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ISC Class 12 Accounts Previous Year Board, School Prelim and Sample Question Papers
Accountancy is a practical subject that inculcates various processes such as identifying, measuring, recording, classifying, verifying, interpreting, summarizing and communicating financial data. Accounting is crucial as it plays a significant role at the center of every organisation. Any business be it of public sector, private sector or even non-profit is impossible to operate without proper accounting. The information acquired from accounting is not only used to keep a check on profits, losses or on cash but also for forecasting future financial development, examining different areas of business and evaluating business potential.
It would be difficult to attain high marks in Accountancy if the students do not practice previous year ISC Class 12 Accounts Question Papers or Sample papers. TestPaperz believe that is very important for the students to see variety of questions before sitting for the actual examination, so we have aggregated different previous year and sample question papers. Students can download these question papers absolutely free. Click below to download ISC Class 12 Accounts question papers:
ISC Class 12 accountancy will not seem tough to students if they have solved their books thoroughly three to four times, in order to be clear with the concepts, and solved different types of previous year ISC Class 12 Accounts questions. ISC Class 12 Accountancy is divided into 2 parts, Theory of 80 marks and project work of 20 marks. The theory part is subdivided into three sections, Section A, B and C.
ISC Class 12 Accounts syllabus broadly includes:
- Fundamentals of Partnership
(i) Meaning, Definition and Features of a Partnership. (ii) Provisions of The Indian Partnership Act, 1932, with respect to the book of accounts (iii) Preparation of Profit and Loss Appropriation Account, Partners’ Capital and Partners’ Current Accounts.
Concept of goodwill and mode of valuation. Meaning, nature and features of Goodwill. Factors affecting the value of goodwill. Mode of Valuation: Average profit method, Super profit method and Capitalization method
- Reconstitution of Partnership
(i) Calculation of Sacrificing ratio, New profit ratio and Gaining ratio.
(ii) Accounting treatment of goodwill on admission of a partner.
(iii) Preparation of Revaluation Account.
(iv) Accounting treatment of accumulated profits and losses.
(v) Adjustment of Capitals
(vi) Change in Profit Sharing Ratio
Retirement and death of a partner
(i) Calculation of Gaining ratio, New profit sharing ratio and Sacrificing ratio.
(ii) Adjustment with regard to goodwill including hidden goodwill.
(iii) Adjustment with regards to undistributed profits and losses
(iv) Adjustment of share of profits of the retiring or deceased partner.
(v) Revaluation Account Preparation on retirement or death of partner.
(vi) Adjustment of Capitals
(vii) Change in Profit Sharing Ration.
(viii) Calculation and payment of amount due to retiring partner.
(ix) Preparation of retiring partner’s loan accounts and deceased partner’s executor’s loan account
Dissolution of a Partnership firm.
(i) Meaning of dissolution and settlement of accounts under section 48 of The Indian Partnerships Act 1932 .
(ii) Preparation of Realization Account, Partner’s Capital Account, Partner’s Loan Account and Cash/Bank Account.
Joint Stock Company Accounts
- Issue of Shares
(a) Issue of shares at par and premium.
(b) Issue of shares for considerations other than cash:
(c) Calls in arrears, calls in advance and interest thereon including the preparation of ledger accounts.
(d) Over and under subscription.
- Issue of Debentures
(a)Issue of debentures at par, at premium and at discount.
(b)Debentures issued as a collateral security for a loan.
(c)Debentures issue for considerations other than cash.
(d)Accounting entries at the time of issue of debentures.
(e)Interest on debentures with TDS.
(f)Debenture disclosure in balance sheet.
(g)Discount disclosure on issue of debentures in Balance Sheet when they are redeemed in installments.
- Redemption of Debentures
Creation of Debenture Redemption Reserve (DRR).
Debentures redemption out of profits.
Debentures redemption out of capital.
Debentures redemption in a lump sum.
Debentures redemption in annual instalments by draw of lots.
Debentures redemption by purchase in the open market.
- Final Accounts of Companies
Preparation of the Balance Sheet of a company.
Section B: Management Accounting
Financial Statement Analysis
Cash Flow Statement (Only for Non-Financing Companies)
i) Meaning, importance and preparation.
ii) Calculation of net cash flows from operating activities.
iii) Preparation of Cash Flow Statement
- Ratio Analyses.
(i) Liquidity ratio: Current Ratio, Liquid Ratio or Quick Ratio.
(ii) Solvency Ratios: Debt to Equity ratio, Proprietary Ratio, Debt to total asset ratio, Interest Coverage ratio
(iii) Activity Ratio- Debtors turnover ratio, Trade Receivable Turnover Ratio, Creditors Turnover ratio, Trade Payable Turnover Ratio, Working capital Turnover ratio, Inventory turnover ratio
(iv) Profitability ratio- Gross profit ratio, net profit ratio, Operating ratio, Operating profit ratio, Earning per share, Price earning ratio, Return on investment.
SECTION C: Computerised Accounting
- Application of Electronic Spread Sheet in Accounting
(i) Electronic Spreadsheet as a concept.
(ii) Features of Electronic Spreadsheet.
(iii) Application of spreadsheets.
- Database Management System (DBMS)
(i) Features and Concept of DBMS.
(ii) DBMS in Business Application.
For detailed and exact syllabus please refer to CISCE Website
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