analysis) + Ch.10: अनुपात विश्लेषण (Ratio Analysis) ⭐
🔑 Important Ratios — Board Exam Favourites:
- Current Ratio = Current Assets / Current Liabilities (Ideal: 2:1)
- Quick/Liquid Ratio = (CA - Inventory - Prepaid) / CL (Ideal: 1:1)
- Debt-Equity Ratio = Long-term Debt / Shareholders' Funds (Ideal: 2:1)
- Proprietary Ratio = Shareholders' Funds / Total Assets
- Gross Profit Ratio = (Gross Profit / Revenue) × 100
- Net Profit Ratio = (Net Profit / Revenue) × 100
- Operating Ratio = (COGS + Operating Expenses) / Revenue × 100
- Operating Profit Ratio = (Operating Profit / Revenue) × 100
- Inventory Turnover = COGS / Average Inventory
- Trade Receivables Turnover = Net Credit Sales / Avg Trade Receivables
- Trade Payables Turnover = Net Credit Purchases / Avg Trade Payables
- Working Capital Turnover = Revenue / Working Capital
- Return on Investment = (Net Profit before Interest & Tax / Capital Employed) × 100
⚡ Categories:
Liquidity: Current Ratio, Quick Ratio
Solvency: Debt-Equity, Proprietary, Interest Coverage
Activity/Turnover: Inventory, Receivables, Payables, Working Capital
Profitability: GP Ratio, NP Ratio, Operating Ratio, ROI
Liquidity: Current Ratio, Quick Ratio
Solvency: Debt-Equity, Proprietary, Interest Coverage
Activity/Turnover: Inventory, Receivables, Payables, Working Capital
Profitability: GP Ratio, NP Ratio, Operating Ratio, ROI
Ch.11: नकदी प्रवाह विवरण (Cash Flow Statement) ⭐⭐
📋 Cash Flow Statement — 3 Activities:
A. Operating Activities: (Indirect Method)
Net Profit Before Tax
(+) Non-cash/Non-operating items: Depreciation, Goodwill written off, Loss on sale of asset, Interest paid (if financing), Dividend received (if investing)
(-) Non-cash/Non-operating: Profit on sale of asset, Interest/Dividend received (if investing)
= Operating Profit Before Working Capital Changes
(+/-) Working Capital changes: Increase in CL (+), Decrease in CL (-), Increase in CA (-), Decrease in CA (+)
(-) Tax paid
= Cash from Operating Activities
B. Investing Activities:
Purchase of fixed assets (-), Sale of fixed assets (+), Purchase of investments (-), Sale of investments (+), Interest/Dividend received (+)
= Cash from Investing Activities
C. Financing Activities:
Issue of shares/debentures (+), Redemption of shares/debentures (-), Long-term borrowing (+), Repayment (-), Dividend paid (-), Interest paid (-)
= Cash from Financing Activities
Net Change = A + B + C
Closing Cash = Opening Cash + Net Change
A. Operating Activities: (Indirect Method)
Net Profit Before Tax
(+) Non-cash/Non-operating items: Depreciation, Goodwill written off, Loss on sale of asset, Interest paid (if financing), Dividend received (if investing)
(-) Non-cash/Non-operating: Profit on sale of asset, Interest/Dividend received (if investing)
= Operating Profit Before Working Capital Changes
(+/-) Working Capital changes: Increase in CL (+), Decrease in CL (-), Increase in CA (-), Decrease in CA (+)
(-) Tax paid
= Cash from Operating Activities
B. Investing Activities:
Purchase of fixed assets (-), Sale of fixed assets (+), Purchase of investments (-), Sale of investments (+), Interest/Dividend received (+)
= Cash from Investing Activities
C. Financing Activities:
Issue of shares/debentures (+), Redemption of shares/debentures (-), Long-term borrowing (+), Repayment (-), Dividend paid (-), Interest paid (-)
= Cash from Financing Activities
Net Change = A + B + C
Closing Cash = Opening Cash + Net Change
⚡ Golden Rules:
• Current Asset ↑ = Cash ↓ (minus) | Current Asset ↓ = Cash ↑ (plus)
• Current Liability ↑ = Cash ↑ (plus) | Current Liability ↓ = Cash ↓ (minus)
• "Opposite effect" — Asset बढ़ा तो cash घटा, Liability बढ़ी तो cash बढ़ा!
