(Paper) CA-CPT Previous Year Question Paper "June -
2014"
Session - 1
Part A - Fundamentals of Accounting
1. Which of the following is wrong?
a) All real and personal accounts are transferred to balance sheet
b) Nominal accounts are transferred to P & L account
c) Each account is opened separately in ledger
d) Rent is a personal account, outstanding rent is nominal account
2. In Journal Entries which pertain to outstanding entries, prepaid
entries, depreciation entries are called
a) Adjustment Entries
b) Rectification Entries
c) Transfer Entries
d) closing Entries
3. In a three column cash book the discount columns are
a) Totalled but not adjusted
b) Totalled and adjusted
c) Totalled but not balanced
d) None of the above
4. Cash Book O.D. Balance Rs. 2,000. It was found that cheques of Rs. 100,
Rs. 150, Rs. 175 which are issued but not presented till the date and the cheque
of Rs. 600 deposited but have not been cleared, then O.D. Balance as per pass
book is :
a) Rs. 2150
b) Rs. 2175
c) Rs. 1475
d) Rs. 1925
5. Bank Balance O.D. as per pass book Rs. 26,500. Calculate balance as per
cash book is
1) Cheques deposited for Rs. 4700 but not collected
2) Cheques issued for Rs. 11,000 but not presented
3) Bill discounted and dishonoured Rs. 4000, and Bank paid noting charges Rs.
200
a) Rs.28600 O.D
b) Rs.16000 O.D
c) Rs.24000 O.D
d) Rs.28500 O.D
6. Agreement of Trial balance is not a ___ proof of accuracy
a) Submissive
b) Inclusive
c) Exhaustive
d) Conclusive
7. Capital- Rs. 2,00,000 Interest paid- Rs. 2310
Debtors- Rs. 15,200 Discount allowed- Rs. 820
Creditors-Rs.12,960 Discount received-Rs. 1030
Purchases- Rs. 92,670 Rent - Rs. 14,670
Sales- Rs. 1,16,850 Loan - Rs. 12,060
Opening stock – Rs. 56,000
Sales returns – Rs. 27,430
Debit Total of Trial Balance will be
a) Rs. 2,09,000
b) Rs. 2,09,100
c) Rs. 2,10,000
d) None
8. From the following information find the amount to be debited to P & L
A/c for the period ending 31-03-2014. Provision for
doubtful debts - Rs. 800 (on 01-04-2013)
Debtors on 31-03-2014 - Rs. 40,000
Bad debts - Rs. 2,000
Bad debts to be written off and provision for doubtful debts is to be created @
5% on debtors
a) Rs. 3100
b) Rs. 4000
c) Rs. 3200
d) Rs. 3900
9. Opening Stock Rs.30,000,
Cost of goods available for sale Rs. 1,60,000,
Sales were Rs. 1,60,000.
Gross profit on sales is 30%
Calculate closing stock.
a) Nil
b) Rs. 48,000
c) Rs. 98,000
d) None of the above
10. By products are generally valued at __ when the cost of by products is
not directly traceable.
a) Cost of main products
b) N.R.V.
c) Cost of main product or N.R.V. which ever is lower
d) None of these
11. The purpose of Accommodation bill
a) To facilitate trade transmission
b) To finance the actual purchases & sales
c) When both parties are in need of funds
d) None of these
12. A draws a bill for Rs. 20,000 on ‘B’. ‘B’ Accepts for 2 months. After
1 month ‘B’ paid the bill amount @9%. Journal entry in the Books of ‘B’ will be
a) Bank A/c Dr.20,000
To Bills payable A/c 20,000
b) Bank A/c Dr.20,000
To Bills payable A/c 19,850
To Discount A/c 150
c) Bills payable A/c Dr. 20,000
To Bank A/c 20,000
d) Bills payable A/c Dr.20,000
To Discount A/c 150
To Bank A/c 19,850
13. Promissory note features
1) Must be stamped
2) Payee must sign
3) Conditional undertaking
4) Certain amount
5) Not transferable to bearer
a) 1,2,3,4
b) 1,4,5
c) All of the above
d) None of these
14. In the absence of agreement, the loss of goods in consignee godown is
borne by
a) Consignor
b) Consignee
c) Both a & b
d) Insurance Company
15. Goods sent on consignment for Rs.50,000. During transit 1/10th of
goods were destroyed by fire. Again 1/9th of goods received by consignee were
destroyed by fire in godown. Half of the remaining goods were sold for
Rs.30,000. Freight & insurance paid by consignor Rs.2,500 and Rs.1500
respectively. Calculate closing Stock.
a) Rs.24,000
b) Rs.21,600
c) Rs.20,000
d) None
16. Yogam consigned cost of goods of Rs. 1,00,000 at an invoice price of
20% above cost. Consignee is entitled to 5% commission on sales up to Invoice
price, 20% on sales which exceeds invoice price, 2% delcredre commission on
credit sales. He sold 25% of goods for cash for Rs. 40,000 and 50% of goods on
credit for Rs. 70,000, 10% of goods taken by consignee. Calculate commission?
