(Paper) CA-CPT Previous Year Question Paper "June - 2016"
Session - 1
Part A – Fundamentals of Accounting
1. A bill drawn and accepted for mutual help is known as ____ bill
-
a) Accommodation
-
b) Trade
-
c) Ordinary
-
d) Retired
2. Financial position of a business concern is ascertained on the basis of
_____
- a) Records prepared under book – keeping process
- b) Trial balance
- c) Accounting Reports
- d) None
3. BRS is a part of _____
- a) Financial Statements
- b) Bank Book
- c) Cash Book
- d) None
4. Inventory is valued either at cost or market price whichever is lower,
according to the principle of ____
- a) Conservatism
- b) Matching
- c) Accrual
- d) None
5. Debentures can be _________.
I. Mortgage Debentures or Simple Debentures
II. Registered Debentures or Bearer Debentures.
III. Redeemable Debentures or Irredeemable Debentures.
IV. Convertible Debentures or Non-convertible Debentures.
- a) Both I) and II) above
- b) Both I) and III) above
- c) Both II) and III) above
- d) All of I), II), III) and IV) above.
6. Total assets = Rs. 3,06,000
Secured loans = Rs. 1,00,000
Unsecured loans = Rs. 60,000
Contingent Liabilities = Rs. 1,46,000
Capital = ?
- a) Rs. 1,00,000
- b) Rs. 1,46,000
- c) Rs. 60,000
- d) Nil
7. Insurance claim received on machinery destroyed by fire is a ____
- a) Capital receipt
- b) Revenue receipt
- c) Capital expenditure
- d) Revenue Expenditure
8. Opening inventory = Rs. 4,00,000
Cash sales = Rs. 2,00,000
Total sales = Rs. 17,00,000
Selling price = 125% of purchase price
What is the cost of goods sold?
- a) Rs. 15,60,000
- b) Rs. 13,60,000
- c) Rs. 15,00,000
- d) Rs. 11,00,000
9. In Journal & ledger transactions are recorded in ______ order
respectively
- a) Analytical
- b) Chronological
- c) Chronological & Analytical
- d) Analytical & Chronological
10. According to SEBI guidelines, the minimum share application money is
____
- a) 2.5% of nominal value of share
- b) 2.5% of issue price of share
- c) 25% of nominal value of share
- d) 25% of issue price of share
11. A decrease in the provision for doubtful debts would result in _____
- a) Increase in liability
- b) Decrease in liability
- c) Decrease in net profit
- d) Increase in net profit
12. On 05-01-16, Mr. A draws a bill on Mr. B for 30 days after sight. The
bill was accepted on 08- 01-16. Then the date of maturity of the bill will be
____
- a) 08-02-16
- b) 09-02-16
- c) 10-02-16
- d) 11-02-16
13. Purchases = Rs. 25,00,000
70% of the goods are sold
Closing inventory is valued at Rs. 5,00,000 instead of at Rs. 7,50,000.
Which concept has been followed?
- a) Conservatism
- b) Cost
- c) Accrual
- d) Matching
14. When Del-credere commission is paid, bad debts will be debited to ____
A/c in the books of consignee
- a) Commission earned
- b) Consignor
- c) Credit receivable
- d) Consignment
15. Credit balance of bank pass book will be ___ to the account holder.
- a) An asset
- b) A liability
- c) A provision
- d) None
16. P & Q are partners in a firm sharing profits and losses in the ratio
of 5 : 3. R is admitted as a new partner for 1/5th share. Then the sacrificing
ratio will be ____
- a) 4 : 6
- b) 1 : 2
- c) 5 : 3
- d) 1 : 1
17. A & B are partners in a firm with capitals of Rs.5,00,000 each. C
joined as a new partner for 1/4th share in profits with a capital of
Rs.8,00,000. The credit balance of Profit & Loss a/c is Rs.4,00,000. Find the
value of hidden goodwill.
- a) 14,00,000
- b) 10,00,000
- c) 18,00,000
- d) 12,00,000
18. The subscribed share capital of S Ltd. is Rs.80,00,000 divided into
shares of Rs.100 each. There were no calls in arrears till the final call was
made. The final call made was paid on 77,500 shares. The calls in arrears
amounted to Rs.67,500. The final call per share=?
