CBSE Class 12 Accountancy Syllabus 2021-22 for Term 1 & 2

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Accountancy Class 12 Syllabus 2021-22

In the latest update from Central Board of Secondary Education (CBSE), a circular has been issued where the syllabus for academic year 2021-22 has been updated. This syllabus has been updated for Class 12^th Accountancy.

Earlier a notice was issued where it was stated that from 2022 onwards, there will be two term exams for Class 12th. This decision has been taken on the based on this year board exams condition. Which had to be cancelled due to covid-19.

Class 12 Accountancy Syllabus 2021-22 Pdf Download

For the academic year 2021-22, the board is also aiming to make internal assessment, practical, project work more credible and valid for ensuring the fair distribution of marks, an official statement said.

The revised syllabus will have two terms, term 1 and term 2. Both the terms will have 50% of the total syllabus. This will reduce the final exam pressure on the students and the parents. Teachers can easily cover 50% of the syllabus in 6 months.

The first term exam will be based on MCQ type question and it will be conducted from November to December. The second term exam will have mixed type questions like long answers, short answers, MCQ’s, True or False, etc. It will be conducted from March to April.

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Class 12Accountancy Syllabus 2021-22 for Term 1 & 2

Accountancy subject is a source of financial information. Its syllabus content provides students a firm foundation in basic accounting concepts and methodology and also acquaint them with the changes taking place in the preparation and presentation of financial statements in accordance to the applicable accounting standards and the Companies Act 2013.

Objectives:

1. To familiarize students with new and emerging areas in the preparation and presentation of financial statements.

2. To acquaint students with basic accounting concepts and accounting standards.

3. To develop the skills of designing need-based accounting database.

4. To appreciate the role of ICT in business operations.

5. To develop an understanding about recording of business transactions and preparation of financial statements.

6. To enable students with accounting for Not-for-Profit organizations, accounting for Partnership Firms and company accounts

Both term syllabus divided into 3 parts. Part A Statistics for Economics and part B Introductory Microeconomics. Both cover 40 marks and part C cover 10 mark which is a project work

Subject – Accountancy

Academic session- 2021-22

Class Xii -Term wise curriculum

Students would prepare only ONE project in the entire academic session, which is divided into 2 terms i.e. Term I and Term II. Project work marks – 10

Click Here: CBSE New Term wise Revised Syllabus 2021-22. (All Stream)

Term 1 Class 12 Accountancy Syllabus 2021-22

Part – A

Unit: Accounting for Partnership Firms

UNITS/ TOPICS

This unit cover Partnership: features, Partnership Deed.

• Provisions of the Indian Partnership Act 1932 in the absence of partnership deed.

• Fixed v/s fluctuating capital accounts. Preparation of Profit and Loss Appropriation account- division of profit among partners, guarantee of profits.

• Past adjustments (relating to interest on capital, interest on drawing, salary and profit-sharing ratio).

• Goodwill: nature, factors affecting and methods of valuation – average profit, super profit and capitalization.

Note: Interest on partner’s loan is to be treated as a charge against profits. Goodwill to be adjusted through partners’ capital/current account.

Note: Raising and writing off goodwill is excluded.

Accounting for Partnership firms –

Reconstitution • Change in the Profit-Sharing Ratio among the existing partners – sacrificing ratio, gaining ratio, accounting for revaluation of assets and reassessment of liabilities and 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, treatment for revaluation of assets and reassessment of liabilities, treatment of reserves and accumulated profits

Unit – Accounting for Companies

Accounting for Share Capital

• Share and share capital: nature and types.

• Accounting for share capital: issue and allotment of equity and preferences shares. Public subscription of shares – over subscription and under subscription of shares; issue at par and at premium, calls in advance and arrears (excluding interest), issue of shares for consideration other than cash.

• Concept of Private Placement and Employee Stock Option Plan (ESOP).

• Accounting treatment of forfeiture and re-issue of shares.

• Disclosure of share capital in the Balance Sheet of a company.

Part – B:

Unit: Analysis of Financial Statements

UNITS/ TOPICS

This unit include Financial statements of a Company: Statement of Profit and Loss and Balance Sheet in prescribed form with major headings and sub headings (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.

