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ISC Class XII Board Specimen 2023 : Accounts

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ISC 12th
Indian School Certificate Examination (ISC), New Delhi
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ACCOUNTS ---------------------------------------------------------------------------------------------------Maximum Marks: 80 Time Allowed: Three hours (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time.) --------------------------------------------------------------------------------------------------------------------- The Question Paper contains three sections. Section A is compulsory for all candidates. Candidates have to attempt all questions from either Section B or Section C. There are internal choices provided in each section. The intended marks for questions or parts of questions are given in the brackets []. 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 (60 Marks) Answer all questions. Question 1 In subparts (i) to (iv) chose the correct option and in subparts (v) to (x) answer the questions as instructed. (i) A firm has an unrecorded liability for workmen compensation of 10,000. The firm was not prudent enough to create a workmen compensation reserve. How will this liability be treated in the books of the firm at the time of retirement of a partner? (a) By debiting it to the capital accounts of all the partners. (b) By crediting it to Revaluation A/c (c) By debiting it to Revaluation A/c (d) By debiting it to Workmen Compensation Reserve A/c [1] ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 1 (ii) (iii) (iv) Neptune Ltd., an unlisted manufacturing company has to redeem its 3,000, 7% Debentures of 100 each on 30th September, 2022. As per the provisions of the Companies Act, 2013, on which date should the company invest in specified securities? (a) On or before 30th September, 2021 (b) On or before 30th September, 2022 (c) On or before 30th April, 2021 (d) On or before 30th April, 2022 When a partnership firm dissolves, its losses including deficiencies of capital are to be paid first out of: (a) The profits of the firm (b) The capitals of the partners (c) From the partners individually in their profit-sharing ratio (d) From the proceeds from sale of assets A company forfeits 1,000 shares of 10 each. It had received 6,000 on these shares. What is the maximum discount that can be allowed by the company on the reissue of 400 shares? (a) 4,000 (b) 400 (c) 1,600 (d) 2,400 [1] [1] [1] (v) What is the accounting treatment of Employees Provident Fund appearing in the Balance Sheet of a partnership firm at the time of dissolution of the firm? [1] (vi) Give any one important feature of non- purchased goodwill. [1] (vii) Mention the heading and sub-heading under which Calls-in Arrears and Calls-in Advance are shown in the Balance Sheet of a company prepared as per Schedule III of the Companies Act,2013. [1] (viii) Give any one difference between Securities Premium Reserve and Premium on Redemption of Debentures. [1] ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 2 (ix) Joy and Deb were partners sharing profits & losses in the ratio of 2:1. They admitted Gopi into partnership for 1 5 share. At the time of Gopi s admission, Furniture (book value 2,50,000) was reduced by 40% and Machinery (book value 1,50,000) was reduced to 40% What was the net decrease in value of assets? [1] (x) Gabby Ltd. (a listed NBFC) has 30,000, 5% Debentures of 100 each due for redemption at par on 31st March, 2022. The Debenture Redemption Investment which was purchased on 30th April, 2021, was realized on the date of redemption at 102% less 0 5% brokerage, and the debentures were redeemed. You are required to calculate the sale price of the Debenture Redemption Investment. [1] [3] Question 2 Kavi, Dhruv and Parth are partners in a firm sharing profits and losses in the ratio of 3:1:1. Balance Sheet of Kavi, Dhruv and Parth (extract) As at 31st March, 2022 Liabilities ( ) Assets ( ) Bank 5,000 On Kavi s retirement from the firm on 1st April, 2022, the amount due to him is determined at 20,000. The firm took sufficient loan from the bank to pay the amount due to Kavi. You are required to pass the necessary journal entries to pay the amount due to Kavi. OR Gita, Sita and Meena were partners in a firm sharing profits and losses in the ratio of 2: 2:1. Gita died on 30th June, 2022. The firm closes its books on 31st March every year. According to their Partnership Deed, the representatives of the deceased partner would be entitled to get Gita s share in the interim profits of the firm calculated on sales basis. Sales for the year 2020-21 were 6,00,000 and in the year 2021-22, till the date of her death, sales amounted to 1,20,000. The profits of the firm for the year 2020-21 were 1,80,000. You are required to: (i) Calculate Gita s share of interim profit. (ii) Pass the necessary journal entry for giving Gita s representative her share of interim profit. ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 3 Question 3 [3] Veena and Soma are partners in a firm. They admit Sara on 1st April, 2022, for 1 4 share in the profits of the firm. On an average, the profits earned by Veena and Soma are 21,000. The average capital employed by the firm is 1,50,000. The normal rate of return in the industry is 10%. It is decided to value goodwill on the basis of four years purchase of profits in excess of profits @ 10% on the money invested. You are required to: (i) Calculate the goodwill of the firm. (ii) Pass the journal entries in the books of the firm if Sara brings into the firm her share of goodwill in cash. Question 4 [3] On 31st March, 2021, the books of Pragya Ltd. (an unlisted manufacturing company) showed the following closing balances: 7% Debentures (redeemable on 30th September, 2022) 60,00,000 Debenture Redemption Reserve 2,00,000 In order to meet the provisions of the Companies Act, 2013, the company transferred the required balance amount to Debenture Redemption Reserve Account on 31st March, 2022. It met the requirements of Debenture Redemption Investment. You are required to prepare the Debenture Redemption Reserve Account for the years 2021-22, 2022-23. OR Barua Ltd. (a listed NBFC) redeems its 9,000, 10% Debentures of 100 each in instalments as follows Date of Redemption Debentures to be redeemed 31st March, 2020 3,000 st 31 March, 2021 5,000 31st March, 2022 1,000 You are required to prepare the Debenture Redemption Investment Account for the years 2020-21, 2021-22. ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 4 Question 5 [3] On 1st February, 2022, Swadesh Ltd. issued to the public 12,000, 10% Debentures of 100 each at a discount of 3% payable: 20 on application. The balance on allotment being made on 1st May, 2022. The public applied for 20,000 debentures. Pro-rata allotment was made on 15,000 debentures. The debentures were to be redeemed at par after four years. You are required to pass journal entries for the year 2021-2022. Question 6 [6] The Balance Sheet of Ravi and Kamal as at 31st March, 2022, was as follows: Balance Sheet of Ravi and Kamal As at 31st March, 2022 Liabilities Creditors Investment Fluctuation Fund Capital Accounts: Ravi Kamal ( ) Assets 5,000 Cash 300 Debtors Stock 3,500 Furniture 2,750 Property Investment 11,550 ( ) 1,400 4,700 2,300 50 2,000 1,100 11,550 The partners shared profits in the ratio of 9:7. The partnership firm was dissolved on the date of the Balance Sheet subject to the following adjustments: (i) Property realized 75%. (ii) Bad debts and discount amounted to 500. (iii) Stock realized 2,525. (iv) Creditors allowed a discount of 2%. (v) Expenses of dissolution amounted to 75 which were paid by Ravi. You are required to prepare the Realisation Account. ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 5 Question 7 [6] Amit and Barun are partners sharing profits in the ratio of 4:1. Their Balance Sheet as at 31st March, 2022, was as under: Balance Sheet of Amit and Barun As at 31st March, 2022 ( ) Liabilities Sundry Creditors 51,000 Furniture 4,000 Building 45,000 Goodwill 1,000 Capital Accounts: Amit 20,000 Barun 15,000 ( ) Assets 35,000 Debtors Less Prov. for Doubtful debts Cash 86,000 9,400 400 9,000 27,000 86,000 On 1st April, 2022, Charan is admitted as a new partner on the following terms: (i) The new profit-sharing ratio of the partners to be 2:1:1. (ii) Charan to bring in 16,000 as his capital but would be unable to bring his share of goodwill in cash. (iii) The value of the goodwill of the firm to be calculated on the basis of Charan s share in the profits and the capital contributed by him. (iv) Furniture, which had been undervalued by 600 to be brought up to its revised value. (v) Out