ISC Accounts 2014 Class-12 Previous Year Question Papers

ISC Accounts 2014 Class-12 Previous Year Question Papers Solved for practice. Step by step Solutions with Questions of Section-A (Part-1 and Part-2) Section-B and C. By the practice of Accounts 2014 Class-12 Solved Previous Year Question Paper you can get the idea of solving.

Try Also other year except ISC Accounts 2014 Class-12 Solved Question Paper of Previous  Year for more practice. Because only ISC Accounts 2014 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 2014 Class-12 Previous Year Question Papers Solved 


-: Select Your Topics :-

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Section-A ,Part-I

Section-A Part-II

Section-B

Section-C


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 2014 Class-12 Previous Year Question Papers Solved 

Question 1.
Answer the following questions very briefly and to the point: [2 × 15]
(i) Name the two accounts prepared to show the results of a joint venture when each co-venturer records all transactions.
(ii) Give any two differences between fixed capital method and fluctuating capital method.
(iii) What is the accounting treatment when debentures are issued as a collateral security ?
(iv) Give any two differences between Revaluation Account and Realization Account.
(v) State with reason their a company can issue a share having a face value of ₹20 at ₹17.
(vi) Give the adjusting and closing entry for interest on calls in arrears due from a share holder.
(vii) State the provisions of the Indian Partnership Act, 1932, regarding charging of interest on drawings from a partner when :
(a) The firm has a partnership deed.
(b) The firm does not have a partnership deed.
(viii) What is meant by number of years purchase in the valuation of firm’s goodwill ?
(xi) List any four items that may have to be deducted from a deceased partner’s captial account while computing the amount payable to his legal representatives.
(x) Why is premium received on the issue of debentures considered a capital profit ?
Answer 1:
(i)

(a) Memorandum Joint Venture Account.
(b) Joint Venture with Account.

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(ii) The differences between fixed capital and fluctuating capital are :
ISC Accounts Question Paper 2014 Solved for Class 12 1
(iii) Debentures issued as collateral security may be accounted for in the following two ways :
(a) No entry may be passed in the books, or
(b) The following entry may be passed.
Debenture Suspense AJc Dr.
To Debentures A/c
(Being debentures @ ₹ ………. issued as collateral security)

(iv) Two differences between revaluation Account and Realization Account are:
ISC Accounts Question Paper 2014 Solved for Class 12 2
(v) Normally a company cannot issue shares at a discount of more than 10% of the face value of shares.
However, a higher rate may be permitted subject to a special resolution and prior sanction of the Company Law Board. Hence, in this case prior sanction of Company Law Board is required as the rate of discount is exceeding 10%.

(vi) Sundry Members A/c Dr.
To Interest on Calls in Arrears A/c
(Being interest due)
Interest on Calls in Arrears A/c Dr.
To Statement of Profit and Loss A/c

(vii)

(a) When a firm has a partnership deed, interest on drawings may be charged at the specified rate.
(b) When a firm does not nave a partnership deed, interest on drawings is not to be charged.

(viii) Number if year’s purchase in the valuation of goodwill represents an estimated number with which average profit or super profit is to be multiplied for the purpose of calculating the value of goodwill.
It may also specify the number of y ears a firm may be expected to earn the same amount of profits in the coming years.

(ix) The following items may be deducted from a deceased partners’ capital account:
(a) Profit & Loss (Debit balance)
(b) Drawings
(c) Interest on drawings
(d) Old goodwill written off

(x) Premium received on the issue of debentures as a capital profit because it is not received in the normal course of business or it is not relating to the day to day operations of a business.


Part – II   (48 Marks)

Answer any four questions.

Previous Year Question Papers Solved ISC Accounts 2014 Class-12 

Question 2.
Ronnie and Annie entered into a Joint Venture to sell coal, sharing profits and losses in the ratio of 1:1. Annie purchased 100 tonnes of coal @ 5,400 per tonne and paid ₹ 30,000 as freight for sending the coal to Ronnie to the sold joint account.
During transit, 10 tonnes of coal was lost due to breaking in bulk (normal loss). Ronnie received the remaining tonnes of coal and paid ₹ 6,000 as landing charges. He accepted a bill drawn by Annie for ₹ 2,00,000.
Ronnie then sold 60% of the coal received by him for ₹ 4,21,200. His selling expenses amounted to ₹ 12,000.
The remaining stock, valued at original cost plus proportionate direct expenses, was shared equally by both the co-ventures. They settled their accounts by means of a bank draft.
(i) Total sales were ₹ 1,80,000 of which 50% were sold on credit and the remaining 50% were sold for cash.
(ii ) Expenses amounted to ₹ 1,500 towards go down rent and advertisements.
(iii) Bad debts were ₹ 1,500.
You are required to :
(i) Memorandum Joint Venture Account.
(ii) Ronnie’s Account in the books of Annie.
Answer 2:
ISC Accounts Question Paper 2014 Solved for Class 12 3
ISC Accounts Question Paper 2014 Solved for Class 12 4
ISC Accounts Question Paper 2014 Solved for Class 12 5
Question 3.
Mitra Ltd. invited applications from the public for the issue of 60,000 shares of
₹ 10 each, at a discount of 10%, payable as ;
₹ 3 per share on application.
₹ 5 per share on allotment.
Balance on call.
The public subscribed for 50,000 shares ₹ 2,49,000 were received by the company on allotment and ₹ 49,400 on call. The company forfeited those shares on which both, allotment and call money was not received. 7% of the forfeited shares were reissued at ₹ 7 per share, hilly called up.
The company had ₹ 45,000 in its Security Premium Reserve Account which it used to write off any miscellaneous expenditure incurred during the year.
You are required to pass the necessary journal entries to record the above transactions. [12]
Answer 3:
ISC Accounts Question Paper 2014 Solved for Class 12 6
ISC Accounts Question Paper 2014 Solved for Class 12 7
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