ISC Class 12 Accountancy Exam 2026 Repeated Questions

ISC Class 12 Accountancy Exam 2026 Repeated Questions are taken from the important topics in the syllabus. The students should practice these questions before the exam to learn to write answers as per the marks allocation and to get an idea about the types of questions that are asked in the final exam. With regular practice, you will also be able to manage time, which will help you in attempting all questions in board exams. In addition, students can also solve ISC Class 12 Accountancy Previous Year Question Papers and sample papers. By practicing more questions, students will get familiar with the variety of questions asked. This will boost their confidence to perform better in board exams. Continue reading the article and solve all questions to check the preparation level.

Also Check ISC Class 12 Accountancy Weightage 2026

ISC Class 12 Accountancy Exam 2026 Repeated Questions

Q1. On 1 April 2023, Vishesh Co. Ltd. made an issue, which was fully subscribed, of 8,000, 5% Debentures of ` 100 each at a premium of 10% repayable at par at the end of 10 years. The debentures were allotted on 31st August 2023, with subscriptions being payable:

• 10% with Application
• 50% (along with premium) on Allotment
• 20% with First Call
• Balance on the Second & Final Call

One debenture holder holding 200 debentures paid the First Call with Allotment. You are required to prepare the Cash Book for the year 2023–24 to record the above issue of debentures. (Ignore interest on debentures).

Q2. Following are the particulars of Richmond Ltd.

You are required to calculate the absolute change and percentage change of the following items at the end of the year 2023–24 vis-a-vis the closing amounts of the year 2022–23:

(i) Revenue from operations

(ii) Purchases of stock in trade

(iii) Closing inventory of stock-in-trade

Q3. Shyla Ltd., an unlisted manufacturing company, had 30,000, 6% Debentures of ` 100 each due for redemption at par on 31st March 2024. On this date, the company had the required amount in its Debenture Redemption Reserve. Investment, as required by the law, made on 1st April 2023, earning interest at 5% per annum, was realized at 97% on the date of redemption and the debentures were redeemed on the due date. Tax at 10% on the interest was deducted at the source of the investment. You are required to prepare the following for the year 2023–24:

(i) Debenture Redemption Investment Account.

(ii) Interest on Debenture Redemption Investment Account.

Q4. (i) What is the utility of Freeze Panes in spreadsheets?

(ii) What is a Data Model?

(iii) List the components of the storage manager.

Also Read ISC Class 12 Accountancy Syllabus 2025-26

Q5. From the following information of Realty Ltd., you are required to calculate the company’s Cash and Cash Equivalent as of 31st March 2024, by preparing a Cash Flow Statement (as per AS 3). Information pertaining to the year 2023–24:

(i) Information pertaining to the year 2023–24:

(ii) Tax of 5,00,000 was paid.

(iii) The opening inventory was higher than the closing inventory by 50,000.

(iv) The Trade Creditors showed a decrease of INR 20,000 on 31st March 2024, when compared to the amount of Trade Creditors on 31st March 2023.

(v) Plant & Machinery on 31st March 2023, and 31st March 2024, amounted to INR 20,00,000 and INR 26,00,000 respectively.

(vi) New machinery was purchased for ` 9,00,000; the purchase consideration being 4% debentures of the face value of 100 each, issued at a discount of 10%.

(vii) The 4% debentures on 31st March 2023, and 31st March 2024, amounted to INR 5,00,000 and INR 20,00,000 respectively.

(viii) 60,000 was paid by the company for interest on debentures against the amount due of INR 80,000.

(ix) Investments of INR 5,00,000 were purchased on 30th November 2023, on which interest of INR 40,000 was earned and received.

(x) The cash and cash equivalent as of 31st March 2023, was INR 3,15,000.

Q6. 2. Pia, Sia, and Jiya are partners in a firm sharing profits and losses in the ratio of 3:2:1. Pia died on 31st October, 2021. Her capital as of 1st April, 2021, was INR24,000 and her share of profit for the year 2021-22 till the date of her death was ascertained as INR2,000. Additional information:

(i) Of ice Equipment of the firm, the book value of which was `10,000 on Ist April, 2021, was revalued on the date of Pia’s death at INR13,600.

(ii) The amount of INR35,000 due to Pia’s executor in full settlement of the claim was transferred to her executor’s loan amount.

You are required to prepare Pia’s capital account to be rendered to her executor.

Q7. A firm follows the fluctuating capital method. One of its partners takes a loan from the firm on which, as per the partnership deed, the firm is entitled to receive interest. What will be the adjusting entry for this interest on the loan?

1. Debit Interest on Loan A/c; Credit Profit and Loss Appropriation A/c
2. Debit Interest on Loan A/c; Credit Profit and Loss A/c
3. Debit Partner's Capital A/c; Credit Interest on Loan A/c
4. Debit Partner's Loan A/c; Credit Interest on Loan A/c

Q8. Vishesh Ltd. offered 50,000 equity shares of 10 each to the public for subscription. Applications for 45,000 equity shares were received and allotment was made to all the applicants. The first and final call of INR 2 per share was not received on 1,000 shares, which were forfeited by the company. What will be the Subscribed Capital of the company?

Q9. The accountant of Biren Ltd. is preparing the Balance Sheet of the company as per Schedule III of the Companies Act, 2013.

The company has an operating cycle of 15 months. It has accounts payable (creditors and bills payable) amounting to INR 1,20,000. INR 20,000 of these are payable within 14 months, while the expected period of payment of the remaining accounts payable is between 16 and 18 months. How will the company show its accounts payable in the Balance Sheet?

1. Current Liability of 1,20,000
2. Non-current Liability of 1,20,000
3. Current Liability of 20,000 and Non-current Liability of 1,00,000
4. Current Liability of 1,00,000 and Non-current Liability of 1,20,000

Q10. The fixed capital accounts of Shiv, Azeem, and Angad, sharing profits and losses in the ratio of 2:2:1, stood at INR 4,00,000, INR 6,00,000 and INR 2,00,000 respectively. The accounts for the year ended 31st March, 2022, were drawn up and closed and the Current Account balances of the partners were determined to be Shiv INR 35,000, Azeem INR 40,000 and Angad INR 25,000. Subsequently, the following errors were discovered on 1st April, 2022:

(a) Interest on capital at 10% per annum had been allowed to the partners, although there was no provision for it in the partnership deed.

(b) Salary of INR16,000 per annum to Shiv and INR20,000 per annum to Azeem was not allowed to them, despite a provision for salary in the partnership deed.

(c) Commission of INR24,000 was not allowed to Angad, despite a provision for commission in the partnership deed.

You are required to prepare the adjusted Current Accounts of the partners on 1st April, 2022, to rectify the lapse in accounting.

Keep visiting the page to solve the ISC Class 12 Accountancy Exam 2026 Repeated Questions and practice well for the exam. You can also check and solve the ISC Class 12 Accountancy Specimen Question Paper .

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