of the total insurance premium paid, 3,400 to be treated as prepaid insurance. The amount was earlier debited to Profit & Loss Account. You are required to prepare: (i) Revaluation Account. (ii) Partners Capital Accounts. OR ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 6 Karan and Vijay are partners in a firm sharing profits and losses in the ratio of 4:3. They admit Shrey for share in the profits. On the date of Shrey s admission: (a) The capitals of Karan and Vijay are: 40,000 and 30,000 respectively. (b) Profit and Loss Account has a debit balance of 7,000. (c) General Reserve shows a balance of 21,000 which is not to be disturbed. (d) Goodwill of the firm is valued at 42,000. (e) The cash at bank is 15,000. (f) Shrey brings in proportionate capital and his share of goodwill in cash. You are required to prepare: (i) Partners Capital Accounts. (ii) Cash at Bank Account of the reconstituted firm on the date of Shrey s admission. Question 8 [6] From the information of Prudence Ltd. given below, you are required to show how the relevant items will appear in the company s Balance Sheet (an extract) as at 31st March 2022. The authorised capital of Prudence Ltd. consisted of 3,000, 10% Preference Shares of 100 each and 8,000 Equity Shares of 100 each, out of which: (a) 1,000, 6% Preference shares were issued to the public, fully called and paid up (b) 3,000 Equity shares were issued which were fully called up. (c) There were arrears of 20 per share on 400 Equity shares. Particulars ( ) Mortgage Debentures 50,000 Bank Overdraft 25,000 Balance in Statement of P/L (Dr) 76,000 Freehold Property 50,000 ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 7 Question 9 [10] Ajay and Vijay are in partnership sharing profits and losses in the ratio of 3:1. On 1st April, 2021, their capitals were 1,00,000 and 90,000. The terms of their partnership are as follows: (i) Interest on capital to be allowed at @ 6% per annum. (ii) Interest on drawings to be charged @ 4% per annum. (iii) Partners to get a salary of 1,000 each per month. (iv) Vijay to get a commission of 2% on the correct net profit. (v) Any partner taking a loan from the firm to be charged interest on it @ 8% per annum. Ajay had borrowed 10,000 from the firm on 1st October, 2021. Vijay had withdrawn 8,000 on 1st July, 2021. During the year ending 31st March, 2022, the firm earned a net profit of 60,000 before any of the provisions mentioned in the partnership deed. You are required to prepare for the year ending 31st March, 2022: (i) Profit and Loss Appropriation Account. (ii) Ajay s Capital Account. OR The partnership agreement of Rohit, Ali and Sneh provides that: (i) Profits will be shared by them in the ratio of 2:2:1. (ii) Interest on capital to be allowed at the rate of 6% per annum. (iii) Interest on drawings to be charged at the rate of 3% per annum. (iv) Ali to be given a salary of 500 per month. (v) Ali s guarantee to the firm that the firm would earn a net profit of at least 80,000 per annum and any shortfall in these profits would be personally met by him. The capitals of the partners on 1st April, 2021, were: Rohit 1,20,000; Ali- 1,00,000; Sneh- 1,00,000. All the three partners withdrew 1,000 each at the beginning of every month. The net profit for the year 2021-22 was 70,000. You are required to prepare for the year 2021- 2022: (i) Profit and Loss Appropriation Account. (ii) Ali s Capital Account. ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 8 Question 10 [10] In the year 2021-22, Yamuna Limited Co. was registered with an authorized capital of 1,00,000 in 10 per Equity share. Of these, 4,000 equity shares were issued as fully paid to vendor for the purchase of Plant and Machinery and 6,000 shares were subscribed for by the public. During the first year, 6 per Equity share was called up, payable: 3 on Application 1 on Allotment 2 on the First Call The amounts received in respect of these shares were as follows: On 5,000 shares the full amount called On 600 shares 4 per Equity share On 400 shares 3 per Equity share. The company forfeited all those shares on which only 3 had been received and reissued them at 4 per share. You are required to: (i) Pass journal entries to record the above transactions in the books of the company. (ii) Prepare the Calls-in Arrears Account. OR Tapsi Ltd. invited applications from the public for the issue of 55,000 Equity shares of 10 each payable as: 3 on Application 5 on Allotment Balance on Call The public applied for 50,000 shares which were duly allotted by the company. 