ACCOUNTS (Three hours) Maximum Marks: 80 (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time.) Part 1 of Section A is Compulsory. Answer any 4 Questions from Part II of Section A and any two questions from either Section B or Section C. The intended marks for questions or parts of questions are given in the brackets [ ]. Transactions should be recorded in the answer book. All calculations should be shown clearly. All working, including rough work, should be done on the same page as, and adjacent to, the rest of the answer. SECTION A PART I (12 Marks) Answer all questions. Question 1 [6x2] (i) What is meant by ‘Current Maturities of Long Term Debt? How is it disclosed in the Balance Sheet of a company? (ii) Mita and Mohan are partners sharing profits and losses in the ratio of 1:2 with capitals of % 15,000 and % 25,000 respectively. The partnership deed provides for interest on capital @ 6% per annum. The trading loss for the year ending 31" March, 2016 was % 1,500. State, giving reason, the amount of interest of capital which will be allowed to the partners. (ii) State the Application of Assets as per Section 48 of the Indian Partnership Act, 1932. (iv) ‘A company has to pay interest on debentures prior to paying dividend on shares’. Justify. (vy) Give any two differences between Securities Premium Reserve and Premium on Redemption of Debentures. (vi) Mittal & Sons earned a profit of % 2,75,000 during the year ended 31" March, 2016. 10% of this profit was to be transferred to Investment Fluctuation Reserve, Pass the necessary journal entry for the same. © Copyright reserved. 1 ISC SPECIMEN QUESTION PAPER - 2017ACCOUNTS (Three hours) (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time.) Compulsory. Answer any 4 Questions from Part Hof Section A and any two questions from either Section B or Section C. The intended marks for questions or parts of questions are given in the brackets { J. Transactions should be recorded in the answer book. ‘Alt calculations should be shown clearly. All working, including rough work, should be done on the same page as, and adjacent to, the rest of the answer. Part I of Section SECTION A PART I (12 Marks) Answer all questions. Question 1 (6x2) Answer briefly each of the following questions: (What is the accounting treatment when realization expenses are paid by the partner on behalf of the firm? (ii) Apart from issuing shares to the general public for cash, list nwo other groups to whom a company could issue shares for consideration other than cash, (iii) Give the adjusting and closing entry for recording interest on drawings charged from the partners when the firm follows the fixed capital method. (iv) Give any 1wo points of difference (without examples) between tangible and intangible fixed assets. (¥) What is meant by ‘Capitalized value of Average Profits" Give the formula for determining (vi) Under what circumstances are no separate set of books kept for joint venture? ISC SAMPLE QUESTION PAPER 2015ACCOUNTS (Three hours) (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time.) Section A - Answer Question 1 (compulsory) from Part I and any other four questions ‘from Part Il. Section B and Section C~ Answer two questions from either section B or Section C. The intended marks for questions or parts of questions are given in brackets [ ]. Transactions should be recorded in the answer book. All calculations should be shown clearly. All working, including rough work, should be done on the same sheet as, and adjacent to, the Fest of the answer. SECTION A PART I (20 Marks) Answer all questions. Question 1 Answer each of the following questions briefly: @ di) (iii) (iy) w) (wi) (wii) (viii) (ix) 9) Define joint venture. State the provisions of the Parmership Act, 1932, in the absence of a Partnership Deed regarding (a) Interest on Partner’s Drawing (b) Interest on advances made by a partner to the firm other than capital. State the complete accounting treatment of hidden goodwill at the time of admission of a partner. Why are assets revalued and liabilities reassessed when there is a change in profit sharing ratio amongst the partners? State ‘wo differences between dissolution of partnership and dissolution of firm. Why is a memorandum balance sheet prepared at the time of dissolution of a partnership firm? State fo similarities between calls in arrear account and calls in advance account. ‘What is the accounting treatment when shares are issued to promoters for consideration other than cash? Differentiate between Joint Venture account and JV with ....., account, Mention the name and explain the part of capital of a company which is called up only on its winding up. [10x 2] ISC Specimen Question Paper 2014ISC SPECIMEN QUESTION PAPER FOR 2012 EXAMINATION ACCOUNTS (Three hours) (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time) Answer Question 1 (compulsory) and Question 2 (compulsory) from Part I and any other five questions from Part I. The intended marks for questions or parts of questions are given in brackets | }. Transactions should be recorded in the answer book. Ail calculations should be shown clearly. All working, including rough work, should be done on the same sheet as, and adjacent to, the rest of the answer. PART I Question 1 [10x 2} Answer each of the following questions briefly: (Distinguish between authorized, issued, subscribed, called up and paid up capital by the means of a hypothetical example in the form of a problem. Gi) What is the complete accounting treatment of interest on loan to the partner during the preparation of a profit and loss appropriation account of a partnership firm assuming that such interest has been paid in cash to the partner by the firm? ii) Why are abnormal losses ignored when calculating the profit of the joint venture? (iv) Give two examples of selling overhead and two examples of distribution overhead in the context of a cost sheet. (v) What are imputed costs? How will you deal with it during the preparation of a cost sheet? (vi) What is the basis of accounting that is followed when preparing a cash flow statement? (vii) State wo differences between Debtors’ turnover ratio and Creditors’ turnover ratio, (viii) What is the self-balancing entry for credit sales and credit purchases? (ix) When should goodwill be recorded in the books of a firm as per AS = 10? Ave there any exceptions? If so, under what circumstances? (x) Under what heading will ‘Premium on Redemption of Debentures’ be recorded in a Horizontal balance sheet? ISC Specimen Question Paper ~ 2012ACCOUNTS (Three hours) (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time) Answer Question 1 (compulsory) and Question 2 (compulsory) from Part 1 and any other five questions from Part Il. The intended marks for questions or parts of questions are given in brackets {]. Transactions should be recorded in the answer book. All calculations should be shown clearly. All working, including rough work, should be done on the same sheet us, and adjacent to, the rest of the answer. PART I Question 1 {10x 2) Answer each of the following questions briefly: (Define Prime Cost. (ii) Explain FIFO method of stock valuation, (ii) What do you mean by the term non-recurring expenses in joint venture? (iv) What is the purpose of opening a joint bank account for joint venture? (v)_ State (wo advantages of self-balancing system. (vi) Why is a profit and loss appropriation account necessary in a partnership firm? (vil) Why is there a need for revaluation of assets and liabilities of a firm if there is a change in profit-sharing ratio of partners? (viii) Explain ‘pro-rata allotment of shares’ by means of a suitable example. (ix) State two differences between ‘current assets’ and “current liabilities’. (x) Mention two uses of ratio analysis. ISC Specimen Question Paper