ISC Accounts 2014 Class-12 Previous Year Question Papers

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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.

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ISC Accounts 2014 Class-12 Previous Year Question Papers Solved 


-: Select Your Topics :-

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.

(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
ISC Accounts Question Paper 2014 Solved for Class 12 8

Question 4.
Angad, Kunal and Nitin were partners sharing profit and losses in the proportion of 2 : 2 : 1 respectively. The Balance Sheet of their firm as on 31st March, 2013, stood as follows :

Kunal retires on 1st April, 2013, subject to the following adjustments :
(a) Provision for bad and doubtful debts to be increased by ₹ 975.
(b) Stock to be appreciated by 20% and Building by 10%.
(c) Machinery to be depreciated by 10% and Motor Van by 15%.
(d) Goodwill of the firm to be valued at ₹ 9,000.
(e ) The capitals of the continuing partners are to be adjusted according to the new profit sharing ratio which is agreed between Angad and Nitin as 3 : 2 respectively.
(f) Excess or shortfall in Angad’s and Nitin’s Capital Accounts to be transferred to their respective Current Accounts.
You are required to prepare
(i) Revaluation Account.
(ii) Partners’Capital Accounts.
(iii) Balance Sheet of the reconstituted firm. [12]
Answer 4:
ISC Accounts Question Paper 2014 Solved for Class 12 9
ISC Accounts Question Paper 2014 Solved for Class 12 10
ISC Accounts Question Paper 2014 Solved for Class 12 11
ISC Accounts Question Paper 2014 Solved for Class 12 12
ISC Accounts Question Paper 2014 Solved for Class 12 13
ISC Accounts Question Paper 2014 Solved for Class 12 14

Question 5.
Rahim and Sudesh, the two partners of a business firm, agreed to appropriate the profits of their firm on the following terms :
(a) Interest is payable on capital @ 5% pcr annum.
(b) Rahim will be entitled to a salary of ₹ 500 per month.
(c) Interest on loan to be given by the firm to the partners @ 10% per annum.
(d) Interest on drawings to be charged from the partners @ 5% per annum.
(e) Sudesh will get commission @ 1% on the sales made during the year.
(f) Rahim is entitled to a tent of ₹ 25,000 per annum for allowing the firm to carry on the business in his premises. [12]
The net profit of the firm for the year ended 31st March, 2013, was ₹ 1.80,000 before taking into account any of the above terms.
ISC Accounts Question Paper 2014 Solved for Class 12 15
Answer 5:
Profit and Loss Appropriation Account for the year ended 31st March, 2013
ISC Accounts Question Paper 2014 Solved for Class 12 16
ISC Accounts Question Paper 2014 Solved for Class 12 17

Question 6.
You are required to pass journal entries for the issue of debentures in the following conditions :
(a) Ben Ltd. issued 5,000, 12% Debentures of ₹ 100 each at par. redeemable at 5% premium after five years.
(b) Rex Ltd. issued ₹ 2,00,000. 12% Debentures of ₹ 100 each at a discount of 2%. redeemable at a premium of 5% after 10 years.
(c) Josh Ltd. issued 6,000 12% Debentures of ₹ 100 each at a premium of 5%, redeemable at a premium of 10% after 6 years.
(d) Oxygen Ltd. issued ₹ 30.000. 7% debentures of ₹ 100 each to a Creditor for ₹ 25,000 in lull satisfaction of his claim. The company had purchased machinery from him.
Answer 6:
ISC Accounts Question Paper 2014 Solved for Class 12 18
ISC Accounts Question Paper 2014 Solved for Class 12 19
ISC Accounts Question Paper 2014 Solved for Class 12 20
ISC Accounts Question Paper 2014 Solved for Class 12 21

Question 7.
(a) Sharp Ltd. was formed on 1st December, 2013, with a capital of ₹ 5,00,000 divided into shares of ₹ 10 each. It offered 80% of the shares to the public. [5]
The issue price was payable as follows :
30% of the face value per share was payable with application.
20% of the face value per share was payable with allotment.
The balance as and when required. The company did not call for the balance during the year. All the shares offered by the company were subscribed for. The company did not receive the allotment money on 3000 shares.
You are required to:
(i) Show the Share Capital in the Balance Sheet of the Company (prepared as per Revised Schedule VI of the Companies Act, 1956) at the end of the financial year.
(ii) Prepare Notes to Accounts.
(b) Under which heads and sub heads will the following items appear in the Balance Sheet of a company as per Revised Schedule VI of the Companies Act, 1956: [5]
(i) Bills Receivable
(ii) Interest accrued and due on debentures (ii0 Trade Creditors
(iv) Provision for Taxation
(v) Stores and Spares
Answer 7:
ISC Accounts Question Paper 2014 Solved for Class 12 22
(b)

(i) Current Assets – Trade Receivables
(ii) Current Liabilities – Other Current Liabilities
(iii) Current Liabilities – Trade Parables
(iv) Current Liabilities – Short term Provisions
(v) Current Assets – Inventories

Question 8.
Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary journal entries for the following after various assets (other than Cash and Bank) and third party liabilities have been transferred to Realisation A/c. [10]
(a) There was furniture worth ₹ 50,000. Aman took over 50% of the furniture at 10% discount and the remaining furniture was sold at 30% profit on book value.
(b) Profit and Loss Account was showing a credit balance of ₹ 15,000 which was distributed between the partners.
(c) Harsh’s loan of ₹ 6,000 was discharged at ₹ 6,200.
(d) The firm paid realization expenses amounting to ₹ 5,000 on behalf of Harsh who had to bear these expenses.
(e) There was a bill for ₹ 1,200 under discount. The bill was received from Soham who proved insolvent and a first and final dividend of 25% was received from his estate.
(f) Creditors, to whom the firm owed ₹ 6,000, accepted stock of ₹ 5,000 at a discount of 5% and the balance in cash.
(h) The loss on dissolution was ₹ 8,000.
Answer 8:
ISC Accounts Question Paper 2014 Solved for Class 12 23
ISC Accounts Question Paper 2014 Solved for Class 12 24


