Get the best and most effective Revision Notes for CBSE Class 12 Accountancy. We have fully updated them for the 2026-27 academic session. These expert prepared resources will help to simplify the Accountancy syllabus. It will help students to master complex formulas and concepts for best performance in their CBSE exams.
Key Features of Class 12 Accountancy Quick Revision Notes
- Simple chapter wise summaries: Brief explanations of all important Accountancy Class 12 topics to save time during final exam time.
- Mind Maps: Visual diagrams and formula sheets designed for Class 12 Accountancy to boost memory recall.
- As per latest syllabus: 100% based on the latest NCERT Accountancy textbooks and upcoming exam pattern.
- PDF Format: Easy to download and study offline and ensuring you can revise Accountancy anytime, anywhere.
Chapter wise Accountancy Class 12 Notes & Formulas
Use the chapterwise links below to access detailed notes for Accountancy. These resources are the best reliable guide for last-minute revision and daily concept practice.
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Quick Revision Notes - Core Concepts, Formulae & Rules Select any chapter below to quickly revise essential rules, journal entry formats, and accounting formulas before your exam. 📌 Provisions of Partnership Act, 1932 (In Absence of Deed):
• Profit/Loss Sharing: Equal.
• Interest on Capital / Drawings: NOT allowed / NOT charged. • Interest on Partner's Loan: Payable @ 6% p.a. (Charge against profit). • Salary/Remuneration: NOT allowed to any partner. 📌 Interest on Drawings Calculation Formulas:
• Beginning of each month: Total Drawings × Rate/100 × 6.5/12
• Middle of each month: Total Drawings × Rate/100 × 6/12 • End of each month: Total Drawings × Rate/100 × 5.5/12 • Beginning of each quarter: Total Drawings × Rate/100 × 7.5/12 • End of each quarter: Total Drawings × Rate/100 × 4.5/12 📌 Key Formulas in Admission of a Partner:
• Sacrificing Ratio: Old Ratio − New Ratio
• Revaluation Account Rule: Nominal Account. → Debit: Decrease in Assets & Increase in Liabilities. → Credit: Increase in Assets & Decrease in Liabilities. • Goodwill Treatment: Premium for Goodwill is shared among sacrificing partners in their Sacrificing Ratio. 📌 Retirement & Death of a Partner Core Points:
• Gaining Ratio: New Ratio − Old Ratio
• Goodwill on Retirement: Continuing Partners' Capital A/cs (Gaining Ratio) Dr. To Retiring Partner's Capital A/c. • Profit till Date of Death: P&L Suspense A/c Dr. To Deceased Partner's Capital A/c. 📌 Dissolution of Firm - Golden Rules for Realisation Account:
• Transfer Assets (Book Value): Realisation A/c Dr. To Sundry Assets A/c (excluding Cash/Bank/P&L Dr. balance).
• Transfer External Liabilities: Sundry Liabilities A/c Dr. To Realisation A/c. • Crucial Rule: If an asset is taken over by a creditor in full/partial satisfaction, NO entry is passed for that agreed amount. 📌 Share Forfeiture & Reissue Summary:
• Debit Share Capital A/c: With Called-up amount on forfeited shares only.
• Credit Forfeited Shares A/c: With Amount already received (excluding Securities Premium if received). • Maximum Permissible Discount on Reissue: Cannot exceed the amount credited to Forfeited Shares A/c for those reissued shares. • Profit on Reissue: Transferred to Capital Reserve Account. 📌 6 Special Cases of Issue of Debentures with Redemption Terms:
1. Issued at Par, Redeemable at Par: Normal entry.
2. Issued at Discount, Redeemable at Par: Discount on Issue Dr. 3. Issued at Premium, Redeemable at Par: Securities Premium Cr. 4. Issued at Par, Redeemable at Premium: Loss on Issue Dr. & Premium on Redemption Cr. 5. Issued at Discount, Redeemable at Premium: Loss on Issue Dr. (combining Discount + Premium) & Premium on Redemption Cr. 6. Issued at Premium, Redeemable at Premium: Both Securities Premium & Premium on Redemption appear. 📌 Must-Memorize Accounting Ratio Formulas:
• Current Ratio: Current Assets ÷ Current Liabilities (Ideal = 2:1)
• Debt to Equity: Long-term Debts ÷ Shareholders' Funds (Ideal = 2:1) • Proprietary Ratio: Shareholders' Funds ÷ Total Assets • Inventory Turnover Ratio: Cost of Revenue from Operations ÷ Average Inventory • Trade Receivables Turnover: Credit Revenue from Operations ÷ Average Trade Receivables • Working Capital Turnover: Revenue from Operations ÷ Working Capital 📌 Cash Flow Statement Activity Guide (AS-3):
• Operating Activities: Principal revenue-producing operations (Cash sales, cash from debtors, operating expenses, tax paid).
• Investing Activities: Acquisition and disposal of long-term assets and investments (Purchase/sale of machinery, interest/dividend received). • Financing Activities: Changes in size and composition of equity capital and borrowings (Issue of shares/debentures, loan repayment, dividend paid). |
| Part 1 Chapter 02 Reconstitution of a Partnership Firm Admission of a Partner Notes |
| Part 1 Chapter 02 Reconstitution of a Partnership Firm Admission of a Partner Notes |
| Part 1 Chapter 02 Reconstitution of a Partnership Firm Admission of a Partner Notes |
| Part 1 Chapter 03 Reconstitution of a Partnership Firm Retirement/Death of a Partner Notes |
| Part 1 Chapter 04 Dissolution of Partnership Firm Notes |
| Part 2 Chapter 02 Issue and Redemption of Debentures Notes |
| Part 2 Chapter 02 Issue and Redemption of Debentures Notes |
| Part 2 Chapter 03 Financial Statements Of a Company Notes |
| Part 2 Chapter 04 Analysis of Financial Statements Notes |
| Part 2 Chapter 04 Analysis of Financial Statements Notes |
| Part 2 Chapter 05 Accounting Ratios Notes |
| Part 2 Chapter 05 Accounting Ratios Notes |
| Part 2 Chapter 05 Accounting Ratios Notes |
| Part 2 Chapter 06 Cash Flow Statement Notes Set 02 |
| Part 2 Chapter 06 Cash Flow Statement Notes Set 01 |
| Part 2 Chapter 06 Cash Flow Statement Notes |
Free study material for Accountancy
FAQs
Revision notes for Class 12 Accountancy help students simplify large chapters into easily understandable points. They help Class 12 students to improve retention and building a strong conceptual foundation.
Instead of re-reading entire textbooks, Class 12 students can use these notes to quickly scan through key definitions, important formulas, and summary points for Accountancy for all critical topics and cover them in less time.
Yes, our team of expert teachers have provided updated Accountancy notes. These are aligned with the 2026 academic year, including any rationalized content for Class 12.
Yes. Class 12 Accountancy notes have flowcharts, labeled diagrams and comparison tables to help students understand topics better.
Yes, all chapter wise revision notes for Class 12 Accountancy are available for free download on StudiesToday.com in PDF format.