ISC Class 12 Accounts Syllabus
Introduction – ISC Class 12 Accounts Syllabus
Accounting is a process of analysing and understanding the financial information about an individual or organisation. Accounting is how a business runs its financial investments. Recording transactions, collecting financial information, compiling financial records, reports, and statements, preparing tax returns, ensuring taxes are paid and its financial records comply with the law are some of the common accounting activities. Our day-to-day activities include accounting, and hence it is a vital subject to study in class 12.
The ISC Class 12 Accounts Syllabus ensures that the candidates know in-depth about the chapter-wise syllabus and can refer to and score better marks in the ISC final examination. Candidates can keep their learnings on track and understand the syllabus and exam pattern along with marks bifurcation for the subject on Extramarks.
Extramarks has the latest updates and changes in the curriculum on its website; it helps the candidates plan and prepare themselves in the best possible way for exams. It also ensures that they do not miss out on important updates. Register with Extramarks for the latest updates and notifications on the ICSE examination and exam pattern and syllabus.
ISC Class 12 Accounts Syllabus For Semesters (1 & 2)
The ISC Class 12 Accounts Syllabus is divided into two semesters, 1 and 2. It’s mentioned in the table below.
|SEMESTER 1||SEMESTER 2|
|Unit No.||Name of the Unit||Name of the Sub-Unit||Unit No.||Name of the Unit||Name of the Sub-Unit|
|Accounts syllabus class 12 ISC Section – A|
|A. Fundamentals of Partnership
C. Reconstitution of Partnership
I. Admission of a partner
|1.||Partnership Accounts||C. Reconstitution of Partnership
II. Retirement of a partner
III. Dissolution of a Partnership Firm
|2.||Joint Stock Company Accounts||A. Issue of Shares
D. Final Accounts of Companies
|2.||Joint Stock Company Accounts||B. Issue of
C. Redemption of Debentures
|Accounts syllabus class 12 ISC Section – B|
|5.||Ratio Analysis (Complete Unit)||3.||Financial Statement Analysis (Complete Unit)|
|4.||Cash Flow Statement (Complete Unit)|
|Accounts syllabus class 12 ISC Section – C|
|6.||Accounting Application of Electronic SpreadSheet (Complete Unit)||7.||Database Management System (DBMS) (Complete Unit)|
Students may click on the respective unit to access the study material under the ISC class 12 Accounts syllabus.
ISC Class 12 Accounts Syllabus Examination Pattern
ICSE stands for Indian Certificate of Secondary Education, while ISC stands for Indian School Certificate. The Council holds the ICSE examination for Grade X. Indian School Certificate Examinations. For ISC, it is conducted by the Council for the Indian School Certificate Examinations for Grade XII. Therefore, ISC & ICSE Syllabus holds equal importance.
The ISC Class 12 Accounts exam is divided into two parts.
Paper 1: Paper one is a theoretical paper in which students can score a maximum of 80 marks. The candidate needs to understand the subject to score well in the ISC Class 12 Accounts examination.
Candidates will be given 3 hours for 80 marks paper, divided into three sections A, B and C. The candidates must attempt Section A. This consists of 2 parts with 60 marks. Part 1 and Part 2 will have eight questions. Part 1 consists of 12 marks with one compulsory question that includes short answer questions, testing of knowledge, applications and skills relating to elementary/ crucial aspects. Candidates have to answer at least four out of seven questions in Part II. Each answer carries 12 marks. Part II will be based on section A of the syllabus.
Paper 2: Paper two is divided into Sections B and C and consists of 20 Marks: In this section, the students must answer two out of three questions. Each answer carries 10 marks.
Students can update themselves about the exam pattern and mark allocation by registering on Extramarks.
ISC Class 12 Accounts Syllabus and & Study Materials 2023-24
ISC Class 12 Accounts Syllabus defines the chapters and topics covered in the respective subject for the class. In addition to classroom teaching, students may depend on several study materials to prepare for their exams. Reviewing the syllabus and ensuring that every topic has been covered is never easy. Hence our study materials help students understand the key points in an easy-to-remember format.
The ISC class 12 Accounts syllabus includes the following units and subunits.
