(Paper) CA-CPT Previous Year Question Paper "December - 2016"
Session - 1
PART A – FUNDAMENTALS OF ACCOUNTING
1. Out of the following statements, Identity the wrong statement.
a. Real & Personal A/c’s are transferred to Balance Sheet
b. Nominal A/e’s are transfer to Profit and Loss A/c
c. Cash A/c is not opened seperately in the ledger
d. Rent A/c is a Personal A/c and Outstandig Rent A/c is a Nominal A/c
2. List price of the goods purchased= Rs.60,000 Cash paid = Rs.45,000 {After
receiving a cash discount of Rs.9,000). Trade discount= ?
a. 10%
b. 7.5 %
c. 15%
d. 25%
3. When the two aspects of a transaction are posted in the Cash Book itself,
such an entry is called as _______
a. Double Entry
b. Debit Entry
c. Single Entry
d. Contra Entry
4. OD balance as per pass book is Rs. 2175/- Cheques of Rs.100, Rs.175 and
Rs.150 are issued, but not yet presented for payment. A Cheque of Rs.600 is
deposited in bank but not yet cleared. Find out the OD balance as per cash book.
a. Rs. 2,000
b. Rs.2,150
c. Rs.1,475
d. Rs.1,925
5. Trial Balance shows arithmetical accuracy of ledger accounts, but it is
not a _____ proof of accuracy.
a. Conclusive
b. Exclusive
c. Submissive
d. Inclusive
6. Which of the following errors are not revealed by the trial balance?
a. Wrong amount entered in the book of original entry
b. Wrong amount entered in the sales book
c. Complete omission of a transaction in the book of original entry
d. All of the above
7. Trade Receivables as per Trial Balance = Rs.80,000.
Further information:
1. Bad debts Rs.2,000
2. Provision for discount on Trade Receivables @ 5% will be _____
a. Rs. 4,100
b. Rs. 4,000
c. Rs. 3,900
d. Rs. 4,200
8. Accrued Income appears on the _______
a. Credit side of P & L A/c
b. Debit side of P & L A/c
c. Assets side of Balance Sheet
d. Liabilities side of Balance sheet
9. The Fixed Assets of a company is double of the current assets and half of
capital. If the current assets are Rs.3,00,000 and investments Rs.4,oo,ooo,
calculate the current liabilities assuming that there are no other items in the
balance sheet.
a. Rs. 2,00,000
b. Rs. 1,00,000
c. Rs. 3,00,000
d. Rs. 4,00,000
10. X sold goods to Y at cost+ 10%. Y sold the goods to Z at cost+ 20% profit
on sales. Cost of the goods to Xis Rs.50,000. Find out the cost of the goods to z.
a. Rs.66,000
b. Rs.68,750
c. Rs.55,ooo
d. Rs.10,000
11. Entries for prepaid expenses, outstanding expenses and depreciation are
called as _____
a. Adjustment Entries
b. Transfer Entries
c. Closing Entries
d. Rectification Entries
12. A Bill of Exchange, before its acceptance is called as _____
a. Draft
b. Bills Receivable
c. Bills Payable
d. None of these
13. If an accommodation bill of Rs.50,000 is discounted for Rs.49,000 and the
proceeds are shared by X & Y m the ratio of 1: 4, the discount to be borneby Y
is _____
a. Rs. 800
b. Rs. 600
c. Rs. 1,000
d. Rs. 400
14. The nature of Consignment A/c and Consignee’s A/c will be _____
a. Nominal, Personal
b. Real, Nominal
c. Personal, Real
d. Nominal, Real
15. Goods sent on consignment for Rs.50,000. During transit 1/lOth of goods
were destroyed by fire. Again 1/91h 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 were Rs.2,500 and Rs.1500
respectively. Calculate closing inventory.
a. Rs. 24,000
b. Rs. 21,600
c. Rs. 20,000
d. None
16. If del-credere commission is allowed for bad debts, consignee will debit
the bad debts amount to:
a. Commission Earned A/c
b. Consignor’s A/c
c. Trade receivables {Customers) A/c
d. General Trading A/c
(17 – 18): A & B entered into a joint venture sharing profits and losses in
the ratio of 2 : 3. A bought goods worth Rs. 36,000 and sent half of the goods
to B. B purchased goods worth Rs. 22,500 and sent goods worth Rs.9,000 to A.
