ISC Guess Paper

Accountancy

[Set-2]

Q1. Interest on debentures has to be paid even if the company is not earning a profit Justify.

Q2. How is normal loss dealt with in a consignment sale ?

Q3. How is goodwill paid privately by an incoming partner treated in books of accounts ?

Q4. What is meant by issue. of shares for consideration other than cash ?

Q5. Mention two advantages of preparing a Funds Flow Statement.

Q6. State any two advantages of the Self Balancing System.

Q7. State two differences between interest on capital allowed to partners and interest on drawings charged to partners.

Q8. State two effects of forfeiture of shares.

Q9. Why is premium on the issue of debentures considered a capital profit ?

Q10. What is the purpose of opening ajustment accounts in the self-balancing system ?

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