This chapter under ISC Accounts syllabus class 12 mainly deals with the fundamentals of partnership and the provisions of The Indian Partnership Act, 1932. In addition, it also discusses Profit and Loss Appropriation Account, Partners’ Capital and Current Accounts, Guarantee of profits, Past adjustments, Concept of goodwill, Mode of Valuation and more. Students need to be thorough on these concepts if they plan to pursue higher education in Accounting. In addition, it is also vital to learn the Reconstitution of partnership, the Retirement and death of a partner, and the Disunion of a partnership firm.
Joint Stock Company Accounts
This section of the ISC Class 12 Accounts Syllabus discusses various topics such as Issues of shares and debentures, Creation of Debenture Redemption Reserve (DRR), and Preparing the company’s Balance Sheet as per Schedule III Part I of Companies Act 2013.
Financial Statement Analysis
This chapter includes
- The meaning, significance and limitations of Comparative Statements and Common Size Statements.
- Preparing comparative and common-size statements.
- Profit and Loss statements (inter-firm and intra-firm) showing the change in absolute and percentage terms
Cash Flow Statement
In this section of the ISC Class 12 Accounts Syllabus, students learn to prepare a Cash Flow Statement and the Calculation of net cash flows are the topics explained here.
It is one of the most vital topics under Accountancy and includes Liquidity Ratios, Solvency Ratios, Activity Ratios and Profitability Ratios.
Accounting Application of Electronic SpreadSheet
This chapter includes the concept, essential features of electronic spreadsheets, merits and demerits of Electronic spreadsheets, and application of spreadsheets in generating payroll and data presentation.
Database Management System (DBMS)
This section of the ISC Class 12 Accounts syllabus covers the understanding of the types and features of DBMS, i.e. data update and retrieval, the basic Commands (Select, Where, And, Or, Update, Delete) and essential functions (Avg, Count, Max, Min, Sum). It also provides light on DBMS in business applications.
We at Extramarks provide candidates with an extra edge and help them gain confidence before appearing for their examinations. Students may click on the link below to refer to the Class 12 Accounts ICSE revision notes. Furthermore, students may access study material for the topics mentioned above by clicking on the respective chapter. In addition to the ISC & ICSE Syllabus and Accounts book for class 12 ISC, students can access the following by clicking on the link provided.
ISC Accounts Class 12 Syllabus
There is one paper of 3 hours duration of 80 marks divided into three Sections A, B and C. Section A is compulsory. You have a choice of attempting questions either from Section B or Section C.
1. Partnership Accounts
A. Fundamentals of Partnership
(i) Definition, meaning and features of a Partnership.
(ii) Provisions of The Indian Partnership Act, 1932, with respect to books of accounts.
(iii) Preparation of Profit and Loss Appropriation Account and Partners’ Capital and Current Accounts.
Concept of goodwill and mode of valuation.
C. Reconstitution of Partnership
(i) Calculation of new profit-sharing ratio, sacrificing ratio and gaining ratio.
(ii) Accounting treatment of goodwill on admission of a partner.
(iii) Preparation of Revaluation Account.
(iv) Accounting treatment of accumulated profits and losses.
(v) Adjustment of Capitals.
(vi) Change in Profit-Sharing Ratio.
II. Retirement and death of a partner
(i) Calculation of new profit-sharing ratio, gaining ratio and sacrificing ratio.
(ii) Adjustment with regard to goodwill including hidden goodwill.
(iii) Adjustment with regard to undistributed profits and losses.
(iv) Adjustment with regard to share of profits of the retiring or deceased partner from the date of the last Balance Sheet to the date of retirement or death (on the basis of time or turnover).
(v) Preparation of Revaluation Account on retirement or death of a partner.
(vi) Adjustment of capitals.
(vii) Calculation and payment of amount due to retiring partner.
(viii) Preparation of retiring partner’s loan account.
(ix) Change in Profit-Sharing Ratio.
III. Dissolution of a Partnership firm.
(i) Meaning of dissolution and settlement of accounts under Section 48 of The Indian Partnership Act 1932.
(ii) Preparation of Memorandum Balance Sheet, Realization Account, Partner’s Loan Account, Partner’s Capital Account and Cash / Bank Account.
