Courses
Courses for Kids
Free study material
Offline Centres
More
Store Icon
Store

NCERT Solutions for Class 12 Accountancy I - Free Latest PDF (2024-25)

ffImage
banner

Chapterwise Class 12 Accountancy - I NCERT Solutions PDF - FREE Download

Learn Accountancy - I Partnership Accounts with our Chapter-wise Class 12 NCERT Solutions Accountancy PDF, available for FREE download! These solutions provide detailed, step-by-step explanations for all the chapters in the Class 12 Accountancy textbook, ensuring a comprehensive grasp of key concepts. Designed to align with the CBSE Class 12 Accountancy syllabus, this resource aids in effective exam preparation and reinforces learning through practical examples and problem-solving techniques. Download now to access this invaluable tool that will help you excel in Accountancy and boost your confidence for the upcoming exams!

toc-symbolTable of Content
toggle-arrow


Chapter-wise NCERT Solutions Class 12 Accountancy I - Partnership Accounts

Given below are the chapter-wise NCERT Solutions for Class 12 Accountancy - Partnership Accounts. These solutions are provided by the Accountancy experts at Vedantu in a detailed manner. Go through these chapter-wise solutions to be thoroughly familiar with the concepts.


CBSE Class 12 Accountancy - I Textbook: A General Overview

The CBSE Class 12 Accountancy Part I textbook is focused on partnership firms and related concepts. It includes detailed chapters that provide students with a thorough understanding of how partnership firms are formed, managed, and dissolved. Here's a general overview of the chapters included:


  1. Chapter 1 - Accounting for Partnership: Basic Concepts: This chapter introduces the fundamentals of partnership accounting, including the formation of partnerships, profit-sharing ratios, and the financial implications of partnership agreements.

  2. Chapter 2 - Reconstitution of a Partnership Firm: Admission of a Partner: This chapter covers the accounting procedures and adjustments required when a new partner joins an existing partnership, including changes in profit-sharing ratios and capital contributions.

  3. Chapter 3 - Reconstitution of a Partnership Firm: Retirement/Death of a Partner: In this chapter, students learn how to manage the financial and accounting aspects when a partner retires or passes away, including the settlement of accounts and adjustments to the partnership structure.

  4. Chapter 4 - Dissolution of Partnership Firm: This chapter explains the process of dissolving a partnership, including the settlement of debts, distribution of remaining assets, and the final accounting practices involved.


Key Features of the Class 12 Accountancy - I Textbook

The Class 12 Accountancy Part I textbook offers a comprehensive and structured approach to understanding the fundamental concepts of company accounts and financial statements. Below are the key features of this textbook:

1. CBSE-Aligned Content

The textbook strictly follows the CBSE syllabus, ensuring that all topics are covered in line with the exam pattern and curriculum requirements.


2. Clear and Step-by-Step Explanations

Each chapter breaks down complex accounting processes into simple, step-by-step solutions, making it easier for students to understand and apply accounting principles.


3. Focus on Real-World Application

The book emphasises practical applications of accounting concepts, especially in company accounts, so students can relate theory to real-world business scenarios.


4. Solved Examples and Illustrations

Every concept is supported by solved examples and illustrations, which help students practise and understand how to apply the theoretical knowledge to solve problems.


5. Practice Questions and Exercises

At the end of each chapter, there are ample practice questions, including objective-type questions, short and long answer questions, and numerical problems, which help reinforce learning and prepare for exams.


6. Emphasis on Financial Statements

The textbook gives special attention to the preparation and analysis of financial statements, which are crucial for understanding a company’s financial health. This includes balance sheets, profit and loss accounts, and cash flow statements.


7. Introduction to New Accounting Standards

It provides updates on relevant accounting standards and principles, helping students stay in touch with modern accounting practices and regulatory changes.


8. Comprehensive Ratio and Cash Flow Analysis

A separate section on financial statement analysis focuses on ratio analysis and cash flow statements, giving students the tools to evaluate company performance.


Overall Important Concepts from Class 12 Accountancy - I

The Class 12 Accountancy Part I textbook primarily deals with company accounts and financial statements. Below are the key concepts covered in this section:


1. Accounting for Share Capital

  • Types of Share Capital: Equity shares, preference shares.

  • Issue of Shares: At par, at premium, and at discount.

  • Over-subscription and Under-subscription: Handling excess applications or fewer applications than issued shares.

  • Forfeiture and Reissue of Shares: Cancellation of shares due to non-payment and subsequent reissue.

  • Calls in Arrears and Calls in Advance: Unpaid calls and advance payments by shareholders.