• Accounting Ratios: Meaning, Objectives, classification and computation.

• Liquidity Ratios: Current ratio and 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 and Working Capital Turnover Ratio

• Profitability Ratios: Gross Profit Ratio, Operating Ratio, Operating Profit Ratio, Net Profit Ratio and Return on Investment.

Note: Net Profit Ratio is to be calculated on the basis of profit before and after tax

Part B: Computerised Accounting

Unit: Computerised Accounting: this unit covered

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.

Students would prepare only ONE project in the entire academic session, which is divided into 2 terms i.e. Term I and Term II. Project work marks – 10

Term 2 Class 12 Accountancy Syllabus 2021-22

Part A

Unit: Accounting for Not – For Profit Organisations

Units/Topics This unit cover

• Not-for-profit organizations: concept.

• Receipts and Payments Account: features and preparation.

• Income and Expenditure Account: features, preparation of income and expenditure account and balance sheet from the given receipts and payments account with additional information. Scope:

(i) Adjustments in a question should not exceed 3 or 4 in number and restricted to subscriptions, consumption of consumables and sale of assets/ old material.

(ii) Entrance/admission fees and general donations are to be treated as revenue receipts.

(iii) Trading Account of incidental activities is not to be prepared

Unit: Accounting for Partnership Firms

Accounting for Partnership firms – Reconstitution and Dissolution.

• Retirement and death of a partner: effect of retirement / death of a partner on change in profit sharing ratio, treatment of goodwill, treatment for revaluation of assets and reassessment of liabilities, adjustment of accumulated profits and reserves and preparation of balance sheet.

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

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)).

Note:

(i) If realized value of an asset is not given, it is to be presumed that it has not realised any amount.

(ii) If a partner has borne and/ or paid the realisation expenses, it should be stated.

Unit – Accounting for Companies

Accounting for Debentures- this unit cover

• 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 issue of debentures.

Note: Discount or loss on issue of debentures to be written off in the year debentures are allotted from Security Premium Reserve/ Capital Reserve/ Statement of Profit and Loss as Financial Cost (AS16) in that order.

Note: Related sections of the Companies Act, 2013will apply. Concept of Tax Deducted at Source (TDS) is excluded This unit include

Part – B:

Unit: Analysis of Financial Statements

Units/Topics

Financial statements of a Company: this topic is cover

• Tools for Financial Statement Analysis: Comparative statements, common size statements.

Unit : Cash Flow Statement

Units/Topics

• Meaning, objectives and preparation (as per AS 3 (Revised) (Indirect Method only)

Note:

(i) Adjustments relating to depreciation and amortization, profit or loss on sale of assets including investments, dividend (both final and interim) and tax.

(ii) Bank overdraft and cash credit to be treated as short term borrowings.

(iii) Current Investments to be taken as Marketable securities unless otherwise specified.

Part B: Computerised Accounting

Unit: Computerised Accounting- this unit cover

Using Computerized Accounting System.

• Steps in installation of CAS, codification and Hierarchy of account heads, 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.

Database Management System (DBMS)

• Concept and Features of DBMS.

• DBMS in Business Application.

• Generating Accounting Information – Payroll.

Part C: Practical Work

Students would prepare only ONE project in the entire academic session, which is divided into two terms i.e. Term – I and Term – II marls of the project work is 10.

Detailed guidelines for project work are as follows- Students need to create one specific project only in which they would be required to cover the company profile, assessment of financial statements, and specific report analysis.

The main objective of preparing the project report is for the following reason:

1. Students are able to state the meaning, objectives, and limitations of financial statement analysis.

2. Study the proper use of different tools of ‘financial statements analysis’ like comparative analysis, Ratios and Cash flow statement.

3. Capable to create Comparative Statements and Common Size Statement.

4. Understand the Meaning, objective, advantage, and limitation of Accounting Ratios

Class 12 Accountancy Syllabus 2021-22: Prescribed Books

Financial Accounting-I Class XI NCERT Publication Accountancy -II Class XI NCERT Publication Accountancy -I Class XII NCERT Publication Accountancy -II Class XII NCERT Publication Accountancy – Computerised Accounting System Class XII NCERT Publication

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