- a) Rs.27
- b) Rs.20
- c) Rs.25
- d) Rs.62.50
19. If repair cost is Rs.30,000, whitewash expenses are Rs.6,000, cost of
extension of building is Rs.3,00,000 and cost of improvement in electrical
wiring system is Rs.22,800; the amount to be expensed is
- a) Rs. 3,58,800.
- b) Rs. 52,800.
- c) Rs. 36,000.
- d) Rs. 3,30,000.
20. Goods sent on consignment = Rs. 2,00,000
Consignor’s expenses = Rs. 5,000
Consignee’s expenses = Rs. 2,000
Cash sales = Rs. 1,00,000
Credit sales = Rs. 1,10,000
Closing Inventory = Rs. 40,000
Ordinary Commission = Rs. 3,000
Del-credere commission = Rs. 2,000
Bad Debts = Rs. 2,000
Find the profit on consignment.
- a) Rs.38,000
- b) Rs.36,000
- c) Rs.40,000
- d) Rs.43,000
21. Errors can be detected ____
- a) Before the preparation of Trial Balance
- b) After the preparation of Trial Balance, but before the preparation of
final accounts
- c) After the preparation of Final accounts (next accounting year)
- d) All of the above
22. On March 31, 2015 after sale of goods worth Rs.50,000, he is left with
the closing inventory of Rs.20,000. This is
- a) An event
- b) A transaction
- c) A transaction as well as an event
- d) Neither a transaction nor an event
23. A plant was purchased on 01-04-2010 for Rs.3,50,000. The useful life
was estimated to be 5 years and scrap value as Rs.50,000. Calculate the rate of
depreciation under Straight line method.
- a) 17.14%
- b) 20%
- c) 15%
- d) 17.5%
24. Opening inventory = Rs. 23,200 Cost of goods sold = Rs. 3,22,800
Closing inventory = Rs. 24,000 Purchases =?
- a) Rs. 3,22,000
- b) Rs. 2,99,600
- c) Rs. 2,98,800
- d) Rs. 3,23,600
25. Stock worth Rs. 50,000 was destroyed by fire. The claim was fully
accepted by the insurance company. The journal entry is
- a) Stock A/c Dr. 50,000 To Trading A/c 50,000
- b) P & L A/c Dr. 50,000 To Trading A/c 50,000
- c) Trading A/c Dr. 50,000 To Insurance claim A/c 50,000
- d) Insurance claim A/c Dr. 50,000 To Trading A/c 50,000
26. WYE ltd redeemed 1,000, 10% preference shares of Rs.100 each at a
premium of Rs.10 per share. The company had a balance of Rs.50,000 in general
reserve and Rs.27,000 in Profit & Loss a/c. For the purpose of redemption the
company issued 5,000 equity shares of Rs. 10 each at a premium of 20%. The
amount to be transferred to Capital Redemption Reserve will be
- a) Rs. 50,000
- b) Rs. 1,00,000
- c) Rs. 60,000
- d) Rs. 77,000
27. Discount received = Rs. 1,000 Provision for discount on creditors = Rs.
1,600 It is desired to make a provision of Rs. 1,100 on creditors. Find out the
amount to be transferred to Profit & Loss A/c
- a) Rs. 500
- b) Rs. 3,500
- c) Rs. 1,000
- d) Rs. 1,500
28. Reserve capital means
- a) The part of subscribed uncalled capital which will be called up at
the time of liquidation only
- b) Accumulated Profits
- c) The part of Capital Reserve
- d) The part of Capital Redemption Reserve
29. Debenture interest
- a) Is payable only in case of profits
b) Accumulates in case of losses or inadequate profits
c) Is payable after the payment of preference dividend but before the
payment of equity dividend
d) Is payable before the payment of any dividend on shares
30. Mr. Sobby draws a two months bill of Rs. 50,000 on Mr. Dobby. Dobby
accepts it on 01- 02-16. Sobby discounts it on 15-02-16 at 18% per annum. On the
due date of bill Dobby became insolvent and 50 paise in a rupee could only be
recovered from his estate. Calculate the amount of bad debt
- a) Rs. 25,000
b) Rs. 18,874
c) Rs. 23,374
d) Rs. 27,300
31. Opening capital = Rs. 45,000
Interest on capital = Rs. 2,000
Interest on drawings = Rs. 5,000
Drawings = Rs. 14,000
Profit = Rs. 15,000
Closing Capital = ?
