ISC Accounts Exam 2026 LIVE Updates: Most Important Questions: Weightage & Expert Tips
ISC Accounts Exam 2026 LIVE Updates:
ISC Accounts is one of the vital subjects for the Commerce stream students, which was conducted today, February 20, 2026 (on Friday), from 2 PM to 5 PM.
So far, the test takers have identified that the MCQs were concept-based and quite easy to answer. However, the students have also mentioned that the long calculations on Partnership Accounts were a bit hard and took time to solve it. However, the overall difficulty level of the paper was moderate level.
Candidates who have appeared for the ISC Accounts exam can check out the exam analysis, unofficial answer keys to the questions, and students' feedback here.
- The test takers can feel free to submit their opinion regarding the ISC Accounts 2026 exam . Click here to submit your Review .
ISC Accounts Exam 2026 Unofficial Answer Key 2026
Candidates who appeared for the ISC Accounts 2026 exam can open their questions and find out the Part A: MCQs' correct answers here. Our CollegeDekho subject matter expert has solved the paper.| Number of Questions | Correction Answers |
|---|---|
| Question 1. | Option B- 1,20,000 |
| Question 2. | Option D- 9:11 |
| Question 3. | Option B- Rs 4 |
| Question 4 | Option B- PQS |
| Question 5 | Option C- Assertion is True, Reason is False |
| Question 6 | Rs 40000, credited to bank account |
| Question 7 | Security Premium Account Debit with Rs 80000; PL account debit with Rs 40000. To lose an issue of debenture Rs 1,20,000 |
| Question 8 | 4,50,000 |
| Question 9 | 12% |
| Question 10 | Intangible Assets- PPE |
| Question 11 |
i. Option B- Earning per share
ii. Option A- Bank Overdraft Financing Activity iii. Option C- 6.8% iv. Investing Activity v. Improve |
ISC Accounts Exam 2026: Quick Facts
Check out the quick facts of the ISC Accounts exam 2026 here in the following table:
Particulars | Details |
|---|---|
ISC Accounts 2026 exam date | February 20, 2026 |
ISC Accounts exam time | 2 PM to 5 PM |
Maximum marks | 80 |
Question Reading Time | 15 Minutes |
Total sections | 3 |
Total number of questions asked | 18 |
Section-Wise Questions asked |
|
As per the ISC Accounts paper pattern, Section A is compulsory to answer. Before starting to write the answers, the candidates are also advised to read the instructions (in the booklet) carefully and follow them.
ISC Accounts Exam 2026 LIVE Updates
05 00 PM IST - 20 Feb'26
ISC Accounts 2026 exam Ends
The ISC Accounts 2026 exam is over. Soon, the test takers will leave the exam hal,l and the CollegeDekho team will connect them to collect their feedback.
02 00 PM IST - 20 Feb'26
ISC Accounts 2026 exam starts
The ISC Accounts 2026 exam started. Soon, the unofficial answer key of the paper will be added here.
01 00 PM IST - 20 Feb'26
Where should I do the calculations on ISC Accounts 2026 exam?
Candidates should do the calculations on the main answer booklet, usually on the right-hand margin. Do not bring any rough sheets on your own to the exam centre. The same will be provided by the invigilator.
12 00 PM IST - 20 Feb'26
ISC Accounts Exam 2026: What is the reporting time?
Candidates are asked to reach the exam hall by 1 PM, and they are required to be in their seats by 1.30 PM. Post that no candidates will be allowed to enter the exam hall.
11 00 AM IST - 20 Feb'26
ISC Accounts Exam 2026: Exam Day Guidelines
- Candidates should bring the original admit card (not any hard copy) to the exam centre
- It is necessary to reach the exam centre at least 30 minutes before the scheduled exam time
- Candidates should carry their own black/ blue ballpoint pen, pencils and erasers
- Do not carry mobile phones or smartwatches inside the exam hall
- Fill the unique ID, index number and other details in the answer booklet (on the top)
10 00 AM IST - 20 Feb'26
What were the Students' Feedback for ISC Accounts Last Year's Exam?