Section – B
(20 Marks)
Answer any two questions

Solved Previous Year Question Papers  of Accounts 2014 for ISC Class-12 

Question 9.
(a) How does the quality of Ratio Analysis of a business depend upon the accuracy of its financial statements ? [2]
(b) From the following information, calculate Trade Receivables Turnover Ratio : [2]
Particulars
Credit Revenue from Operations ₹ 9,60,000
Gross Debeotrs ₹ 1,90,000
Bills Receivable ₹ 50,000
Provision for Doubtful Debts ₹ 10,000
(c) From the following information, calculate the following ratios up to two decimal (faces) : [6]
(i) Debt-Equity’ Ratio
(ii) Interest Coverage Ratio
(iii) Proprietary Ratio

Equity Share Capital — ₹ 2,00,000
5% Preference Share Capital — ₹ 60,000
General Reserve — ₹ 1,20,000
Fixed Assets — ₹ 5,05,000
Current Assets — ₹ 1,20,000
Current Liabilities — ₹ 40,000
Loan @ 10% interest — ₹ 5,00,000
Tax paid during the year — ₹ 30,000
Profit for the current year after interest and tax (available for the shareholders) — ₹ 90,000
Answer 9:
(a) Ratios are based on the figures and items provided in the Balance Sheet and Statement of Profit and Loss. Hence, if the figures and items are not accurate the Ratio Analysis will also not be of good quality.
ISC Accounts Question Paper 2014 Solved for Class 12 25
ISC Accounts Question Paper 2014 Solved for Class 12 26

Question 10.
From the following data prepare a Common Size Balance Sheet of Teak Wood Ltd. [10]
(Note : Current year’s figures appear in the first column and the previous year’s figures are in the second column.)
ISC Accounts Question Paper 2014 Solved for Class 12 27
ISC Accounts Question Paper 2014 Solved for Class 12 28
Answer 10:
ISC Accounts Question Paper 2014 Solved for Class 12 29
ISC Accounts Question Paper 2014 Solved for Class 12 30
Question 11.
(a) State with reason whether the following would result in inflow, outflow or no flow of cash : [10]
(i) Charging depreciation on furniture.
(ii) Cash withdrawn for bank for office use.
(b) From the following extracts of a company’s Balance Sheets, calculate for the year ending 31st March, 2013 :
(i) Cash from investing activities
(ii) Cash from financing activities.
(Note : Current year’s figures appear in the first column and the previous year’s figures are in the second column.)
ISC Accounts Question Paper 2014 Solved for Class 12 31
Additional information:
(i) The loan installment and interest on loan was paid at the end of the financial year.
(ii) During the year 2012-13 :
(a) Dividend of ₹17,000 was proposed.
(b) The company provided depreciation on plant and machinery amounting to ₹ 13,500.
(c) The company sold 70% of its non-current investments which it held at the beginning of the year, at a profit of 20% on its book value.
Answer 11:
(a)

(i) It would not result in any flow of cash as it is a non-cash transaction or item.
(ii) It would not result in any flow of cash as it is the movement between two items of cash and cash equivalents itself.

(b)

(i) Calculation of cash from investing activities
ISC Accounts Question Paper 2014 Solved for Class 12 32
ISC Accounts Question Paper 2014 Solved for Class 12 33
ISC Accounts Question Paper 2014 Solved for Class 12 34
ISC Accounts Question Paper 2014 Solved for Class 12 35


Section-C
Answer any two questions.

Solved Previous Year Question Papers  of Accounts 2014 for ISC Class-12  

Question 12.
(a) Mention any two demerits of using electronic spreadsheets.
(A) Write a formula in spreadsheet for calculating the “Take Home Pay” under the given condition:
Salary is more than ₹ 50,000 then the “Take Home Pay ” is 80%.
(c) How would you create a filter for data stored in a column in a spreadsheet ?
(d) State the steps involved in merging two cells in a spreadsheet.
(e) What is the difference between the functions AVERAGEA () and AVERAGEIFS () ?

Question 13.
ISC Accounts Question Paper 2014 Solved for Class 12 37
(a) Write the expression to calculate GROSS PROFIT & NET PROFIT in the Cells (B5, B9), for the Year 2010.
(A) Write the expression to calculate the average GROSS PROFIT for year 2010, 2011 and 2012.
(c) Write a function to select the maximum Value of NET PROFIT for the years 2010, 2011 and 2012.
(d) Write a suitable expression to calculate the following for 2013 (Estimates) where :
(i) Sales of goods in Cell E2 where Sales of Goods have decreased 10% over 2012.
(ii) Sales of Services in Cell E3 where Sales of Services have increased 10% over 2011.
(iii) Income from other sources in cell E4 where Income From Other Sources have increased 25% over 2010.
(iv) Gross Profit in Cell E5.

Question 14. [10].
(a) What is the use of Data dictionary in RDBMS ?
(A) What is SQL?
(c) What is a Unique Key ?
(d) Define SQL update statement.
(e) What is meant by normalization of a database system ?

-: End of ISC Accounts 2014 Class-12 Solved Paper :-


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