- a) Rs. 63,000
- b) Rs. 43,000
- c) Rs. 47,000
- d) Rs. 30,000
32. Sales for the year ended 31st March, 2010 amounted to Rs.10,00,000.
Sales included goods sold to Mr. A for Rs.50,000 at a profit of 20% on cost.
Such goods are still lying in the godown at the buyer’s risk. Therefore, such
goods should be treated as part of
- a) Sales
- b) Closing inventory
- c) Goods in transit
- d) Sales return
33. Profit of the year = Rs. 6,00,000 Capital employed = Rs. 4,00,000
Normal rate of return = 15% Calculate the value of goodwill under capitalization
method
- a) Rs. 41,00,000
- b) Rs. 6,00,000
- c) Rs. 36,00,000
- d) Rs. 21,00,000
34. A & B are partners in a firm sharing profits and losses in the ratio
of 5 : 3 with capitals of Rs.2,50,000 and Rs.2,00,000 respectively. C is
admitted as a new partner who brings Rs.50,000 as capital and Rs.16,000 as
goodwill for his 1/5th share. The closing capitals of all the partners will be
- a) Rs. 2,60,000, Rs. 2,06,000, Rs. 50,000
- b) Rs. 2,58,000, Rs. 2,08,000, Rs. 50,000
- c) Rs. 2,58,000, Rs. 2,08,000, Rs. 66,000
- d) Rs. 2,66,000, Rs. 2,00,000, Rs. 50,000
35. If preference shares are redeemed out of divisible profits, the
nominal value of preference shares should be transferred to ___
- a) Capital Reserve A/c
- b) Capital Redemption Reserve A/c
- c) General Reserve A/c
- d) Contingent Reserve A/c
36. Which of the following statements is not true?
- a) All Personal & Real accounts ultimately show some balance
- b) The balances of Nominal accounts are transferred to Profit & Loss a/c
- c) Rent a/c is a personal account but outstanding rent account is a
nominal account
- d) In ledger, accounts are opened separately
37. Which of the following statements is/are false? I. The terms
‘depreciation’, ‘depletion’ and ‘amortization’ convey the same meaning. II.
Provision for depreciation A/c is debited when provision for depreciation A/c is
created. III. The main purpose of charging the profit and loss A/c with the
amount of depreciation is to spread the cost of an asset over its useful life
for the purpose of income determination.
- a) Only I) above
- b) Only II) above
- c) Only III) above
- d) All I) II) and III) above
38.
| Product |
A |
B |
C |
D |
E |
| Cost (Rs.) |
45,000 |
57,500 |
1,37,500 |
50,000 |
1,05,000 |
| NRV (Rs.) |
47,600 |
77,500 |
1,32,500 |
62,500 |
1,00,000 |
What is the value of inventory at the end of the year as per conservatism
principle?
- a) Rs. 3,95,000
- b) Rs. 3,85,000
- c) Rs. 4,20,100
- d) Rs. 3,48,000
39. Sunset Tours has a Rs.70,000 account receivable from Mohan. On January
20, the latter makes a partial payment of Rs.50,000 to Sunset Tours. The journal
entry made on January 20 by Sunset Tours to record this transaction includes:
- a) A Credit to the cash received a/c of Rs.50,000
- b) A Credit to the account receivable account of Rs.50,000
- c) A Debit to the cash account of Rs.20,000
- d) A Debit to the accounts receivable account of Rs.20,000
40. Which of the following can be utilized for redemption of preference
shares?
- a) The proceeds of fresh issue of equity shares
- b) The proceeds of issue of debentures
- c) The proceeds of issue of fixed deposit
- d) All of the above
41. Mr. X consigned goods costing Rs. 1,50,000 to Mr. Y at cost + 25%.
1/10 of the goods were lost in transit. Mr. Y sold 3/5th of the remaining goods
at 10% above the invoice price. Calculate the amount of sales.