- Candidates needed a good grip on the concepts rather than rote learning
- Time management was a major deal for the length of the questions
- Some parts were moderate. Note that the 10-marked questions from Shares and Fundamentals were challenging
09 00 AM IST - 20 Feb'26
What was the high weightage topics for ISC Accounts exam in 2025?
- Partnership Fundamentals
- Cash Flow Statements
- Company Accounts (Shares)
08 00 AM IST - 20 Feb'26
What was the previous year's ISC Accounts difficulty level?
- Overall difficulty level: Moderate to tough
- The Paper was lengthy, and candidates needed time to solve the paper
- There were in-depth questions asked in Section A
- Section B was tough, mainly focused on Application-based questions
- The expected number of good attempts was 65 to 68 marks
07 00 AM IST - 20 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (39)
Question:
The Scenario:
P, Q, and R are partners sharing profits in the ratio of 5:3:2. On 31st March, 2025, R retires. On that date:
Goodwill of the firm is valued at ₹ 1,50,000.
Patents (book value ₹ 40,000) are found to be valueless.
Provision for Doubtful Debts is to be maintained at 5% on Debtors of ₹ 80,000 (Existing provision is ₹ 3,000).
R’s Capital after all adjustments is ₹ 1,20,000. He is paid ₹ 20,000 immediately by cheque, and the balance is transferred to his Loan Account.
Required:
(i) Calculate the amount of Revaluation Profit/Loss.
(ii) Calculate R’s share of Goodwill and its adjustment entry.
(iii) Determine the amount transferred to R’s Loan Account.
Answer. i. ₹ 41,000
ii. ₹ 30,000
iii. ₹ 1,21,800
06 00 AM IST - 20 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (38)
Question: A company forfeited 400 shares of ₹ 10 each, fully called up, on which ₹ 6 per share had been received. 300 of these shares were reissued as fully paid up for ₹ 9 per share. Calculate the amount to be transferred to the Capital Reserve Account.
Answer: ₹ 1,500
05 00 AM IST - 20 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (37)
Question: The net profit of a firm is ₹ 79,800 before charging the manager's commission. The manager is entitled to a commission of 5% of the net profit after charging such commission. Calculate the commission and the profit to be distributed among partners.
Answer:
Commission: ₹ 3,800
Distribute Profit: ₹ 76,000.
04 00 AM IST - 20 Feb'26
Final Checklist for ISC Accounts Exam 2026
- Candidates' prime focus should be on "Issue of Shares" and "Partnership Dissolution"
- Do not spend more than 10 minutes on solving MCQs
03 00 AM IST - 20 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (36)
Question: What is the accounting treatment of "Workmen's Compensation Reserve" if the claim is less than the reserve?
02 00 AM IST - 20 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (35)
Question: Total Assets: ₹ 12,00,000; Total Debt: ₹ 8,00,000; Current Liabilities: ₹ 2,00,000. Calculate the Debt-Equity Ratio.
Answer: 1.5:1
01 00 AM IST - 20 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (34)
Question: In the Balance Sheet of 2024, Provision for Tax was ₹ 40,000 (Opening) and ₹ 50,000 (Closing). During the year, tax paid was ₹ 35,000.
How much will be added back to Net Profit in Operating Activities?
Answer: ₹35000
12 00 AM IST - 20 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (33)
Question: Z Ltd. forfeited 200 shares of ₹ 10 each, ₹ 8 called up, on which the shareholder had paid application and allotment money of ₹ 5 per share (including ₹ 2 premium). Out of these, 150 shares were reissued at ₹ 7 per share as ₹ 8 paid up. Find the amount transferred to Capital Reserve.
Answer: ₹300
11 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (32)
Question: A and B were partners in a firm sharing profits and losses in the ratio of 3:2. They admitted C as a new partner. A surrendered 1/3rd of his share, and B surrendered 1/4th of his share in favor of C. Calculate the New Profit Sharing Ratio.
10 30 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (31)
Question: If Net Profit after tax is ₹ 60,000, Tax Rate is 40%, and 10% Debentures are ₹ 2,00,000, calculate the Interest Coverage Ratio.