2. Accounting for Debentures

  • Issue of Debentures: At par, premium, or discount.

  • Types of Debentures: Secured, unsecured, redeemable, irredeemable, etc.

  • Interest on Debentures: Calculation and treatment of interest payable on debentures.

  • Redemption of Debentures: The methods for repayment (lump sum, instalments, purchase in the open market).


3. Financial Statements of a Company

  • Components: Balance Sheet, Statement of Profit and Loss.

  • Adjustments: Provision for depreciation, bad debts, accrued expenses, and outstanding incomes.

  • Dividends: Final and interim dividends, treatment in financial statements.

  • Provisions and Reserves: Different types of reserves and their use in financial management.


4. Cash Flow Statement

  • Sections: Cash flows from Operating, Investing, and Financing activities.

  • Direct vs. Indirect Method: Different approaches to preparing cash flow statements.

  • Importance of Cash Flow: Understanding the liquidity and cash management of a business.


5. Analysis of Financial Statements

  • Comparative and Common Size Statements: Tools for analysing trends and financial position.

  • Ratio Analysis: Liquidity ratios, profitability ratios, solvency ratios, and activity ratios.

  • Importance: Evaluating the financial performance and health of a company through financial ratios.


Benefits of CBSE Class 12 Accountancy NCERT Solutions

  • NCERT solutions for Accountancy are designed to explain complex concepts in simple language. This helps students grasp difficult topics more easily.

  • The solutions are fully based on the CBSE syllabus, ensuring students cover all the necessary topics for their exams.

  • Each problem is solved step-by-step, making it easier for students to follow and understand the process.

  • Since the Accountancy solutions follow the exam pattern, they help students practise questions that are likely to appear in exams, improving their performance.

  • These Accountancy solutions are created by subject experts, ensuring that the answers provided are accurate and reliable.

  • Regular practice using these solutions can build students’ confidence in tackling both simple and complex problems.

  • The NCERT solutions for Accountancy offer various types of problems, helping students improve their analytical and problem-solving skills.


Exam Preparation Guide for Class 12 Accountancy

Preparing for the Class 12 Accountancy exam requires a strategic approach to ensure a thorough understanding of concepts and effective time management. Here’s a guide to help you excel:


  1. Understand the Syllabus: Familiarise yourself with the complete syllabus, focusing on key topics from both Accountancy - I and Accountancy - II textbooks.

  2. Create a Study Schedule: Develop a realistic study plan that allocates time for each chapter, revision, and practice. Stick to the schedule to ensure consistent progress.

  3. Master the Basics: Ensure a strong grasp of fundamental concepts before moving to advanced topics. Understanding basics will help in solving complex problems.

  4. Use NCERT Solutions: Refer to NCERT solutions for detailed explanations of each chapter. Practise the exercises at the end of each chapter for better retention.

  5. Practice Regularly: Solve previous years’ question papers and sample papers to familiarise yourself with the exam pattern and types of questions asked.

  6. Focus on Accounting Standards: Pay special attention to accounting standards and principles, as these are often the basis of exam questions.

  7. Revise Effectively: Regularly revise important concepts, formulas, and terminologies. Use mind maps or flashcards to reinforce memory.

  8. Work on Time Management: During practice sessions, time yourself to ensure you can complete the paper within the allotted time during the exam.

  9. Clarify Doubts: Don’t hesitate to ask teachers or peers for help if you have any doubts. Clear understanding is crucial for complex topics.


Class 12 Accountancy curriculum equips students with essential knowledge and skills necessary for understanding advanced accounting principles. Utilising effective study strategies, including consistent practice, utilising NCERT solutions, and seeking clarification on doubts, enhances exam preparation and builds confidence. As students approach their examinations, a well-structured study plan and a calm mindset will greatly contribute to their success. With dedication and effort, mastering Class 12 Accountancy is not only achievable but also rewarding, paving the way for a successful future in the field of accounting.


Related Study Materials Links for Class 12 Accountancy

Along with this, students can also download additional study materials provided by Vedantu for Accountancy Class 12.


S.No.

Important Links for Class 12 Accountancy

1.

Class 12 Accountancy NCERT Books

2.

Class 12 Accountancy Previous Years Question Papers

3.

Class 12 Accountancy Sample Papers

4.

Class 12 Accountancy Revision Notes

5.

