ASSEB Higher Secondary Accountancy study guide
ASSEB Higher Secondary Accountancy · Work through your exam, one topic at a time.
The ASSEB Higher Secondary Accountancy examination is the Class XII accountancy paper set by the Assam State School Education Board (ASSEB), the state body that conducts Higher Secondary examinations in Assam. It is taken by Higher Secondary students who have chosen Accountancy as part of the Commerce stream, and the mark obtained feeds directly into the final Class XII result used for admission to degree programmes and for eligibility in commerce-related courses. The ASSEB Higher Secondary Accountancy study guide has 10 sections and about 3,321 words.
01Accounting for Not-for-Profit Organisations
Not-for-profit organisations - clubs, societies, hospitals, schools - do not trade for profit, so the three statements are different from a company's. The Receipts and Payments Account is a cash and bank summary: receipts on the debit side, payments on the credit side, opening and closing balances.
376 words, about 2 min02Accounting for Partnership Firms: Fundamentals
A partnership prepares a Profit and Loss Account (to find operating profit) and then a Profit and Loss Appropriation Account , which shows distribution rather than expense: interest on capital, partners' salary or commission, interest on drawings (a credit), transfer to reserve, and the divisible profit. With fixed capital accounts, all such adjustments pass through the partners' Current Accounts ; with fluctuating capitals they pass through the Capital Accounts themselves.
353 words, about 2 min03Reconstitution of Partnership: Admission, Retirement and Death of a Partner
Admission, retirement and death all reconstitute the firm, and the same five adjustments recur: goodwill, revaluation of assets and liabilities, distribution of reserves and accumulated profits, adjustment of capitals, and the new profit-sharing ratio. Admission: the premium brought in by the new partner is credited to the sacrificing partners in the sacrificing ratio (old share − new share).
376 words, about 2 min04Dissolution of Partnership Firms
The dissolution of a firm ends the business relationship entirely, and a Realisation Account replaces the Revaluation Account. It records the sale of assets, settlement of liabilities, realisation expenses, and the resulting profit or loss, which is shared in the profit-sharing ratio.
329 words, about 2 min05Accounting for Share Capital
Share capital in the Balance Sheet is built up as Authorised → Issued → Subscribed → Called up → Paid up. The gap between subscribed and paid up is Calls in Arrears , deducted from subscribed capital; Calls in Advance is a current liability.
331 words, about 2 min06Issue and Redemption of Debentures
Debentures are long-term borrowings, usually secured. They may be issued at par, at a premium (credit Securities Premium) or at a discount (debit Discount on Issue of Debentures, written off against Securities Premium or Profit and Loss over the life of the debentures).
338 words, about 2 min07Financial Statements of a Company
Schedule III of the Companies Act, 2013 prescribes a vertical format. The Balance Sheet has two sides: Equity and Liabilities (shareholders' funds, non-current liabilities, current liabilities) and Assets (non-current assets, current assets).
284 words, about 1 min08Analysis of Financial Statements: Ratio Analysis
Liquidity (current, quick, cash), solvency (debt-equity, proprietary, interest coverage), activity or turnover (inventory, debtors, creditors, working capital turnover) and profitability (gross profit, operating, net profit, return on capital employed, earnings per share). Current ratio = current assets ÷ current liabilities.
289 words, about 1 min09Cash Flow Statement
AS-3 (revised) requires cash flows to be classified into operating, investing and financing activities, with a reconciliation of opening and closing cash and cash equivalents. Operating cash flow is derived from net profit before tax by removing non-cash and non-operating items, then adjusting for working capital changes.
299 words, about 1 min10Project Work and Practical File
Two separate submissions. A comprehensive project of roughly 20–25 pages analysing the published financial statements of a listed company over two or three years, or a study of a partnership firm; and a practical file of three to five solved questions drawn from the syllabus.
346 words, about 2 min