ICSE & ISC Board Accounts Class 12

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ISC EXAM CLASS 12TH LATEST UPDATE

Finally, wait is over and The Council for the Indian School Certificate Examinations (CISCE) has officially released the date sheet for ISC (Class 12) board examinations for 2025. This year class 12th board exam will be started from 13 February 2025 and will last upto 05 April 2025, it will take around 52 days to complete the class 12th board exam. The first exam will be held on 13 February 2025 for Environmental Science subject and the last exam will be held on 05 April 2025 for Art subject. The Indian School Certificate Examination results will be declared in the month of May.

Official Syllabus

There will be two papers in the subject :

Paper I - Theory: 3 hours ......80 marks

Paper II - Project Work ......20 marks

PAPER - I (THEORY) – 80 Marks

There will be one paper of 3 hours duration of 80 marks divided into three Sections A, B, and C.

It will be compulsory for all candidates to attempt Section A.

Section A (60 Marks): will consist of two parts, Part I and Part II, and have a total of eight questions.

Part I (12 Marks): will consist of Question 1 (compulsory). This question will include short answer questions, testing knowledge, application, and skills relating to elementary/fundamental aspects. Question 1 will be based on Section A of the syllabus.

Part II (48 Marks): Candidates will be required to answer four questions out of seven from this part. Each question shall carry 12 marks. Part II will also be based on Section A of the syllabus.

Section B/ C (20 marks): Candidates will have a choice of attempting questions either from Section B or Section C. Candidates will be required to answer two questions out of three from the section of their choice. Each question shall carry 10 marks.

SECTION A

1. Partnership Accounts

A. Fundamentals of Partnership

(i) Definition, meaning, and features of a Partnership.

Self-explanatory.

(ii) Provisions of The Indian Partnership Act, 1932, with respect to books of accounts.

(a) Meaning and importance.
(b) Rules applicable in the absence of a partnership deed.

(iii) Preparation of Profit and Loss Appropriation Account and Partners’ Capital and Current Accounts.

(a) Profit and Loss Appropriation Account.

(b) Partners’ capital accounts: fixed and fluctuating.

(c) Partners’ Current Accounts when the fixed capital method is followed - Interest on capital, interest on drawings, interest on current accounts (debit and credit) salary, commission to partners and managers, transfer to reserves, division of profit among partners,

(d) Guarantee of profits

(e) Past adjustments (Relating to interest on capital, interest on drawing, salary, and profit sharing ratio).

NOTE:

Interest on a loan given by the partner to the firm is to be taken as a charge against profits. This interest will be debited to the P/L account and credited to his loan account.
Interest on a loan taken by a partner from the firm should be credited to the P/L account and debited to his capital/current account as the case may be.
Rent due to a partner is a charge against profit and is to be credited to the partners’ current account in case of a fixed capital system or to the partners’ capital account when capital is fluctuating.
Admission of the manager as a Partner is excluded from the topic of past adjustments.

B. Goodwill

Concept of goodwill and mode of valuation.

(a) Meaning, nature, and features of Goodwill.

(b) Factors affecting the value of goodwill.

(c) Mode of Valuation.

Average profit method – Meaning and practical application.

a. Simple average.

b. Weighted average method.

Super profit method – Meaning and practical application.
Capitalization method – Meaning and practical application.

a. Capitalization of average profit.

b. Capitalization of super profit.

NOTE: Capital Employed/Net assets are Total assets (excluding purchased goodwill, non-trade investments, and fictitious assets) less outside liabilities.

Investments are to be taken as non-trade investments unless specified as trade investments.

C. Reconstitution of Partnership

I. Admission

(i) Calculation of new profit sharing ratio, sacrificing ratio, and gaining ratio.

Self-explanatory.

(ii) Accounting treatment of goodwill on the admission of a partner.

Based on Accounting Standard–26 issued by the Institute of Chartered Accountants of India in the context of Intangible Assets.

(a) Premium for goodwill paid privately.

(b) Premium for goodwill paid (in cash or kind) and retained in the business.

(c) Premium for goodwill paid and withdrawn by the old partners.

...

ISC EXAM CLASS 12TH LATEST UPDATE

Official Syllabus

There will be two papers in the subject :

Paper I - Theory: 3 hours ......80 marks

Paper II - Project Work ......20 marks

PAPER - I (THEORY) – 80 Marks

There will be one paper of 3 hours duration of 80 marks divided into three Sections A, B, and C.

It will be compulsory for all candidates to attempt Section A.

Section A (60 Marks): will consist of two parts, Part I and Part II, and have a total of eight questions.

Part II (48 Marks): Candidates will be required to answer four questions out of seven from this part. Each question shall carry 12 marks. Part II will also be based on Section A of the syllabus.

SECTION A

1. Partnership Accounts

A. Fundamentals of Partnership

(i) Definition, meaning, and features of a Partnership.

Self-explanatory.

(ii) Provisions of The Indian Partnership Act, 1932, with respect to books of accounts.

(a) Meaning and importance.
(b) Rules applicable in the absence of a partnership deed.

(iii) Preparation of Profit and Loss Appropriation Account and Partners’ Capital and Current Accounts.

(a) Profit and Loss Appropriation Account.

(b) Partners’ capital accounts: fixed and fluctuating.

(d) Guarantee of profits

(e) Past adjustments (Relating to interest on capital, interest on drawing, salary, and profit sharing ratio).

NOTE:

Interest on a loan given by the partner to the firm is to be taken as a charge against profits. This interest will be debited to the P/L account and credited to his loan account.
Interest on a loan taken by a partner from the firm should be credited to the P/L account and debited to his capital/current account as the case may be.
Rent due to a partner is a charge against profit and is to be credited to the partners’ current account in case of a fixed capital system or to the partners’ capital account when capital is fluctuating.
Admission of the manager as a Partner is excluded from the topic of past adjustments.

B. Goodwill

Concept of goodwill and mode of valuation.

(a) Meaning, nature, and features of Goodwill.

(b) Factors affecting the value of goodwill.

(c) Mode of Valuation.

Average profit method – Meaning and practical application.

a. Simple average.

b. Weighted average method.

