ISC Accounts Specimen Paper 2023 for Class 12: The specimen papers for the Council for the Indian School Certificate Examinations (CISCE)’s annual higher secondary ISC Class 12 exams 2023 are out. As of February 13, the exams have already begun, and the time couldn’t be more suitable to solve sample papers. Accounts (Code: 858) is an elective subject in ISC Class 12th and a crucial component of the commerce stream. Accounts involves keeping track of and analysing monetary transactions and their results. It’s an essential practice in the financial world and a must-learn for all students hoping to pursue a career as a CA, CS, banker or actuary. Due to its analytical nature, accounts proves a challenge for many students. But you can achieve success in the subject by solving ISC Class 12 Accounts specimen paper. It’s stress and poor understanding of the question paper that affect grades more than a lack of knowledge. ISC class 12 accounts specimen paper give students a hint of the type of questions asked, their difficulty level, and the length of the final exam. This can help students increase their speed and gain confidence. Check here to download the ISC Accounts Specimen Paper Class 12 PDF.
Related: ISC Class 12 Accounts Syllabus 2023
Related: ISC Class 12 Accounts Previous Year Question Papers
ISC Class 12 Accounts Specimen Paper 2023
- The ISC Board class 12 Accounts paper will be three hour long and carry 80 marks. The exam questions will range between objective short answer and descriptive long answer questions.
- 15 minutes of reading time will be given and writing answers will not be allowed during this period.
- The ISC Class 12th Accounts exam will comprise three sections: A, B, and C.
- Section A will be compulsory, carrying 60 marks.
- Students will be allowed to choose between section B or C but will have to attempt all questions.
- Internal choice between questions will be given in all sections.
Related: ISC Class 12th Datesheet 2023 Released
Check the 2023 ISC Accounts Specimen Paper for class 12 in pdf format here. The download link to the full specimen paper is given towards the end of article.
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? [1]
(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
(ii) 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? [1]
(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
(iii) When a partnership firm dissolves, its losses including deficiencies of capital are to be paid first out of: [1]
(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
(iv) 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? [1]
(a) ₹ 4,000
(b) ₹ 400
(c) ₹ 1,600
(d) ₹ 2,400
(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]
(ix) Joy and Deb were partners sharing profits & losses in the ratio of 2:1. They admitted Gopi into partnership for 15⁄ 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]
You can read and download the entire ISC Class 12 Accounts Specimen Paper 2023 below.
ISC Accounts Specimen Paper Class 12 PDF Download |
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ISC Specimen Paper 2023
Also Read: ISC Class 12 Syllabus 2023
Also Read: ICSE Syllabus 2023
