ISC 2018 Accounts Question Paper for Class 12

About this paper

This is the ISC Class 12 Accounts paper, code 1218-858, from the 2018 board examination. It carries 80 marks and runs for three hours, with fifteen minutes extra for reading only. Part I of Section A is compulsory: six questions of two marks. From Part II, candidates answer any four questions on issue of shares, redemption of debentures, partnership appropriation, retirement, the company balance sheet and dissolution. They then answer any two questions from either Section B, on cash flow, financial-statement analysis and ratios, or Section C, on spreadsheets and databases. Working is shown beside the answer. This copy has the questions only.

Exam

ISC Class 12

Subject

Accounts

Year

2018

Paper code

1218-858

Maximum marks

80

Time allowed

3 hours + 15 min reading

Questions

14

Pages

12

Answers included

No, questions only

Paper pattern

• Section A, Part I

  12 marks

  Question 1, compulsory: six short questions of two marks

• Section A, Part II

  48 marks

  Questions 2–8 on shares, debentures, appropriation, retirement, the company balance sheet 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 cash flow, horizontal and vertical analysis, a common-size statement and ratios. Section C (Questions 12–14) is spreadsheets and database management

Topics covered

• Issue and forfeiture of shares
• Redemption of debentures
• Partnership appropriation
• Retirement of a partner
• Dissolution of partnership
• Company balance sheet
• Goodwill
• Cash flow statement
• Common-size statement
• Accounting ratios
• Spreadsheets
• Database management and SQL

Questions from this paper

1. Give any two differences between a Revaluation Account and a Realisation Account.
2. What is the minimum price at which a company can reissue its forfeited shares which were originally issued at par?
3. Give the formula for valuation of goodwill by the capitalisation of average profit method.
4. State two reasons for a company to purchase its own debentures from the open market.
5. Saturn Ltd. issued 40,000 equity shares of ₹10 each at a premium of ₹5, payable ₹6 on application and ₹9 (including the premium) on allotment. Shares of a holder of 500 shares were forfeited for non-payment of allotment, and 400 were reissued at ₹7 fully paid. Pass the journal entries.
6. What is meant by a cell address in a spreadsheet?