- a) Rs. 1,85,625
- b) Rs. 1,01, 250
- c) Rs. 1,23,750
- d) Rs. 1,11,375
42. If goods are sent on sale or return basis, it will be treated as _____
- a) An ordinary sale and not recorded in the books
- b) An ordinary sale and recorded in the books as normal sale
- c) The goods are approved and no entry is passed in the books
- d) None of these
43. Amount recovered from debtor, which was earlier written off as bad
debt is debited to Cash A/c and credited to ___ A/c
- a) Bad Debts
- b) Bad debts recovered
- c) Rahul
- d) Sales
44. From the following balances find out the total of trial balance.
Capital Rs. 4,00,000
Computer Rs. 25,000
AC & Furniture Rs. 1,00,000
Fixed deposits Rs. 2,00,000
Salaries Rs. 8,00,000
Fees Received Rs. 12,00,000
Traveling expenses Rs. 1,50,000
Rent & office expenses Rs. 2,40,000
Cash Rs. 1,80,000
Bank O.D Rs. 95,000
- a) Rs. 16,00,000
- b) Rs. 14,50,000
- c) Rs. 16,95,000
- d) Rs. 15,00,000
45. Sohan purchased goods for Rs.18,00,000 and sold 4/5th of the goods for
Rs.21,60,000 and met expenses amounting to Rs.3,00,000 during the year, 2015. He
counted net profit as Rs.4,20,000. Which of the accounting concepts was followed
by him?
- a) Entity.
- b) Periodicity.
- c) Matching.
- d) Conservatism
46. Aar and Bar were partners in a joint venture sharing profits and
losses in the proportion of 4/5th and 1/5th respectively. Aar supplies goods to
the value of Rs.50,000 and incurs expenses amounting to Rs.5,400. Bar supplies
goods to the value of Rs.14,000 and his expense amount to Rs.800. Bar sells
goods on behalf of the joint venture and realizes Rs.92,000. Bar is entitled to
a commission of 5 percent on sales. Bar settles his account by bank draft. What
will be the final remittance?
- a) Bar will remit Rs.69,160 to Aar
- b) Aar will remit Rs.69,160 to Bar
- c) Aar will remit Rs.69,000 to Bar
- d) Bar will remit Rs.69,000 to Aar
47. Rent received from a tenant Rs. 18,000 was correctly entered in the
cash book and posted to the debit of Rent a/c. The effect of this error on the
trial balance will be
- a) Debit total will be Rs. 36,000 more than the credit total
- b) Debit total will be Rs. 18,000 more than the credit total
- c) Subject to other entries being correct, the total will agree
- d) None of these
48. Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of
20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on
allotment, Rs.20 on First call & Rs.20 on Final call. The company received
applications for 15,000 shares and allotment was made on prorata. H, the holder
of 400 shares failed to pay allotment money and on his subsequent failure to pay
the 1st call money, the company forfeited his shares. The amount to be
transferred to Share Forfeiture A/c at the time of forfeiting his shares will be
- a) 12,000
- b) 32,000
- c) Nil
- d) 10,000
49. The books of T Ltd. revealed the following information:
| Particulars |
Rs |
| Opening inventory |
7,50,000 |
| Purchases during the year 2014-2015 |
22,50,000 |
| Sales during the year 2014- 2015 |
25,00,000 |
On March 31, 2015, the value of inventory as per physical Inventory-taking
was Rs. 10,45,000. The company’s gross profit on sales has remained constant at
25%. The management of the company suspects that some inventory might have been
pilfered by a new employee. What is the cost of goods sold & estimated cost of
missing inventory?
- a) Rs. 17,00,000, Rs. 75,000
- b) Rs. 18,75,000, Rs. 80,000,
- c) Rs. 18,75,000, Rs. 75,000,
- d) Rs. 17,00,000, Rs. 80,000,
50. A holder of 100 shares of Rs. 10 each, failed to pay the final call
money of Rs. 4 per share. These shares were forfeited and reissued at Rs. 7 per
share as fully paid up. The entry on reissue will be
- a) Bank A/c Dr. 700 To Share capital A/c 700
- b) Bank A/c Dr. 700 To Share forfeiture A/c 700
- c) Share forfeiture A/c Dr. 700 To Share capital A/c 700
- d) Bank A/c Dr. 700 Share forfeiture A/c Dr.300 To Share capital A/c
1000
51. Can a minor be admitted into a joint venture?
- a) Can be admitted
- b) Cannot be admitted
- c) Can be admitted with the consent of other coventurers
- d) Can be admitted for the benefit of minor
52. Overdraft balance as per Cash book Rs. 4,500 Cheques issued, but not
presented Rs. 300, Rs. 150, Rs. 375 Cheques paid into bank account, but not
cleared Rs. 1,200 Find the balance as per Pass Book
- a) Rs. 3,300 Dr.
