Revision Series provides free study material, notes, and quizzes for Class 12 Accountancy students preparing for CBSE exams. Covering important topics like Partnership Firms, Reconstitution Quiz, and Dissolution, the platform ensures students gain clarity on fundamental concepts. It also includes advanced chapters such as Share Capital, Debentures, and Financial Statements, explained in a simple and easy-to-revise format. Learners can strengthen their understanding of Ratio Analysis and practice with interactive questions on Cash Flow statements. With well-structured Accountancy Notes, Revision Series helps students prepare effectively for board exams. Designed for self-study and quick revision, the platform makes Class 12 Accountancy preparation stress-free and exam-focused, giving students the tools they need to score high.
📘 Class 12 Accountancy – Chapter-wise Summary
Part A: Accounting for Not-for-Profit Organizations & Partnership Firms
Chapter 1: Accounting for Not-for-Profit Organisations
This chapter explains how charitable institutions like clubs, hospitals, and schools maintain accounts. You’ll learn about Receipts & Payments Account, Income & Expenditure Account, and Balance Sheet preparation. Special items like donations, subscriptions, and legacies are explained with adjustments.
Chapter 2: Accounting for Partnership Firms – Fundamentals
Introduces the basics of partnership accounts—fixed vs fluctuating capital, profit-sharing ratios, interest on capital, drawings, and partner’s salary/commission. This chapter builds your foundation for all partnership-related adjustments.
Chapter 3: Reconstitution of Partnership – Admission of a Partner
Covers how a new partner joins—calculation of new profit-sharing ratio, goodwill adjustments, revaluation of assets/liabilities, and capital adjustments.
Chapter 4: Reconstitution of Partnership – Retirement/Death of a Partner
Focuses on settlement when a partner retires or dies. Concepts like gaining ratio, goodwill adjustment, revaluation, and settlement of deceased partner’s claim are explained step by step.
Chapter 5: Dissolution of Partnership Firm
Explains how a firm is closed down. Covers dissolution entries, settlement of assets and liabilities, and Garner vs Murray rule when a partner is insolvent.
Part B: Company Accounts & Financial Statement Analysis
Chapter 6: Company Accounts – Issue of Shares
Learn how companies issue shares at par, premium, or discount. Topics include forfeiture, reissue, pro-rata allotment, and accounting entries for calls in advance and arrears.
Chapter 7: Company Accounts – Issue of Debentures
Explains different types of debentures, methods of issue (par, premium, discount), interest on debentures, redemption, and conversion into shares.
Chapter 8: Financial Statements of Companies
Guides you in preparing the Balance Sheet and Statement of Profit & Loss as per Schedule III of the Companies Act. Emphasis is on adjustments like depreciation, provision for tax, and dividends.
Chapter 9: Analysis of Financial Statements
Teaches you tools to interpret financial data: comparative statements, common-size statements, trend analysis, and ratio analysis. Useful for decision-making and exams.
Chapter 10: Cash Flow Statement
Explains how to prepare cash flow statements using operating, investing, and financing activities. Focus is on indirect and direct methods, with adjustments like depreciation, provision, and gains/losses on assets.