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ISC Class XI Board Specimen 2019 : Accounts

7 pages, 41 questions, 1 questions with responses, 1 total responses,    0    0
ISC 11th
Indian School Certificate Examination (ISC), New Delhi
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ACCOUNTS (Maximum Marks 80) (Time allowed : Three hours) (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time.) Answer Question 1 from Part I and any five questions from Part II. The intended marks for questions or parts of questions are given in the brackets [ ]. Transactions should be recorded in the answer book. All calculations should be shown clearly. All working, including rough work, should be done on the same page as, and adjacent to, the rest of the answer. PART I (Compulsory) Question 1 Answer the following questions briefly and to the point: [10 2] (i) What does a credit balance in a capital account signify? (ii) Give the adjusting entry and closing entry for interest due on a loan taken. (iii) Explain the document on the basis of which the Purchases Return Book is prepared. (iv) Explain Compensating Errors with an example. (v) Classify the following into Capital and Revenue [Profit / Loss / Expenditure] (a) Profit made on the sale of an asset. (b) Spent 6,000 as legal expenses for abuse of trade mark. (c) Loss incurred on the sale of a short-term investment. (vi) (a) What is meant by the term Noting ? (b) Give the formula for calculating Adjusted Purchases . (vii) Give any two differences between Provisions and Reserves. (viii) What is a meant by a valuation account? Give an example of such an account. (ix) The net profit of a firm amounts to 10,500 before charging manager s commission. The manager of the firm is entitled to a commission of 5% on the net profits after charging his commission. (a) Calculate the manager s commission. (b) Pass the adjusting entry for recording the manager s commission. (x) Name and explain the accounting concept under which it becomes necessary for business concerns to take their unsold stock at the end of the year to the next year. ---------------------------------------------------------------------------------------------------------------1 SPECIMEN QUESTION PAPER CLASS XI 2019

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