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ISC Class XII Board Exam 2023 : Accounts (Solved)

21 pages, 35 questions, 0 questions with responses, 0 total responses,

Snehq Verma
Delhi Public School (DPS), R. K. Puram, New Delhi

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ISC BOARD EXAMINATION 2023 ACCOUNTS (THEORY) Solved Paper Class-12th 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.) This 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 Answer all questions Question 1 In subparts (i) to (iv) choose the correct options and in subparts (v) to (x) answer the questions as instructed. (i) Nikhil, Akhil and Amber are partners in a firm. At the time of Akhil s retirement, Amber takes over furniture of `12,000 at `10,000. [1] Choose the correct journal entry from the following options to record this adjustment. (a) Debit Furniture Account `10,000; Credit Amber s Capital Account `10,000 (b) Debit Furniture Account `12,000; Credit Amber s Capital Account `10,000; Credit Revaluation Account `2,000 (c) Debit Amber s Capital Account `10,000; Credit Furniture Account `10,000 (d) Debit Amber s Capital Account `10,000; Debit Revaluation Account `2,000; Credit Furniture Account `12,000 (ii) Select the correct Statement from the following options. [1] (a) A debenture holder is entitled to receive dividend on his debentures from the company even if the company has incurred losses. (b) A debenture holder is entitled to receive interest on his debentures from the company only if the company has made profits. (c) A debenture holder is entitled to receive interest on his debentures from the company only after dividend has been paid by the company to its shareholders. (d) A debenture holder is entitled to receive interest on his debentures from the company even if the company has incurred losses. (iii) On the dissolution of the firm, partner Rex agreed to take over the responsibility of completing the dissolution work at an agreed remuneration of `1,000 and to bear all realisation expenses. The actual realisation expenses amounted to `1,300 which were paid by the firm on Rex s behalf. [1] What amount will be debited by the firm to the Realisation Account? (a) `1,000 (b) `2300 (c) `1,300 (d) `300 (iv) ABC Ltd. offered 60,000 shares of `10 each to the public. The public applied for 1,00,000 shares. The company made pro-rata allotment in the ratio of 3:2 and the remaining applications were rejected and money refunded to the applicants. On how many shared did the company refund the application money? [1]

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