10 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (30)
Question: How would "Interest paid on Bank Overdraft" and "Interest received on Investment" be treated in the Cash Flow Statement of a Manufacturing Company?
09 30 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (29)
Question: A company forfeited 1,000 shares of ₹ 10 each, issued at a 20% premium (premium to be paid at the time of allotment). The holder had paid only the application money of ₹ 3 per share. These shares were reissued at ₹ 9 per share as fully paid up. What is the amount transferred to Capital Reserve?
Answer: ₹2000
09 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Last Minute Preparation Tips
- Solve one full 3 hours sampke paper strictly in three hours
- Review all the answers and work on your weak areas
- Do not study any new topics
- Do not take unnecessary stress
- Keep handy the ISC admit card and other necessary documents, which need to carry to the exam centre
08 30 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (28)
In a DBMS, which constraint ensures that a column cannot have a NULL value?
What is the difference between a Primary Key and a Candidate Key?
Which Excel function would you use to find the highest value in a range of cells?
08 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (27)
Ques. A company took a loan of ₹ 5,00,000 from a bank and issued 9% Debentures of ₹ 6,00,000 as collateral security.
How is this reflected in the Balance Sheet if the company decides to pass a journal entry for the collateral issue?
07 30 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (26)
Ques. How can the elements in a chart be formatted in Excel using the dialog box?
(a) Format, Layout, Label (b) Design, layout, Format (c) Legends, Design, Layout (d) Data market, Radar, Layout
07 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (25)
Ques. November 10, 2021, was the record date to decide holders of the Reliance Partly Paid-up shares, who need to pay the Second and Final Call. On payment of the Second and Final Call amount, the partly paid-up shares will transition into fully paid-up shares of Reliance Industries, which are traded under the symbol RELIANCE on both NSE and BSE.
Source: Economictimes.indiatimes.com, Nov 13, 2021
What would be the minimum time period RELIANCE would have taken after the first call to call for the second and final call, as per the Companies Act, 2013?
(a) 15 days (b) 2 months (c) 1 month (d) 45 days
Answer: (c) 1 month
06 30 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (24)
Ques. What does the “if-then-else” function in an electronic spreadsheet allow?
(a) Perform conditional calculations based on specified criteria. (b) Sort data alphabetically. (c) Change the font size. (d) Insert hyperlinks.
Answer: (a) Perform conditional calculations based on specified criteria.
06 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (23)
Ques. Pijush and Harjeet are partners sharing profits in the ratio 3:2. They admit Arun, a new partner, who acquires 1/25th share from Harjeet and the rest from Pijush to make his share 1/3rd of Harjeet’s share.
What is the new profit-sharing ratio of all the partners?
(a) 5:3:1 (b) 8:9:3 (c) 13:9:3 (d) 9:12:4
Answer. (c) 13:9:3
05 30 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (22)
Ques. Nikhil Ltd. forfeited 1,000 shares of Akash of the face value of ₹ 10 each for non-payment of allotment and call money. Akash had applied for 1,600 shares and was allotted 1,000 shares on a pro-rata basis. His excess application money was adjusted with the sum due on allotment. Amount payable on allotment was ₹ 5 (including premium of ₹ 3) per share, and on First & final call, ₹ 3 per share.
On forfeiture, the Securities Premium A/c was debited with:
(a) ₹ 3,000 (b) ₹ 2,000 (c) ₹ 1,000 (d) ₹ 5,000
Answer. (b) ₹ 2,000
05 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (21)
Ques. What feature allows freezing of specific rows or columns in an electronic spreadsheet?
(a) Autofill (b) Freezing panes (c) Date functions (d) Print titles
Answer: (b) Freezing panes
04 30 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (20)
Ques. A Database Management System (DBMS) provides tools for enforcing constraints, such as constraints on the values of data and access controls, that restrict who can access the data.
Which feature of DBMS is highlighted in the above statement?
(a) Concurrence Control
(b) Date Storage and Retrieval
(c) Data integrity and security
(d) Data modelling
Answer: (c) Data integrity and security
04 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (19)
Ques. Which of the following is considered a Cash Flow from Financing Activity?
P: Calls in Arrears received on partly paid up shares.
