(Paper) CA-CPT Previous Year Question Paper "December - 2015"
Session - 1
Part A – Fundamentals Accounting
1. On 2-03-2015, 50,000, 10% debentures of Rs.100 each are issued at a
discount of 5%. On 10-3-2015, 80,000 , 6% preference shares of Rs.100 each are
redeemed at a premium of 10% along with one month dividend. On 22-03- 2015, 40,
000 equity shares of Rs.100 each are issued at a premium of 15%. On 28-02-15,
bank balance was Rs.6,34,000. What is the bank balance on 31-03-2015?
- a) Rs.11,84,000
- b) Rs.11,44,000
- c) Rs.7,04,000
- d) Rs.16,34,000
2.P, Q, and R are partners sharing profits and losses in the ratio of
3:2:1. R retired. Future profit sharing ratio is 2:1. There was a joint life
policy of Rs.6,00,000 with a surrender value of Rs.80,000. What will be the
treatment in the Partner’s Capital A/c’s, if JLP is maintained at surrender
value along with reserve?
- a) Rs.6,00,000 to be distributed to all the partners in old ratio
- b) Rs.5,20,000 to be distributed to all the partners in old ratio
- c) Rs.80,000 to be distributed to all the partners in old ratio
- d) Distribute JLP reserve account in old profit sharing ratio.
3. An investment of Rs.22,000 was not recorded in the books of account.
The adjustment entry will be.
- a) Revaluation A/c Dr 22,000
To Investment A/c 22,000
- b) Investment A/c Dr 22,000
To Revaluation A/c 22,000
- c) Partners Capital A/c’s Dr 22,000
To Revaluation A/c 22,000
- d) None of the above
4. 1,500 boxes costing Rs.10 each were sent on consignment. Rs.12,000
spent on freight. A loss of 10% is unavoidable. Calculate the cost of each box.
- a) Rs.20
- b) Rs.10
- c) Rs.18
- d) Rs.15
5. Which of the following are not the methods of preparing the trial
balance?
- a) Totals method
- b) Balances method
- c) Differences method
- d) Totals & Balances method
6. At the time of valuation of goodwill, weighted average price method is
followed, if the profits of the firm are ____
- a) In increasing trend
- b) In decreasing trend
- c) Either a) or b)
- d) None of the above
7. From the following information calculate the amount received from
debtors.
• Opening balance of cash Rs.56,000
• Bills discounted Rs.21,000
• Bills payable honoured Rs.14,000
• Cash purchases Rs.1,26,000
• Other Expenses Rs.1,84,000
• Payment to Creditors Rs.2,32,000
• Cash sales Rs.3,95,000
• Closing balance of cash Rs.47,000
- a) Rs.1,31,000
- b) Rs.1,10,000
- c) Rs.1,24,000
- d) Rs.1,45,000
8. Out of the following which is not the external factor of depreciation?
- Effluxion of time
- b) Accidents
- c) Natural Wear and tear
- d) Obsolescence
9. Match the following
Group – 1Group – 21) AS 15a) Borrowing costs2) AS 16b) Employees benefits3) AS
17 c)Segment reporting4) AS 18d) Related party disclosures
- a) 1-c; 2-a; 3-b, 4-d
- b) 1-a; 2-b; 3-c, 4-d
- c) 1-b; 2-a; 3-c, 4-d
- d) 1-d; 2-c; 3-b, 4-a
10. In the balance sheet of a company, capital work in progress is shown
under the head __
- a) Shareholders Funds
- b) Fixed Assets
- c) Current Liabilities
- d) Current Assets
11. A bill is drawn by X on 06-03-2015, for a period of 30 days after
sight. It is accepted on 10-03- 2015. The due date of the bill will be ___
- a) 04-04-15
- b) 08-04-15
- c) 09-04-15
- d) 12-04-15
12. Which of the following statements are true about discount columns of
cashbook?
- a) Not balanced
- b) Not an account
- c) They are totaled and transferred to respective discount paid /
received A/cs.
- d) All of the above
13. Securities premium cannot be used for ___
- a) The issue of bonus shares
- b) Writing off discount on issue of debentures.
- c) Writing off losses of the company.
- d) Writing off preliminary expenses
14. Contingent liability is ____
- a) Not recognized
- b) Recognized
- c) A provision
- d) A liability
15. Fixed deposit is a ____ A/c according to traditional approach and ____
A/c according to accounting equation approach.
- a) Capital, Profit
- b) Profit, Capital
- c) Asset, Real
- d) Real, Asset
16. _____ A/c shows a debit balance.
