ISC Accounts Semester-2 Solved Specimen Paper 2022 Class-12

ISC Accounts Semester-2 Solved Specimen / Model / Sample Paper 2022 Class-12 for practice. Step by step solutions of ISC Class-12 specimen model sample paper. During solutions of semester-2 Accounts specimen paper we explain with figure , graph, table whenever necessary so that student can achieve their goal in next upcoming exam of council.

ISC Accounts Semester-2 Solved Specimen / Model / Sample Paper 2022 Class-12

Board ISC
Class  12th (XII)
Subject Accounts
Topic Semester-2 ISC Specimen Paper Solved
Syllabus  on bifurcated syllabus (after reduction)
session 2021-22
Question Type  Descriptive Type  (as prescribe by council)
Total question Total-14 with all parts (Sec A, B and C)
Max mark 40

Warning :- before viewing solution view Question Paper

Solved Class-12 for practice Set of Accounts Semester-2 ISC Specimen Model Sample Paper


SECTION A – 26 MARKS
(Answer all questions)

Question 1:

Select the correct option for each of the following questions.

(i)1. Relay Ltd. (an unlisted Non NBFC) redeems its 8,000, 10% Debentures of ₹ 100 each in instalments as follows:

Date of Redemption  Debentures to be redeemed
31st March 2019 2,000
31st March 2020 5,000
31st March 2021 1,000

On the basis of the above details, what will be the amount of Debenture Redemption Reserve which the company will transfer to General Reserve on 31st March, 2021?

(a) ₹ 20,000

(b) ₹ 50,000

(c) ₹ 10,000

(d) ₹ 80,000

Answer : (b) ₹ 50,000

(ii) Which of the following transactions is debited to Revaluation Account?

(a) Increase in the value of Furniture

(b) Increase in Provision for Doubtful Debts

(c) Creditors discharged at a discount

(d) Loss on revaluation of all assets and reassessment of all liabilities

Answer : (d) Loss on revaluation of all assets and reassessment of all liabilities

(iii) Orange Ltd. took over assets of ₹ 7,00,000 and liabilities of ₹ 60,000 of Purple Ltd. for a purchase consideration of ₹ 6,30,000 payable by the issue of 10% Debentures of ₹100 each at a premium of 10% and if need be, a part of the purchase consideration in cash. How will the company meet the purchase consideration?

(a) By the issue of ₹ 5,72,727, 10% Debentures at a premium of ₹ 57,272 with no cash.

(b) By the issue of ₹ 5,72,000, 10% Debentures at a premium of ₹ 57,200 and cash of ₹ 800.

(c) By the issue of ₹ 5,72,720, 10% Debentures at a premium of ₹ 57,272 and cash of ₹ 8.

(d) By the issue of ₹ 5,72,700, 10% Debentures at a premium of ₹ 57,270 and cash of ₹ 30.

Answer : Update soon ………..

(iv) Anita and Binita are partners in a firm. Anita had taken a loan of ₹ 15,000 from the firm. How will Anita’s loan be closed in the event of dissolution of the firm?

(a) By crediting it to Anita’s Capital Account

(b) By debiting it to Anita’s Capital Account

(c) By crediting it to Realisation Account

(d) By debiting it to Cash Account

Answer : Update soon ………..

Question 2: (ISC Accounts Semester-2 Solved Specimen)

(i) What is the maximum amount of debentures which an unlisted company, other than a NBFC and HFC, can redeem out of its capital?

(ii) At the time of dissolution of a partnership firm, its Balance Sheet showed stock of ₹ 30,000 comprising easily marketable items, obsolete items and a few miscellaneous other items. These items were realized as:

• Easily Marketable Items: 65% of the total inventory in full.

• Obsolete items: 20% of the total inventory had to be discarded.

• The miscellaneous other items in the stock at 40% of their book value.

You are required to pass the journal entry for the realisation of stock.

Answer : Update soon ………..

Question 3:

On 1st April, 2012, Neptune Finance Company (a listed NBFC) issued 4,000, 9 % Debentures of ₹ 100 each to be redeemed at a premium of 5% on 31st March, 2021. You are required to pass necessary journal entries for the issue and redemption of debentures.