Q: Dividend received on Equity Shares of another company.
R: Interest on Calls in Arrears received from shareholders.
S: Bonus shares issued to the existing shareholders.
Choose the MOST appropriate option based on the above statements.
(a) P and R (b) P, Q and R (c) Q and S (d) Q, R and S
Answer. (a) P and R.
03 30 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (18)
Ques. Which of the following statements is INCORRECT in the context of the dissolution of a partnership firm?
(a) The realisable assets and third-party liabilities to be settled are closed and transferred to the realisation account.
(b) The loan given by the partner to the firm is closed and transferred to the partner’s capital account.
(c) The free reserves and accumulated losses are directly recorded in partners’ capital accounts.
(d) Any asset against which a provision is created is transferred at the gross value to the realization account.
Answer: (b) The loan given by the partner to the firm is closed and transferred to the partner’s capital account.
03 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (17)
Ques. In accounting, what does the term ‘cell referencing’ refer to in an electronic spreadsheet?
(a) To lock the cells to prevent editing.
(b) To link cells from different worksheets.
(c) To delete cells that have sensitive information.
(d) To indicate the location of a cell within a spreadsheet.
02 30 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (16)
Ques. Which of the following are CORRECT formulas for the calculation of capital employed?
P: Capital + Reserves + Non-current Liabilities less Goodwill (existing in the Balance Sheet) less non-trade investment less fictitious assets.
Q: Capital + Reserves less Goodwill (existing in the balance sheet) less trade investments less Fictitious assets.
R: Total assets less Goodwill (existing in the balance sheet), less Non-trade investments, less Fictitious assets, less Outside Liabilities (Current and non-current).
S: Total assets less Goodwill (existing in the balance sheet), less Non-trade investments, less Fictitious assets, less Outside Liabilities (only Current).
Choose the MOST appropriate option based on the above statements.
(a) P and Q (b) P and R (c) Q and S (d) R and S
Answer. (b) P and R.
02 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (15)
Ques. Shapoorji Pallonji group and Wilson Renewable Energy Ltd. are considering an Equity Share sale to raise ₹ 1,500 crore to repay its debts maturing this financial year. (Source: The Economic Times, 6 September, 2023)
This repayment of debt would have been shown by the company in the Balance Sheet of 2023- 24 as:
(a) long-term borrowings. (b) short-term borrowings. (c) other current liabilities. (d) trade payables.
Answer: (c) other current liabilities
01 30 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (14)
Ques. Sky Ltd. took a loan of ₹ 4,00,000 from Next Bank, for which the company placed 10% Debentures of ₹ 4,50,000 as collateral security with the bank. It also purchased a machine worth ₹ 2,70,000 and made payment to the vendors by issuing 3000, 8% debentures of ₹ 100 each. What will be the total amount of Long-term borrowings in the Company’s Balance Sheet?
(a) ₹ 7,50,000 (b) ₹ 7,00,000 (c) ₹ 8,50,000 (d) ₹ 11,50,000
Answer: (b) ₹ 7,00,000.
01 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (13)
Ques. Aman and Ankita are in partnership, sharing profits and losses equally. Their combined capital account balance is ₹ 2,00,000.
John is admitted as a partner. At the time of his admission:
(a) The value of non-current assets is to be increased by ₹ 30,000.
(b) John brings his share of Goodwill ₹ 20,000, which is distributed to the sacrificing partners, and it is withdrawn by them.
After John’s admission, the total of all the partners’ capital accounts (including John’s capital) is ₹ 2,70,000.
What is John’s capital contribution? (a) ₹ 20,000 (b) ₹ 40,000 (c) ₹ 50,000 (d) ₹ 70,000
Answer: (b) ₹ 40,000
12 30 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (12)
(i) What is the utility of Freeze Panes in spreadsheets?
(ii) What is a Data Model?
(iii) List the components of the storage manager.
(iv) Give any two differences between the DELETE command and the TRUNCATE command.
12 00 PM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (11)
(i) Give the meaning of Database design.
(ii) What does the PMT function calculate?
11 30 AM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (10)
Ques. From the following information of Realty Ltd., you are required to calculate the company’s Cash and Cash Equivalent as on 31st March, 2024, by preparing a Cash Flow Statement (as per AS 3).