2. Joint Stock Company Accounts
A. Issue of Shares
Problems on issue of shares.
(a) Issue of shares at par and premium under Companies Act, 2013.
(b) Issue of shares for considerations other than cash:
- To promoters (can be considered either through Goodwill account or Incorporation costs account).
- To underwriters.
- To vendors.
(c) Calls in arrears, calls in advance and interest thereon.
(d) Over and undersubscription (including pro-rata allotment).
(e) Preparation of Journal; Cash Book and Journal Proper; Ledger Accounts.
(f) Forfeiture and reissue of shares at par, premium or discount.
(g) Disclosure of Share capital in the company’s Balance Sheet.
B. Issue of Debentures
Problems on issue of debentures (at par, at premium and at discount.)
Problems on issue of debentures to include:
(a) Issue of debentures at par, at premium and at discount under Companies Act 2013.
(b) Issue of debentures as collateral security for a loan.
(c) Issue of debentures for considerations other than cash.
- To promoters.
- To underwriters.
- To vendors
(d) Accounting entries at the time of issue when debentures are redeemable at par and premium.
(e) Calls in arrears, calls in advance and interest thereon.
(f) Interest on debentures (with TDS).
(g) Disclosure of Debentures in the company’s Balance Sheet.
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
Preparation of the Balance Sheet of a company (along with notes to accounts) as per Schedule III Part I of Companies Act 2013.
Section B: Management Accounting
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 intrafirm) 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.
4. Cash Flow Statement
(Only for Manufacturing Companies)
(i) Meaning, importance and preparation of a Cash Flow Statement.
(ii) Calculation of net cash flows from operating activities based on Indirect Method only.
(iii) Preparation of Cash Flow Statement on basis of operating, investing and financing activities.
5. Ratio Analysis
A. Liquidity Ratios
(i) Current Ratio
(ii) Quick Ratio / Liquid Ratio / Acid Test Ratio
B. Solvency Ratios
(i) Debt to Equity Ratio
(ii) Proprietary Ratio
(iii) Debt to Total Assets Ratio
(iv) Interest Coverage Ratio
C. Activity Ratios
(i) Trade Receivables Turnover Ratio
(ii) Trade Payables Turnover Ratio
(iii) Working Capital Turnover Ratio
(iv) Inventory Turnover Ratio
D. Profitability Ratios
(i) Gross Profit Ratio
(ii) Net Profit Ratio
(iii) Operating Ratio
(iv) Operating Profit Ratio
(v) Earning per share
(vi) Price Earning Ratio
(vii) Return on Investment
Section C: Computerised Accounting
6. Accounting Application of Electronic Spread Sheet
(i) Concept of Electronic Spreadsheet.
(ii) Features offered by Electronic Spreadsheet.
(iii) Application of spreadsheets in generating the following accounting information:
- Data Presentation
7. Database Management System (DBMS)
(i) Concept and Features of DBMS.
Types and features of DBMS.
A conceptual understanding of the basic features of Data Base Management System (DBMS), i.e. data update and retrieval using basic functions and commands of SQL.
Basic Commands: Select, Where, And, Or, Update, Delete
Basic Functions: Avg, Count, Max, Min, Sum.
(ii) DBMS in Business Application.
Database design, tables, fields, relationships, forms reports and indexing.
The following examples of DBMS in business application:
- Accounting Information
- Debtors and Creditors
- Bank Reconciliation Statement
- Asset Accounting
FAQs (Frequently Asked Questions)
1. Where can I access the ISC syllabus for Class 12 Accounts 2023-24?
Candidates can easily access the entire Accounts syllabus from the Extramarks. We provide the updated syllabus, high-quality, trustworthy study materials so that you can excel in all types of competitive examinations and get one step closer to your dream future career.
2. What are the advantages of the ISC Class 12 Syllabus?
The ISC Class 12 Accounts Syllabus provides the students with an understanding of all the chapters they need to learn to score better marks in the final ISC accounts examination. Students can keep track of their learnings, and knowing the syllabus helps them understand the exam pattern and marks distribution. Students can also plan their examination preparation in the best possible way.