NCERT Accountancy I for Class 12 - latest edition as per NCERT/CBSE

The book generally referred to as Accountancy Part I / Part 1 covers Partnership Firms and Companies. The current NCERT material is being reprinted for 2026–27.

Ch.ChapterWhat it covers1Accounting for Partnership: Basic ConceptsMeaning and features of partnership, partnership deed, provisions of the Partnership Act, fixed/fluctuating capital, Profit & Loss Appropriation Account, guarantee of profit, past adjustments and goodwill basics.2Reconstitution of a Partnership Firm – Admission of a PartnerNew partner's admission, new profit-sharing ratio, sacrificing ratio, goodwill, revaluation of assets/liabilities, reserves, accumulated profits/losses and adjustment of capital accounts.3Reconstitution of a Partnership Firm – Retirement/Death of a PartnerRetirement/death, gaining ratio, goodwill, revaluation, reserves, capital adjustments, retiring partner's loan account and deceased partner's share of profit.4Dissolution of Partnership FirmDissolution of partnership/firm, types of dissolution, Realisation Account, partners' capital accounts and Cash/Bank Account.5Accounting for Share CapitalCompany and share-capital concepts, issue of shares, application/allotment/calls, oversubscription, calls in arrears/advance, forfeiture and reissue of shares.6Accounting for DebenturesIssue of debentures, issue for consideration other than cash, issue as collateral security, interest on debentures and redemption-related accounting.

The CBSE 2026–27 syllabus specifically places Partnership Firms and Companies in Part A and assigns them 36 + 24 = 60 marks.

Important distinction

There is some confusion online because older NCERT/CBSE editions and some websites arrange the chapters differently. For the 2026–27 CBSE examination, follow the official CBSE syllabus rather than an old chapter numbering. The official syllabus says Unit 1 covers partnership accounting/reconstitution/dissolution, while Unit 2 covers company accounting.

For example, the official NCERT Accounting for Share Capital PDF is currently marked “Reprint 2026–27”, confirming that the NCERT material is current.