Information pertaining to the year 2023-24:
(i) Net profit before tax was ₹ 14,00,000.
(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 ₹ 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 ₹ 20,00,000 and ₹ 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 ₹ 5,00,000 and ₹ 20,00,000 respectively.
(viii) ₹ 60,000 was paid by the company for interest on debentures against the amount due of ₹ 80,000.
(ix) Investments of ₹ 5,00,000 were purchased on 30th November, 2023, on which interest of ₹ 40,000 was earned and received.
(x) The cash and cash equivalent as on 31st March, 2023, was ₹ 3,15,000.
11 00 AM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (9)
Ques. Tim and Leena started a partnership business on 1st July, 2023, with fixed capital contributions of ₹ 3,00,000 and ₹ 2,50,000, respectively.
On 1st January, 2024, they decided that:
The total fixed capital of the firm to be ₹ 6,00,000 contributed by the partners in the profit-sharing ratio. Accordingly on 1st January, 2024, Tim and Leena introduced or withdrew capital.
Their partnership deed contained the following clauses:
(a) Interest on capital to be allowed @10% per annum to both the partners.
(b) Rent @ ₹ 2,000 per month to Tim for the use of his premises for business purposes.
(c) 10% of the Trading Profit to be transferred to the General Reserve.
(d) The profit-sharing ratio of the partners is to be 3:2.
The trading profit of the firm for the first year of the partnership, after considering all charges against profits, was ₹ 1,50,000.
You are required to pass journal entries for the year 2023-24.
10 30 AM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (8)
Ques. Ravi, Ali, and Siya are partners in a firm sharing profits and losses in the ratio of 4:3:2. Ali retired from the firm on 31st March, 2024, when the capitals of the partners before the following necessary adjustments stood at:
Ravi ₹ 23,000
Ali ₹ 12,000
Siya ₹ 9,000
Adjustments: (a) The firm’s goodwill is to be valued at ₹ 21,600. (b) Loss on revaluation of assets and liabilities to be ₹ 2,700.
On the date of Ali’s retirement, the firm had:
General Reserve of ₹ 6,300
Cash & Bank Balance of ₹ 18,600
It was decided that Ali be paid through cash brought in by Ravi and Siya in such a manner so as to make their capital proportionate to their new profit-sharing ratio, and a minimum Cash & Bank Balance of ₹ 10,000 to be maintained in the reconstituted firm.
You are required to pass journal entries to record the above transactions.
10 00 AM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (7)
Ques. 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 @ 5% per annum, was realised at 97% on the date of redemption, and the debentures were redeemed on the due date.
Tax @ 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.
09 30 AM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (6)
Ques. Mint Ltd. issued 5,000, 6% Debentures of ₹ 100 each to be redeemed at par after five years. The issue price was payable as follows:
₹ 25 on Application payable on 1st May, 2023
₹ 25 on Allotment payable on 1st July, 2023
₹ 20 on First Call payable on 1st October, 2023
Balance on Second & Final Call payable on 1st February, 2024
All these debentures were subscribed, and amounts due on them were duly received.
One debenture holder holding 1,000 debentures paid the amount of both the calls with allotment.
According to the Articles of Association of the company, interest @ 12% per annum is payable on calls-in-advance. The interest on calls-in-advance was paid by the company to the debenture holder on 1st February, 2024.
The company follows the financial year and closes its books accordingly.
You are required to prepare the following for the year 2023-24: (i) Interest on Calls-in-Advance Account. (ii) Second & Final Call Account.
09 00 AM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (5)
Ques. On 1st 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, 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).
08 30 AM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Previous Years' Question (4)
Ques. At the time of dissolution of a partnership firm on 31st March, 2024, its Bills Payable of ₹ 42,000 due to be paid on 31st July, 2024, was settled at a rebate of ₹ 350. Calculate the per annum percentage of rebate at which the Bills Payable was settled.
Answer: 2.5% p.a.
08 00 AM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (3)
Assertion: A partnership firm is said to maintain its accounts by the fixed capital account method when it has a separate capital account and current account for every partner.