Super profit method – Meaning and practical application.
Capitalization method – Meaning and practical application.

a. Capitalization of average profit.

b. Capitalization of super profit.

NOTE: Capital Employed/Net assets are Total assets (excluding purchased goodwill, non-trade investments, and fictitious assets) less outside liabilities.

Investments are to be taken as non-trade investments unless specified as trade investments.

C. Reconstitution of Partnership

I. Admission

(i) Calculation of new profit sharing ratio, sacrificing ratio, and gaining ratio.

Self-explanatory.

(ii) Accounting treatment of goodwill on the admission of a partner.

Based on Accounting Standard–26 issued by the Institute of Chartered Accountants of India in the context of Intangible Assets.

(a) Premium for goodwill paid privately.

(b) Premium for goodwill paid (in cash or kind) and retained in the business.

(c) Premium for goodwill paid and withdrawn by the old partners.

(d) When the incoming partner cannot bring premium for goodwill in cash, adjustments are to be done through his current account.

(e) Hidden goodwill.

(f) When goodwill appears in the old Balance Sheet.

(iii) Preparation of Revaluation Accounts Preparation of a Revaluation Account where changes in the values of assets and liabilities are reflected in the new Balance Sheet after the reconstitution of a partnership firm.

(iv) Accounting treatment of accumulated profits and losses.

General Reserve / Reserve Fund, Workmen Compensation Reserve/ Fund Investment Fluctuation Reserve/Fund, Contingency Reserve, Profit, and Loss Account (Debit and Credit balance), and Advertisement Suspense Account/Deferred Revenue Expenditure.

NOTE :

- Preparation of Balance Sheet during admission of a partner to be done in Horizontal format.
- Memorandum revaluation account, Joint Life Policy, and Individual life policy are excluded from the syllabus.
- Admission of a partner during an accounting year is excluded from the syllabus.

II. Retirement and death of a partner

(i) Calculation of new profit sharing ratio, gaining ratio, and sacrificing ratio.

Self-explanatory.

(ii) Adjustment with regard to goodwill including hidden goodwill.

Self-explanatory.

(iii) Adjustment with regard to undistributed profits and losses.

Self-explanatory.

(iv) Preparation of a Revaluation Account on the retirement of a partner.

Self-explanatory.

(vi) Calculation and payment of amounts due to the retiring partner.

Self-explanatory.

(ix) Change in Profit-Sharing Ratio.

Change in PSR takes place at the time of retirement / death of a partnership firm.

Accounting treatment of accumulated profits and losses through one journal entry:

Gaining Partners’ Cap Current A/c Dr.

To Sacrificing Partners’ Cap/Current (in case of profits).

Sacrificing Partners’ Cap/Current A/c Dr.

To Gaining Partners’ Cap/Current (in case of losses)

General Reserve/ Reserve fund, Workmen Compensation Reserve/ Fund, Investment Fluctuation Reserve/ Fund, Contingency Reserve, Profit and Loss Account (Debit and Credit Balance), and Advertisement Suspense Account/ Deferred Revenue Expenditure.

NOTE :

- Preparation of Balance Sheet during retirement/death of a partner to be done in Horizontal format only.
- Memorandum Revaluation Account, Joint Life Policy, and Individual life policy are excluded from the syllabus.

III. Dissolution of a Partnership firm.

(i) Meaning of dissolution and settlement of accounts under section 48 of the Indian Partnership Act 1932.

Self-explanatory

(ii) Preparation of Realization Account, Partner’s Loan Account, Partner’s Capital Account and Cash/Bank Account.

Self-explanatory.

NOTE :

When an asset or a liability is taken to the realization account any corresponding/related fund or reserve is also transferred to the realization account and not to the capital account.

When accounts are prepared on a fixed basis, partners current account balances are to be transferred to capital accounts. No adjustments are required to be passed through the current account.

Bank overdraft is to be taken to the bank/cash A/c and not to be transferred to the realization account but the bank loan must be transferred to the realization account.

• If the question is silent about the payment of a liability, then it has to be paid out in full.
• If the question is silent about the realization of an asset, its value is assumed to be nil.
• Loan taken from a partner will be passed through cash or bank account even if the partner’s capital account has a debit balance.
• Loan given to a partner will be transferred (debited) to his Capital account.
• Admission cum retirement, an amalgamation of firms, and conversion/sale to a company together with piecemeal distribution and insolvency of a partner /partners not required.

2. Joint Stock Company Accounts

A. Issue of Shares

Problems with the issue of shares.

(a) Issue of shares at par and premium under the Companies Act,2013.

(b) Issue of shares for considerations other than cash:

• To promoters (can be considered either through a Goodwill account or an Incorporation costs account).
• To underwriters.
• To vendors.

(d) Over and under subscription (including pro-rata allotment).

(e) Preparation of Journal; Cash Book and Journal Proper; Ledger Accounts.

NOTE: In pro rata allotment when shares are issued at a premium, excess money received on the application will first be adjusted towards the share capital. Any excess thereon will be utilized towards the Securities Premium Reserve.

When allotment or any call money is due, it is to be transferred to the calls in arrears account, on which interest if provided in the Articles of Association will be calculated.

(f) Forfeiture and reissue of shares at par, premium, or discount.

Self-explanatory.

(g) Disclosure of Share capital in the company’s Balance Sheet.

NOTE: Issue of bonus and rights shares, private placement of shares, sweat equity shares, employee stock option scheme, reservations for small individual participants, and minimum tradable lots are not required.

B. Issue of Debentures

Problems on the issue of debentures (at par, at a premium, and at discount)

Problems on the issue of debentures include:

(a) Issue of debentures at par, at a premium, and at discount under the Companies Act 2013.

(b) Issue of debentures as collateral security for a loan.

• 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 in debentures (with TDS).

(g) Disclosure of Debentures in the company’s Balance Sheet.

(h) Methods of writing off discount/loss on issue of debentures- when debentures are redeemable in a lump sum at the end of a specified period; when debentures are redeemable in installments.

(i) Disclosure of discount on issue of debentures in the company’s Balance Sheet when debentures are redeemed in installments.

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 installments by draw of lots.
• Redemption of debentures by purchase in the open market- for immediate cancellation; as an investment and then later canceled.

Self-explanatory.

