ICSE CLASS 12 ACCOUNTS SAMPLE PAPER

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ICSE CLASS 12 ACCOUNTS SAMPLE PAPER

 PART–I ICSE CLASS 12 ACCOUNTS SAMPLE PAPER

 

1. Answer each of the following questions briefly:

I. How the Creditors can be benefited with Financial Statements?

Ans. Creditors are who sale their goods on Credit, they want their money should be recovered fast and safely creditors needs their money to be safe in respect of the financial statement, a creditor can see the financial result and can easily assume the profit or financial position of the organization in future, so he can decide whether he should do the business with that organization or not.

II. State any two objectives of the Reserve.

Ans. Main objective of the Reserve is to provide the amount for the Loss or expenses which has not been taken place in reality yet.

Any loss which has taken place but the exact amount is not known so a reserve is planned and made out of the profit earned by the company during a financial year.

III. What is a Suspense A/c?     ICSE CLASS 12 ACCOUNTS SAMPLE PAPER

Ans. In absence of the proper head the accounting head which is used to use to rectify the one sided error is called the Suspense A/c. In other words we can take Suspense A/c as the temporary account to which the difference of the Trial Balance is recorded.

IV. What is a Balance Sheet ?   

Ans. The Statement which carries the complete information of Assets and Liabilities of a firm is called a Balance Sheet, as name suggest it shows the Balances of the particular Items during a financial year and it is always prepared on a particular date.

V. What is a secret Reserve?

Ans. When a reserve is made but its not shown in Balance Sheet of the company is referred as Secret Reserve, it can be created by showing the liabilities are higher value and Assets are lower value, this reserve is not shown in any financial statement of the company, this type of reserve can be kept by only Bank and Insurance sectors company.

2. Record the following transactions in Journal Book of Arpita sahani.                                                        

 Transaction Rs.
 Business was commenced with Cash Capital

15000

 Cash deposited in Bank

12500

 Purchase Plant & Machinery on credit from Suresh Kumar

6500

  Goods Purchase for Cash

16530

 Sales Goods on Cash

12121

 Cash Withdrawn from Bank

31125

 Salaries Paid

9800

 Insurance Paid

1700

Ans.                                     Journal

 Date Particular LF  Debit
Rs.
  Credit
Rs.
 Cash Account    Dr.
To Capital Account
(Being business commenced with capital)

15000

12500

6500

16530

12121

31125

9800

1700

15000

12500

6500

16530

12121

31125

9800

1700

 Bank Account  Dr.
To Cash Account
(Being Cash deposited in Bank)
 Plant & Machinery    Dr.
To Suresh Kumar
(being machinery purchased wide Bill No__ dt_____)
 Purchase A/c     Dr.
To Cash Account
(Being Purchased on Cash)
 Cash Account    Dr.
To Sale Account
(Being Sale per Invoice No.    Dt.)
 Cash Account   Dr.
To Bank Account
(Being Cash withdrawn from Bank)
 Salaries Paid Account   Dr.
To Cash Account
(Being Salaries paid to staff)
 Insurance Paid Account Dr.
To Cash Account
(Being Insurance paid for the M/o )

PART-II(ICSE CLASS 12 ACCOUNTS SAMPLE PAPER

3. What is the  Accrual Basis of Accounting System?

Ans. Under this Accounting method, most of the entries are recorded on assumption basis in other words on base of payable and prepaid bases and also on received and receivable basis, for example if we have to receive the interest on loan given to the third party by firm it will be considered as received before it is actually received since firm needs to close the books of accounts to it cannot wait until the interest amount is received in actual hence in order to see the effected picture of the profit earned or loss born by the firm it becomes essential to pass the receipt entry on accrual basis at the end of the year or on the date when the accounting books are being closed.

At the other hand when some expense becomes due they are recorded before they are actually paid for example an organization records the Salaries in the last of month and will be paid in next months 7th. So it will be presumed that Salaries have been paid it will reduce the profit it will be shown in the liabilities side of the Balance Sheet at the closing of the financial Accounting year.

4. Mr. Suresh Kumar sold goods worth Rs. 75000 to Mr. Ravi Kant on 1st April 2011 and raised a Bill of Exchange stating the Bill is payable 3 months after date. Journalize the Accounting entries in book of Drawer and Drawee and calculate the due date for payment?