Reason: A fixed capital account method is maintained to ensure that the balance in the current account of any partner is not overdrawn at any point in time.
Which one of the following is correct?
(a) Both Assertion and Reason are true, and Reason is the correct explanation for Assertion. (b) Both Assertion and Reason are true, but Reason is not the correct explanation for Assertion. (c) The assertion is true, and Reason is false.
(d) Both Assertion and Reason are false.
Answer. (c) The Assertion is true, and the reason is false.
07 30 AM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (2)
Ques. Premium on Redemption of Debentures is debited to:
(a) Debentures Account
(b) Loss on issue of Debentures Account
(c) Debenture holders’ Account
(d) Debenture Application and Allotment Account
Answer: (c) Debenture holders’ Account
07 00 AM IST - 19 Feb'26
ISC 12th Accounts 2026 exam: Sample Question (1)
Ques. To value the goodwill of a partnership firm at the time of its reconstitution, which one of the following items is added back to the previous year’s profit to find the normal profit?
(a) Gain from the sale of shares
(b) Insurance premium paid
(c) Undervaluation of closing stock
(d) Overvaluation of closing stock
Answer. (c) Undervaluation of closing stock
06 00 AM IST - 19 Feb'26
How to find the missing value for cash flow, if the question is on "Provision for Tax" opening and closing balance along with "Tax Paid during the year?
- The Balancing Figure on the Credit Side
- The Tax Paid on the Debit side should be subtracted at the end of Operating Activities
05 00 AM IST - 19 Feb'26
What is the most time consuming part of Cash Flow?
As per the experts, the Cash Flow: Operating Activities is assumed to be the most time-consuming part of Section B. Candidates should memorize the sequence and should not miss any single step. Here are the steps that should be followed:
- Net Profit before Tax & Extraordinary Items
- Adjustments for Non-Cash/Non-Operating Items
- Operating Profit before Working Capital Changes
- Working Capital Adjustments
- Less: Tax Paid (Net of Refund)
04 00 AM IST - 19 Feb'26
What are the most important topics for Section B?
Unit Name Key Focus Areas Cash Flow Statement - Indirect Method
- Crucial Adjustment
Ratio Analysis - Liquidity Ratios, Solvency Ratios
- "Effect of Transaction"
Financial Statement Analysis Comparative and Common-size statements 03 00 AM IST - 19 Feb'26
What are the most important topics for Section A?
Unit Name Key Focus Areas Partnership Accounts - Reconstitution (Admission/Retirement/Death): Revaluation A/c, Focus on Hidden Goodwill, and Capital Adjustments.
- Dissolution: Preparation of Realisation A/c and treatment of partner's loan.
Issue of Shares Pro-rata Allotment, "Call-in-arrears" Issue & Redemption of Debentures "Issue of Debentures with conditions of Redemption", DRR (Debenture Redemption Reserve) and DRI (Investment) Final Accounts of Companies Preparation of the Balance Sheet 02 00 AM IST - 19 Feb'26
If "Tax Paid" is given in adjustments, then what to do?
Candidates should create a provision for Tax A/c. Then the balancing figure will be the "Provision Made" during the year.
01 00 AM IST - 19 Feb'26
If only Opening/Closing balances are given, then what to do?
In such a case, the candidates should add back the closing (provision made) to the net profit and then subtract the opening tax paid at the end of the Operating Activities.
12 00 AM IST - 19 Feb'26
Instructions related to Workmen Compensation Reserve (WCR)
- If Claim < Reserve: Distribute the balance to old partners
- If Claim > Reserve: Debit the excess to Revaluation Account
11 00 PM IST - 18 Feb'26
What is the important formula for Partnership: Admission Adjustments
Hidden Goodwill:
Total capital of firm= New Partner's capital X Reciprocal of his share
= Total capital- (Combined capitals of all partners after all adjustments)
10 40 PM IST - 18 Feb'26
What are the important instructions regarding Fixed Asset & Accumulated Depreciation
If the candidates find "Accumulated Depreciation" in the Balance Sheet, then they should mandatorily prepare the following ledger accounts:
- Asset Accounts
- Accumulated Dep. Accounts
- The "Plug" figure, which is the balancing figure in Accumulated Dep.
