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ISC Class XII Board Specimen 2017 : Accounts

12 pages, 58 questions, 36 questions with responses, 51 total responses,    0    0
ISC 12th
Indian School Certificate Examination (ISC), New Delhi
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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 I 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 (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 31st March, 2016 was 1,500. State, giving reason, the amount of interest of capital which will be allowed to the partners. [6 2] (iii) 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. (v) 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 31st 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

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