ISC Accounts 2019 Class-12 Previous Year Question Papers Solved

ISC Accounts 2019 Class-12 Previous Year Question Papers Solved for practice. Step by step Solutions with Questions of Section-A, B and C. By the practice of Accounts 2019 Class-12 Solved Previous Year Question Paper you can get the idea of solving.

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ISC Accounts 2019 Class-12 Previous Year Question Papers Solved 


-: Select Your Topics :-

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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 2019 Class-12 Previous Year Question Papers Solved 

 

Question 1. [6 × 2]
Answer briefly each of the following questions :
(i) List any two items which may appear on the credit side of a partner’s fixed capital account,
(ii) Give the journal entries to be passed when :
(a) Interest is due on debentures.
(b) Interest is paid to debenture holders.
(iii) In what way, if any, can the balance in shares forfeited account be used ?
(iv) Mention any two circumstances when there is need to revalue goodwill of a partnership firm,

(v) Enumerate any two methods of redemption of debentures.
(vi) Give the journal entry for closing the retiring partner’s capital account when his share is paid to him privately by the remaining partners.
Answer 1:
(i) Opening Balance of Capital Accounts, Additional Capital of any partner

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(ii) (a) Interest on Debentures A/c Dr.
To Debentures holders A/c
To Income Tax Payable A/c
(Being the Interest due to debenture holders and tax payable to Income tax Dept.)
(b) Debenture holders A/c Dr.
To Bank A/c
(Being the amount of interest paid to debenture holders)

(iii) Balance in share forfeiture account is capital gain and can be used to reissue to some other shareholder.

(iv) (a) When a new partner is added to a partnership firm.
(b) At the time of retirement of a partner.

(v) (a) Lump sum method
(b) Installment method

(vi) Retiring Partner’s Capital A/c Dr.
To Remaining Partner ‘s Capital A/c
(Being the amount of share of the retiring partner discharged)


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

Previous Year Question Papers Solved ISC Accounts 2019 Class-12  

Question 2. [8]
(A) Meera Co. Ltd. invited applications of 50.000. equity shares of ₹ 10 each at a premium of ₹ 2 per share, payable as follows :
On Application on 1st May. 2017 ₹ 2
On Allotment on 1st July. 2017 ₹ 5 (including premium)
On 1st and Final Call on 1st October. 2017 ₹ 5
The Company received applications for 62,500 shares.
It was decided to :
(a) Refuse allotment to the applicants of 2,500 shares.
(b) Allot in full to the applicants of 10,000 shares.

(c) Allot the balance of the shares applied on a pro-rata basis among the other applicants.
(d) Utilize the excess application money in part payment of allotment money.
(e) Charge interest on calls-in-arrears, if any, @ 10% per annum.
All the money due w as received except from one shareholder to whom 200 shares had been allotted in full. The amount was due by him to the company even till the date of the Balance Sheet, which was 31st March, 2018.
The company charged interest on calls-in arrears from the shareholders from the date on which it was due till the Balance Sheet date. You are required to, for the year 2017-18.
(i) Prepare the Cash Book to record the above issue of shares.
(ii) Pass journal entries in the Journal Proper (including entries for interest on calls -in arrears).
(B) On 31st March, 2018, Vipul Ltd. had ? 30.00,000, 8% Debentures of ₹ 100 each outstanding. [4]

On 1st June, 2018, it purchased in the open market, 20,000 of its own debentures @ ₹ 102 per debenture and cancelled these debentures immediately.

On 31st December, 2018, the remaining debentures were purchased @ ₹ 98 per debenture for immediate cancellation.
You are required to pass necessary journal entries for the redemption of debentures. (Ignore interest on debentures and entries for provisions regarding Debenture Redemption Reserve and Debenture Redemption investment).
Answer 2:
isc accounts paper 2019 solved pdf
2019 accounts question paper isc

ISC Accounts Question Paper 2019 Solved for Class 12 3
Working Notes .
Calculation of Interest
No. of shares = 200
Amount due = 200 × 5 = ₹ 1,000
\text { Interest }=\frac{1000 \times 10 \times 6}{100 \times 12}
= ₹ 50
ISC Accounts Question Paper 2019 Solved for Class 12 4
Question 3.
Mohit, Ali and John are partners in a firm, sharing profits and losses in the ratio of 3 : 1 : 1. Their Balance Sheet as at 31 st March, 2018, was as follows : [ 12] ISC Accounts Question Paper 2019 Solved for Class 12 5

Mohit retired on 1st April, 2018, subject to the following adjustments :
(a) Goodwill of the firm to be valued at ₹ 20,000.
(b) Mohit to take over the investments at the market value.
(c) 25% of the General Reserve to be transferred to Provision for Doubtful Debts and the balance to be distributed amongst all the partners.
(d) Creditors to be paid ₹ 3,000 less.
(e) Investment Fluctuation Fund not to be distributed. For this, it was decided that the remaining partners would compensate the retiring partner through their capital accounts.
(f) Mohit to be paid ₹ 20,000 immediately on retirement and the balance to be transferred to his loan account.
You are required to :
(i) Pass journal entries on the date of Mohit ‘s retirement.
(ii) Prepare the Balance Sheet of the reconstituted firm.
Answer 3:
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Question 4.
(A) Raina and Meena were partners in a firm sharing profits and losses equally. [8] They dissolved their firm on 31st March, 2018.
On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:
Raina’s Capital ₹ 40,000 (Cr.)
Meena’s Capital ₹ 20,000 (Dr.)
Profit and Loss Account ₹ 10,000 (Dr.)
Raina’s Loan to the firm ₹ 15,000
Contingency Reserve ₹ 7,000
On the date of dissolution of the firm :

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