Want high marks in Class 12 Accountancy? Check last-minute CBSE board examiner tips

India Today

Sazida Peerzada, CBSE board examiner and senior faculty member at Orchids International School, shares expert last-minute tips to help students crack the CBSE Class 12 Accountancy paper.

Transcript

00:00Hello dear children, I am Sajitha from OIS Bhopal. Here I am present in front of you

00:13with certain points which will help you in solving your accountancy paper very effectively.

00:20It is highly essential for you people to check the syllabus thoroughly and understand the

00:25marks distribution, which chapter contains how much marks. Practice the previous year

00:30question paper. Develop the concept, develop the conceptual learning because in accountancy

00:36your rote learning is not going to help you. Solve the question of last 2-3 years paper.

00:42You are not required to go for more ahead. It is not at all essential for you people

00:47to solve the paper in chronological order. In whichever question you are more confident

00:53you start with first. As you know, you are provided with the first 15 minutes to read

00:59the question paper. Do you know children, these 15 minutes are very much effective because

01:06this 15 minutes can be utilized to solve your MCQ based questions because when the questions

01:14are asked directly, you can tick mark or you can just at least read out, find the answers

01:21and as your paper begin at 10.30, so you first write those answers. Okay, then leave

01:29the space for remaining questions where the calculations are required that can be solved

01:34in further minutes. So as your paper start at 10.30, you solve the remaining MCQ questions.

01:43Do not waste more than 15-20 minutes in solving those MCQ based questions. Right children?

01:49Then we will focus on part B. Part B which carry 20 marks. If we count the question of

01:57part B, we will find that there are hardly 8 questions. One big question of cash flow

02:02statement that actually required time. But see, if you will solve it calmly, confidently,

02:08you would be able to solve that question in the first attempt correctly. Each and every

02:14posting of cash flow statement carry marks. So do not believe if your answer will be wrong

02:20at the end, your marks will be deducted. Marks will be deducted but hardly 0.5 or 1 mark.

02:26But you will get the marks of each and every correct posting. So out of these 8 questions,

02:334 are MCQ. May be possible that first any 2 questions you will get the direct and remaining

02:402, you may have to calculate. So that can be done. Because in part B, the questions

02:48are very simple. Basically formula based or they may be asked the questions from the heads

02:55and subheads. Some conditional based questions based on cash flow statement. Some conditional

03:00based questions from the first chapter of that book where balance sheet is there. So

03:08that can be solved. That portion can be solved in 45 minutes. So utilize only 45 minutes

03:13to solve that particular portion. Now you are left with your part A. Children, you have

03:19already solved 16 MCQ questions plus 8 questions of part B. It means you are left with hardly

03:2810 questions out of total 34 questions. So children, in whichever question you are more

03:35confident out of these 4 of 6 marks. So please go ahead with that. But be very much focused.

03:44Try to avoid mistakes. Try to solve the question in the first attempt itself correctly without

03:51error. So you can save your time. For example, if you are solving the question based on realization.

03:58So you know very well, if we are provided with the balance sheet, we need to transfer

04:02all assets other than cash and liabilities into realization. We know that cash account

04:10will not be realized because itself it's a cash. All the fixed assets and current assets

04:15which have a realizable value, they will be transferred towards the debit side. All the

04:20liabilities, external liabilities will be transferred to credit side because the question

04:26begins from here only. Then you can start realizing the assets and liabilities according

04:31to the provided conditions. So be focused. If you are solving questions based on admission

04:39of a partner, so little be careful with the calculation of new profit sharing ratio. How

04:45much goodwill has been brought? Goodwill has been brought or not? What is the portion of

04:51capital which has been brought by the new partner at the time of admission? How much

04:56share is going to be allotted to that particular person? So these are the few points which

05:01are required to remember. So that will make your solution very simple and easy. If you

05:10start solving from revaluation account, complete it. Solve the profit sharing ratio. Calculate

05:19the profit correctly, right? Even if you find that you are not confident enough in calculating

05:28your profit correctly, then also don't ignore it. Calculate it. Transfer the same profit

05:33into capital account. Distribute the reserves correctly. Distribute the all accumulated

05:39profit correctly. See the conditions related to write-off. So at the end when you will

05:48get the balance, even if the balance is not correct, it will not be penalized there because

05:53once already marks deducted at the time of profit calculation or profit distribution.

05:59So you will be awarded with the full marks in the partner's capital account. Right children?

06:04Prepare the balance sheet correctly. See whichever value is new in the balance sheet, marks are

06:10basically awarded for that. Like if you are required to write revised value of the assets

06:16and liabilities, so be careful you need to write revised value of assets and liabilities.

06:22You will find that the conditions related to retirement and death are almost similar.

06:28Okay, because anyhow one partner is leaving the partnership firm. So you are not required

06:35to learn two different conditions. So revise these conditions which will be applicable

06:39in both the cases. We know that when we are having the retirement of partner, right? So

06:45we need to transfer balance of that particular partner's capital into his loan account. And

06:53if there is a case of death, you need to transfer that balance of capital in its executor's

07:00account. So very common difference. But the problem is marks will be deducted if we do

07:06not write the correct term in the particular. So these are the very small things which we

07:11need to remember and which will avoid deduction of marks due to this silly mistakes. So now

07:19children here we will focus on the questions based on company accounts. See basically what

07:25questions we get? We get the questions based on issue of shares. We get the questions which

07:30includes the forfeiture of shares, reissue of shares and transfer of forfeited amount

07:37into capital reserve. See it is essential to pass the initial entries because this is

07:41the beginning but that carries less marks. You cannot ignore those last entries. Suppose

07:48if you are feeling I have a less amount of time, these last entries can be ignored. Please

07:52do not do this mistake because these entries are important. They carry more weightage.

07:56You need to pass the general entries related to forfeiture of shares. You need to see how

08:03many shares are reissued. So need to pass the general entry for the same. Even the last

08:09entries which is there for transferring the value of forfeiture into capital reserve.

08:15That is also very important. Children if you are not able to calculate the marks at least

08:20write the general entries. Do not miss it. Do not skip it. If we go with the questions

08:27based on debentures. See they never ask a one complete set of story or one question

08:34of debentures where they are issuing then application money has been asked, allotment

08:41has been asked, first call and second call. See the questions which are based on issue

08:46of debentures under different conditions like issue of debentures as a collateral security,

08:53issue of debentures and redemption of the same debentures under different conditions.

08:59So condition wise you need to pass the general entry. Each conditions carry individual marks.

09:07So there is no connectivity in the different conditions. So be focus for that. Write and

09:14pass the correct general entry. Children avoid silly mistakes. Silly mistakes while calculation

09:19of any value. Silly mistakes while writing zero. Wherever required please prepare working

09:25notes. See your systematic rough work will help you in presenting a good working note.

09:32Because in some of the questions you may be allotted the marks for working note also.

09:37So do not ignore it. So I am 100% sure children you will come out with the flying colours.

09:44You will score very good marks. Wish you all the best and do well. Be confident.

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