a) Rs. 10,500
b) Rs.9900
c) Rs.10,200
d) none
17. In case of Joint Venture business, method of Accounting to be followed
and decided by
a) Separate Act for J.V.
b) Accounting Standard
c) Co-venturer as per their convenience
d) ICAI
18. In case of purchase of machinery in joint venture through joint bank
A/c, while separate set of books is maintained. Which of the following is the
correct entry.
a) Debit machinery, credit joint bank A/c
b) Debit machinery, credit joint venture A/c
c) Debit Joint venture, credit joint bank A/c
d) Debit Joint venture A/c, Credit machinery A/c
19. ‘A’ and ‘B’ enter into a joint venture business ‘A’ purchased goods
worth Rs. 30,000 and ‘B’ sold for Rs. 40,000. ‘A’ is entitled to 1%commission on
purchases and ‘B’ is entitled to 5% commission on sales. The profit on venture
to be shared by A & B is (The profit sharing ratio is 2:1)
a) Rs. 4000 : Rs. 2000
b) Rs. 5133 : Rs. 2567
c) Rs. 5000 : Rs. 2500
d) Rs. 4200 : Rs. 2100
20. Rohan Ltd is in the business of extracting coal from mines. It should
charge depreciation as per _____ method.
a) Sinking fund
b) Annuity
c) Production units
d) Depletion method
21. Cost of machine is Rs.1,00,000 Scrap value Rs. 10,000 and life is 4
years. What will be the amount of depreciation in 3rd year according to sum of
years digits method
a) Rs.40,000
b) Rs.27,000
c) Rs.9,000
d) Rs.18,000
22. A Trader followed WDV method of depreciation, the book value of Asset
after 4 years is 24% of original cost. Find rate of depreciation.
a) 24%
b) 26%
c) 32 %
d) 30%
23. Loss on sale of machinery is credited to __ account.
a) Machinery A/c
b) Purchase A/c
c) Profit & Loss A/c
d) None
24. A machine purchased for Rs. 2,50,000 on 1.1.2010. It can produce
30,000 units during its useful life, its estimated scrap value is Rs. 10,000.
The pattern of production over the next 4 years is as follows 2010 – 6250 units,
2011-2275 units, 2012-12,000 units, 2013-3452 units, the WDV of the machine
after 3rd year will be
a) Rs. 85,800
b) Rs. 1,54,200
c) Rs. 58,158
d) Rs. 1,91,816.
25. After rectification of the following errors, effect on Net profit will
be
i) A cheque dishonoured Rs.3,100 debited to discount A/c
ii) Sales book (undercast) short by Rs.23,000
iii) A customer returned goods of value of Rs.1,200, included in stock but not
recorded
a) Increased by Rs. 24,900
b) Decreased by Rs. 24,900
c) Increased by Rs. 23,700
d) No change
26. The following are the errors committed while the entries are posted in
ledger.
1) Errors of Principle
2) Errors of commission.
3) Errors of Partial omission
4) Errors of complete omission.
a) 1,2,3,4
b) 2,3,4
c) 1,2,4
d) 1,3,4
27. InCase of insufficient profits i.e., profits less than interest on
capital then the profits are distributed in :
a) Profit sharing ratio
b) Capital ratio
c) Not distributed
d) None
28. The assets which were earlier revalued upward and now revalued
downward, to the extent of earlier upward revaluation amount should be.
a) Credited to Revaluation Reserve A/c
b) Debited to Revaluation Reserve A/c
c) Credited to P&L A/c
d) Debited to P&L A/c
29. A, B are partners sharing profit & losses in the ratio of 5 : 3. ‘C’
admitted as a new partner for 1/5th share and his capital is Rs. 1,20,000 &
goodwill Rs. 60,000 Capitals of A, B & C were Rs/-
a) 3,00,000 : 1,20,000 : 1,80,000
b) 3,00,000 : 1,80,000 : 1,20,000
c) 3,00,000 : 1,80,000 : 1,80,000
d) 3,00,000 : 1,20,000 : 1,20,000
30. At the time of admission the unrecorded investments Rs. 30,000 should
be treated, the adjustment entry will be
a) Unrecorded investment A/c Dr. 30,000
To Revaluation 30,000
b) Revaluation A/c Dr. 30,000
To Unrecorded Investment A/c 30,000
c) Partners capital A/c Dr. 30,000
To unrecorded Investment A/c 30,000
d) Unrecorded Investment A/c Dr.30,000
To Partners capital A/c 30,000
31. Kapur and sharma are partners in partnership firm. Calculate the
interest on drawings of kapur and sharma @ 10% p.a. for the year ending on 31st
December 2013. Kapur withdrew Rs. 2,000/- per month in the beginning where as
sharma withdrew same amount at the end of every month
a) Kapur Rs. 2,400, sharma Rs. 2,400
b) Kapur Rs. 1,100, sharma Rs. 1,300
c) Kapur Rs. 1,200, sharma Rs. 1,200
d) Kapur Rs. 1,300, sharma Rs. 1,100
32. Neeraj & Gopi are partners with Rs.5,00,000 capital each. They
admitted champak for 1/4th share with Rs.8,00,000 capital. The P & L A/c credit
balance is Rs.4,00,000. Find the amount of hidden goodwill
a) Rs.10,00,000
b) Rs.12,00,000
c) Rs.8,00,000
d) Rs.16,00,000
33. Angola & Bangola sharing profits 2 : 3, Mangola joined the firm.
Angola gave 1/3rd of his share, Bangola gave 1/4th of his share. what is new
profit sharing ratio?
