ISC Class 12 Accountancy: Past Paper Analysis, Solutions & Important Topics

Meritnation|Mar 4th, 2016 05:28pm

ISC Important Questions class 12 AccountancyThe CISCE will conduct the Class 12 Accountancy board exam on March 8, 2016, Tuesday. Students you must be busy with your last minute preparations. Our experts at Meritnation has come up with some great insight for your upcoming Accountancy exam. You can view Previous Years’ Board Paper Solutions and get a fair idea of the trend that has been followed. Watch out for the list of important topics and questions that can come in your exam.
These key revision points and quick tips will help you prepare intelligently for the exams. Even if you have left out certain chapters for last minute preparations or revisions, these tips will help you get through them better.





Check the Board Paper Solutions for last 8 years HERE.

Important Numerical Topics for ISC Board Examination Accountancy

Chapter Name


Joint Venture Method 3: When Separate Sets of Books is Maintained
Partnership Accounts
  • Profit and Loss Appropriation Account and Partner’s Capital Accounts
  • Past Adjustments
  • Guarantee of Profits
Goodwill: Concept & Mode of Valuation Valuation of Goodwill based on any 1 method
Admission of a Partner Revaluation A/c, Partners’ Capital A/c and Balance Sheet(Cases of Adjustment of Capital and Treatment of Goodwill)
Change in Profit-Sharing Ratio
  • When Accumulated Profits & Losses are to be shown
  • When Assets & Liabilities are to be shown at their old values
Retirement and Death of a Partner RetirementRevaluation A/c, Partners’ Capital A/c and Balance Sheet(Cases of Adjustment of Capital and Treatment of Goodwill)

DeathDeceased Partner’s Capital A/c and Legal Representative A/c

Dissolution of a Partnership Firm Realisation A/c, Partners’ Capital A/c & Cash A/cOrJournal Entries based question
Issue of Shares
  • Pro-rata Allotment related Journal Entries
  • Presentation of Share Capital in Balance Sheet
  • Issue of Shares for Consideration other than Cash
Issue of Debentures
  • Issue of Debentures w.r.t. Redemption Terms
  • Interest on Debentures
  • Issue of Debentures as Collateral Securities
Final Accounts of Companies Listing of items under the Heads of Balance Sheet
Common-size and Comparative Statements Common-size Income Statement/Balance SheetComparative Income Statement/Balance Sheet
Cash Flow Statement Preparation of Cash Flow Statement

  • Proposed Dividend
  • Provision for Taxation
  • Fixed Asset A/c and Provision for Depreciation A/c
Ratio Analysis Important Ratios

  • Solvency Ratios
  • Profitability Ratios
  • Turnover Ratios

Important Theoretical Questions for ISC Board Examination Accountancy:
1. Give the accounting treatment in the books of a co-venturer under the Memorandum Joint Venture Method, when he takes over the unsold stock.
2. What is the minimum price at which a company can reissue its forfeited shares which were originally issued at par?
3. Name the two accounts prepared to show the results of a joint venture when each co-venturer records all transactions.
4. Differentiate between fixed capital method and fluctuating capital method.
5. Explain issue of debentures as collateral security?
6. Differentiate between Revaluation Account and Realisation Account.
7. Give the adjusting and closing entry for interest on calls in arrears due from a share holder.
8. State the provisions of the Indian Partnership Act, 1932, regarding charging of interest on drawings/loan/capital from a partner when:
          a) The firm has a partnership deed.
          b) The firm does not have a partnership deed.
9. What is meant by number of years’ purchase in the valuation of a firm’s goodwill?
10. Why is premium received on the issue of debentures considered a capital profit?
11. Give two differences between Net Profit and Cash from Operations.
12. Give two differences between Authorized Capital and Issued Capital.
13. Why is the word memorandum affixed to the Memorandum Joint Venture Account?
14. What is the accounting treatment of Employees’ Provident Fund appearing in the Balance Sheet of a partnership firm at the time of its dissolution?
15. Give two differences between Reserve Capital and Capital Reserve.
16. What accounting steps are taken by a partnership firm when a new partner is unable to bring the business guaranteed by him?
17. State any two uses of Securities Premium as stated in Section 78 of the Companies Act, 1956.
18. Give two differences between Sacrificing Ratio and Gaining Ratio.
19. In case of a Joint Venture business, how is abnormal loss of goods which have been insured, treated in the books of accounts?
20. State two differences between average profits and super profits.
21. State two differences between current ratio and quick ratio.
22. List any two types of operating/investing/financing activities.
23. Differentiate between dissolution of firm and dissolution of partnership.
24. Explain the various factors affecting goodwill valuation.
25. What is meant by Operating Cycle?

Last Moment Merit Tips:

a) Stay calm: When you know you have been preparing for weeks for this exam, so you should not be so tensed about it. Try to be confident and calm.
b) Do not skip your morning meal: Do take your first meal in the morning before the exam. It kick-starts your brain and makes it exam-ready. Try avoiding caffeine as it tends to make your thinking less clear.
c) Do not withdraw socially: Sharing your feelings with your friends and family is the most relaxing thing for your ‘tensed-up’ brain.
d) No last-minute cramming: We understand that you often lose your calmness before the exam and land up cramming up those topics that are not even relevant. This makes it difficult for the brain to recollect what it absorbed a day before.
e) Avoid discussing the question paper after the exam: This is what we all do every time when we walk out of an exam – asking our friends what did they put as answers for certain questions. There is no point worrying about what’s done and dusted, when you have the next exam to prepare for.


Please take a moment to spread these tips with your friends. After all, Knowledge is the only thing that grows when shared! 🙂


Important Resources

> 5 Common Exam Mistakes Students Make


> Things To Do In Your 5-Minute Break


> 10 Tips to Study Smart and Save Time


> Gearing Up For SA 2


> Creating An Ideal Time Table For Your Board Exam





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