ISC 2014 Accounts Question Paper for Class 12

About this paper

This is the ISC Class 12 Accounts paper, code 1214-858, from the 2014 board examination. It runs for three hours, with an extra fifteen minutes for reading only. Section A has a compulsory Part I of ten two-mark questions and a Part II from which any four ten-mark questions are answered, covering joint venture, issue and forfeiture of shares, retirement, profit appropriation, debentures and dissolution. Candidates then answer any two questions from either Section B, on ratios, a common-size balance sheet and cash flow, or Section C, on spreadsheets and databases. Working is to be shown beside the answer. This copy has the questions only.

Exam

ISC Class 12

Subject

Accounts

Year

2014

Paper code

1214-858

Time allowed

3 hours + 15 min reading

Questions

14

Pages

11

Answers included

No, questions only

Paper pattern

• Section A, Part I

  20 marks

  Question 1, compulsory: ten short questions of two marks on joint venture, partnership and company accounts

• Section A, Part II

  40 marks

  Questions 2–8, ten marks each, on joint venture, shares, retirement, appropriation, debentures and dissolution; answer any four

• Section B or Section C

  20 marks

  Answer any two questions from one section. Section B (Questions 9–11) is ratios, a common-size balance sheet and cash flow. Section C (Questions 12–14) is spreadsheets and databases, including SQL

Topics covered

• Joint venture
• Partnership capital accounts
• Retirement of a partner
• Profit and loss appropriation
• Dissolution of partnership
• Issue and forfeiture of shares
• Issue of debentures
• Company balance sheet
• Accounting ratios
• Cash flow statement
• Common-size balance sheet
• Spreadsheets and databases

Questions from this paper

1. Name the two accounts prepared to show the results of a joint venture when each co-venturer records all transactions.
2. What is the accounting treatment when debentures are issued as a collateral security?
3. Give any two differences between a Revaluation Account and a Realisation Account.
4. State the provisions of the Indian Partnership Act, 1932, on charging interest on a partner's drawings when the firm has a partnership deed and when it does not.
5. Ben Ltd. issued 5,000, 12% debentures of ₹100 each at par, redeemable at a premium of 5% after five years. Pass the journal entry for the issue.
6. What is meant by the number of years' purchase in the valuation of a firm's goodwill?