OMTEX CLASSES: HSC ACCOUNTS JULY 2018 BOARD QUESTION PAPER

HSC ACCOUNTS JULY 2018 BOARD QUESTION PAPER

HSC ACCOUNTS JULY 2018 BOARD QUESTION PAPER
Q 1. A. Answer:

1. Gross profit is transferred to Profit and Loss Account.

2. The account which shows change in the values of assets and liabilities during the admission, retirement or death of a partner is known as Revaluation Account.


3. Issue of shares at a premium means the issue of shares by a company at a price higher than the face value of the shares. (The difference between the issue price, i.e., the price at which the shares are issued, and the face value of the shares is called share premium) for example, when shares of the face value of Rs.10 each are issued at a price of Rs.12 per share, the shares are said to be issued at a premium.

4. The date on which the bill become due for payment is known as the due date of the bill.

5. Cash book and personal accounts are maintained under this method.


B. Answers:

(1) Capital

(2) Drawer

(3) Convertible Debentures.

(4) Grace Days.

(5) Liquid assets.


(C) Answers:

(1) Machinery  

(2) all partners

(3) Old Partners.

(4) Three.

(5) Statement of Affairs.


(D) Answers.

(1) True.

(2) True

(3) True

(4) False

(5) True


(E) Answers.

Q. 2. Single Entry Solution: For Solution Click Here

Q. 3. Admission of Partner: Solution Click Here