NOTE :

I. Calculations of ex-interest and cum-interest are not required.

II. In case of redemption of debentures in annual instalments by draw of lots:

(i) The entire DRI purchased for the redemption of the installment of debentures is not sold at the end of the year but sold/further purchased to the extent to maintain 15% of the face value of the debentures to be redeemed in the next installment. In case of redemption in equal installments, DRI purchased for the first installment remains invested till the last installment.

(ii) Wherever applicable, DRR is transferred to General Reserve in proportion to the debentures redeemed.

III. Rules relating to the creation of

Debenture Redemption Reserve (DRR):

(i) Listed companies including NBFCs registered with RBI and HFCs registered with National Housing Bank (NHB) both for public issue as well as private placements do not require the creation of a DRR of 25 percent of the value of outstanding non-convertible debentures.

(ii) Unlisted NBFCs registered with RBI and HFCs registered with National Housing Bank (NHB) both for public issue as well as private placements do not require the creation of a DRR of 25 percent of the value of outstanding non-convertible debentures.

(iii) For unlisted companies (other than NBFCs and HFCs), DRR is reduced from the present level of 25 percent to 10 percent of the outstanding debentures. Rules regarding Debenture Redemption Investment (DRI)

• Unlisted NBFCs and HFCs need not deposit any amount of their debentures maturing during the year with scheduled banks or invest it in specified government securities.
• The following companies will continue to invest or deposit, on or before 30th April in each year, a sum which shall not be less than 15 percent, of the number of its debentures maturing during the year, ending on 31st March of the next year, in deposits with any scheduled bank, free from any charge or lien / in unencumbered securities of the Central Government or any State Government / in unencumbered securities mentioned in Section 20 of the Indian Trusts Act,1882/ in unencumbered bonds issued by any other company notified under Section 20 of the IndianTrusts Act,1882:

(i) Listed companies including NBFCs registered with RBI, HFCs National Housing Bank (NHB), and unlisted companies (other than NBFCs and HFCs).

(ii) Unlisted companies (other than NBFCs and HFCs).

Basically, All India Financial Institutions regulated by RBI, Banking Companies for both public as well as privately placed debentures, other Financial Institutions within the meaning of Section 2(72) of the Companies Act, 2013, and unlisted NBFCs registered with RBI and HFCs registered with National Housing Bank (NHB) are exempted both, from creating DRR and from making a DRI.

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 the Companies Act 2013.

As per the amendment made in Accounting Standard 4, the dividend proposed for a year is not a liability till it has been approved by the shareholders. Thus, the proposed dividend is not shown as a short-term provision in the current Balance Sheet of a company but is disclosed in Notes to Accounts under Contingent Liabilities.

All capital losses are to be written off in the year in which they occur unless otherwise mentioned.

NOTE: Schedule III Part II of Companies Act 2013 (Statement of Profit and Loss) is not required for the purpose of preparing the final accounts of a Company.

However, for the preparation of Comparative and Common Size Income Statements (Section B–Unit 4: Financial Statement Analysis), the extent and format of the Statement of Profit and Loss as per Schedule III Part II of the Companies Act 2013 to be studied is as follows:

Statement of Profit and Loss for the year ended:……………..

	Particulars	Note No.	Figures for the Current reporting period	Figures for the Previous reporting period
I	Revenue from operations
II	Other Income
III	Total Revenue (I +II)
IV	Expenses: Cost of materials consumed Purchases of Stock-in-Trade Changes in inventories of finished goods Work-in-progress and Stock-in Trade Employee benefits expense Finance costs Depreciation and amortization expense Other expenses Total expense
V	Profit before tax (III-IV)
VI	LessTax
VII	Profit after Tax (V-VI)

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 intra-firm) 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.

NOTE: Preparation of comparative statements and common size statements to be made from the Balance Sheets and Statements of P/L without notes to accounts.

4. Cash Flow Statement (Only for Manufacturing Companies)

(i) Meaning, importance, and preparation of a Cash Flow Statement.

NOTE: Based on Accounting Standard–3 (revised) issued by the Institute of Chartered Accountants of India.

(ii) Calculation of net cash flows from operating activities based on Indirect Method only.

Preparation of a Cash Flow Statement from two consecutive years’ Balance Sheet with or without adjustments.

Preparation of complete/partial cashflow statement from extracts of Balance Sheets and Statements of P/L with or without adjustments.

NOTE: Any adjustment or an item in the Balance Sheet relating to the issue of bonus shares, extraordinary items, and refund of tax are not required.

(iii) Preparation of Cash Flow Statement on basis of operating, investing, and financing activities.

The following items are to be taken when calculating net cash flows from financing activities:

• Issue of shares at par and premium, issue of debentures at par, premium, and discount.
• Redemption of preference shares and debentures at par.
• Interest paid on Long Term and Short Term Borrowings and dividends–interim and proposed/paid on shares.
• Long-term borrowings and Short term borrowings–bank overdraft, cash credit, and short-term loan. whether taken or repaid.
• Share issue expenses/underwriting commission paid.

The following items are to be taken when calculating net cash flows from investing activities:

• Cash purchase of fixed assets.
• Cash sale of fixed assets.
• Purchase of shares or debentures or long-term investments of other companies.
• Interest and dividends received on shares or debentures or long-term investments of other companies.
• Sale of shares or debentures or long-term investments of other companies.

The following items are to be taken for cash and cash equivalents:

• Cash
• Bank
• Short-term investments
• Marketable securities

NOTE :

(i) Adjustments relating to provision for taxation, proposed dividend, interim dividend, amortization of intangible assets, profit or loss on sale of fixed assets including provision for/accumulated depreciation on them, and Profit or loss on sale of investment are also included.

(ii) Treatment of proposed dividend:

(a) Dividend proposed for the previous year will be an outflow for cash, unless otherwise stated, on the assumption that the proposed amount has been approved by the shareholders in the AGM.
(b) No effect is given to the Proposed Dividend for the current year as it is not provided for and is a contingent liability.

(c) Any unpaid dividend is transferred to the Dividend Payable Account / Unpaid Dividend Account which is shown in the Balance Sheet of the current year as Other Current Liabilities under Current Liabilities.

