ISC Accounts 2012 Class-12 Previous Year Question Papers

ISC Accounts 2012 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 2012 Class-12 Solved Previous Year Question Paper you can get the idea of solving.

Try Also other year except ISC Accounts 2012 Class-12 Solved Question Paper of Previous  Year for more practice. Because only ISC Accounts 2012 Class-12 is not enough for complete preparation of next council exam. Visit official website CISCE for  detail information about ISC Class-12 Accounts.

ISC Accounts 2012 Class-12 Previous Year Question Papers Solved 


-: Select Your Topics :-

Section-A ,Part-I

Section-A Part-II

Section-B


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 2012 Class-12 Previous Year Question Papers Solved 

Question 1.
Answer each of the following questions briefly: [10 x 2]
(i) State any two uses of Securities Premium as stated in Section 78 of the Companies Act, 1956.
(ii) In a Cost Sheet, how would you treat :
(a) Primary packing material.
(b) Secondary packing material.
(iii) Give two differences between Sacrificing Ratio and Gaining Ratio.
(iv) In case of a Joint Venture business, how is abnormal loss of goods which have been insured, treated in the books of accounts ?
(v) List two instances when a partner ‘s Fixed Capital may change.
(vi) List any two objectives of stock valuation.
(vii) Why is a Journal Ledger Adjustment Account opened ?
(viii) Assuming that the Debt-Equity Ratio of a company is 2 : 1, state whether this ratio would increase, decrease or not change in the following cases :
(a) Issue of new shares for cash.
(b) Repayment of a long-term bank loan.
(ix) What are trade investments ?
(x) The firm with X. Y and Z as partners earned a profit of ? 3,00,000 during the year ended 31st March. 2011. 20% of this profit w as to be transferred to General Reserve. Pass the necessary- journal entry for the same.
Answer 1:
(i) Two uses of securities premium as stated in Section 78 of the Companies Act, 1956 are :
(a) To issue fully paid bonus shares to the shareholders.
(b) To write off discount on issue of shares and debentures

(iii)

Basis Sacrificing Ratio Gaining Ratio
(a) Meaning

 

It is the ratio in which the old partners surrender a part of their share in favor of new partners. It is the ratio in which remaining partners acquire the outgoing partners share.
(b) Purpose of calculation New partner’s share of good-will is divided in sacrificing ratio. Outgoing partner’s goodwill divided between remaining partners in gaining ratio.

(iv) The total value of abnormal loss is not to be recorded in the Joint Venture Account. However, any claim received from the Insurance Company is to be credited to the Joint Venture Account.

(v) Following are the two instances when a partner’s fixed capital may change :

  • When fresh or additional capital has been introduced by a partner.
  • When an amount has been withdrawn by a partner to reduce his capital.

(viii) The following would be the effect: It would result in a decrease in the Debt-Equity Ratio.

(ix) Trade investments are long-term investments made by a company in the shares and debentures of another company (not including its subsidiaries).

(x) Profit and Loss Appropriation A/c  Dr.  60,000
To General Reserve A/c  60,000
(Being 20% of profit transferred to General Reserve)


Part – II   (48 Marks)

Answer any five questions.

Previous Year Question Papers Solved ISC Accounts 2012 Class-12 

Question 2. [10]
Amit. Paw an and Suresh are partners in a firm, sharing profits in the ratio 2:3:1. Suresh retired on 1st April. 2011. At the time of his retirement:
(a) Goodw ill of the firm w as valued at ₹ 36.000.
(b) The Balance Sheet of the firm showed :
(i) A General Reserve of ₹ 1,20,000.
(ii) A debit balance of ₹ 48,000 in the Profit and Loss Account.
(iii) ₹ 48,000 each in the Joint Life Policy Account and Joint Life Policy Reserve Account. It was decided that the Joint Life Policy would be surrendered on the date of Suresh’s retirement.
Record necessary Journal entries for the above adjustments to be made in the books of the firm on the date of Suresh’s retirement.

Question 3. [14]
Paula Fashioners Limited maintains its books under the Sectional Balancing System. From the particulars given below for the year ending 31 st December, 2011, you are required to prepare necessary Control Accounts in the Journal Ledger:
ISC Accounts Question Paper 2012 Solved for Class 12 1
ISC Accounts Question Paper 2012 Solved for Class 12 2

Question 4. [14]
The following extract of costing information relates to a commodity for the year ended 31st . March. 2007.
1st April, 2006 :
Raw materials — ₹ 50.000
Finished Products (1,000 tonnes) — ₹ 40,000
Work-in-Progress — ₹12,000

31st March, 2007:
Raw Materials — ₹ 55,600
Finished Products (2.000 tonnes) — ?
Work-in-Progress — ₹ 40,000

Transactions during the year:
Raw Materials Purchased — ₹ 3,00,000
Direct Wages — ₹ 25,000
Rent. Rates and Insurance of Factory — ₹ 1,00,000
Carriage Inwards — ₹ 3,600
Cost of Factory Supervision — ₹ 20,000
Sale of Finished Products — ₹ 7,50,000
Advertisement and selling expenses @ ₹ 2 per tonne sold.
16,000 tonnes were produced during the year. It was decided to value the closing stock as per FIFO.
Prepare a statement showing:
(a) Value of raw materials used.
(b) Cost of the output for the year.
(c) Value of closing stock.
(d) Profit made during the year.

Question 5.
The Balance Sheet of Cooper and Company as on 31st  December, 2010 and 31st December. 2011 arc given below:
ISC Accounts Question Paper 2012 Solved for Class 12 3
Additional Information:
(a) Depreciation charged on building ₹ 10,000.
(b) Depreciation charged on plant ₹ 5,000.
(c) Interest paid on debentures ₹ 7,200 for the year.
(d) Interest paid on public deposit ₹ 9,600 for the year.
From the above information, prepare a Cash Flow Statement as per Accounting Standard-3 for the year ended 31st December, 2011.
Answer 5:
ISC Accounts Question Paper 2012 Solved for Class 12 4
ISC Accounts Question Paper 2012 Solved for Class 12 5
Working Notes:
1. Cash credit has been treated as cash equivalent.
ISC Accounts Question Paper 2012 Solved for Class 12 6
ISC Accounts Question Paper 2012 Solved for Class 12 7

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