10 20 PM IST - 18 Feb'26
What are the important instructions related to Pro-rata Allotment?
- Don't rush for journal entries after seeing the oversubscription problem. For the same, the candidates should create a table during the rough work and make sure that the "Share Allotment" and "Calls in Arrear" figures are perfect there.
- While calculating the call-in-arrears for the pro-rata shareholders (who are unable to pay the allotment):
- Find out how many shares they have applied for
- Calculate the Excess Application money that they already paid
- Subtract the excess from the total amount allotted. This will be the actual Call-in-arrears
10 00 PM IST - 18 Feb'26
ISC Accounts Exam 2026: Quick Presentation Tip
- For Ledger accounts, the candidates should use a ruler
- Do not forget to write "Dr" and "Cr" on every ledger
- Clearly mention the Narrations while the candidates make the entries in the journal
09 40 PM IST - 18 Feb'26
What is the high-yield Revision List for Last minute preparation?
- Admission
- Dissolution
- Shares
- Cash Flow
09 20 PM IST - 18 Feb'26
What to do with Non-Tallying Balance Sheet?
If the candidates are unable to tally the balance sheet, then they should find whether they have missed a single effect (for instance, if the candidates forget to subtract the provision from debtors). Furthermore, if the candidates do not find the errors in the next two minutes, then do not waste time; move on. Note that step-marking will assure them to lose only 0.5 or 1 mark for the non-tallying total.
09 00 PM IST - 18 Feb'26
CollegeDekho's Expert Guidance: Quick Strategy Tips 2 Regarding Calculation
- Pro-Rata Table: If the candidates find the Pro-Rata Table complex, then they should draw a small working table first. It helps to prevent errors in the final entry journal.
- Importance of Working Notes: If the candidates are unable to tally the final Balance Sheet, then they will also have the chance of getting 7/10 marks if they properly maintain the working notes, new ratio, and revaluation. Only they need to label them as Working Note 1, 2, etc.
08 40 PM IST - 18 Feb'26
CollegeDekho's Expert Guidance: Quick Strategy Tips- 1
- Use the "Reading Time" Carefully: Thoroughly read the "Issue of Shares" section. Mentally note down the carefully. Then, immediately choose whether they are doing Section B or Section C. Usually, students choose Section B since it is more scoring and predictable.
- "Section B" Strategy: If you choose Section B, then the candidates should complete this first. Since Section B, that is, cash flow and ratio analysis are formula based and it takes less time to solve. Try to finish the section in 30 to 40 minutes.
08 20 PM IST - 18 Feb'26
What is the Topic-wise weightage of Section C?
Topic Names Marks Distribution Electronic Spreadsheets 10 Marks Database Management System (DBMS) 10 Marks 08 00 PM IST - 18 Feb'26
ISC Accounts Exam 2026: Section B Topic Wise Weightage
Name of the Topics Marks Cash Flow Statement 8 Marks Ratio Analysis 8 Marks Financial Statement Analysis 4 Marks 07 40 PM IST - 18 Feb'26
ISC Accounts Exam 2026: Section A Topic Wise Weightage
Chapter Names Name of the Topics Marks Distribution Partnership Accounts Fundamentals of Partnership 11 marks Goodwill & Reconstitution (Admission/Retirement/Death) 15 marks Dissolution of Partnership Firm 8 marks Joint Stock Company Accounts Issue of Shares 11 marks Issue & Redemption of Debentures 8 marks Final Accounts of Companies 7 marks 07 20 PM IST - 18 Feb'26
ISC Accounts Exam 2026 Section-Wise Weightage
Section Topic Marks Requirement Section A Partnership & Company Accounts 60 marks Compulsory Section B Management Accounting 20 marks Option 1 Section C Computerized Accounting 20 marks Option 2 07 00 PM IST - 18 Feb'26
Can I write answers during 15-minutes questions reading time?
Before starting the ISC Accounts 2026 exam, the candidates will get 15 minutes to read the questions. During that time, the candidates will not be allowed to answer the questions.