(iii) Treatment of provision for doubtful debts-

Provision for doubtful debts can be treated as a charge against profits or as part of the working capital changes. In the case of good debtors, the provision will be treated as an appropriation of profit.

(iv) To calculate cash flow from operating activities the Adjusted Profit and Loss Account is not acceptable as per AS-3.

(v) Calculation of Net Profit before Tax has to be shown as a Working Note.

(vi) Excluded: Any transaction pertaining to Capital Reserve.

5. Ratio Analysis

A. Liquidity Ratios:

(i) Current Ratio: Current Assets/Current Liabilities

Current Assets = Current Investments + Inventories (excluding Loose Tools and Spare Parts) + Trade Receivables + Cash and Bank Balance + Short-term Loans and Advances+ Other Current Assets

Current Liabilities = Short-term borrowings + Trade payables + Other Current Liabilities + Short-term Provisions

(ii) Quick Ratio / Liquid Ratio:

Quick Assets/Current Liabilities

All Current Assets - Inventories (excluding Loose Tools and Spare Parts) - Prepaid Expenses/Current Liabilities

OR
Liquid Assets/Current Liabilities

B. Solvency Ratios:

a. Debt to Equity Ratio:
Debt / Long-Term Debt/Equity / Shareholders' Funds
Debt = Long TermBorrowings + Long Term Provisions Equity /Shareholders’Funds = Share Capital + Reserves and Surplus

Non-Current Assets + (CurrentAssets – Current Liabilities) - Non-Current Liabilities

= Non-Current Assets + Working Capital - Non-Current Liabilities

= (Tangible Assets + Intangible Assets + Non Current Investments + Long Term Loans and Advances) + Working Capital–(Long Term Borrowings + Long Term Provisions)

b. Proprietary Ratio:

Shareholders Funds, EquityTotal/Assets

Total Assets = Non-Current Assets + Current Assets = Tangible Assets + Intangible Assets + Non-Current Investments + Long Term Loans and Advances + Current Investments + Inventories (including Loose Tools and Spare Parts) + Trade Receivables + Cash and Bank Balance + Short-term Loans and Advances + Other Current Assets

c. Debt to Total Assets Ratio:

Debt/Total Assets

d. Interest coverage ratio = Net profit before interest and taxes/Interest

Interest includes interest on only long-term borrowings.

C. Activity Ratios:

(i) Trade Receivable Turnover Ratio = Credit Revenue from Operation/Average Trade Receivable

Credit Revenue from Operation = Revenue from Operation–Cash Revenue from Operation

Average Trade Receivables = Opening Trade Receivable Closing TradeReceivable / 2

(ii) Trade Payable Turnover Ratio = Net Credit Purchases/Average Trade Payable

Average Trade Payables = Opening Trade Payable Closing Trade Payable/2

(iii) Working Capital Turnover Ratio = Revenue from Operations/Working Capital

(iv) Inventory Turnover Ratio = (Cost of Goods Sold/Cost of Revenue from Operation) / Average Inventory

Cost of goods sold = Opening Stock + Net Purchases + Direct Expenses – Closing Stock

Cost of Revenue from Operations = Revenue from Operations – Gross Profit

Costof Material Consumed (including direct expenses) + Change in inventories of WIP and Finished Goods

Opening Inventory + Net Purchases + Direct Expenses – Closing inventory

Average Inventory = Opening Inventory + Closing Inventory/2

D. Profitability Ratios:

(i) Gross Profit Ratio: (Gross Profit/Revenue from Operations) * 100

Gross Profit = Revenue from Operations – Cost of Revenue from Operations/ Cost of Goods Sold

Cost of Revenue from Operations = Cost of Material Consumed (including direct expenses) + Change in inventories of WIP and Finished Goods.

Opening Inventory + Net Purchases + Direct Expenses – Closing inventory

(ii) Net Profit Ratio: = (Net Profit/ Revenue from Operations) × 100

Net Profit = Gross profit + Other Income – Indirect Expenses –Tax

(iii) Operating Ratio: [(Cost of Revenue from Operations/Cost of Goods Sold + Operating Expenses)/Revenue from Operations] * 100

[(Cost of Revenue from Operations + Operating Expenses - Operating Income)/Revenue from Operations] * 100

Operating Expenses = Employee Benefit Expenses + Depreciation of Tangible Assets + Selling and Distribution Expenses + Office and Administrative Expense.

Operating Income = Commission received, cash discount received.

(iv) Operating Profit Ratio: Net Operating Profit ×100/Revenue from Operations

Net operating profit = Net Profit after Tax+ Non - Operating Expenses – Non-Operating Incomes

Gross Profit – Operating Expenses + Operating Incomes

Non-Operating Expenses = Finance Cost (Interest on Borrowings) + Loss on sale of Non-Current Assets + Amortisation of Intangible Assets + Writing off capital losses.

Non-Operating Incomes = Interest and Dividend Received on Investment + Profit on sale of Non-Current Assets.

NOTE :

1. Current Ratio includes Net Debtors (Gross Debtors – Provision for doubtful debts) while Trade Receivables Turnover Ratio includes Gross Debtors.

2. ‘Other Current Assets’ is restricted to Prepaid Expenses and Accrued Income.

3. Capital employed = Shareholders’ Funds + Non-current Liabilities – Non-trade Investments
OR

Non-current Assets (excluding Non-trade Investments) + Working Capital
OR
Fixed Assets + Trade Investments + Working Capital

4. Investments are to be taken as non-trade investments unless specified as trade investments.

5. In Return on Investments Ratio- Net Profit before interest and tax will not include interest on non-trade
investments.

6. Revenue from operation (for a manufacturing company)

• Net Sales (Fora manufacturing
• Sale of scrap company)

Other Income: (for a manufacturing company)

• Rent received (non-operating)
• Commission received (operating)
• Interest and Dividend Received (non-operating)
• Profit from the Sale of Fixed Assets (non-operating)
• Cash discount received (operating)

7. Problems with the effect of transactions on ratios to be restricted to Current Ratio, Quick Ratio and Debt-Equity Ratio.

8. Net Profit Ratio is to be calculated on ‘Net Profit after Tax’.

SECTION C = COMPUTERISED ACCOUNTING

6. Accounting Application of Electronic Spread Sheet

(i) Concept of Electronic Spreadsheet.

