ISC Accounts 2018 Class-12 Previous Year Question Papers

ISC Accounts 2018 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 2018 Class-12 Solved Previous Year Question Paper you can get the idea of solving.

Try Also other year except ISC Accounts 2018 Class-12 Solved Question Paper of Previous  Year for more practice. Because only ISC Accounts 2018 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 2018 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 2018 Class-12 Previous Year Question Papers Solved 

Question 1. [6 × 2]
Answer briefly each of the following questions :
(i) Give any two differences between Revaluation Account and Realization Account.
(ii) Mention whether the following Trade Parables are current liabilities or non-current liabilities :
Operating Cycle — Expected Period of Payment
(a) 12 months — 14 months
(b) 15 months — 12 months
(iii) What is the minimum price at which a company can reissue its forfeited shares which were originally issued at par ?
(iv) Give the adjusting entry and closing entry for interest on loan taken by a partner from the firm, when the firm follows the Fluctuating Capital Method.
(v) State two reasons for a company to purchase its own debentures from the open market.
(vi) Give the formula for valuation of goodwill by the Capitalisation of Average Profit Method.
Answer 1:
(i) Difference between the Revaluation and Realization Account.
ISC Accounts Question Paper 2018 Solved for Class 12 1
(ii)

(a) Non-Current Liability
(b) Current Liability

(iii) Price cannot be less than amount unpaid on forfeited shares.

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(iv) Interest on Loan A/c Dr.
To Cash A/c
Profit and Loss A/c Dr.
To Interest on Loan A/c

(v) A company may purchase its own debentures from the open market either :
(a) as an investment or
(b) for immediate cancellation

(vi) Capitalised Value of Average Profits :

account1


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

Previous Year Question Papers Solved ISC Accounts 2018 Class-12  

Question 2. [12]
Saturn Ltd. was registered with an authorized capital of ₹ 12,00.000, divided into 1.20,000 equity- shares ₹10 each. It issued 40.000 equip shares to the public at a premium of ₹ 5 per share, payable as follows:
On application ₹ 6
On allotment ₹ 9 (including premium of ₹ 5)
All the shares were applied for and allotted. One shareholder holding 500 shares did not pay the allotment money and his shares were forfeited. Out of the forfeited shares, the company reissued 400 shares at ₹ 7 per share fully called up.
You are required to :
(a) Pass journal entries in the books of the company.
(b) Prepare:
(i) Securities Premium Reserve Account
(ii) Share Capital Account.
Answer 2:
ISC Accounts Question Paper 2018 Solved for Class 12 2
ISC Accounts Question Paper 2018 Solved for Class 12 3
ISC Accounts Question Paper 2018 Solved for Class 12 4
ISC Accounts Question Paper 2018 Solved for Class 12 5

Question 3.
(A) On 1st April, 2013, Rayon Ltd. issued 2,000, 9% Debentures of? 100 each at a discount of 10%. redeemable at par on 31st March, 2017. The issue was fully subscribed. To meet the provisions of the Companies Act, 2013, the Board of Directors decided to transfer ? 30,000 to Debenture Redemption Reserve on 31st March, 2014 and the balance on 31st March, 2015. On 1st April 2016, the company made the required investment in government securities.

The investments were encased and the debentures were redeemed on the due date. It is the policy of the company to wTite off capital losses in the year in which they occur.

You are required to pass journal entries for issue and redemption of debentures (ignore interest on debentures). [8] B. On 1st April, 2016. Krayon Ltd. issued 8,000, 12% Debentures of ? 100 each, redeemable at par after 5 years. The issue was fully subscribed. According to the terms of issue, interest on debentures is payable annually on 31st March. Tax deducted at source is 20%.

You are required to pass journal entries for the year 2016-17, regarding issue of debentures and interest on debentures. [4] Answer 3:
ISC Accounts Question Paper 2018 Solved for Class 12 6
ISC Accounts Question Paper 2018 Solved for Class 12 7
ISC Accounts Question Paper 2018 Solved for Class 12 8
ISC Accounts Question Paper 2018 Solved for Class 12 9

Question 4.
(A) Asif and Ravi are partners in a firm, sharing profits and losses in the ratio of 3:2. Their fixed capitals as on 1st April, 2016, were ₹6,00,000 and ₹ 4,00,000 respectively.
Their partnership deed provides for the following :
(a) Partners are to be allowed interest on their capital @ 10% per annum.
(b) They are to be charged interest on drawings @ 4% per annum.
(c) Asif is entitled to a salary of ₹ 2.000 per month.
(d) Ravi is entitled to a commission of 5% of the correct net profit of the firm before charging such commission.
(e) Asif is entitled to a rent of ₹ 3,000 per month for the use of his premises by the firm.
The net profit of the firm for the year ended 31 st March, 2017, before providing for any of the above clauses was ₹ 4,00,000. Both partners withdrew ₹ 5,000 at the beginning of every month for the entire year.
You are required to prepare a Profit and Loss Appropriation Account for the year ended 31st March, 2017. [8]

(B) Rita, Nina and Mita are partners in a firm sharing profits and losses in the ratio of 3 :2 : 1. Mita dies on 1st April, 2017. On the date of her death, it was decided to value goodwill on the basis of two years’ purchase of weighted average profits of the firm for the last three years.
The profits of the last three years and weights assigned were :
ISC Accounts Question Paper 2018 Solved for Class 12 10
You are required to :
(i) Calculate the firm’s goodwill on the date of Mita’s death (show the working with the formula).
(ii) Pass the necessary journal entry to credit Mita’s Capital Account with her share of goodwill. [4] Answer 4:
ISC Accounts Question Paper 2018 Solved for Class 12 11
ISC Accounts Question Paper 2018 Solved for Class 12 12
ISC Accounts Question Paper 2018 Solved for Class 12 13
ISC Accounts Question Paper 2018 Solved for Class 12 14

Question 5.
Annie and Bonnie are partners in a firm, sharing profits and losses equally. Their Balance Sheet as at 31 st March, 2017. was as follow :
ISC Accounts Question Paper 2018 Solved for Class 12 15
Carl was to be taken as a partner for 1/4 share in the profits of the firm, with effect from 1st April, 2017, on the following terms :
(a) Bad debts amounting to ₹ 1,500 to be written off.
(b) Stock to be taken over by Annie at ₹ 12.000.
(t) Plant and Machinery to be valued at ₹ 50.000.
(d) Goodwill of the firm to be valued at ₹ 20.000.
(e) Carl to bring in ₹ 50.000 as his capital. He was unable to bring in cash, his share of goodwill.
(f) General Reserve not to be distributed. For this, it was decided that Carl would compensate the old partners through his current account.
You are required to :
(i) Pass journal entries on the date of Carl’s admission.
(ii) Prepare the Balance Sheet of the reconstituted firm.
Answer 5:
ISC Accounts Question Paper 2018 Solved for Class 12 16
ISC Accounts Question Paper 2018 Solved for Class 12 17
ISC Accounts Question Paper 2018 Solved for Class 12 18

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