ISC 2020 Accounts Question Paper for Class 12

About this paper

This is the ISC Class 12 Accounts paper, code 1220-858, from the 2020 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 on goodwill, interest on capital, the company balance sheet and dissolution. From Part II, candidates answer any four questions on goodwill, issue of shares, dissolution, purchase of a business, partnership and the balance sheet. They then answer any two questions from either Section B, on ratios, a comparative statement and cash flow, or Section C, on spreadsheets and databases. This copy has the questions only.

Exam

ISC Class 12

Subject

Accounts

Year

2020

Paper code

1220-858

Maximum marks

80

Time allowed

3 hours + 15 min reading

Questions

14

Pages

11

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 goodwill, issue of shares, dissolution, purchase of a business, partnership and presentation in the balance sheet; 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 comparative statement of profit and loss and cash flow. Section C (Questions 12–14) is spreadsheet functions and database concepts

Topics covered

• Goodwill
• Interest on capital
• Issue of shares
• Dissolution of partnership
• Purchase of a business
• Issue and redemption of debentures
• Company balance sheet
• Accounting ratios
• Comparative statement of profit and loss
• Cash flow statement
• Spreadsheet functions
• Database management

Questions from this paper

1. Why is goodwill considered an intangible asset and not a fictitious asset?
2. State, with a reason, whether a company can use its Securities Premium Reserve to write off the discount allowed to its debtors.
3. How does a firm deal with interest on capital when the partnership deed provides for it but the profit is not enough to allow it at the agreed rate?
4. You type 50+16 in a cell. The worksheet shows 50+16 instead of 66. What is the reason?
5. What does the spreadsheet error #VALUE! mean?
6. What is meant by the terms back-end and front-end as used in data applications?