Meaning, utility, merits and demerits of Electronic spreadsheets.

(ii) Features offered by Electronic Spreadsheet.

An understanding of basic features of electronic spreadsheets such as: Creating worksheets, entering data into worksheets, heading information, data, text, dates, alphanumeric values, and saving & quitting worksheets. Opening and moving around in an existing worksheet. Toolbars and Menus, keyboard shortcuts. Working with single and multiple workbooks-copying, renaming, moving, adding and deleting, copying entries, and moving between workbooks. Formatting of worksheet-Auto format, changing-alignment, character styles, column width, date format, borders, and colors. Previewing and Printing worksheet-Page setting, Print titles, Adjusting margins, Page break, headers, and footers. Formulas–summation, subtraction, division, multiplication, average, and percentage. Functions: date, if-then-else, freezing panes.

(iii) Application of spreadsheets in generating the following accounting information:

1. Payroll

Components of payroll – Basic, HRA, DA and TA, CCA, the deduction for PF, and income tax.

2. Data Presentation

Graphs and charts-using wizards, various charts type, formatting grid lines and legends, previewing & printing charts

Database-creation, sorting, query, and filtering of a database.

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 and

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 applications:

• Accounting Information
• Debtors and Creditors
• Bank Reconciliation Statement
• Asset Accounting

PAPER II – PROJECT WORK – 20 Marks

Candidates will be expected to have completed two projects from any topic covered in Theory.

The project work will be assessed by the teacher and a Visiting Examiner appointed locally and approved by the Council.

Mark allocation for each Project [10marks] :

Overall format	1 mark
Content	4 marks
Findings	2 marks
Viva-voce based on the Project	3 marks

A list of suggested Projects is given below:

1. Preparation of Journal / sub-division of the journal, Ledger, Trial balance, and Financial Statements of a partnership form of business on the basis of a case study.

• Develop a case study showing how two or more friends decide to come together and start a business with a certain amount of capital.

• Prepare their PartnershipDeed including interest on capital, partner’s salary, commission, interest on drawings, interest on partner’s loan, and rent paid to a partner.

• Write in detail, their transactions during the year: purchases-cash and credit, sales-cash and credit, expenses, purchase of fixed assets and depreciation charged on them, any outstanding expenses, prepaid expenses, accrued income, drawing bills of exchange, accepting bills payable, etc.

• From this case study developed (which should have at least 15 transactions), pass the journal entries, post them into the ledger, prepare a Trial Balance and the Trading and Profit and Loss Account, Profit and Loss Appropriation Account, and Balance Sheet.

• The various expenses, for comparison purposes, could be depicted in the form of bar diagrams and pie charts.

• Calculate relevant accounting ratios like liquidity, solvency, activity, and profitability giving their formulae and computation (all this could be part of the viva-voce).

• The ratios could also be shown graphically and/or pictorially (bar diagrams and piecharts) and if possible, could be compared with the ratios of the industry.

2. Preparation of a Cash Flow Statement with the help of audited/unaudited/imaginary Balance Sheets of a company for two consecutive accounting years or two consecutive quarters of an accounting year could be taken along with at least five additional information (depreciation, purchase/ sale of fixed assets, dividend paid/proposed, taxpaid/ proposed, amortization of intangible assets, profit or loss on sale of fixed assets including provision for depreciation on them and profit or loss on sale of investment).

• The results of the operating, investing, and financing activities could be shown graphically and/ or pictorially (bar diagrams and pie charts).

3. Preparation of the Common Size and Comparative Income Statement and Balance Sheet of a company by taking into account its audited, unaudited/imaginary financial results of two consecutive quarters of an accounting year or of two consecutive accounting years.

• The comparison has to be made in the form of a Common Size and Comparative Income Statement and Balance Sheet.

• The comparison could also be shown graphically and/ or pictorially (bar diagrams and pie charts).

4. Taking the audited/unaudited/imaginary financial results of any leading company, its liquidity, solvency, activity, and profitability ratios of two consecutive accounting years or of two consecutive quarters of an accounting year should be calculated and the comparison of the ratios of both the years or quarters should be shown graphically and/ or pictorially (bar diagrams and pie charts).

5. Employee Salary Sheet:

(i) Design a spreadsheet using the following fields:

Employee’s Name: String Variable of a maximum size of 40 characters

Date of Joining: Date in English U.K.format

Basic Salary: up to 2 places after decimal Calculate their net salary using the Employee’s data. [Feed in random data for 20 to 25 employees]

Some of the instructions are given below:

Important Instructions:

Dearness Allowance (DA) is paid @ 45%of Basic Salary.

House Rent Allowance (HRA) is paid @15%of (Basic Salary + DA)

City Compensatory Allowance (CCA) is paid @ 8.3% of (Basic Salary + DA +HRA)

Provident Fund (PF) is deducted @ 12% of (BasicSalary +DA)

Income Tax (IT) is deducted @ 10% of (Basic Salary + DA + HRA + CCA)

Net Salary summation of Basic Salary +DA + HRA + CCA less PF and IT

(ii) Save your worksheet on the desktop as Employee_Salary.

(iii) Print a Hard Copy of your work and close the file.

6. Revenue and Commission Statement

Prepare a Spreadsheet for a certain Company, which pays a commission based on books sold.

Prepare a revenue and commission statement based on the following information:

Name of Salesperson	Number of Soft Cover Books sold	Number of Hard Cover Books sold
Suresh Mehta	1546	360
Gladstone David	1788	315
Manish Arora	1340	294
Manmeet Singh	990	450
Vineet Saighal	1105	689

Assumption:

Price of Hard Cover Books :@Rs. 34.45 per Book

Price of Soft Cover Books: @ Rs.22.05 per Book

Commission on Hard Cover Books:9.0% Commission on Soft Cover Books: 12% Prepare spreadsheet showing your calculation to determine:

(i) Revenue (Hard Cover Books and Soft Cover Books)

(ii) Total Revenue

(iii) Commission (Hard Cover Books and Soft Cover Books)

(iv) Total Commission

(v) Create a Chart (any style) showing the above information.