- a) Contingency reserve
- b) General reserve
- c) Provision for Discount on Creditors
- d) JLP reserve
17. At the end of the accounting year, the details of three materials X, Y
& Z are as follows:
MaterialCost (Rs.)NRV (Rs.)X25,90019,200Y15,40017,600Z11,4008,100
Find out
the value of closing inventory
- a) Rs.52,700
- b) Rs.44,900
- c) Rs.42,700
- d) Rs.54,900
18. The Portion of acquisition cost of an asset yet to be allocated is
_____
- a) Accumulated cost
- b) Realisation cost
- c) Written down value
- d) Historical cost
19. When shares are issued at a price which is more than the par value,
the excess price will be credited to ______
- a) Capital A/c
- b) Securities Premium A/c
- c) Bank A/c
- d) None of the above
20. Decrease in the provision for doubtful debts amounts to ____
- a) Increase in Net profit
- b) Decrease in Net Profit
- c) Increase in Net Assets
- d) Decrease in Net Assets
21. Receipts of Promissory Notes and Hundies will be recorded in ____ for
our convenience
- a) Bills receivable book
- b) Bills payable book
- c) Promissory Notes book
- d) Hundies book
22. Decrease in Bank overdraft balance results in _
- a) Increase in capital
- b) decrease in assets
- c) Increase in cash
- d) increase in assets
23. On 1-3-15 Rohan sent goods costing Rs.60,000 at a profit of 25% on
sales to Mohan on Sale or return basis. On 31-3-15 Mohan returned goods costing
Rs.18,000. At the end of Financial Year the remaining goods were neither
returned nor approved by Mohan. Rohan records the goods sent on approval as
normal sale. In the balance sheet, for the goods sent but not yet approved
__________.
- a) Rs.56,000 will be added to debtors
- b) Rs.56,000 will be deducted from debtors
- c) Rs.48,000 will be deducted from debtors
- d) Rs.52,500 will be deducted from debtors.
24. Trade discount is recorded in _____
- a) Debit side of three column cashbook
- b) Credit side of three column cashbook
- c) Debit side of two column cashbook
- d) None of the above
25. In case of death of a partner, his share in the profits of the firm
till the date of his death will be debited to ______ A/c.
- a) Profit and Loss Appropriation
- b) Profit and Loss Suspense
- c) Profit and Loss Adjustment
- d) Profit and Loss
26. Lion and Tiger having capitals of Rs.2,00,000 each are sharing profits
and losses equally. Leopard joins as an equal partner with a capital of
Rs.2,50,000. Goodwill of the firm is valued at Rs.2,10,000. The revaluation
profit is Rs.36,000. Find the closing capitals of Lion, Tiger and Leopard
- a) Rs.2,50,000; Rs.2,50,000; Rs.2,50,000
- b) Rs.2,88,000; Rs.2,88,000; Rs.2,00,000
- c) Rs.2,18,000; Rs.2,18,000; Rs.2,50,000
- d) Rs.2,53,000; Rs.2,53,000; Rs.2,50,000
27. The difference between Passbook and Cashbook occurs due to ________
- a) Errors in either cashbook or passbook
- b) Same entries not recorded in cashbook and passbook
- c) Dr. balance in cashbook appearing as Cr. Balance in passbook.
- d) None of the above
28. The following are the valuation principles except ______
- a) Current Cost
- b) Future Cost
- c) Historical Cost
- d) Realizable Value
29. From the following particulars calculate the amount of proposed
dividend
• Called up share Capital Rs.25,00,000
• Calls in arrears Rs.1,90,000
• Calls in advance Rs.70,000
• Proposed Dividend 20%
- a) Rs.5,00,000
- b) Rs.4,76,000
- c) Rs.5,14,000
- d) Rs.4,62,000
30. Ram is a partner. He made drawings as follows:
- July1 – Rs.200
- August 1 – Rs.200
- September – 1 Rs.300
- November 1 – Rs.50
- February 1 – Rs.100
If the rate of interest on drawings is 6% and accounts are closed on March
31 the interest on drawings is:
- a) Rs. 29.75
- b) Rs. 35
- c) Rs. 30
- d) Rs. 40
31. A company issued shares of Rs.50 each at a premium of 10%. The minimum
application money as per the Companies Act, 2013 will be
- a) Rs.2.50
- b) Rs.3.00
- c) Rs.5.00
- d) Rs.4.50
32. From the following particulars calculate the value of closing
inventory under adjusted selling price method.
• Sales Rs.3,00,000
• Purchases Rs.2,00,000
• Selling price of closing inventory Rs.1,00,000
- a) Rs.50,000
- b) Rs.1,00,000
- c) Rs.60,000
- d) Rs.1,20,000
33. A bill is drawn for Rs.20,000 for 3 months. It is paid 1 month before
the due date at 6% discount. The amount of discount is ______
- a) Rs.100
- b) Rs.200
- c) Rs.300
- d) Rs.400
34. On 1-7-2012 a second hand machinery was purchased for Rs.15,00,000 and
an amount of Rs.1,00,000 was spent for its repairs. Depreciation is charged at
15% per annum under WDV method. The machinery was sold on 31-03-2015 for
Rs.10,40,000. Calculate the profit or loss on the sale of machinery.