- b) Rs. 6,925 Dr.
- c) Rs. 4,875 Dr.
- d) Rs. 4,125 Dr.
53. From the following data, find out the gross profit on the inventory
sold under weighted average price method
1st Jan – opening inventory – 1000 units @ Rs. 4 per unit
15th Jan – Purchases – 1100 units @ Rs. 5 per unit
30th Jan – Purchases – 1300 units @ Rs. 6 per unit
Sales during the month – 3000 units @ Rs. 10 per unit
- a) Rs. 14,735
- b) Rs. 15,000
- c) Rs. 14,300
- d) Rs. 15,100
54. X sends out goods costing Rs.2,00,000 to Y. 3/5th of the goods were
sold by consignee for Rs.1,40,000.Commission 2% on sales plus 20% of gross sales
less all commission exceeds cost price. The amount of commission will be:
- a) 5,667
- b) 5,800
- c) 6,000
- d) 5,600
55. Study the following table and answer
| Particulars |
Rs. |
| Opening Inventory |
15,000 |
| Closing Inventory |
20,000 |
| Purchases |
2,80,000 |
| Return outward |
7,500 |
| Return inward |
10,000 |
| Carriage inward |
2,500 |
If gross profit is 20% of sales, the gross sales will be:
- a) Rs.3,47,500
- b) Rs.3,37,500
- c) Rs.2,70,000
- d) Rs.3,34,375
56. Rohit, Suman and Rohan are partners sharing profits & losses in the
ratio of 2 : 1 : 1. They took a JLP for Rs. 1,00,000. Besides they took policies
severally amounting to Rs.50,000 each. Rohit died on 30th September, 2015. The
surrender values of the policies will be 30% of the policy values. What is the
share of Rohit in the life policies?
- a) Rs. 90,000
- b) Rs. 1,25,000
- c) Rs. 75,000
- d) Rs. 1,00,000
57. The net profit of X & Co. was Rs.7,02,000, before charging Mehta’s
(Manager) salary and commission. Mehta was entitled to a salary of Rs. 6,000 per
month plus a commission of 5% on net profit after charging his salary and
commission. Calculate the amount payable to Mehta.
- a) Rs. 72,000
- b) Rs. 1,02,000
- c) Rs. 60,000
- d) Rs. 1,03,500
58. A machine was purchased on 01-04-2012 for Rs.15,00,000. The scrap
value is estimated at Rs.50,000. Depreciation is charged at 15% p.a. under WDV
method. The machine was sold on 01-07-2015 for Rs.9,04,115. Calculate the
profit.
- a) Rs. 17,472
- b) Rs. 47,026
- c) Rs. 17,073
- d) Rs. 67,472
59. A sent some goods costing Rs.3,500 at a profit of 25% on sale to B on
sale or return basis. B returned goods costing Rs.800. At the end of the
accounting period i.e. on 31st December, 2014, the remaining goods were neither
returned nor were approved by him. The Inventories on approval will be shown in
the balance sheet at Rs.
- a) 2,000.
- b) 2,700.
c) 2,700 less 25% of 2,700.
d) 3,500
60. On 09-01-2016, the physical inventory of a business concern is taken
at Rs.70,000. The following transaction took place between 01-01-2016 and
09-01-2016. Goods sold Rs.48,000, at a profit of 25% on cost which includes
goods of the sale value of is Rs.5,000 not delivered to customer and of Rs.3,000
delivered on 29-12-2015. Calculate the value of physical inventory as on
31-12-2015.
- a) Rs. 72,000
- b) Rs. 1,02,000
- c) Rs. 30,000
- d) Rs. 1,00,000