Open the original page (with lines and shading) as well as a formula page. (The entire formula must be shown)

Use“ = round (.0)” where applicable so that all columns add correctly.

7. Spreadsheet on Outstanding Report

Prepare and Present a Spreadsheet for a list of outstanding notes receivable each month. The information for a particular month is as follows:

Use the following financial information:

Face Value	Interest Rate	Other details
0	10.8%	Late Penalty: 11%
500	9.2%	Report date: July 30, 2011
1000	8.96%	Days / Year: 365

Note Number	Face Value	Issue Date	Issue Date
1	Rs. 525	90	7/2/2011
2	Rs. 612	60	14/3/2011
3	Rs. 210	45	19/5/2011
4	Rs. 800	120	10/6/2011
5	Rs. 1469	30	24/6/2011

Show the Interest rate, Days outstanding, Interest earned, Late penalty, and Total due.

Use appropriate Lines and Shading to make the report interesting and easy to read. Use two places after the decimals where appropriate.

Prepare a chart to show the above information.

8. Database Management

(i) Create a Database with at least 10 records with each record having the following fields:

Employees Details: PAN Number, Name, Address, and Phone Number

(ii) Sort the names in alphabetical order.

(iii) The Employee database has another table called Loan Details that stores the details of loans taken by various employees. Create a query that gives a list of employees' names along with loan details.

The loan details table has the following fields: Loan Amount, Loan Date, Interest Rate, Amount Paid, and Amount Balance.

(iv) Create a Report as per the format given below: Decide tables, relationships, etc. on your own.

Employee Loan Details:

Emp.No.

Emp.Name

Loan
Amount

Loan
Date

Amount
Paid

Balance
Amount

Decide tables, relationships, etc. on your own.

9. Database Management:

(i) Create an Accounts Table by following the steps given below:

(a) Click on the new button and highlight Design View in the dialog box that appears.

(b) Click the OK button and the Table Design View will appear.

(c) Fill in the Field Name, Data Type, and Description for each column/field in the Account Table.

(ii) Define a Primary Key for the Accounts table. Click on the Account Number field with the right mouse button and choose Primary Key from the pop-up menu.

(iii) Save the new Accounts Table.

10. Selection Grade Card

(i) Make a Spreadsheet of a Selection Grading Chart using the following details:

Candidate’s Name: type String

Test 1: type Integer

Test 2: type Integer

Test 3: type Integer

Test 4: type Integer

(ii) Compute the percentage for each candidates total. Show the total score and the percentage for each candidate.

(iii) Create a Header for the Chart. Include your name.

(iv) Save your work on the desktop as Merit_Project.

(v) Print a hard copy of your work and close the file.

NOTE: No question paper for Practical work will be set by the Council.

TO KNOW MORE

For Official Website: click here

For Time Table: click here

Format

ISC EXAM CLASS 12TH LATEST UPDATE

Paper Format

Paper Type - Theory + Project

Paper Marks - Theory (80 Marks) + Project (20 Marks)

Maximum Total marks - 80 + 20 = 100 Marks

Time duration - 3 hours (Only For Theory Exam)

About Paper

1. There will be one paper of 3 hours duration of 80 marks divided into three Sections A, B, and C.

2. It will be compulsory for all candidates to attempt Section A.

3. Section A (60 Marks): will consist of two parts, Part I and Part II, and have a total of eight questions.

4. Part I (12 Marks): will consist of Question 1 (compulsory). This question will include short answer questions, testing knowledge, application, and skills relating to elementary/fundamental aspects. Question 1 will be based on Section A of the syllabus.

5. Part II (48 Marks): Candidates will be required to answer four questions out of seven from this part. Each question shall carry 12 marks. Part II will also be based on Section A of the syllabus.

6. Section B/C (20 marks): Candidates will have a choice of attempting questions either from Section B or Section C. Candidates will be required to answer two questions out of three from the section of their choice. Each question shall carry 10 marks.

Unit & Their Weightage

S.No.	Unit	Total Weightage
Section A
1	Partnership Accounts	60 Marks
2	Joint Stock Company Accounts	60 Marks
Section B: Management Accounting
3	Financial Statement Analysis	20 Marks
4	Cash Flow Statement (Only for Non-Financing Companies)
5	Ratio Analysis
Or Section C: Computerised Accounting
6	Accounting Application of Electronic Spread Sheet	20 Marks
7	Database Management System (DBMS)	20 Marks
Total		100 Marks

Paper II- Project Work

Maximum marks - 20

TO KNOW MORE

For Official Website: click here

For Time Table: click here

Eligibility

ISC EXAM CLASS 12TH LATEST UPDATE

Conditions of eligibility for admission to Class XII

1. Candidates who have been awarded Pass Certificates in the class XI examination with five subjects including English are eligible to be admitted to the Indian School Certificate Examination.

2. Candidates may be entered only by the school they are attending and in this respect, the decision of the Head of the School is final.

3. There is no age limit for candidates taking the examination.

4. Candidates whose attendance is below 75% of the working days are ordinarily not eligible to sit for the examination. However, the Chief Executive and Secretary has the authority to condone the shortage of attendance in the case of candidates whose minimum attendance is not less than 60% of the working days in each year of the two-year course. This is inclusive of absence due to illness and other special circumstances. Heads of Schools may represent, to the Chief Executive and Secretary, cases of candidates who deserve special consideration for condonation of shortage of attendance in Class XI and XII, provided that the attendance of such candidates is not less than 60% of the working days, during each year of the two-year course.

Schedule

ISC EXAM CLASS 12TH LATEST UPDATE

TIME TABLE - ACCOUNTS

Exam Date	Subject	Time & Duration
17.03.2025 (Monday)	Accounts	02.00 P.M & 3 hrs.

