Class 12 Accountancy Syllabus 2024-25

Overview: Dive into this comprehensive guide for the CBSE and ICSE Accountancy Syllabus for 2024-25, and start preparing for the Class 12 Accountancy exam.

Accountancy is a mandatory subject in the Commerce stream. This year, the CBSE and ICSE boards have reduced the syllabus due to certain circumstances. So, this post provides the detailed Class 12 Accountancy Syllabus 2024-25 PDF for both CBSE and ICSE Boards.

Preparing for Class 12 Commerce Subjects is one of the significant concerns and reasons for worry among many students. The first step towards doing insanely well in the Class 12th Accountancy exam starts with understanding the syllabus thoroughly.

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Class 12 Accountancy Syllabus

In the article, we will discuss the ISC Class 12th Accountancy Syllabus and CBSE Class 12 Accountancy Syllabus. The focus of the content will be educating students about the recent changes in Accountancy under the Class 12 Commerce Syllabus following the recent announcement of National Education Policy.

CBSE Class 12 Accountancy Exam Pattern 2025

Let us look at the table below to know the detailed exam pattern of the CBSE.

Units	Topic	Marks
Part A	Accounting for Partnership Firms and Companies
	Unit 1. Accounting for Partnership Firms	36
	Unit 2. Accounting for Companies	24
Total		60
Part B	Financial Statement Analysis
	Unit 3. Analysis of Financial Statements	12
	Unit 4. Cash Flow Statement	08
Total		20
OR
Part B	Computerized Accounting
	Unit 4. Computerized Accounting	20
Part C	Project Work
	Project File	12
	Viva Voce	8
Total		20

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CBSE Class 12 Accountancy Syllabus 2024-25

Candidates can go through the detailed accountancy syllabus for CBSE and plan their preparation accordingly for the exam.

CBSE Class 12 Accountancy Revised Syllabus

The revised CBSE Class 12 Syllabus consists of Part A and Part B. Check the detailed syllabus of parts A and B from the post below.

Part A: Accounting for Not-for-Profit Organisations, Partnership Firms, and Companies

Unit 1: Accounting for Partnership Firms

• Partnership: features, Partnership Deed.
• Provisions of the Indian Partnership Act 1932 in the absence of a partnership deed.
• Fixed v/s fluctuating capital accounts. Preparation of Profit and Loss Appropriation account-division of profit among partners, a guarantee of profits.
• Past adjustments (relating to interest on capital, interest on drawing, salary, and profit-sharing ratio.
• Goodwill: nature, factors affecting, and valuation methods - average profit, super profit, and capitalization.

Unit 2: Accounting for Partnership Firms – Reconstitution and Dissolution.

Change in the Profit Sharing Ratio among the existing partners – sacrificing ratio, gaining ratio, accounting for revaluation of assets and reassessment of liabilities; treatment of reserves and accumulated profits; Preparation of revaluation account and balance sheet; Admission of a partner.

• Effect of admission of a partner on change in the profit-sharing ratio, treatment of goodwill (as per AS 26),
• Treatment for revaluation of assets
• Reassessment of liabilities,
• Treatment of reserves and accumulated profits,
• Adjustment of capital accounts and preparation of balance sheet.

Retirement and death of a partner:

• Effect of retirement/death of a partner on change in profit sharing ratio,
• Treatment of goodwill (as per AS 26),
• Treatment for revaluation of assets and reassessment of liabilities,
• Adjustment of accumulated profits and reserves,
• Adjustment of capital accounts and preparation of balance sheet.
• Preparation of loan account of the retiring partner.

Calculation of the deceased partner’s share of profit till the date of death.

• Preparation of the deceased partner’s capital account and his executor’s account.

Dissolution of a partnership firm:

• Meaning of dissolution of partnership and partnership firm,
• Types of dissolution of a firm.
• Settlement of accounts - preparation of realization account, and other related accounts:
• Capital accounts of partners and cash/bank a/c (excluding piecemeal distribution, sale to a company and insolvency of partner(s)).