2,49,000 were received by the company on allotment and 99,400 on call. The company forfeited those shares on which both, allotment and call money was not received. 70% of the forfeited shares were reissued at 7 per share, fully called up. The company paid share issue expenses of 20,000 which were completely written off at the end of the year. The company had 15,000 in its Securities Premium Reserve Account. You are required to pass journal entries to record the above transactions in the books of the company. ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 9 SECTION B (20 Marks) Answer all questions Question 11 In subparts (i) and (ii) chose the correct option and in subparts (iii) to (v) answer the questions as instructed. What will be the Operating Ratio of Zenia Ltd. from the particulars given below? (i) Revenue from Operations: 9,00,000 Gross Profit: 20% on cost Operating Expenses: 60,000 (a) 86 67% (ii) (b) 90% (c) 76 67% (d) 20% How is interest paid on debentures considered in a Cash Flow Statement? (a) As an Operating Activity (b) As a Financing Activity (c) As an Investing Activity (d) Both as an Operating Activity and a Financing Activity [1] [1] (iii) State the objective of calculating Liquidity Ratios. [1] (iv) Mention the accounting basis on which a Cash Flow Statement is prepared. [1] (v) What is Gross Profit + Cost of Materials consumed? [1] ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 10 Question 12 [3] From the following particulars of Bharti Ltd., you are required to prepare a Common-size Balance Sheet as at 31st March, 2022. 31.03.2022 ( ) Particulars Shareholders Funds 14,00,000 Current Liabilities 2,00,000 Total Equity & Liabilities 20,00,000 Non-current Assets 15,00,000 Question 13 [6] From the following extracts of a company s Balance Sheets, you are required to calculate: (i) Cash from Investing Activities. (ii) Cash from Financing Activities 31.3.2022 ( ) 31.3.2021 ( ) Equity Share Capital 15,00,000 12,00,000 5% Debentures 10,00,000 8,00,000 Securities Premium Reserve 50,000 10,000 Plant & Machinery (at cost) 10,90,000 9,00,000 Accumulated Depreciation 3,00,000 4,00,000 60,000 50,000 1,00,000 70,000 Particulars 10% Investments Goodwill Note: Dividend proposed in the years 2020-21 and 2021-22 were 42,000 and 40,000 respectively. Additional information: During the year 2021-22, the company: (i) Issued the 5% Debentures at a discount of 10% on 1st April, 2021. The discount on issue of Debentures was written off from Securities Premium Reserve. (ii) Provided depreciation of 1,00,000 on Plant and Machinery. (iii) Sold Plant and Machinery, the book value of which was 5,00,000 for 4,50,000. ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 11 OR You are required to prepare a Cash Flow Statement of Bruno Ltd. (as per AS 3) for the year 2021-22 from the following Balance Sheets. Balance Sheets of Bruno Ltd. As at 31st March, 2022 and 31st March, 2021 Particulars I N. No. 31.3.2022 ( ) 31.3.2021 ( ) 5,00,000 3,50,000 1,20,000 88,000 1,50,000 2,10,000 39,000 46,000 40,000 30,000 8,49,000 7,24,000 3,80,000 3,30,000 4,69,000 3,94,000 8,49,000 7,24,000 EQUITY AND LIABILITIES 1. Shareholders Funds (a) Share Capital (Equity) (b) Reserves and Surplus (Statement of Profit & Loss) 2. Non- Current Liabilities Long-term Borrowings (7% Debentures) 3. Current Liabilities (a) Short-term Borrowings (Bank Overdraft) (b) Short term Provision (Provision for Tax) TOTAL II ASSETS 1. Non- Current Assets (a) Property, Plant & Equipment & Intangible Assets (i)Property, Plant & Equipment (Plant & Machinery) 2. Current Assets (a) Cash & Bank Balances (Cash at Bank) TOTAL ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 12 Notes to Accounts: Particulars 31.3.2022 ( ) 31.3.2021 ( ) 30,000 ---- 1. Contingent Liability Proposed Dividend Additional information: During the year 2021-22: (i) Plant & Machinery of 1,20,000 was purchased and some machinery was sold at a loss of 12,000. (ii) The company charged 38,000 as depreciation on its Plant and Machinery. (iii) Interest of 18,000 was paid on all borrowings (iv) Tax paid was 25,000. ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 13 Question 14 [6] From the following Statement of Profit and Loss of Swatantra Ltd. for the year 2020-21, calculate any three ratios (up-to two decimal places): (i) Gross Profit Ratio (ii) Net Profit Ratio (iii) Operating Profit Ratio (iv) Inventory Turnover Ratio Statement of Profit and Loss of Swatantra Ltd. For the year ending 31st March, 2022 Particulars Note No. ( ) Revenue from operations Other Income (Profit on Sale of Machinery) 5,00,000 40,000 Total Revenue 5,40,000 Expenses: Purchases Changes in inventories Employee Benefit Expenses Depreciation Finance Cost (Interest on Debentures) Other Expenses 2,50,000 (10,000) 26,000 14,000 30,000 20,000 1 2 3 Total Expenses 3,30,000 Profit before Tax Provision for Tax 2,10,000 (84,000) Profit after Tax 1,26,000 Notes to Accounts: Particulars ( ) 1. Changes in Inventories Opening Inventory 40,000 Closing Inventory 50,000 2. Employee Benefit Expenses Wages 16,000 Salaries 10,000 3. Other expenses Carriage inward 8,000 Loss on sale of Furniture 12,000 ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 14 SECTION C (20 Marks) Answer all questions Question 15 In subparts (i) and (ii) chose the correct option and in subparts (iii) to (v) answer the questions as instructed. In Excel, the drag and drop method is used to: (i) (ii) (a) Copy cell contents (b) Move cell contents (c) Add cell contents (d) (a) and (b) Which one of the following fields would not make a suitable primary key? (a) A date field (b) An invoice number (c) An autoNumber field (d) A customer s social security number. [1] [1] (iii) Mention any two types of charts available in a spreadsheet. [1] (iv) What is meant by sorting of records in an Excel sheet? [1] (v) How can the name of default Sheet 1 be changed to any other name? [1] Question 16 (i) What is a Database Transaction in DBMS? (ii) Give an example of a Database transaction. [3] ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 15 Question 17 [6] ABC & Sons run an ice cream parlour. They sell ice creams in cups and cones in four flavours, Vanilla, Butter Scotch, Chocolate and Badaam Pista. The ice cream is purchased in the form of ice cream bricks of 1 litre size and served to the customer in a cup or cone as per his/her preference, by cutting each ice cream brick into ten smaller pieces of 100 ml each. The ice cream is purchased from the supplier of a well-known brand who as per the sales arrangement, also supplies the cups, cones, spoons and paper napkins in adequate quantity, at no extra cost. The firm has prepared a summary of its Purchase, Sales and Unsold Stock for the month of March, 2022, in spreadsheet form. It did not have any unsold stock on the last day of February, 2022. 1 A B C D E Ice Cream Flavours No. of Bricks purchased Cost Price per Brick Total Cost Equivalent Number of cups/cones ( ) F Unit cost of cup/cone ( ) G No. of Cups/Cones Sold H I J Sale Price of cup/cone Total Sales Cost of cups/cones sold ( ) ( ) ( ) ( ) K L Cost of unsold cups/cones Profit ( ) ( ) 2 Vanilla 400 200 80,000 4,000 20 3,500 35 1,22,500 ?? ?? 52,500 3 Butter Scotch 100 250 25,000 1,000 25 900 35 31,500 22,500 ?? 9,000 4 Chocolate 200 300 60,000 2,000 30 1,900 40 ?? 57,000 3,000 5 Badaam Pista 300 300 90,000 3,000 30 2,500 40 1,00,000 75,000 15,000 6 Total 2,55,000 10,000 3,30,000 2,24,500 30,500 1,000 8,800 19,000 ?? 1,05,500 Based on the information and spreadsheet given above, write the formula, for any three, to calculate for the month of March, 2022: (i) Value of unsold stock of Butter Scotch Ice Cream in cell K3. [2] (ii) Total Sales of Chocolate Ice Cream in cell I4. [2] (iii) Profit made on the sales of Badaam Pista Ice Cream in cell L5. [2] (iv) Percentage of total profit on cost made by ABC & Sons on all the flavours of the Ice Cream. [2] ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 16 Question 18 [6] Answer any three of the following questions. (i) Give the meaning of Database design. (ii) List any two attributes to be stored in Payroll Data base. (iii) Give any two differences between Generic Software and Specific Software. (iv) The syntax of the PMT function is = PMT (rate, nper, pv, [fv], [type]) What do the following stand for in this syntax: Rate Nper Pv Type ---------------------------------------------------------------------------------------------------------------ISC SPECIMEN QUESTION PAPER 2023 17

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