- a) Rs.29,300 Loss
- b) Rs.14,050 Profit
- c) Rs.1,67,000 Loss
- d) Rs.10,298.75 Profit
35. The overdraft balance as per the cashbook Mitra is Rs.13,200. A amount
of Rs.5,200 was deposited by a customer direct into the account of Mitra. And a
cheque of Rs.2,000 deposited by Mitra was bounced. Mitra is unaware of these two
transactions. The balance as per passbook will be________
- a) Rs.10,000 (Favourable)
- b) Rs.10,000 (O.D)
- c) Rs.8,000 (O.D)
- d) Rs.10,200 (O.D)
36. A company wants to redeem 1,00,000, 10% preference shares at a premium
of 10% by the issue of 10,000 equity shares of Rs.100 each at a premium of 10%.
The amount to be transferred to capital redemption reserve will be ______
- a) Rs.10,00,000
- b) Rs.11,00,000
- c) Rs.1,00,000
- d) Nil
37. 64,000, 12% preference shares of Rs.10 each are to be redeemed at a
premium of 5%. Divisible profits available Rs.2,00,000. Face value of fresh
equity share to be issued is Rs.80. Calculate the number of fresh equity shares
to be issued.
- a) 4,400
- b) 5,200
- c) 5,900
- d) 6,300
38. Mr. X consigned goods of the invoice value of Rs.5,00,000 at cost plus
25% to Mr. Y. The expenses of X amounted to Rs.30,000. The expenses of Y
amounted to Rs.24,000 other than selling expenses. The selling expenses amounted
to Rs.8,000. 20% of the goods were lost in transit. 3/4th of the remaining goods
were sold by Y. Calculate the value of consignment stock?
- a) Rs.1,12,000
- b) Rs.1,06,000
- c) Rs. 96,000
- d) Rs.92,000
39. Summarizing means ____
- a) Presentation and Preparation of classified data
- b) Systematic analysis of the recorded data
- c) Methodical classification of the data
- d) Explaining the meaning and significance of the data.
40. Calculate the closing inventory under LIFO method.
- a) Rs.2,00,400
- b) Rs.2,30,000
- c) Rs.2,10,400
- d) Rs.2,00,000
41. Which is not the procedural aspect of accounting?
- a) Generating financial information.
- b) Classification.
- c) Using financial information.
- d) None of the above
42. The book value of machinery on 01-04-2014 is Rs.1,62,000. Depreciation
was charged at 10% per annum under WDV method. On 31-03- 2015 the method of
depreciation is changed to straight line method with retrospective effect from
01-04-2012 and the rate being the same.
- a) Rs.5,800 depreciation to be charged
- b) Rs.5,800 depreciation written back
- c) Rs.2,000 depreciation to be charged
- d) Rs.2,000 depreciation written back
43. The Profits and Losses for the last three years were 2012 –
Rs.2,08,000 (Profit); 2013 – Rs.94,000 (Loss); 2014 – Rs.2,64,000 (Profit)
including a profit of Rs.30,000 earned exceptionally from a contract which will
not be renewed further. The average capital employed is Rs.4,20,000. Rate of
interest on investment is 10%. The remuneration of all the partners is estimated
at Rs.5,000 per month. The value of goodwill on the basis of two years purchase
of super profits based on average of three years profits will be
- a) Rs.1,68,000
- b) Rs.28,000
- c) Rs.48,000
- d) Rs. 1,48,000
44. On 1-03-2015 Kola sold goods to Tola for Rs.1,60,000. Tola accepted a
bill for 3 months for this amount. On the due date Tola could pay Rs.40,000 in
cash and agreed to pay the balance amount after one month at an interest of 10%
per annum. Noting charges incurred Rs.600. How much interest will be charged?
- a) Rs.995
- b) Rs.1005
- c) Rs.1000
- d) None
45.
| Particulars |
1/4/2014 |
31/03/2015 |
| Raw material |
1,28,000 |
1,32,000 |
| Work in progress |
92,000 |
87,000 |
| Finished Goods |
1,85,000 |
1,98,000 |
Manufacturing overheads – Rs.3,24,000
Manufacturing wages – Rs.76,000
Purchase of Raw material – Rs.4,47,000
Cost of Manufacturing of finished goods sold is_____
- a) Rs.8,51,000
- b) Rs.8,59,000
- c) Rs.8,61,000
- d) Rs.8,35,000
