ISC Accounts 2017 Class-12 Previous Year Question Papers

ISC Accounts 2017 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 2017 Class-12 Solved Previous Year Question Paper you can get the idea of solving.

Try Also other year except ISC Accounts 2017 Class-12 Solved Question Paper of Previous  Year for more practice. Because only ISC Accounts 2017 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 2017 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 2017 Class-12 Previous Year Question Papers Solved 

Question 1. [6×2]
Answer briefly each of the following questions :
(i) Name the account which is prepared to find the profit and loss of a joint venture, if:
(a) One co-venture records all transactions.
(b) All co-ventures record their own transactions.
(ii) What will be the treatment of loan given to a partner by the firm at the time of its dissolution ?
(iii) Give the adjusting entry for interest on capital allowed to a partner, when the firm follows the fixed capital method.
(iv) State, with reason, whether securities premium reserve can be used to write off bad debts.
(v) Give any two differences between a Company s Balance Sheet and a Firm’s Balance Sheet.
(vi) State where will the non-cash transactions be recorded at the time of issue of shares, if all cash transactions are entered in the Cash Book.
Answer 1:
(i)

(a) Joint Co-venture Account
Personal Accounts of other Co-ventures
(b) Memorandum Joint Venture Account
Joint Venture with…. (other Co-venture) Account

(ii) If there is a loan advanced to a partner, the same should be transferred to his capital account thereby reducing the amount of capital repayable to him.

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(iii) Interest on Capital A/c Dr.
To Partner’s Current A/c
(Being the interest on capital allowed to partners)
Profit and Loss Appropriation A/c Dr.
To Interest on Capital A/c
(Being the interest on capital transferred to Profit and Loss Appropriation A/c)

(iv) Securities Premium Reserve cannot be used to write off bad debts.
Securities Premium Reserve can be write off for following purposes :

  • in paying up unissued shares to be issued as fully paid bonus shares.
  • in writing off preliminary expenses.
  • for buy – back of shares Under Section 11 A.
  • in writing off the expenses etc.

(v) Balance Sheet is prepared as per Schedule III of the Indian Companies Act, 2013. Whereas Balance Sheet is prepared as per Partnership Act, 1932. The details of items of Balance Sheet are to be given in the Notes to Accounts in Company’s Balance Sheet but there is no need to maintain Notes to Accounts in firm’s Balance Sheet.

(vi) Issue of Shares for Consideration other than Cash is shown in the Balance Sheet under the head ‘Share Capital’ and sub-head ‘Subscribed Capital’.


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

Previous Year Question Papers Solved ISC Accounts 2017 Class-12 

Question 2. [12]
Karan, Ali and Deb are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 2016, their Balance Sheet was as under :
ISC Accounts Question Paper 2017 Solved for Class 12 1
Karan died on 1st July, 2016. An agreement was reached amongst Ali, Deb and Karan’s legal representatives that :
(a) Building be revalued at ₹ 93,500.
(b) Furniture be appreciated by ₹ 10,000.
(c) To write off the Provision for Doubtful Debts since all debtors were good. .
(d) Investments be valued ₹ 38,000.
(e) Goodwill of the firm be valued at ₹ 1,20,000.
(f) Karan’s share of profit to the date of his death, to be calculated on the basis of previous year’s profit which was ₹ 25,000.
(g) Interest on capital to be allowed on Karan’s capital @ 6% per annum.
(h) Amount payable to Karan’s legal representative to be transferred to his legal representative’s loan account.
You are required to :
(i) Pass Journal entries on the date of Karan’s death.
(ii) Prepare the Interim Balance Sheet of the reconstituted firm.
Answer 2:
ISC Accounts Question Paper 2017 Solved for Class 12 2
ISC Accounts Question Paper 2017 Solved for Class 12 3
ISC Accounts Question Paper 2017 Solved for Class 12 4

Question 3. [12]
Cargo Ltd. invited applications for the issue of 20,000 Equity shares of ? 10 each at a premium of ? 1 per share, payable as follows :
On Application — ₹ 3
On Allotment — The balance (including premium ₹ 1)
Applications were received for 30,000 shares and pro-rata allotment was made to the remaining applicants after refunding application money to 5,000 share applicants.
Nicholas, who was allotted 3,000 shares, failed to pay the allotment money and his shares were forfeited.
Out of these forfeited shares, 1,000 shares were reissued as fully paid-up @ ? 8 per share.
You are required to :
(i) Pass Journal entries in the books of the company.
(ii) Prepare Calls-in-Arrears Account.
(iii) Prepare Share Forfeiture Account.
Answer 3:
ISC Accounts Question Paper 2017 Solved for Class 12 5
ISC Accounts Question Paper 2017 Solved for Class 12 6
ISC Accounts Question Paper 2017 Solved for Class 12 7
ISC Accounts Question Paper 2017 Solved for Class 12 8

Question 4.
(A) Following balances have been extracted from the books of Universe Ltd. as at 31st March, 2016 :
Particulars
Equity Share Capital (Fully paid shares of ₹ 100 each) — ₹ 4,00,000
Unclaimed Dividend  — ₹ 10,000
Bank Balance  — ₹ 40,000
Security Premium Reserve  — ₹ 75,000
Statement of Profit and Loss (Dr.)  — ₹ 50,000
Tangible Fixed Assets (at cost)  — ₹ 3,50,000
Accumulated Depreciation till date  — ₹ 25,000
Trade Marks  — ₹ 70,000
You are required to prepare as at 31st March, 2016 :
(i) The Balance Sheet of Universe Ltd. as per Schedule in of the Companies Act, 2013.
(ii) Notes of Accounts. . [8] (B) Chrome Ltd. took over assets of ₹ 6,00,000 and liabilities of ₹ 40,000 of Polymer Ltd. at an . agreed value of ₹ 6,30,000. Chrome Ltd. issued 10% Debentures of ₹ 100 each at a discount of 10% to Polymer Ltd. in full satisfaction of the price. Chrome Ltd. writes off any capital losses incurred during a year, at end of that financial year.
You are required to pass the necessary Journal entries to record the above transactions in the books of Chrome Ltd. [4] Answer 4:
ISC Accounts Question Paper 2017 Solved for Class 12 9
ISC Accounts Question Paper 2017 Solved for Class 12 10
ISC Accounts Question Paper 2017 Solved for Class 12 11

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