Answer : Update soon ………..

Question 4:

(i) Suhas Ltd. issued 1,000, 7% Debentures of ₹ 100 each to be redeemed after three years at a premium of 5%. The face value of the debentures was payable as:

₹ 20 on Application

₹ 30 on Allotment (on 1st May, 2020)

₹ 30 on First call (on 1st October, 2020)

₹ 20 on Final call (on 1st January, 2021)

All the debentures were applied and allotted.

Ali, to whom 20 debentures were allotted, paid the allotment money and the two calls on 31st March, 2021. The Articles of Association of the company provided for interest on calls-in-arrear to be charged @ 10% per annum, which Ali paid on 31st March, 2021.

You are required to pass journal entries in the books of Suhas Ltd. to record:

• The adjustment and receipt of interest on calls in arrears

• The entry to close the interest on calls in arrears account

Answer : Update soon ………..

(ii) Naresh, Dhruv and Azeem are partners sharing profits in the ratio of 5:3:7.

Naresh retires from the firm. Dhruv and Azeem decided to share profits in the ratio of 2:3.

The adjusted capital accounts of Dhruv and Azeem at the time of Naresh’s retirement showed the balances of ₹ 33,000 and ₹ 70,500 respectively.

The total amount to be paid to Naresh is ₹ 90,500 which is paid in cash immediately by the firm, the cash being contributed by Dhruv and Azeem in such a way that their capitals become proportionate to their new profit-sharing ratio and the firm maintains a minimum cash balance of ₹ 5,000 from its existing balance of ₹ 20,000.

You are required to pass journal entries to record:

• Payment made to the retiring partner

• Cash brought in by the remaining partners to pay off the retiring partner

Answer : Update soon ………..

Question 5:

(i) Ravi, Vijay and Sujay were partners sharing profits in the ratio of 1/2 : 1/3 : 1/6.

Vijay decided to retire, his share being taken up by the remaining partners in the ratio 1:4.

On Vijay’s retirement, a loss of ₹ 12,000 was determined upon revaluation of assets and liabilities.

You are required to:

(a) Calculate the new profit-sharing ratio of the remaining partners.

(b) Pass the journal entry to write off the loss on revaluation of assets and liabilities.

(ii) On 1st April, 2017, Prasad and Company Limited issued 1,000, 10% Debentures of ₹ 1,000 each at ₹ 980. Under the terms of issue, 1/5 of the debentures is annually redeemable by drawings, the first redemption occurring on 31st March, 2019. On 31st March, 2018, the company had a balance of ₹ 4,000 in its Capital Reserve A/c.

The company wrote off the discount on issue of debentures over the life-time of the debentures.

You are required to prepare the Discount on issue of Debentures Account for the first three years.

Answer : Update soon ………..

Question 6:

Sita and Gita were partners sharing profits and losses in the ratio of 4:5. They dissolved their partnership on 31st March, 2021, when their Balance Sheet showed the following balances:

Particulars (₹)
Sita’s Capital  30,000
Gita’s Capital 35,000
Gita’s Current A/c (Dr)  2,000
Contingency Reserve  18,000
P/L A/c (Dr)  4,500

On the date of dissolution:

(i) The firm, upon realisation of assets and settlement of liabilities, made a profit of ₹ 9,000.

(ii) Gita paid the realisation expenses of ₹ 2,000.

(iii) Gita discharged the outstanding salary of the manager of the firm of ₹ 1,000 which was unrecorded in the books. You are required to prepare the Partners’ Capital Accounts.

Answer : Update soon ………..


SECTION B – 14 MARKS
(Answer all questions)

Question 7:

(i) Select the correct option in the following question:

Which one of the following analysis is considered as a dynamic analysis?

(a) Vertical analysis

(b) Horizontal analysis

(c) Internal analysis

(d) External analysis

Answer : (b) Horizontal analysis

(ii) State with reason whether old furniture written off would lead to inflow, outflow or no flow of Cash and Cash Equivalents.

Answer : Update soon ………..

Question 8:

From the following extracts of a company’s Balance Sheets and the additional information, you are required to calculate Cash from Financing Activities for the year ending 31st March, 2021.