• Depreciation = Non-cash → ADD BACK to profit
• Current Asset ↑ = Cash ↓ (minus) | Current Asset ↓ = Cash ↑ (plus)
• Current Liability ↑ = Cash ↑ (plus) | Current Liability ↓ = Cash ↓ (minus)
• "Opposite effect" — Asset बढ़ा तो cash घटा, Liability बढ़ी तो cash बढ़ा!
• Depreciation = Non-cash → ADD BACK to profit
📅 7-दिवसीय Crash Plan
Day 1-2 — Partnership Foundation (Ch.1-2)
Day 1: Ch.1 Fundamentals — P&L Appropriation A/c format, Interest on Capital/Drawings, Salary, Profit distribution। 3 numericals solve।
Day 2: Ch.2 Goodwill — 3 methods (Average, Super Profit, Capitalisation)। 5 numericals solve। ⭐ Most scoring!
Day 3-4 — Admission + Retirement/Death (Ch.3-4) ⭐ MOST IMPORTANT
Day 3: Ch.3 Admission — Sacrificing Ratio, Goodwill treatment, Revaluation A/c, Accumulated Profits, Capital adjustment। 4 full numericals।
Day 4: Ch.4 Retirement/Death — Gaining Ratio, Goodwill, JLP (Insurance), Settlement। 3 numericals + 1 Death question।
Day 5 — Dissolution + Company Accounts (Ch.5-7)
Morning: Ch.5 Dissolution — Realisation A/c format, all entries sequence। 2 numericals।
Evening: Ch.6-7 Shares & Debentures — Issue, Forfeiture, Re-issue entries। 3 numericals।
Day 6 — Financial Statements + Cash Flow (Ch.8-11)
Morning: Ratio Analysis — formulas रटो, 3 numericals solve।
Evening: Cash Flow Statement — format, Operating/Investing/Financing activities। 2 full Cash Flow problems।
📝 204 MCQ Test → | 📝 Top 50 MCQ →
📝 204 MCQ Test → | 📝 Top 50 MCQ →
Day 7 (EXAM से 1 दिन पहले) — Practice + Formats
Morning: Goodwill 2 numericals + Admission 1 full problem + Cash Flow 1 problem।
Afternoon: All formats revise — P&L Appropriation, Realisation A/c, Balance Sheet, Cash Flow।
10 PM: 😴 सो जाओ! Calculator check (if allowed) + Blue pen + Admit Card ready!
🎯 Exam Day Strategy
📋 Attempt Order: MCQs → Cash Flow (format based) → Dissolution (format) → Goodwill/Admission → Shares → Ratios
📝 Show Working Notes: Sacrificing/Gaining Ratio, Goodwill calculation, Revaluation — Working Notes = 2-3 marks!
📊 Formats: सही format = 2-3 marks free — headings + columns + totals match करो
✍️ Neatness: Accounts clear बनाओ, lines draw करो, totals double-underline
⚠️ Common Mistakes: (1) Ratio गलत (2) Revaluation Old ratio में बाँटा instead of new (3) +C forgot in Cash Flow
📚 सम्पूर्ण Study Material
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📝 Top 50 Important MCQs
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📊 Economics |
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❓ FAQ
Q: Accountancy exam pattern?
Part A = 60 marks (Partnership 36 + Company 24) | Part B = 20 marks (Analysis OR Computerised)। Total 80 marks।
Q: सबसे important chapters?
Goodwill + Admission (15 marks), Retirement (10), Dissolution (8), Shares (8), Cash Flow (8) = 49 marks!
Q: Goodwill methods कितने?
3: Average Profit × Years' purchase | Super Profit × Years' purchase | Capitalisation (Super Profit × 100/Normal Rate)।
Q: Cash Flow कैसे बनाएँ?
3 Activities: Operating (Indirect — profit + adjustments + WC changes) + Investing (assets buy/sell) + Financing (shares/loans/dividends)।
Q: Sacrificing vs Gaining Ratio?
Sacrificing = Old - New (Admission में) | Gaining = New - Old (Retirement में)।
Q: Pass marks strategy?
Dissolution format (8) + Share Issue basic (6) + Cash Flow format (6) + Goodwill (6) + Admission entries (6) = 32+ marks!
📢 Accountancy Board Exam — दोस्तों को भेजो!
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