ISC Accounts 2015 Class-12 Previous Year Question Papers

ISC Accounts 2015 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 2015 Class-12 Solved Previous Year Question Paper you can get the idea of solving.

Try Also other year except ISC Accounts 2015 Class-12 Solved Question Paper of Previous  Year for more practice. Because only ISC Accounts 2015 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 2015 Class-12 Previous Year Question Papers Solved 


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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 2015 Class-12 Previous Year Question Papers Solved 

Question 1.
Answer the following questions very briefly and to the point: [6 x 2]
(i) What is meant by an operating cycle ?
(ii) State one difference between partner’s loan account and partner’s capital account.
(iii) Give the adjusting entry and the closing entry for recording commission allowed to a partner, when the firm follows the fixed capital method. ,
(iv) How will the firm record the payment of realization expenses which were to be borne by a partner, but paid by the firm on his behalf ?
(v) Give the accounting treatment in the books of a co-venturer under the Memorandum Joint | Venture Method, when he takes over the unsold stock.
(vi) What is the minimum price at which a company can reissue its forfeited shares which were originally issued at par ?
Answer 1:
(i) The operating cycle is the average period of time required for a business to make an initial outlay . of cash to produce goods, sell the goods, and receive cash from customers in exchange for the goods.

(ii) Partner’s capital account is his contribution (equity) towards partnership. It is initial and, subsequent contributions by partner to the partnership, in the form of either cash or the market value of other types of assets.

While running a business, one or more of the owners or partners will lend the business money to keep it afloat during a rough time or to increase cash flow and fund growth. This is treated as Partner’s loan account. Interest may also be paid on this account as per the agreement of partnership contract.

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(iii) Commission allowed to” a partner is recorded in the newly opened Current Accounts. Commission Account Dr. To Partner’s Current Account

(iv) When the actual expenses are paid by the firm on behalf of a partner the following entry will be recorded:
Partner’s capital A/c Dr
To Bank A/c

(v) Goods Sent on Joint Venturer A/c Dc
To Joint Venture with …. A/c

(vi) When the forfeited shares are reissued at a discount, the amount of discount should not exceed the amount credited to Share Forfeited Account. If the discount allowed on reissue of shares is less than the forfeited amount, there will be some balance left in the Forfeited Account, which should be transferred to capital reserve, because it is a profit of capital nature.


Part – II (48 Marks)

Answer any four questions

Previous Year Question Papers Solved ISC Accounts 2015 Class-12 

Question 2. [12]
From the given trail Balance, prepare the Balance Sheet of Moonlight Limited as at 31st March, 2014.
ISC Accounts Question Paper 2015 Solved for Class 12 1
Answer 2:
ISC Accounts Question Paper 2015 Solved for Class 12 2
Question 3. [12]
Amit and Sumit entered into a joint venture to construct a shopping mall. They agreed to share the profits and losses in the ratio 5:3.
The contract price was agreed upon at ₹ 50.00,000, payable as ₹ 10,00,000 in cash and 40,00,000 in the form of shares of ₹ 10 each.
A Joint Bank Account was opened in which the co-ventures, Amit and Sumit, deposited their contributions of ₹ 25.00.000 and ₹ 10.00,000, respectively.
Amit also contributed bricks worth ₹ 4,80,000.
Sumit too contributed iron worth ₹ 55,000 and timber worth ₹ 3,25,000.
They acquired cement for ₹ 11,00,000 and plant for ₹ 15,40,000, from the funds of the venture.
Construction expenses amounted to ₹ 8,25,000.
The contract was completed and the contract price was received.
Amit took over the plant at ₹ 5,25,000.
The co-venturers sold the shares in the open market at a profit of 10%.
You are required to prepare:
(i) Joint Bank Account
(ii) Joint Venture Account
(iii) Co-venturers’Accounts.
Answer 3:
ISC Accounts Question Paper 2015 Solved for Class 12 3
ISC Accounts Question Paper 2015 Solved for Class 12 4

Question 4.
Gautam and Rahul are partners in a firm, sharing profits and losses in the ratio of 2 : 3. Their Balance Sheet as at 31sl March, 2014, was as follows : [12]
ISC Accounts Question Paper 2015 Solved for Class 12 5
Karim was to be taken as a partner with effect from 1st April. 2014. on the following terms :
(a) The new profit sharing ratio of Gautam. Rahul and Karim would be 5 : 3 : 2.
(b) Provision for Doubtful Debts would be raised to 20% of debtors.
(c) Karim would bring in cash, his share of capital of ₹ 40,000 and his share of goodwill valued at ₹ 10,000.
(d) Gautam would take over the furniture at ₹ 22,000.
You are required to:
(i) Pass journal entries at the time of Karim’s admission.
(ii) Prepare the Balance Sheet of the reconstituted firm.
Answer 4:
ISC Accounts Question Paper 2015 Solved for Class 12 6
ISC Accounts Question Paper 2015 Solved for Class 12 7
ISC Accounts Question Paper 2015 Solved for Class 12 8
ISC Accounts Question Paper 2015 Solved for Class 12 9
ISC Accounts Question Paper 2015 Solved for Class 12 10

Question 5.
Ram, Krishna and Mohan are partners in a firm, sharing profits and losses m the ratio of 3 : 5 : 2. On 31st March, 2014, their Balance Sheet was as under :
ISC Accounts Question Paper 2015 Solved for Class 12 11
Krishna died on 30th September, 2014. An agreement was reached amongst Ram. Mohan and Krishna’s legal representative that:
(a) Goodwill to be valued at 2 years purchase of the average profits of the previous three years,
which were:
ISC Accounts Question Paper 2015 Solved for Class 12 12
(b) Trade marks to be revalued at ₹ 19.200; plant at 80% of its book value and land building at ₹ 57,600.
(c) Krishna’s share of profit to the date of his death to be calculated on the basis of previous year’s profit.
(d) Interest on capital to be provided @ 10% per annum.
(e) ₹ 60,080 to be paid in cash to Krishna’s legal representative and balance to be transferred to the legal representative’s loan account.
You are required to prepare:
(i) Revaluation Account
(ii) Krishna’s Capital Account
(iii) Krishna’s Legal Representative’Account
Answer 5:
ISC Accounts Question Paper 2015 Solved for Class 12 13
ISC Accounts Question Paper 2015 Solved for Class 12 14
ISC Accounts Question Paper 2015 Solved for Class 12 15
ISC Accounts Question Paper 2015 Solved for Class 12 16
ISC Accounts Question Paper 2015 Solved for Class 12 17

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