Class 12 Accounts Board Exam 2026 Last Minute Strategy

As CBSE 12th Accountancy board exam is scheduled for 24th February, 2026, students should focus on strategic revision rather than starting new topics. Accountancy is a scoring subject if concepts, formats, and journal entries are clear and practised properly.

This Class 12 Accounts Board Exam 2026 Last Minute Strategy is designed to help students revise the most important and frequently asked topics such as Goodwill, Revaluation, Shares, Debentures, Cash Flow Statement, Financial Statements, and Partnership adjustments.

Here are the important aspects of each chapter you should keep in mind: 

1. Goodwill: Nature and Valuation

Goodwill is a critical foundational topic that integrates into nearly every question related to partnership accounts.

• Valuation Methods: Mastery of the following methods is essential:

• Average Profit Method

• Weighted Average Profit Method

• Super Profit Method

• Capitalisation Method (using both Average Profit and Super Profit)

• Accounting Treatment for Goodwill: The journal entries for Goodwill are crucial and differ based on the situation. 

• Goodwill in Admission of a Partner: There are five common scenarios for treating the new partner's share of goodwill:

1. Paid privately to the old partners.

2. Brought in cash.

3. Brought in kind (e.g., assets).

4. The new partner is unable to bring their share of goodwill.

5. The presence of Hidden Goodwill.

2. Treatment of Accumulated Profits, Reserves, and Losses

This involves accounting for items like Accumulated Profits, General Reserve, Workmen's Compensation Reserve (WCR), Investment Fluctuation Fund (IFF), and debit balances such as the P&L Account, Advertisement Suspense, or Deferred Revenue Expenditure.

Note: WCR and IFF have specific cases that must be reviewed separately.

3. Calculation of Sacrificing and New Profit-Sharing Ratios

This calculation is fundamental for the Admission of a Partner. A thorough understanding of all five distinct cases for calculating the new and sacrificing ratios is essential.

4. Revaluation Account

The principles of the Revaluation Account remain consistent across Admission, Retirement, and Death of a Partner.

• When to Debit Revaluation Account:

• Decrease in the value of an asset.

• Increase in the value of a liability.

• Accounting for an unrecorded liability.

• When to Credit Revaluation Account:

• Increase in the value of an asset.

• Decrease in the value of a liability.

• Accounting for an unrecorded asset.

5. Adjustment of Partners' Capital Accounts

This topic involves adjusting partners' capital accounts to align with the new profit-sharing ratio following a firm's reconstitution. Though it can be time-consuming, it is an important and achievable area.

6. Deceased Partner's Capital Account and Executor's Account

Expect a question of approximately 4 marks from this area, requiring the preparation of either the Deceased Partner's Capital Account or their Executor's Loan Account. A key calculation to master here is the P&L Suspense Account for the deceased partner's share of profit.

7. Realisation Account and Dissolution Entries

For the chapter on Dissolution of a Firm, focus on preparing the Realisation Account and, most importantly, the related journal entries. There is a key difference in entries compared to other chapters.

8. Share Capital: Core Concepts

The Shares chapter carries the highest weightage, often accounting for 15-18 marks. Focus on these three areas:

• Share Forfeiture and Re-issue.

• Types of Share Capital (Authorized, Issued, Subscribed, Called-up, Paid-up).

• Presentation of Share Capital in the Balance Sheet as per Schedule III of the Companies Act.

9. Issue of Shares/Debentures for Consideration Other than Cash

This is a common topic appearing in both the Shares and Debentures chapters. It deals with issuing securities in exchange for assets or services instead of cash.

10. Debentures: Key Topics

These are high-yield and relatively simple topics within the Debentures chapter:

• Issue of Debentures as Collateral Security: This topic mainly involves a format-based presentation, making it quick to learn.

• Journal Entries for Issue of Debentures from the Redemption Point of View: Mastering the concepts and entries for various redemption conditions (e.g., at par, at premium) is crucial.

11. Financial Statements of a Company: Formats

Thoroughly learn the format of the Statement of Profit & Loss and the Balance Sheet as per Schedule III. While direct questions on formats might be for 1-3 marks, this knowledge is essential for solving problems on Comparative and Common-Size Statements.

12. Comparative and Common-Size Statements

These are scoring, 4-mark topics that directly rely on the formats learned previously.

• Comparative Statements:

• Calculate the Absolute Change (Current Year - Previous Year).

• Calculate the Percentage Change ((Absolute Change / Previous Year) * 100).

• Common-Size Statements:

• For the Balance Sheet, the base for percentage calculation is the Total of Equity & Liabilities (or Total Assets).

• For the Statement of P&L, the base is Revenue from Operations.

13. Cash Flow Statement

This is an 8-mark chapter.

• Minimum Essential: You must learn how to prepare the Cash Flow from Operating Activities.

• Highly Recommended: To secure full marks, solve a complete problem and learn the preparation of related ledger accounts, such as the Accumulated Depreciation Account, Plant & Machinery Account, and Provision for Tax Account.

14. Fundamentals of Partnership

• Theory: Understand the definition and five key characteristics of a partnership.

• Rules Applicable in the Absence of a Partnership Deed:

1. Profits and Losses are to be shared equally.

2. Interest on a loan provided by a partner to the firm is allowed at 6% per annum.

15. Past Adjustments and Guarantee of Profit

It is highly probable that a question will come from either Past Adjustments or Guarantee of Profit. Prepare both topics, with a particular emphasis on understanding the adjustment process for Past Adjustments, which involves a single adjustment entry.