Ans.           Journal Entries in the Books of Suresh Kumar
JOURNAL
_____________________________________________________________
Date             Particulars                       LF               Dr.                    Cr.
_____________________________________________________________
1 Apr 2011   Ravi Kant A/c        Dr….                     75000
To Sales A/c                                                       75000
(Sale of goods to Mr. Ravi Kant)

1 Apr 2011    Bills Receivable A/c Dr….                  75000
To Ravi Kant                                                       75000
(Amount receivable against  Sale)

Journal Entries in the Books of Ravi Kant
JOURNAL
_________________________________________________________________
Date               Particulars                         LF                 Dr.                      Cr.
_________________________________________________________________
1 Apr 2011     Purchase   A/c  Dr….                           75000
To Suresh Kumar                                                    75000
(being goods purchased from Suresh Kumar)

1 Apr 2011      Suresh Kumar   Dr….                          75000
To Bills Payable                                                     75000
(Being Bill Accepted for payment of credit purchase)

The Due date will be 4th July 2011

Working Note : Bill was raised on 1st April and it was payable 3 Months after date, the remaining days will be like April 29 Days, May 31 Days and June 30 Days so the due date will be 1st July + 3 Days of Grace = 4th July.

5. Rectify the following Entries and pass the reified Journal Entries in order make them accurate?

a) A Purchase from Mohan Lal of Rs. 1200 was entered as Rs. 12000

b) A payment to Ramesh for Rs. 1750 was debited to the Account of Ramesh & Co.

c) A receipt of Rs. 15000 from Bhag Chand was wrongly credited in account of Ajay Kumar.

d) Freight of Rs. 1500 paid to bring the raw material to the factory was wrongly debited to Travelling and Conveyance A/c

Ans.                    RECTIFYING JOURNAL ENTRIES

 Date Particulars LF  Dr
Rs.
  Cr
Rs.
 Mohan Lal                    Dr….
To Purchase A/c
(Being a rectification made on a/c of wrong entry of purchase done on for Rs. 1200 instead of Rs. 12000, not rectified.Ramesh A/c                  Dr….
To Ramesh & Co.
(Being payment to Ramesh was wrongly debited to Ramesh & Co. now being rectified)Ajay Kumar A/c             Dr…..
To Bhag Chand
(Being a receipt from Bhag Chand was wrongly credited in A/c of Ajay Kumar, now rectified)Freight Paid A/c            Dr….
To Travelling & Conveyance A/c
(Being the freight amount was wrongly debited to Travelling & Conveyance, now rectified)

10800

1750

15000

1500

10800

1750

15000

1500

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6. Explain the treatment of CST and VAT in Sales Book.

Ans. A seller who charges the CST for inter states sale by him, is liable to deposit the collected CST from purchased to Government Account, so he needs to keep the column separately for CST in the Sales Book, a separate account of Central Sales Tax is made in ledger and all the CST amounts are posted regularly and eventually the total of the CST amount is deposited in the Government’s account.

VAT or Value Added Tax is a tax which is levied on local sale within that state only, every commodity attract different rate of VAT as prescribed by the Government, seller is responsibilities le to charge the VAT on net sale in his raised invoice against the purchaser of the goods. So in Sales Book a separate column is maintained showing the VAT which is posted in Ledger of VAT Account while posting the transaction of Sale.

7. Prepare the Trading Account on basis of the following information as on 31stMarch 2010.

Opening Stock                 15000
Freight & Cartridges          1750
Purchase                          23000
Purchase Returned           1250
Sales                                 50000
Sales Returned                   750
Sale of Scraps                    4500

Note : Sale is exclusive of Sales Tax  (Tax amount has already been deducted)
Closing Stock as on 31st March 2010 Rs. 12750

Ans.                         TRADING ACCOUNT
Dr.                  for the period ended 31st March 2010                                  Cr.

 Receipts Rs. Payment Rs.
 To Opening Stock
To Purchases  23000
Less : Purchase Return
1250To Freight & Cartridges
To Gross Profit trf to P&L

15000

21750

1750
2500

 By Sales             50000
Less Sales Returned
     750By Sale of Scrap
By Closing Stock

49250

4500
12750

41000

41000

 

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