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ISC Class XII Board Exam 2020 : 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.) ---------------------------------------------------------------------------------------------------------------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. [6 2] Question 1 Answer briefly each of the following questions: (i) Why is goodwill considered to be an intangible asset and not a fictitious asset? (ii) How will a firm deal with a situation when its partnership deed provides for interest on capital, but the profit earned by it is not enough to do so, at the rate mentioned in the deed? (iii) State with reason whether Securities Premium Reserve can be used by a company to write off the discount allowed to its debtors. (iv) List any four items that are shown under the sub-head Other Current Assets in the Balance Sheet of a company prepared as per Schedule III of the Companies Act, 2013. (v) What is the maximum limit of debentures which companies, other than Banking Companies and All India Financial Institutions, can redeem out of capital? (vi) (a) Mention any two circumstances which can lead to dissolution of partnership. (b) What is the status of the firm upon the dissolution of partnership? ---------------------------------------------------------------------------------------------------------------This Paper consists of 11 printed pages and 1 blank page. 1220-858 Turn over Copyright reserved.

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