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ACCOUNTS QUESTION PAPER WITH SOLUTIONS

ACCOUNTS QUESTION PAPER WITH SOLUTIONS

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ACCOUNTS QUESTION PAPER WITH SOLUTIONS for 12th standard
ACCOUNTS QUESTION PAPER WITH SOLUTIONS for 12th standard

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Categories:Types, School Work
Published by: AMIN BUHARI ABDUL KHADER on Nov 16, 2010
Copyright:Attribution Non-commercial

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07/01/2013

 
OMTEX CLASSES
“THE HOME OF SUCCESS”
 
OMTEXCLASSESI ST PRELIMINARYEXAMINATION
BOOK KEEPING &ACCOUNTANCYGROUP:
A
 TIME: - 3 HRS DATE: - 16.11.2010 DAY - TUESDAYMARKS: -100
Q1. Answer Any four of the following. (20 marks)A. Answer the following. (5)
1.
 
What is Balance Sheet?Ans. A balance sheet is a statement showing the financial position of the business in theform of its assets and liabilities on a particular date.2.
 
Who is co
 –
venture?Ans. A co
 –
venture is a temporary partner of joint
 –
venture business only.3.
 
What is Super Profit?Ans. Super profit is the profit earned over and above the normal return on the capitalemployed by the business firm.4.
 
What is Endorsement of Bill?Ans.
Endorsement of a bill is the holder’s signing on its back with the intention of 
transferring its title or ownership to another.5.
 
What is Good will of the firm?Ans. Goodwill is the monetary value of the reputation of a firm as measured in terms of its expected future profits.
B. Write word/term/phrase which can substitute each of the followings: (5)
1.
 
Reputation of a firm expressed in terms of money.Ans. Goodwill.2.
 
Payment of expenses before they have become due.Ans. Prepaid Expenses.3.
 
Payment of bill of exchange before its due date at rebate.Ans. Retirement of Bill of Exchange.
 
OMTEX CLASSES
“THE HOME OF SUCCESS”
 
4.
 
The person on whom the bill of exchange is drawn.Ans. Drawee.5.
 
The account that is credited when depreciation is charged.Ans. Respective Assets Account.
C. Match the pairs. (5)
A B (Answers)1.2.3.4.5.DepreciationDishonour of billJoint VentureGoodwillCo
 –
Ventures1.2.3.4.5.Wear and tearNotary PublicTemporary partnershipIntangible AssetTemporary Partners
D. Select the most appropriate alternative from those given below: (5)
1.
 
Debit Balance in Profit and Loss Account shows _______________a.
 
Net profitb.
 
Gross profit
c.
 
Net loss
d.
 
Gross loss2.
 
A bill of exchange must be accepted by ___________________a.
 
A drawerb.
 
A payeec.
 
An endorsee
d.
 
A drawee
 
OMTEX CLASSES
“THE HOME OF SUCCESS”
 
3.
 
At the end of the financial year balance of Depreciation account is transferred to _______________a.
 
Depreciation accountb.
 
Asset accountc.
 
Trading account
d.
 
Profit and loss account.
4.
 
In the absence of partnership deed the partners share the profit and loss of the firm _____________a.
 
In the ratio of capital
b.
 
Equally
c.
 
As per rights in managementd.
 
On the basis of experience.5.
 
 ____________ has to ultimately bear the noting charges.a.
 
Drawer
b.
 
Drawee
c.
 
Endorserd.
 
Bank
E. State True / False with reasons. (Any Two) (5)
1.
 
Under fixed capital method for each partner two accounts are maintained.Ans. The given statement is true because of the following reasons.i.
 
Under fixed capital method each and every transactions of partners aretransferred to their current account and not in their capital account.

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