ISC 2015 Accounts Question Paper for Class 12

About this paper

This is a solved copy of the ISC Class 12 Accounts paper from the 2015 board examination. It runs for three hours, with fifteen minutes extra for reading only. Part I of Section A is compulsory: six two-mark questions, each followed by a written answer. Part II asks for any four questions, on a company balance sheet, a joint venture to build a shopping mall, admission of a partner, issue of shares, death of a partner, appropriation and issue of debentures, and a solution is printed after each. Section B, on cash flow, a comparative statement and ratios, is solved in the same way. The instructions also allow Section C instead of Section B, but those pages are not in this copy.

Exam

ISC Class 12

Subject

Accounts

Year

2015

Time allowed

3 hours + 15 min reading

Pages

19

Answers included

Yes

Paper pattern

• Section A, Part I

  12 marks

  Question 1, compulsory: six short questions of two marks, with answers printed underneath

• Section A, Part II

  48 marks

  Questions 2–8 on the company balance sheet, joint venture, admission, shares, death of a partner, appropriation and debentures; answer any four, with solutions printed

• Section B

  Questions 9–11 on a cash flow statement (AS-3), a comparative statement of profit and loss, and accounting ratios; answer any two, with solutions printed. Section C, named in the instructions as the alternative, is not in this copy

Topics covered

• Operating cycle
• Partnership accounts
• Admission of a partner
• Death of a partner
• Profit and loss appropriation
• Joint venture
• Issue and forfeiture of shares
• Issue of debentures
• Company balance sheet
• Cash flow statement
• Comparative statements
• Accounting ratios

Questions from this paper

1. What is meant by an operating cycle?
2. What is the minimum price at which a company can reissue its forfeited shares which were originally issued at par?
3. Veera and Sia share profits in the ratio 3:2. Profit of ₹18,000 for 2013-14 was distributed wrongly in the ratio 2:3. Pass an adjusting journal entry to rectify the error.
4. Give any two objectives of preparing common-size statements.
5. Give the formulae for earnings per share and the trade payables turnover ratio.
6. How will the firm record realisation expenses which were to be borne by a partner but were paid by the firm on his behalf?