Accounts class 12 semester 2

Additional information:

1. During the year 2020-21:

(a) Dividend proposed on Equity Shares in 2019-20 of ₹ 65,000 was declared and paid.

(b) Debentures were issued on 1st July, 2020, at a discount of 10%.

(c) Interest on cash credit of ₹ 500 was paid.

(d) Underwriting commission of ₹ 25,000 was paid to the underwriters.

(e) The Equity shares were issued at a premium.

2. The 10% Preference Shares were redeemed on 31st March, 2021.

Answer : Update soon ………..

Question 9 :

You are required to prepare a Comparative Statement of Profit & Loss from the following particulars of Nishant Ltd.

You are required to prepare a Comparative Statement of Profit & Loss from the following particulars of Nishant Ltd.

Answer : Update soon ………..

Question 10:

From the following extracts of a company’s Balance Sheets, and the additional information, you are required to calculate Cash from Operating Activities for the year ending 31st March, 2021.

Anjan Ltd. reported a profit of ₹ 80,000 for the year ended 31st March, 2021, after considering the following:\

Particulars (₹)
(i) Tax provided during the year  4,000
(ii) Amortization of Patents 10,000
(iii) Profit on sale of Vehicle  3,000
(iv) Writing off Preliminary expenses 2,000

(v) During the year, machinery costing ₹40,000 (accumulated depreciation thereon being ₹18,000) was sold for ₹6,000.

Accounts class 12 semester 2 img 4

Answer : Update soon ………..


SECTION C – 14 MARKS
(Answer all questions)

ISC Accounts Semester-2 Solved Specimen

Question 11:

Select and write the correct option for each of the following questions.

(i) How is a top to bottom relationship among the items in a database established?

(a) By Hierarchical schema

(b) By Network schema

(c) By Relational Schema

(d) By all of the above

Answer : (a) By Hierarchical schema

(ii) Which property describes the various characteristics of an entity? 

(a) ER Diagram

(b) Column

(c) Relationship

(d) Attribute

Answer : (d) Attribute

Question 12:

Answer each of the following questions briefly:

(i) List the models into which the development of database technology is divided.

(ii) How is index hunting helpful? Give any two measures to achieve index hunting.

(iii) Give the difference between data and information along with an example.

(iv) What is meant by Database Partitioning?

Answer : 

(i) update soon ……….

(ii) index hunting helps in improving the speed as well as the query performance of database likeThe query optimizer is used to coordinate the study of queries with the workload and the best use of queries suggested based on this. Index, query distribution along with their performance is observed to check the effect.

(iii) 

Data Information
Data is unorganised and unrefined facts Information comprises processed, organised data presented in a meaningful context
Data is an individual unit that contains raw materials which do not carry any specific meaning. Information is a group of data that collectively carries a logical meaning.
Data doesn’t depend on information. Information depends on data.
It is measured in bits and bytes. Information is measured in meaningful units like time, quantity, etc.
Raw data alone is insufficient for decision making Information is sufficient for decision making
An example of data is a student’s test score The average score of a class is the information derived from the given data.

(iv) Partitioning is the database process where very large tables are divided into multiple smaller parts. By splitting a large table into smaller, individual tables, queries that access only a fraction of the data can run faster because there is less data to scan.

Question 13:  (ISC Accounts Semester-2 Solved Specimen)

Give any two basic commands of SQL.

Answer : These SQL commands are mainly categorized into four categories as: DDL – Data Definition LanguageDQl – Data Query LanguageDML – Data Manipulation Language.

Question 14:

List the components of storage manager.

Answer :

Authorization and Integrity Manager: It tests the integrity constraints and checks the authorization of users to access data.

Transaction Manager: It ensures that no kind of change will be brought to the database until a transaction has been completed totally.

File Manager: It manages the allocation of space on disk storage and the data structures used to represent information stored on disk.

Buffer Manager: It decides which data is in need to be cached in main memory and then fetch it up in main memory. This is very important as it defines the speed in which the database can be used.


Return to:-  Specimen Paper Semester-2 ISC 2022 Class-12 Descriptive Type

thanks

Please share with your ICSE friends

You might also like
Show Comments (6)