Accountancy Book : Class 12 cover

Accountancy Book : Class 12

Pioneer in developing concepts.

Instructor: Grooming Education Academy

Language: English

Class 12 Partnership and not for profit organisation student-friendly book designed for self -study of students based on practical examples, past examination questions, revision notes, value-added questions and project work. This book includes Chapters Namely Fundamentals of partnership, Goodwill valuation, Change in Profit sharing Ratio among existing partners, Admission of partner, Retirement and death of a partner. This book strictly covers topics given in the NCERT book of class 12 Accountancy.

This is the best student-friendly book designed for self -study of students to impart practical knowledge and inbuilt strong fundamentals from the beginning. This book can also be referred by students of Graduation and Post-graduation having financial accounting to strengthen the basic understanding of concepts of accounting. 

Our team has devoted more than three years to complete this book, and it has been made freely available for students so that it can reach the wide number of students and the potential of this book can be utilised to the greatest extent.

The main content of the Book:

Chapter – 1: Fundamental of Partnership

Definition and Meaning of a Partnership; . Characteristics of Partnership; . Rights of Partners; . Partnership Deed: - Importance, --Provision of the Indian Partnership Act 1932 in the absence of partnership deed; . Profit and Loss Appropriation Account; . Partners’ Capital Accounts under Fixed and Fluctuating Method; . Interest on Partners’ Capital; Interest on Partner’s Capital’. Interest on Partner’s Drawings; . Salary or commission to Partners; . Interest on Partners Loan; . Capital Ratio; . Past Adjustments; . Guarantee of Profit.

Chapter – 2: Goodwill Valuation

Meaning of Goodwill; . Characteristics of Goodwill; . Nature of Goodwill; .Need for Valuing Goodwill; . Factors Affecting the Value of Goodwill; . Classification of Goodwill; . Methods of Valuation of Goodwill: - Average Profit Method; - Weighted Average profit Method; - Super Profit Method; - Capitalisation Method; - of Average Profit; - of Super Profit.

Chapter – 3: Change in Profit Sharing Ratio among the Existing Partners

Change in the Profit Sharing ERatio among the Existing Partners; . Adjustments for change in the Profit Sharing Ratio; . Determination of Sqacrificing Ratio and Gaining Ratio; . Accounting Treatment of Goodwill; . Accounting Treatment of Accumulated Profits and Reserves; . Revaluation of Assets and Reassessment of Liabilities; . Adjustment of Capitals.

Chapter – 4: Admission of Partner

Admission of a Partner – Meaning; . Rights of a new Partner; . Effects of Admission of a New Partner; . Adjustment made on the Admission of a Partner: - Change in profit sharing ratio; - Accounting Treatment of Goodwill as per AS – 26; - Adjustment of profits or losses due to revaluation of assets and reassessment of liabilities; - Adjustment of accumulated profits, reserves and losses; - Adjustment of Capital.

Chapter – 5: Retirement and Death of the Partner

Retirement of a Partner: - Meaning, - Liability of a Retiring Partner, Adjustments Required; . Change in the Profit-Sharing Ratio; . Accounting Treatment of Goodwill; . Revaluation of Assets and Reassessment of Liabilities; . Reserves and Accumulated Profits/Losses; . Computation of Amount Due to Retiring Partners; . Adjustment Relating to Joint Life Policy; . Adjustment of Capitals; . Death of a Partner.

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