Unit 3: Accounting for Companies

Accounting for Share Capital

• Share and share capital: nature and types.
• Accounting for share capital: issue and allotment of equity and preference shares; Public subscription of shares – oversubscription of shares; under subscription of shares; the issue at par and at a premium; calls in advance and arrears (excluding interest); the issue of shares for consideration other than cash.
• Concept of Private Placement and Employee Stock Option Plan (ESOP).
• Accounting treatment of forfeiture and reissue of shares.
• Disclosure of share capital in the Balance Sheet of a company. Accounting for Debentures
• Debentures: Issue of debentures at par, at a premium, and at a discount; Issue of debentures for consideration other than cash; Issue of debentures with terms of redemption; debentures as collateral security concept; interest on debentures; Writing off discount/loss on the issue of debentures.

Part B: Financial Statement Analysis

Unit 4: Analysis of Financial Statements

Financial statements of a Company: Statement of Profit and Loss and Balance Sheet in the prescribed form with major headings and subheadings (as per Schedule III to the Companies Act, 2013)
Note: Exceptional items, extraordinary items, and profit (loss) from discontinued operations are excluded.

• Financial Statement Analysis: Objectives, importance, and limitations.
• Tools for Financial Statement Analysis: Comparative statements, common-size statements, cash flow analysis, ratio analysis.
• Accounting Ratios: Meaning, Objectives, classification
• Liquidity Ratios: Current ratio; Quick ratio.
• Solvency Ratios: Debt-to-Equity Ratio, Total asset-to-debt ratio, Proprietary Ratio, and Interest-Coverage Ratio.
• Activity Ratios: Inventory Turnover Ratio, Trade Receivables Turnover Ratio, Trade Payables Turnover Ratio; Working Capital Turnover Ratio.
• Profitability Ratios: Gross Profit Ratio, Operating Ratio, Operating Profit Ratio, Net Profit Ratio, Return on Investment. (ROI)

Unit 5: Cash Flow Statement

• Meaning,
• objectives and
• preparation

Part B: Computerized Accounting

Unit 3: Computerized Accounting

Overview of Computerised Accounting System

• Introduction: Application in Accounting
• Features of Computerised Accounting System
• Structure of CAS
• Software Packages: Generic, Specific; Tailored- Accounting Application of Electronic Spreadsheet
• Concept of electronic spreadsheet
• Features offered by electronic spreadsheet
• Application in generating accounting information - bank reconciliation statement, asset accounting, loan repayment of loan schedule, ratio analysis
• Data representation- graphs, charts, and diagrams. Using a Computerized Accounting System
• Steps in installing CAS, codification, hierarchy of account heads, and creation of accounts data. Entry validation and verification
• Adjusting entries, preparation of balance sheet, profit, and loss account with closing entries and opening entries
• Need and security features of the system.

Class 12 Accountancy ICSE

Class XII Exam Pattern for ISC Accountancy in CISCE

Unit	Total Weightage
SECTION A: 60 Marks
Partnership Accounts
A. Fundamentals of Partnership	11 marks
B. Goodwill	15 marks
C. Reconstitution of Partnership
I. Admission
II. Retirement and Death of a Partner
III. Dissolution of a Partnership Firm	8 marks
Joint Stock Company Accounts
A. Issue of Shares	11 marks
B. Issue of Debentures	8 marks
C. Redemption of Debentures
D. Final Accounts of Companies	7 marks
Section B (MANAGEMENT ACCOUNTING): 20 Marks
Financial Statement Analysis	4 marks
Cash Flow Statement	8 marks
Ratio Analysis	8 marks
OR
SECTION C (COMPUTERISED ACCOUNTING): 20 Marks
Accounting Application of Electronic Spread Sheet	10 Marks
Database Management System (DBMS)	10 Marks
Total	80 Marks
Project Work	20 Marks

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ICSE Class 12 Accountancy Syllabus 2024-25

Here is the detailed ICSE Class 12 Commerce Syllabus explained. Go through the topics and enhance your preparations. 