a) 17:27:37
b) 16:27:17
c) 17:27:17
d) None
34. When goodwill is withdrawn by the partners ___ account is credited.
a) Cash
b) Partners capital A/c
c) Partners loan a/c
d) Goodwill A/c
35. A & B are in partnership sharing profits & losses in the proportion of
3:1 respectively. On 1-4-2013, they admitted ‘c’ into partnership on the
following terms.
i) ‘C’ is to purchase 1/3rd of the goodwill for Rs.2000/- by paying cash
ii) future profits & losses are to be shared by A, B & C equally
Set out the entry to the above arrangement in the firm journal
a) Cash/Bank A/c Dr.2000
To ‘A’ s capital A/c 2000
b) Cash/Bank A/c Dr.2000
‘B’ s capital A/c Dr. 500
To ‘A’s capital A/c 2500
c) Cash/Bank A/c Dr.2000
To Goodwill A/c 2000
d) Cash/Bank A/c Dr.2000
To ‘A’s capital A/c 1500
To ‘B’s capital A/c 500
36. The maximum number of partners is mentioned in
a) Companies Act
b) Partnership Act
c) Limited Partnership Act
d) None
37. As per companies Act 1956 application money more than___ % of nominal
value of the share and as per SEBI guidelines application money atleast __ % of
issue price
a) 5 %, 25%
b) 25%, 25%
c) 5%, 5%
d) 25%, 5%
38. MAR Ltd forfeited 300 shares of Rs. 10/- each fully called up for non
payment of final call money of Rs.4/- per share. These shares are subsequently
reissued for Rs.12 per share as fully paid up. What amount should be transferred
to capital reserve account.
a) Rs. 2,400
b) Rs. 3,000
c) Rs. 1,800
d) Rs. 3,600
39. A company has a subscribed capital of Rs. 80,00,000 in shares of Rs.
100 each. There are no calls in arrears till the final call. The payment on
final call was received for 77,500 shares. The amount of calls in arrears Rs.
67,500. Then the amount of final call is
a) Rs. 25
b) Rs. 27
c) Rs. 20
d) Rs. 65.20
40. Zebra Ltd invites applications for 50,000 shares for which 2/- per
share is payable on application. Applications received for 80,000 shares and
70,000 shares are allotted on prorata basis. How much application money will be
adjusted to allotment, when Mr.Lion who has allotted 200 shares.
a) Rs. 100
b) Rs. 160
c) Rs. 240
d) Rs. 80
41. Ajay Ltd decides to redeem 10,000 preference shares of Rs. 10/- each
at 10% premium. Balance in P & L A/c is Rs. 65,000 and securities premium A/c is
Rs. 5,000. You are required to calculate the minimum number of equity shares at
the rate of Rs. 10/- each at 20% discount
a) 3125
b) 5625
c) 5000
d) None
42. Unless otherwise stated preference shares always deemed to
a) Cumulative, Participating, Convertible
b) Cumulative, Non-Participating, Nonconvertible
c) Non-Cumulative, Participating, NonConvertible
d) Non-Cumulative, Non-Participating, Convertible.
43. When the debentures are issued as collateral security for a loan then
such debenture holders are entitled to
a) Interest on the amount of loan
b) Interest on the amount of debenture
c) No Interest amount
d) Either (a) or (b)
44. Which method is exception to non-historical cost methods
a) Adjusted selling price
b) Latest purchase price
c) Standard Cost
d) Weighted average
45. Cost of physical inventory on 15-04-2014 was Rs.3,00,000. Sales
amounting to Rs.1,00,000 and purchases worth Rs.50,000 were made between
31-03-2014 to 15-4-2014. Goods are
sold at 20% profit on sales. Value of Inventory as on 31-3-2014 is
a) Rs. 3,50,000
b) Rs. 2,70,000
c) Rs. 3,00,000
d) Rs. 3,30,000
Direction: Question 46-47
46. Average stock Rs. 14,000, closing stock is Rs. 3,000 more than the
opening stock, then closing stock is ___
a) Rs. 15,500
b) Rs. 15,000
c) Rs. 12,200
d) Rs. 12,000
47. Which method of valuation is adopted in above table
a) FIFO
b) LIFO
c) Weighted average
d) None
48. Closing stock from above adopted method is
a) Units 200 amount Rs. 2300
b) Units 200 amount Rs. 2000
c) Units 200 amount Rs. 2,600
d) None of these
49. When goods sent on approval, buyer become owner of goods when
a) When he accepts the goods
b) When the time of approval was over
c) When he done any act in respect of getting possession of goods
d) All of these.