TIME TABLE - ALL SUBJECTS

SINO.	Day	Date	Time & Duration	Subject
1	Thursday	13.02.2025	2.00 P.M. (3 hrs)	Environmental Science
2	Friday	14.02.2025	2.00 P.M. (3 hrs)	English - Paper 1 (English Language)
3	Saturday	15.02.2025	2.00 P.M. (3 hrs)	Mass Media & Communication Indian Music - Hindustani - Paper 1 (Theory) Western Music - Paper 1 (Theory)
4	Monday	17.02.2025	2.00 P.M. (3 hrs)	English - Paper 2 (Literature in English)
5	Tuesday	18.02.2025	2.00 P.M. (3 hrs)	Fashion Designing - Paper 1 (Theory)
6	Friday	21.02.2025	2.00 P.M. (3 hrs)	Economics, Biotechnology - Paper 1 (Theory)
7	Saturday	22.02.2025	9.00 P.M. (3 hrs)	Art Paper 1 (Drawing or Painting from Still Life)
8	Monday	24.02.2025	2.00 P.M. (3 hrs)	Chemistry - Paper 1 (Theory)
9	Tuesday	25.02.2025	2.00 P.M. (3 hrs)	Elective English
10	Friday	<

...

ISC EXAM CLASS 12TH LATEST UPDATE

TIME TABLE - ACCOUNTS

Exam Date	Subject	Time & Duration
17.03.2025 (Monday)	Accounts	02.00 P.M & 3 hrs.

TIME TABLE - ALL SUBJECTS

SINO.	Day	Date	Time & Duration	Subject
1	Thursday	13.02.2025	2.00 P.M. (3 hrs)	Environmental Science
2	Friday	14.02.2025	2.00 P.M. (3 hrs)	English - Paper 1 (English Language)
3	Saturday	15.02.2025	2.00 P.M. (3 hrs)	Mass Media & Communication Indian Music - Hindustani - Paper 1 (Theory) Western Music - Paper 1 (Theory)
4	Monday	17.02.2025	2.00 P.M. (3 hrs)	English - Paper 2 (Literature in English)
5	Tuesday	18.02.2025	2.00 P.M. (3 hrs)	Fashion Designing - Paper 1 (Theory)
6	Friday	21.02.2025	2.00 P.M. (3 hrs)	Economics, Biotechnology - Paper 1 (Theory)
7	Saturday	22.02.2025	9.00 P.M. (3 hrs)	Art Paper 1 (Drawing or Painting from Still Life)
8	Monday	24.02.2025	2.00 P.M. (3 hrs)	Chemistry - Paper 1 (Theory)
9	Tuesday	25.02.2025	2.00 P.M. (3 hrs)	Elective English
10	Friday	28.02.2025	2.00 P.M. (3 hrs)	Bengali, Gujarati, Hindi, Kannada, Mizo, Malayalam, Nepali, Odia, Punjabi, Tamil, Telugu, Urdu, Lepcha, French, Modern Armenian, Tibetan, Arabic
11	Saturday	1.03.2025	9.00 P.M. (3 hrs)	Art Paper 2 (Drawing or Painting from Nature)
12	Monday	3.03.2025	2.00 P.M. (3 hrs)	Mathematics
13	Wednesday	5.03.2025	2.00 P.M. (3 hrs)	Business Studies
14	Friday	7.03.2025	2.00 P.M. (3 hrs)	Physics - Paper I (Theory)
15	Saturday	8.03.2025	9.00 P.M. (3 hrs)	Art Paper 3 (Drawing or Painting of a Living Person)
15	Saturday	8.03.2025	2.00 P.M. (3 hrs)	Hospitality Management
16	Monday	10.03.2025	2.00 P.M. (3 hrs)	History
17	Wednesday	12.03.2025	2.00 P.M. (3 hrs)	Commerce
18	Monday	17.03.2025	2.00 P.M. (3 hrs)	Accounts
19	Wednesday	19.03.2025	2.00 P.M. (3 hrs)	Political Science
20	Friday	21.03.2025	2.00 P.M. (3 hrs)	Biology - Paper 1 (Theory)
21	Saturday	22.03.2025	2.00 P.M. (3 hrs)	Home Science - Paper 1 (Theory)
22	Monday	24.03.2025	2.00 P.M. (3 hrs)	Computer Science - Paper I (Theory)
23	Wednesday	26.03.2025	2.00 P.M. (3 hrs)	Physical Education
24	Friday	28.03.2025	2.00 P.M. (3 hrs)	Sociology
25	Saturday	29.03.2025	9.00 P.M. (3 hrs)	Art Paper 4 (Original Imaginative Composition in Colour)
25	Saturday	29.03.2025	2.00 P.M. (3 hrs)	Legal Studies
26	Wednesday	02.04.2025	2.00 P.M. (3 hrs)	Psychology
27	Friday	04.04.2025	2.00 P.M. (3 hrs)	Geography, Electricity and Electronics, Geometrical & Mechanical Drawing
28	Saturday	05.04.2025	9.00 P.M. (3 hrs)	Art Paper 5 (Crafts A)

TO KNOW MORE

For Official Website: click here

For Time Table: click here

Analysis

ISC EXAM CLASS 12TH LATEST UPDATE

Official ISC Analysis of Pupil Performance

Year	Subject	Link
2024	*Accounts*	*Click Here*
2023		*Click Here*
2020		*Click Here*
2019		*Click Here*
2018		*Click Here*
2017		*Click Here*

ISC Accounts Analysis 2022

ISC Accounts Term 2 2022 Exam has been conducted on May 20, 2022. Experts Says that the Paper's Difficulty Level was "Moderate"

ISC Accounts Term 2 2022: Exam highlights

Exam date: Monday, May 20, 2022

Exam timing: 2 pm - 3:30 pm

Exam duration: 1.5 hours

Total Marks: 35

ISC Accounts 2022 Exam: Check Marking Scheme Analysis Facts

1. Several students found the question paper to be moderate but lengthy.

2. They said that solving the ISC Accounts specimen question paper 2022 helped them in the exam.

3. Students were able to finish the exam paper within time and are expecting to get good marks.

4. The question paper had short answer/ long answer type questions. The question paper was subjective and students had to write responses to each question.

5. It was moderately long but found to be quite lengthy by a few students.

6. Students say that the question paper was lengthy and time-consuming.

ISC Accounts 2022 Exam Analysis - Experts and Teacher feedback

Experts state that the CBSE Class 12 Term 2 Accountancy Exam 2022 question paper is well-balanced. The questions were all from the syllabus. Students must have performed well, with proper practice.

