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.
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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.