Class 12 Accountancy Important Questions

WhatsApp Banner

FAQs on NCERT Solutions for Class 12 Accountancy I - Free Latest PDF (2024-25)

1. What are the NCERT Solutions for Class 12 Accountancy Part 1 (Partnership Accounts)?

The NCERT Solutions for Class 12 Accountancy Part 1 provide detailed, step-by-step answers to all the questions and problems in the textbook chapters focused on Partnership Accounts. They are designed to clarify the correct accounting procedures for forming, reconstituting, and dissolving a partnership firm as per the CBSE 2025-26 guidelines.

2. How are the NCERT Solutions structured to explain complex topics like the admission of a new partner?

The solutions break down complex processes into manageable steps. For the admission of a partner, they demonstrate:

  • The calculation of the new profit-sharing ratio and sacrificing ratio.
  • The accounting treatment of Goodwill.
  • The preparation of the Revaluation Account to record changes in asset and liability values.
  • The adjustment of partners' capital accounts.
  • The final preparation of the new firm's Balance Sheet.

This methodical approach ensures students understand each adjustment's logic and impact.

3. How do the step-by-step NCERT solutions help in solving numerical problems related to partnership accounts?

The step-by-step format is crucial for accuracy and scoring full marks. By following the prescribed method, students learn to prepare accounts in the correct sequence, such as creating the Realisation Account before partners' capital accounts during dissolution. This systematic approach minimises errors and ensures that all accounting adjustments are correctly posted.

4. Are these NCERT Solutions for Class 12 Accountancy fully aligned with the latest CBSE 2025-26 syllabus?

Yes, the NCERT Solutions are fully updated to align with the official CBSE syllabus for the 2025-26 academic year. They cover all topics, formats, and accounting treatments prescribed by the board for Class 12 Accountancy, ensuring students prepare with the most relevant material.

5. What key topics from the Partnership Accounts syllabus are covered in these NCERT Solutions?

These NCERT Solutions provide comprehensive problem-solving guidance for all chapters in the NCERT Class 12 Accountancy textbook on 'Partnership Accounts', including:

  • Chapter 1: Accounting for Partnership: Basic Concepts
  • Chapter 2: Reconstitution of a Partnership Firm: Admission of a Partner
  • Chapter 3: Reconstitution of a Partnership Firm: Retirement/Death of a Partner
  • Chapter 4: Dissolution of Partnership Firm

6. Why is it important to follow the precise method shown in NCERT Solutions when preparing a Revaluation Account?

Following the precise method for the Revaluation Account is critical because it directly determines the profit or loss from the reassessment of assets and liabilities. The NCERT Solutions demonstrate the correct way to debit decreases in assets and increases in liabilities, and vice-versa. Any deviation from this method can lead to an incorrect profit/loss figure, which will then cause errors in the partners' capital accounts and the final Balance Sheet.

7. How do the NCERT Solutions explain the calculation and treatment of Goodwill in different partnership reconstitution scenarios?

The NCERT Solutions meticulously detail the treatment of Goodwill based on the specific scenario. For instance, during a partner's admission, they explain how to pass journal entries for Goodwill brought in cash (premium method). In contrast, for retirement or death, the solutions show how to adjust Goodwill through the remaining partners' capital accounts in their gaining ratio. This clarifies that the context of reconstitution dictates the accounting method.

8. What common mistakes in the dissolution of a partnership firm do the NCERT Solutions help students avoid?

The solutions help prevent common errors during dissolution, such as:

  • Incorrectly transferring assets and liabilities to the Realisation Account (e.g., forgetting to exclude cash or fictitious assets).
  • Failing to distinguish between a partner's loan to the firm and the firm's loan to a partner.
  • Errors in calculating the final profit or loss on realisation.
  • Incorrectly closing the partners' capital accounts and the final cash/bank account.

By providing a clear sequence of steps, the solutions ensure a balanced and accurate final settlement.

9. How do the solutions demonstrate the correct application of the Profit and Loss Appropriation Account?

The NCERT Solutions demonstrate that the Profit and Loss Appropriation Account is an extension of the P&L Account, used specifically to distribute net profit among partners. The solutions clearly show the steps: crediting the net profit, and debiting appropriations like interest on capital, partners' salaries, and commissions. The final balancing figure, the divisible profit, is then shown transferred to the partners' capital accounts in their profit-sharing ratio.

10. If a partner's capital account shows a debit balance upon dissolution, how do the NCERT Solutions guide the settlement process?

The solutions illustrate that a debit balance in a partner's capital account at the time of dissolution signifies that the partner owes money to the firm. The correct procedure shown is for that partner to bring in cash to clear their debt. The final step involves a journal entry debiting the Cash/Bank Account and crediting the deficient partner's capital account, which is essential for the final settlement of accounts.