Section A

Unit 1: Partnership Accounts

A. Fundamentals of Partnership

• Definition, meaning, and features of a Partnership.
• Provisions of The Indian Partnership Act, 1932, with respect to books of accounts- Meaning and importance; Rules applicable in the absence of a partnership deed.
• Preparation of Profit and Loss Appropriation Account and Capital Accounts- Profit and Loss Appropriation Account; Partners’ capital accounts: fixed and fluctuating.
• Goodwill - concept, and mode of valuation; Meaning, nature, and features of Goodwill; Factors affecting the value of goodwill; Mode of Valuation; Average profit method (Simple average, Weighted average method); Super Profit Method; Capitalisation Method - Of Average Profit, Of Super Profit

B. Goodwill

• Meaning, nature and features of Goodwill
• Mode of Valuation (Average profit method, Super profit method, Capitalization method)

C. Reconstitution of Partnership

Admission

• Calculate the new profit sharing ratio, sacrificing ratio, and gaining ratio.
• Accounting treatment of goodwill on the admission of a partner - The premium for goodwill paid privately; The premium for goodwill paid (in cash or kind) and retained in the business; The premium for goodwill paid and withdrawn by the old partners; When the incoming partner cannot bring a premium for goodwill in cash, adjustments are to be done through the current account; Hidden goodwill; When Goodwill Appears On Balance Sheet
• Preparation of revaluation Account
• Accounting Treatment of accumulated profits and losses adjustment of Capitals
• Change in profit sharing ratio

Retirement and death of a partner

• Calculation of new profit sharing ratio, gaining ratio and sacrificing ratio.
• Adjustment with regard to goodwill including hidden goodwill.
• Adjustment with regard to undistributed profits and losses
• Adjustment with regard to the share of profits from the date of the last Balance Sheet to the date of retirement or death (on the basis of time or turnover
• Preparation of Revaluation Account on retirement or death of a partner.
• Adjustment of capitals - Readjusting the adjusted capital of the continuing partners in the new profit sharing ratio; Adjusting the capitals of the continuing partners on the basis of the total capital of the new firm; When the continuing partners bring in cash to pay off the retiring partners.
• Calculation and payment of the amount due to the retiring partner.
• Construction of loan account and executor's account.

Dissolution of a Partnership firm

• Meaning of dissolution, modes of settlement of accounts.
• Preparation of Realization Account - Paid by the firm – Realization accounts Dr To cash account; Paid by the partner on behalf of the firm – Realization accounts Dr To partner’s capital account; The firm pays a fixed amount to the partner, and the partner has to bear the expenses.

Unit 2: Joint Stock Company Accounts

A. Issue of Shares

• Issue of shares at par, premium, and discount under the Companies Act, 1956.
• Issue of shares for considerations other than cash: To promoters (can be considered through a Goodwill account or Incorporation costs account); To underwriters; To vendors.
• Calls in arrears, calls in advance and interest thereon, including the preparation of ledger accounts
• Over and under subscription

B. Issue of Debentures

• Issue of debentures at par, at a premium, and at a discount under the Companies Act.
• Issue of debentures as collateral security for a loan.
• Issue of debentures for considerations other than cash- To promoters; To underwriters; To Vendors.
• Accounting entries at the time of issue when debentures are redeemable at par and premium.
• Interest on debentures
• Methods and accounting treatment of writing off discount and loss on issue of debentures

C. Redemption of Debentures 

• Creation of Debenture Redemption Reserve (wherever applicable)
• Redemption of debentures out of profits
• Redemption of debentures out of capital
• Redemption of debentures in a lump sum
• Redemption of debentures in annual instalments by draw of lots

D. Final Accounts of Companies

• Application of Schedule VI Part I and II of Companies Act, 1956.
• Schedule VI Part I under Companies Act - Preparation of a Company Balance Sheet. (Horizontal Form).
• Schedule VI Part II under Companies Act - preparation of a company Profit & Loss Account and Profit & Loss Appropriation Account.
• Preparation of Final Accounts of a company from a trial balance with or without adjustments.

Section B

Unit 3: Financial Statement Analysis

• Comparative Statements and Common Size Statements
• Meaning, significance and limitations of Comparative Statements and Common Size Statements
• Preparation of Comparative Balance Sheet and Statement of Profit and Loss (inter-firm and intra-firm) showing absolute change and percentage change
• Common size Balance Sheet to be prepared as a percentage of total assets and total liabilities
• Common size Statement of Profit and Loss to be prepared as a percentage of Revenue from operations

Unit 4: Cash Flow Statement (Only for Non-Financing Companies)

• Meaning, importance, and preparation of a Cash Flow Statement
• Calculation of net cash flows from operating activities based on the Indirect Method.
• Preparation of Cash Flow Statement based on operating, investing and financing activities

Unit 5: Ratio Analysis

Problems with ratio analysis (excluding interpretation, analysis, comparisons, conclusions, and preparing Trading, Profit and loss Account, and Balance Sheet).