ICSE/ISC XII Analysis From Other Resources

S.no.	Subject	Sources	Exam Date	Link
1	Accounts	NDTV	20 May 2022	*Click Here*

Study Tips

ISC EXAM CLASS 12TH LATEST UPDATE

1. There paper will be divided into three Sections A, B, and C.

2. It will be compulsory for all candidates to attempt Section A.

3. Section A (60 Marks): will consist of two parts, Part I and Part II, and have a total of eight questions.

4. Part I (12 Marks): will consist of Question 1 (compulsory). This question will include short answer questions, testing knowledge, application and skills relating to elementary/fundamental aspects.

5. Question 1 will be based on Section A of the syllabus.

6. Part II (48 Marks): Candidates will be required to answer four questions out of seven from this part.

7. Each question shall carry 12 marks. Part II will also be based on Section A of the syllabus.

8. Section B/ C (20 marks): Candidates will have a choice of attempting questions either from Section B or Section C. Candidates will be required to answer two questions out of three from the section of their choice. Each question shall carry 10 marks.

General info

ISC EXAM CLASS 12TH LATEST UPDATE

KEY HIGHLIGHTS OF THE BOARD EXAM

Particulars	Details
Exam Name	ISC Class 12th Board Exam
Exam Conducted By	The Council for the Indian School Certificate Examinations (CISCE)
Exam Year	2025
Exam Starts From	13 February 2025
Exam Ends	05 April 2025
Result Declaration	May 2025
Students Appeared Last Year	Around 1 Lakh
Official Website	click here

TIME TABLE

This year Class 12th ISC Final exams will be conducted for the following subjects:

SINO.	Subject
1	Environmental Science
2	English - Paper 1 (English Language)
3	Mass Media & Communication Indian Music - Hindustani - Paper 1 (Theory) Western Music - Paper 1 (Theory)
4	English - Paper 2 (Literature in English)
5	Fashion Designing - Paper 1 (Theory)
6	Economics, Biotechnology - Paper 1 (Theory)
7	Art Paper 1 (Drawing or Painting from Still Life)
8	Chemistry - Paper 1 (Theory)
9	Elective English
10	Bengali, Gujarati, Hindi, Kannada, Mizo, Malayalam, Nepali, Odia, Punjabi, Tamil, Telugu, Urdu, Lepcha, French, Modern Armenian, Tibetan, Arabic
11	Art Paper 2 (Drawing or Painting from Nature)
12	Mathematics
13	Business Studies
14	Physics - Paper I (Theory)
15	Art Paper 3 (Drawing or Painting of a Living Person)
15	Hospitality Management
16	History

...

ISC EXAM CLASS 12TH LATEST UPDATE

KEY HIGHLIGHTS OF THE BOARD EXAM

Particulars	Details
Exam Name	ISC Class 12th Board Exam
Exam Conducted By	The Council for the Indian School Certificate Examinations (CISCE)
Exam Year	2025
Exam Starts From	13 February 2025
Exam Ends	05 April 2025
Result Declaration	May 2025
Students Appeared Last Year	Around 1 Lakh
Official Website	click here

TIME TABLE

This year Class 12th ISC Final exams will be conducted for the following subjects:

SINO.	Subject
1	Environmental Science
2	English - Paper 1 (English Language)
3	Mass Media & Communication Indian Music - Hindustani - Paper 1 (Theory) Western Music - Paper 1 (Theory)
4	English - Paper 2 (Literature in English)
5	Fashion Designing - Paper 1 (Theory)
6	Economics, Biotechnology - Paper 1 (Theory)
7	Art Paper 1 (Drawing or Painting from Still Life)
8	Chemistry - Paper 1 (Theory)
9	Elective English
10	Bengali, Gujarati, Hindi, Kannada, Mizo, Malayalam, Nepali, Odia, Punjabi, Tamil, Telugu, Urdu, Lepcha, French, Modern Armenian, Tibetan, Arabic
11	Art Paper 2 (Drawing or Painting from Nature)
12	Mathematics
13	Business Studies
14	Physics - Paper I (Theory)
15	Art Paper 3 (Drawing or Painting of a Living Person)
15	Hospitality Management
16	History
17	Commerce
18	Accounts
19	Political Science
20	Biology - Paper 1 (Theory)
21	Home Science - Paper 1 (Theory)
22	Computer Science - Paper I (Theory)
23	Physical Education
24	Sociology
25	Art Paper 4 (Original Imaginative Composition in Colour)
25	Legal Studies
26	Psychology
27	Geography, Electricity and Electronics, Geometrical & Mechanical Drawing
28	Art Paper 5 (Crafts A)

IMPORTANT INSTRUCTIONS

1. In addition to the duration indicated on the timetable for writing the paper, 15 minutes time is given for reading the Question Paper.

2. The Indian School Certificate Year 2025 Examination results will be declared in the month of May 2025.

3. The results will be made available on the official website of the CISCE.

4. For ISC, the marks of the Practical/Project work Of the subject, already awarded to the candidate in the main examination, Will be carried forward. However, if the candidate was absent earlier either in Practical or during assessment of Project Work of the subject, then, the candidate, in addition to taking the Theory examination, is permitted to submit the Project Work and/or for Practical. which should then be assessed, and marks awarded and submitted.

5. CISCE will not retain answer scripts of the candidates later than 60 days from the day of the declaration of results. The same shall be destroyed thereafter.

7. All candidates who appear for the ISC Main Examination, are eligible to take the Improvement Examination' conducted in the same year of Examination.

HOW TO CHECK TIME TABLE

Students who are planning to appear for the ISC Class 12th exam can download their complete timetable by following these simple steps:

Step 1: Visit the official CISCE website: cisce.org

Step 2: On the homepage, find and click on the link for “ISC Class 12th Time Table”

Step 3: A new page will open displaying the ISC exam date sheet in PDF format.

Step 4: Carefully review the date sheet to get all the necessary details regarding the ISC exam.

Step 5: Download and save the timetable. It is also recommended to take a printout for future reference.

TO KNOW MORE

For Official Website: click here

For Time Table: click here

CISCE Board Has Released ISC Class 12 Time Table In Online Mode

Students who will be appearing for the exams in the science, arts, and commerce streams can access and download the ISC exam schedule for 2025 in PDF format from the official website...