ISC Guess Paper

Accountancy

Q1. Mention two differences between Premium on Issue of Debentures and Premium on Redemption of Debentures.

Q2. What was the decision of the Judge in the case of Garner Vs Murray ?

Q3. Name the provisions of the Partnership Act with respect to the Interest on Capital of Partners and the Profit Sharing Ratio between Partners.

Q4. Name four items which are credited to the account of a deceased partner while calculating the amount due to his legal representatives.

Q5. State two differences between a consignment account and a joint venture account.

Q6. Name the two accounts that are responsible for completing the double entity under sectional
balancing system. State in which ledger they are kept ?

Q7. State the closing entries for :

        (a) rent paid to a partner;

        (b) interest on. loan allowed to partners.

Q8. Explain any two ways of am mortising the Discount on Issue of Debentures.

Q9. How are the creditors of a firm settled when all the partners are declared insolvent ?