ISC Accounts 2010 Class-12 Previous Year Question Papers
ISC Accounts 2010 Class-12 Previous Year Question Papers Solved for practice. Step by step Solutions with Questions of Section-A (Part-1 and Part-2) and Section-B. By the practice of Accounts 2010 Class-12 Solved Previous Year Question Paper you can get the idea of solving.
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ISC Accounts 2010 Class-12 Previous Year Question Papers Solved
-: Select Your Topics :-
Maximum Marks: 80
Time allowed: Three hours
- Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time.
- Answer Question 1 (Compulsory) from Part I and five questions from Part II, choosing two questions from Section A, two questions from Section B and one question from either Section A or Section B.
- The intended marks for questions or parts of questions are given in brackets [ ].
- Transactions should be recorded in the answer book.
- All calculations should be shown clearly.
- All working, including rough work, should be done on the same page as, and adjacent to the rest of the answer.
Section – A Part – I (12 Marks)
Answer all questions.
ISC Accounts 2010 Class-12 Previous Year Question Papers Solved
Answer each of the following questions briefly : [10 × 2]
(i) State two differences between Bin Card and Stores Ledger.
(ii) What is a cost unit ?
(iii) Name the two accounts which are prepared, when each co-venture keeps a record of his own transactions only in his books.
(iv) State two differences between Sectional Balancing and Self Balancing.
(v) How will you deal with the following items in the absence of a partnership deed :
(a) Interest on Capital
(b) Interest on Drawings
(c) Interest on Partner’s Loan to the firm
(d) Share in Profit and Loss
(vi) State two differences between a revaluation account and a realization account.
(vii) What is a ‘fictitious asset’ ? Give one example.
(viii) What is meant by ‘issue of debentures as collateral security’ ?
(ix) Give four examples of tangible fixed assets as per Schedule VI, Part I of the Companies Act. 1956.
(x) What is meant by ‘Cash equivalents’ ?
(i) Difference Between Bin Card and Store Ledger.
|Bin Card||Store Ledger|
|1. A record of quantities only.||1. A record of both quantities and values.|
|2. Normally posted just before the transaction takes place.||2. Maintained by the Costing Department.|
|3. Usually kept inside the stores.||3. Always posted after the transaction takes place.|
(ii) It is a unit of product or service for which cost is computed. Cost units are selected to allow for comparision between actual cost and standard cost, or between different actual costs.
(iii) Memorandum Joint-Venture Account
Joint Venture with Co-venture Account
|Basis of difference||Self Balancing||Sectional Balancing|
|(a) Double entry system
(b) Separate total balance
|In this system, double entry system is fully implemented in all the ledgers.
In this system separate total balance can be prepared for each ledger.
|In this system, accounts are maintained on double entry system only.
In this system, separate trial balance can be prepared only for general ledger.
(a) Partner is not entitled to interest on capital.
(b) No interest is charged on partner’s drawings.
(c) A partner is entitled to interest at the rate of 6% p.a. on any loan given to the firm.
(d) Profits and losses are shared equally.
(vi) Difference between Realization Account and Revaluation Account.
|Basis of Difference||Realization Account||Revaluation Account|
|(i) Time||This account is prepared at the time of dissolution of firm||This account is prepared at the time of admission/retirement or death of a partner.|
|(ii) Purpose||This account is prepared to find out the profit or loss on realization of assets and payment of liabilities.||This account is prepared to find out the profit or loss on revaluation of assets and liabilities|
|(iii)Amount||The amount of assets and liabilities are shown in this||The amount of increase or decrease in the value of assets and liabilities are show n in this account.|
(vii) Fictitious assets are those assets which are not tangible in nature. For example-preliminary expenses, debit balance of P& L account.
(viii) Whenever a company takes loan from bank or any financial institution it may issue its debentures as secondary security which is in addition to the principal security. Such an issue of debentures is know n as issue of debentures as collateral security.
(c) Plant and Equipment,
(d) Furniture and Fixtures,
(x) An asset that is so easily and quickly convertible to cash that holding it is essentially equivalent to holding cash. A Treasury bill is considered a cash equivalent.
Part – II (48 Marks)
Answer any five questions.
Previous Year Question Papers Solved ISC Accounts 2010 Class-12
Question 2. 
Lucy, Rahul and Sanjay are partners sharing profits and losses in the ratio of 1 : 2 : 3, Arun is admitted as a partner who brings in Rs.20,000 as his capital for 1/5th share in the profit. Goodwill of the firm is to be valued at an average of the last three years profits which were Rs. 25,000, Rs. 28,000 and Rs. 37,000 respectively. Arun is unable to bring in cash towards his share of premium for goodwill.
Give the journal entries if goodwill already appears in the books at Rs. 24,000.
Working Notes :
= Rs 30,000
Goodwill already in the books = Rs 24,000
Goodwill to be increased by Rs 6,000
Question 3. 
Anita, Kiran and Mina were partners sharing profits and losses in the ratio , of 3:2: 1. They decided to dissolve the partnership due to insolvency of all the partners. Their Balance Sheet as on 31st December, 2009 was as follows :
The assets were realized as follows :
Machinery — Rs. 5, 000 and
Stock — Rs 3,000
Realization expenses were Rs. 1,000.
Prepare necessary accounts to close the books of the firm.
Question 4. 
Prepare a Cost-Sheet from the following particulars :
Opening stock of raw material — Rs. 2,500
Opening stock of work in progress — Rs. 3,600
Opening stock finished goods (800 units) — Rs. 12,900
Purchase of raw material — Rs. 20,000
Productive wages — Rs. 27,000
Factor} expenses — Rs. 14,400
Establishment expenses — Rs. 6,400
Depreciation on delivery van — Rs. 9,000
Sales (.3000 units) — Rs. 90,000
Closing stock of raw material — Rs. 4,500
Closing stock of work in progress — Rs. 5,400
Closing stock of finished goods (1000 units) — ?