ISC Class 12 Accounts 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.
PART I
Question 1
Answer each of the following questions briefly:
(i) Define Prime Cost.
(ii) Explain FIFO method of stock valuation.
(iii) What do you mean by the term non-recurring expenses in joint venture?
(iv) What is the purpose of opening a joint bank account for joint venture?
(v) State two advantages of self-balancing system.
(vi) Why is a profit and loss appropriation account necessary in a partnership firm?
(vii) 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?
(viii) Explain ‘pro-rata allotment of shares’ by means of a suitable example.
(ix) State two differences between ‘current assets’ and ‘current liabilities’.
(x) Mention two uses of ratio analysis.
Question 2
Winston was allotted 100 equity shares of Rs.100 each by Diplod Ltd. originally issued at a discount of 6% per share. He failed to pay the final call at Rs.35. These shares were forfeited and out of these, 50 shares were re-issued to Morgan at Rs.90 each as fully paid up. Journalise the transactions in respect of forfeiture and re-issue of shares only.
Question 3
Show by means of journal entries, how would you record the following issues in the books of Charles Ltd. Also show how would they appear in their respective Balance Sheets:-
(i) A debenture issued at Rs.95 repayable at Rs.100.
(ii) A debenture issued at Rs.95 repayable at Rs.105.
[NOTE: Face value of each debenture is Rs.100
Question 4
Robert and Smith were partners sharing profits and losses in the ratio of 3: 2.
On the date of dissolution, their capitals were:
Robert – Rs.7,650 and Smith – Rs.4,300
The Creditors amounted to Rs.27,500. The balance of cash was Rs.760. The assets realised Rs.25,430. The expenses on dissolution were Rs.1,540.
All the partners are solvent.
Close the books of the firm showing the realisation, capital and cash accounts.
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