• Liquidity ratio- Current ratio, Acid test Ratio.
• Solvency Ratio - Debt Equity ratio, Total Assets to debt ratio, Proprietary ratio.
• Activity ratios - Debtors turnover ratio, Creditors turnover ratio, Working capital turnover ratio, Stock turnover ratio.
• Profitability ratio - Gross profit ratio, Net profit ratio, Operating ratio, Operating profit ratio, Earnings per share.

Section C

Unit 6: Accounting Application of Electronic Spread Sheet

• Concept of Electronic Spreadsheet
• Features offered by Electronic Spreadsheet
• Application of spreadsheets in generating the following accounting information
• Data Presentation

Unit 7: Database Management System (DBMS)

• Concept and Features of DBMS
• Types and features of DBMS
• DBMS in Business Application
• Database design, tables, fields, relationships, forms reports and indexing

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Best Reference Books for ICSE Class 12 Accountancy

As per the experts, referring to the best ISC books for Accountancy class 12 syllabus will help candidates to boost their preparation and better succeed in the exam. Candidates can go through the few important reference books for Class 12 Accountancy from the table below and start their preparation accordingly.

Book Name	Author
ISC Accountancy	Rajesh Goel, DK Goel
Oswaal ISC Sample papers Class 12	Oswaal Editorial Board
Model Specimen Paper	Oswal Publishers
NIOS Accountancy for Class 12th in Hindi Medium	Neeraj Publications
Double Entry Book Keeping: Accounting for Not-for-Profit Organizations and Partnership Firms - ( Vol. 1)	T S Grewal

What are the Best Reference Books for CBSE Class 12 Accountancy?

Books are your only friends when preparing for exams, such as Class XII Boards. As per the experts, books are great resources for any exam preparation.

The Internet can help you understand the concept, and YouTube can clear your doubts, but books teach you how to frame your answer while staying within the boundaries of your syllabus.

Class 12 Commerce Books have the best cost-benefit ratio. The table below lists the important books, apart from NCERT books, for preparing the CBSE Class 12 Accountancy Syllabus.

Name of the Book	Author
Accountancy (Part A) Vol. I, Class –XII	D K Goel and Rajesh Goel
Double Entry Book Keeping: Accounting for Not-for-Profit Organizations and Partnership Firms - ( Vol. 1)	T S Grewal
Analysis of Financial Statements: Textbook for CBSE Class 12	T.S. Grewal
CBSE Sample Question Papers Class 12 Economics	Oswaal
Accountancy For Class Xii	BK Bannerjee

Preparation Tips for Class 12 Accountancy

There is only one way to prepare for any exam: practice. Even though the CBSE and ICSE syllabuses differ in content, the strategy for scoring ace marks in the exam is very similar.

To ease it off for you, we have divided our strategy into three levels of 4 months each. You can divide the time available by giving each level equal importance. Let us look in detail at what these levels demand of you.

First Level

• Read reference books thoroughly.
• Make short notes of the chapters.
• Get Previous Year's Question Papers.
• Before beginning the chapter, Read the chapter’s questions asked in previous exams.
• Make a mental note of the questions that could be asked in the exam while reading topics.

Second Level

• Reread NCERT Books along with prepared notes and previous questions.
• Fill the gaps in your notes, if any.
• After revising each chapter through books and notes, Practice questions from the previous years.
• Get your answers reviewed by a teacher.
• Develop an understanding of the model answer that teachers/examiners expect.

Third Level

• Start solving Class 12 Accounts Sample Papers.
• Additionally, Solve One Mock Paper every week.
• Time yourself for every paper.
• Get your paper reviewed by a teacher.
• Understand the model answer and time consumption in answer writing.
• Revise through notes.

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Key Takeaways

• Both syllabi cover fundamental accounting concepts, such as partnership accounts, company accounts, financial statement analysis, and cash flow statements.
• Both boards emphasize problem-solving and real-world applications of accounting principles.
• While core concepts are similar, there might be variations in the in-depth and weightage of topics between CBSE and ICSE.
• Effective planning and consistent practice are essential for success in Class 12 Accountancy for CBSE and ICSE.