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ISC Class XII Board Specimen 2012 : Accounts

8 pages, 23 questions, 3 questions with responses, 4 total responses,    0    0
ISC 12th
Indian School Certificate Examination (ISC), New Delhi
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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 II. 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 rest of the answer. ---------------------------------------------------------------------------------------------------------------------------PART I Question 1 [10 2] Answer each of the following questions briefly: (i) Distinguish between authorized, issued, subscribed, called up and paid up capital by the means of a hypothetical example in the form of a problem. (ii) 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? (iii) 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 two 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? Are 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

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