ISC Accounts 2016 Class-12 Previous Year Question Papers

ISC Accounts 2016 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 2016 Class-12 Solved Previous Year Question Paper you can get the idea of solving.

Try Also other year except ISC Accounts 2016 Class-12 Solved Question Paper of Previous  Year for more practice. Because only ISC Accounts 2016 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 2016 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 2016 Class-12 Previous Year Question Papers Solved 

Question 1.
Answer briefly each of the following questions : [6 x 2]
(i) What is a contingent liability ? How are contingent liabilities shown in the Balance Sheet of a company prepared as per Schedule III of the Companies Act 2013 ?
(ii) Why is abnormal loss not recorded in the books of a Joint Venture ?
(iii) Give the formula for calculating the outgoing partner’s share in the interim profits of the firm, on the basis of sales made by the firm.
(iv) How is Workmen Compensation Fund, shown in the Balance Sheet of a partnership firm, treated at the time of its dissolution?
(v) Give any two differences between Reserve Capital and Capital Reserve.
(vi) Give the adjusting entry and closing entry for interest on debentures due to the debenture holders of a company.
Answer 1:
(i) A liability that might arise on happening of an event in future is known as contingent liability. They are separate shown in the Notes to Accounts’ not in the Balance Sheet.

(ii) Abnormal loss is not recorded in the Joint Venture because the loss automatically gets adjusted as the difference betw een sales and cost of the goods and if insurance claim is received then the loss is minimized.

(iii) a2

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(iv) It is distributed among the partners in their profit sharing ratio.

(v)
ISC Accounts Question Paper 2016 Solved for Class 12 1
(vi) Interest on debentures a/c Dr.
To Debenture holders a/c
(Being Interest on debentures due)
Statement of Profit and Loss a/c Dr.
To Interest on debentures a/c
(Being interest on debentures transferred to statement of P/L a/c)


Part – II (48 Marks)
Answer any four questions.

Previous Year Question Papers Solved ISC Accounts 2016 Class-12 

Question 2. [12]
Anil and Saji entered into a joint venture to buy and sell old machines. They decided to share profit and losses in the ratio of 3:2.
Anil purchased 200 machines at ₹ 3,000 each and sent them to Saji for sale.
Anil incurred ₹ 26,000 on freight and transit insurance.
Saji took delivery of the machines and incurred ₹ 24,000 as clearing charges and ₹ 6,000 as selling expenses.
Anil drew a bill on Saji for ₹ 4,00,000 which was accepted by Saji. The bill was discounted by Anil for ₹ 3,90,000 with the bank.
Saji was able to sell 190 machines at ₹ 3,850 per machine.
The unsold machines were taken by Anil for his next venture at the original cost plus proportionate non-recurring expenses less 10%.
Saji was entitled to a commission of 2% on the sales made by him.
The co-ventures settled their accounts by means of a bank draft.
It was decided that Anil would maintain a record of all the transactions.
You are required to pass journal entries in the books of Anil.
Answer 2:
ISC Accounts Question Paper 2016 Solved for Class 12 2
ISC Accounts Question Paper 2016 Solved for Class 12 3

Question 3. [12]
During the year 2014-15, A.B.C. Ltd. issued 10,000 Equity shares of ₹ 50 each at ₹ 55 per share, payable as follows:
On Application ₹ 15
On Allotment ₹ 20 (including premium ₹ 5)
On 1st and Final Call ₹ 20
All the issued shares were subscribed for by the public.
One shareholder holding 500 shares did not pay the amount due on allotment and his shares were immediately forfeited.
Another shareholder holding 100 shares paid the amount of the 1st and Final Call with allotment. After the company had made the 1st and Final Call, 200 of the forfeited shares were reissued as fully called up at ₹ 45 per share.
The share issue expenses were ₹ 7,000 which were written off at the end of the year.
You are required to pass journal entries in the books of the company for the year ending 31st March, 2015.
Answer 3:
ISC Accounts Question Paper 2016 Solved for Class 12 4
ISC Accounts Question Paper 2016 Solved for Class 12 5

Question 4. [12]
During the year 2014-15, Anderson Ltd. issued 12% Debentures of ₹ 100 each, as per the details given below:
(a) 900 Debentures issued as collateral security to a bank against a loan of ₹ 60,000.
(b) The underwriters were to be paid a commission of ₹ 48,000. 25% of the amount was paid to them in cash and the balance was paid by the issue of Debentures at a discount of 10%, to be redeemed at par.
(c) A machine was purchased for ₹ 2,18,500. The vendor was paid by the issue of Debentures at a premium of 15%, to be redeemed at par.
(d) 5,000 Debentures were issued to the public at 5% premium, to be redeemed at a premium of 5%.
The company wrote off all capital losses arising from the issue of Debentures at the end of the year from its capital profits and if need be from its revenue profits.
You are required to journalize the above transactions in the books of Anderson Ltd.
Answer 4:
ISC Accounts Question Paper 2016 Solved for Class 12 6
ISC Accounts Question Paper 2016 Solved for Class 12 7

Question 5. [12]
Divya and Pooja are partners in a firm, sharing profits and losses in the ratio of 3:2. On 31st March, 2015, their Balance Sheet was as under:
ISC Accounts Question Paper 2016 Solved for Class 12 8
The partners decided that with effect from 1st April, 2015, they would share profits and losses equally.
For this purpose, they decided that:
(a) Investments to be valued at ₹ 60,000.
(b) Goodwill to be valued at ₹ 24,000.
(c) General Reserve not to be distributed between the partners.
You are required to :
(i) Pass journal entries
(ii) Prepare the revised Balance Sheet of the firm.
Answer 5:
ISC Accounts Question Paper 2016 Solved for Class 12 9
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