Omtex classes i st PRELIMINARY EXAMINATION BOOK KEEPING & ACCOUNTANCY GROUP: b TIME: - 3 HRS DATE: - 16.07.2011 DAY - tuesday MARKS: -100 Q1. Attempt any four of the following. (20 marks) Answer in one sentence each. (5 marks) 1. Which types of expenses are debited to trading account? Ans. The direct expenses related to purchase of goods are debited to trading account. 2. What is Reserve Fund? Ans. Reserve fund is the accumulated profit which is kept a side as a reserve to serve the firm for the future needs. 3. Who is an endorser? Ans. A person who endorses the ownership of the bill he is known as endorser. 4. What is goodwill? Ans. Goodwill is the monetary value of the business expressed in terms of money. 5. Why is Joint Bank Account opened? Ans. Joint bank account is opened to record the coventurers ban