ISC Class 12 Accounts 2025 Most Predicted Questions

Q. No.

Questions

1

How is index hunting helpful?

2

Give the difference between data and information along with an example.

3

Give the adjusting entry and closing entry for interest on loan taken by a partner from the firm when the firm follows the Fluctuating Capital Method.

4

Krish and Tarun are partners in a firm with capitals of INR 40,000 and INR 60,000. As per their partnership deed:

• Interest on capital is to be allowed to them @ 5% per annum.
• Profits are to be shared in the ratio of 3: 2.

The trading profit for the year 2023-24 was INR 3,600. You are required to calculate the interest on capital allowed to the partners in the year 2023-24.

5

Give the formula for the valuation of goodwill by the Capitalisation of Average Profit Method.

6

Give the formula used for calculating goodwill of a partnership firm by the Weighted Average Profit Method.

7

Choose the components required to calculate the goodwill of a firm by the Capitalisation of Average Profits Method.
P: The normal profits of a similar firm in the industry
Q: The average profits of the firm
R: The number of years of purchase
S: The actual capital employed in the business

8

Give any two differences between Revaluation Account and Realisation Account.

9

Parth, Angad and Leesha are partners in a firm sharing profits and losses in the ratio of 3:2:1, respectively. Angad retires, and his claim, including his Capital and entitlements from the firm, including his share of Goodwill of the firm, is Rs. 50,000. After this amount was determined, it was found that there was an unrecorded piece of furniture valued at Rs.12,000, which had to be recorded. Upon recording this piece of furniture, the revised amount due to Angad was determined and settled by giving him this piece of furniture and the balance in cash. You are required to give the journal entries for recording the payment to Angad in the books of the firm.

10

State whether the following would result in inflow, outflow or no flow of cash:
(i) Bills receivable endorsed to Creditors.
(ii) Old vehicle written off.

11

Anita and Binita are partners in a firm. Anita had taken a loan of ₹ 15,000 from the firm. How will Anita's loan be closed in the event of the dissolution of the firm?

12

Nikhil, Akhil and Amber are partners in a firm. At the time of Akhil's retirement, Amber takes over furniture of ₹ 12,000 at ₹ 10,000. Choose the correct journal entry from the following options to record this adjustment.

13

Assertion: A revaluation account is prepared at the time of dissolution of a partnership.
Reason: A revaluation account is prepared to determine the net gain/loss on the realisation of assets and settlement of liabilities.
Which one of the following is correct?

14

Mention the liability of a partnership firm, which is not shown in its Balance Sheet but is paid off at the time of the dissolution of the firm.

15

What is the minimum price at which a company can reissue its forfeited shares, which were originally issued at par?