ISC Class 12 Accountancy Sample Paper. Sample papers and question papers for ICSE and ISC students. These question papers have been collected by the best teachers from ICSE and ISC schools. Students should download and practice these papers to gain better marks in examinations.
Q1: Answer the following questions briefly:
(i)What is meant by consignment on loading?
(ii) What is the accounting treatment of abnormal losses in joint venture?
(iii) Mention two uses of ratio analysis.
(iv) Why is there a need for revaluation of assets and liabilities of a firm if there is a change in profit – sharing ratio of partners.
(v) How is goodwill paid privately by an incoming partner treated in books of accounts ?
(vi) What is meant by issue. of shares for consideration other than cash ?
Q2.Datta Electricals sent 100 fans to Gupta Appliances on consignment and spent Rs500 on packing and Rs565 on freight. The cost of each fan was Rs750 but it was invoiced at20% above cost.5 fans were lost in transit and Gupta Appliances took the delivery of the remaining fans and paid Rs285 as cartage and Rs190 as godown rent. They sold 75 fans @ Rsl100, 70 fans being sold for cash and the remaining on credit. They also found that l0 fans were defective and therefore returned these to Datta Electricals at a cost of Rsl20. The consignee is entitled to a commission of 6 % on invoice price, 2% on any excess realized over invoice price less all commission. Gupta Appliances could not realize the sale proceeds of 3 fans. Prepare the assignment Account and Goods Sent on Consignment Account in the books of the consignor and pass journal entries in the books of the consignee.
Q3). Better Prospect Ltd. Issued 30,000 shares of Rs.l0 each at a premium of Rs.2 per share payable as follows:
Rs.2on application Rs.5 on allotment (including premium)Rs.5 on first and final call.
All the shares were applied for and allotted All the money were received with the exception of the first and the final call on 500 shares which were forfeited, 300 of these shares were re-issued as fully paid@ Rs.8per share.
(i)Give the Journal Entries in the books of the company in respect of the above transactions.
ii) Show the Balance sheet.
Q4. On 1st January 2005, Amol of Mumbai sent goods costing Rs. 2,00,000 on consignment to Mahesh of Allahabad. Amol paid Rs. 10,000 towards freight and insurance. During transit, goods costing Rs. 1,000 were accidentally destroyed and a sum of Rs. 900 was realized from the Insurance Company. Mahesh had instructions to sell the goods at such a rate so as to get 20% profit on the cost. He was entitled to an ordinary commission of 5% on total sales and 2% del credere commission on credit sales, for guaranteeing the collection of sale proceeds.
During the year ended 31St December 2005, the following information was gathered from the Account Sales sent by Mahesh :
(i) Total sales were Rs. 1,80,000, of which 50% were sold on credit and the remaining 50% were sold for cash.
(ii) Expenses amounted to Rs. 1,500 towards godown rent and advertisements.
(iii) Bad debts were Rs. 1,500.
You are required to :
(a) Prepare a Consignment Account in the books of Amol. (b) Pass Journal Entries in the books of Mahesh
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