ICSE Board 12th class Accounts Question Papers Download PDF and practice well for exam. It is important for every student to use them before the exam because they can help you to correct on all the weak areas of the subject. And so this will improve your efficiency in the exam paper and the score will improve. The sample questions as are mentioned below have been the part of the exam once. Practice the questions same as these and get best knowledge for exam.
Question1. State the provisions of the Partnership Act, 1932, in the absence of a Partnership Deed regarding
(a) Interest on Partner’s drawing
(b) Interest on advances made by a partner to the firm other than capital.
Question2. State the complete accounting treatment of hidden goodwill at the time of admission of a partner.
Question3. Why are assets revalued and liabilities reassessed when there is a change in profit sharing ratio amongst the partners?
Question4. Mathew, Clarke and Adolf are partners sharing profits and losses in the proportion to their capitals, which on 31st December 2011 stood at ` Rs.3, 00,000, ` Rs.2, 00,000 and ` Rs.1, 00,000 respectively. The firm’s liabilities on that date amounted to ` Rs.3, 00,000 apart from a contingent liability of ` Rs.60, 000 not so far brought into the books, which also matured for payment. In addition, Adolf had loaned ` Rs.80, 000 to the firm on which he was entitled to receive interest on loan @ 6% per annum for the whole year. They dissolved the partnership on 31st December, 2011 and the assets realized ` Rs.14, 40,000.
You are required to close the books of the firm.
Note: All calculations are to be made to the nearest rupee.
Question4. What is the accounting treatment when realization expenses are paid by the partner on behalf of the firm?
Question5. Apart from issuing shares to the general public for cash, list two other groups to whom a company could issue shares for consideration other than cash.
Question6. Give the adjusting and closing entry for recording interest on drawings charged from the partners when the firm follows the fixed capital method.
Question7. Give any two points of difference (without examples) between tangible and intangible
For more questions, download the sample papers of ICSE 12th Accounts from given links.
ISC 12th Accounts Sample Question Papers Download