ISC 2024 Accounts Question Paper for Class 12

About this paper

This is the ISC Class 12 Accounts paper, code 1224-858, from the 2024 board examination. It carries 80 marks and runs for three hours, with fifteen minutes extra for reading only. Section A, of 60 marks, is compulsory: ten questions, opening with one-mark items on reserves, debentures, dissolution and forfeiture, then longer work on retirement, issue and redemption of debentures, goodwill, the company balance sheet and calls-in-arrears. Internal choices are given in the section. Candidates then answer every question in either Section B, on ratios, a comparative income statement and cash flow, or Section C, on Excel, SQL and a bakery spreadsheet for Mink & Sons. This copy has the questions only.

Exam

ISC Class 12

Subject

Accounts

Year

2024

Paper code

1224-858

Maximum marks

80

Time allowed

3 hours + 15 min reading

Questions

18

Pages

17

Answers included

No, questions only

Paper pattern

• Section A

  60 marks

  Questions 1–10, all compulsory, from one-mark items to longer questions on partnership and company accounts, with internal choices

• Section B or Section C

  20 marks

  Attempt every question from one section, with internal choices. Section B (Questions 11–14) is ratios, a comparative income statement and cash flow. Section C (Questions 15–18) is spreadsheets, DBMS and SQL, including a bakery spreadsheet

Topics covered

• Admission and retirement of a partner
• Dissolution of partnership
• Goodwill
• Issue of shares and forfeiture
• Interest on calls
• Issue and redemption of debentures
• Company balance sheet
• Accounting ratios
• Comparative income statement
• Cash flow statement
• Spreadsheets
• SQL and DBMS

Questions from this paper

1. Nita and Rita have ₹80,000 in the Workmen Compensation Reserve when Ajay is admitted, and the compensation claim is ₹90,000. How is the claim recorded in the firm's accounts?
2. Tulip Ltd. allotted 45,000 equity shares of ₹10 each. The first and final call of ₹2 was unpaid on 1,000 shares, which were forfeited, and 600 of them were reissued at ₹7, fully paid. What is the subscribed capital?
3. On 1 April 2022, Harbour Ltd. issued 50,000, 6% debentures of ₹100 each at a discount of 5%, redeemable after three years at a premium of 7%, and 1,00,000 equity shares of ₹10 each at a premium of ₹2. Both issues were fully subscribed. Prepare the 6% Debentures Account and the Loss on Issue of Debentures Account for 2022-23.
4. Gama Ltd. issued 20,000 equity shares of ₹10 each, payable ₹2 on application, ₹3 on allotment and ₹5 on the first and final call. Interest on calls-in-arrears is charged as in Table F, and no interest is allowed on calls-in-advance. Pass the journal entries.
5. What is the use of the UPDATE command in SQL?
6. Give the difference between data and information, with an example of each.