Accounts 1999 (I.S.C)
You are on questions 1 to 4

-Answer question 1 (Compulsory) from part 1 and question 2 (compulsory ) and  any other three question from part  II.
- The intended marks  for questions or parts of questions are given in   brackets [].
- Transactions  should be recorded in the proper forms of accounts .
- All calculations should be shown clearly .
- All working , including  rough work , should be done on the  the same sheet as ,and adjacent to , the  rest of the  answer.

Material to be supplied with this paper :
(1) journal                    :               3 sheets (6 pages)
(2) Ledger                    :               3 sheets ( 6 pages)
(3) Balance sheet          :               2 sheets   (3 pages)
(4) Writing  paper          :               Booklet 1(8pages)

Q1-Answer the following  questions very briefly and to the point:-
i) State two differences between Consignment and Joint Venture.
ii)In what way would you deal with  rent paid to a partner for the use of his premises by the firm in which  he is a partner and why ?
iii) Mention two uses of a cost sheet .
iv) Give any two  differences between calls in arrears and calls in advance.
v) When and how is a receipts and payments account prepared ?
vi)When Calculating the due date of a bill  of exchange leading to the determination of average due date , what is the difference
between a bill drawn at sight and a Bill drawn after date by the drawer ?
vii) Explain the terms STOCK /INVENTORY for the purpose of valuation. Give one example.
viii) State the two types of business organisations that can keep their books of accounts under the single entry system .
ix) List two ways in which a partnership firm is similar to that of a joint venture .
x) Explain the principle of GARNER Vs MURRAY.

PART II

Q2. From the following particulars and the notes given relating to the Country Club , prepare the Final  Accounts of the year ending 31-3-1997:

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