Goods worth Rs.3,000 were destroyed by fire in the premises of A and the the
insurance claim was received at 50%. All the goods were sold at a mark-up of 25%
on cost. Expenses incurred by both were Rs.5,000.
17. The sales made by A & B were
a. Rs. 30,000 & Rs. 39,375
b. Rs. 40,500 & Rs. 39,375
c. Rs. 40,500 & Rs. 35,625
d. Rs. 41,250 & Rs. 24,375
18. The profit on joint venture is _____
a. Rs. 7,000
b. Rs. 7,375
c. Rs. 8,875
d. Loss Rs.1,500
19. Out of the following, which is not related to joint ventures
a. Account Sales
b. Account Current
c. Delcredere Commlsslon
d. All of the above
20. The assets which were earlier revalued upward and now revalued downward,
to the extent of earlier upward revaluation amount should be.
a. Debited to Revaluation Reserve A/c
b. Debited to Revaluation Reserve A/c
c. Debited to P & L A/c
d. Debited to P & L A/c
21. A Machinery was purchased by X Ltd. on 01- 01-13. Depreciation was
charged at 15% p.a. under SLM. With effect from the 2nd year depreciation was
charged under WDV method at the same rate. The WDV of the machinery on 01-01-15
was Rs.3,68,475. Find the original cost of the machinery?
a. Rs.5,10,000
b. Rs.5,10,000
c. Rs.6,00,000
d. Rs.4,23,500
22. The cost of machinery is Rs.60,000. Descreciation is charged at 20% p.a.
under SLM. In the 2nd year it is decided to change the method and adopt WDV
method@ 20% p.a. If the meachine was sold for Rs.30,000 at the end of the 3rd
year, calculate the amount of loss.
a. Loss 4,720
b. Loss 4,560
c. Loss 720
d. Loss 560
23. Errors are rectified by using Suspense A/c
a. Before the preparation of Trial Balance
b. After the preparation of Trial Balance
c. Before and after the preparation of Trial Balance
d. None of these
24. After the rectification of following errors, the Net profit will be
i) A cheque of Rs.3,100 was dishonoured and debited to Discount A/c
ii) Goods of the value of Rs.1,200 were returned by a customer and included
in stock, but not recorded in the books.
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
25. A dealer sends his goods on sale or return basis. He sends goods for
Rs.10,000 and records as normal sale. The profit on sale is 20%. The value of
physical inventory taken is Rs.50,000. Then the value of closing inventory
appearing in the Balance Sheet will be:
a. Rs.50,000
b. Rs.60,000
c. Rs.58,000
d. Rs.58,000
26. Average inventory is Rs.28,000. Closing inventory is Rs.6,000 more than
opening inventory. Then find the value of closing inventory.
a. Rs.31,000
b. Rs.28,000
c. Rs.27,000
d. Rs.34,000
27. Value of physical inventory on 15-04-2016 was Rs.3,00,000. Sales
amounting to Rs.1,00,000 and purchases worth Rs.50,000 were held between
31-03-2016 to 15-4-2016. Goods are sold at 20% profit on sales. Value of
inventory as on 31-3-2016 is
a. Rs. 3,50,000
b. Rs. 2,70,000
c. Rs. 3,00,000
d. Rs. 3,30,000
28. Which method is an exception to non-historical cost methods
a. Adjusted selling price
b. Latest purchase price
c. Standard Cost
d. Weighted average price
29. Opening Inventory= 1,000 units at Rs.4 per unit Purchases= 1,200 units at
Rs.5 per unit Sales at the end= 2,000 units at Rs.8 per unit Find out the profit
under Weighted Average Price method
a. Rs. 6,000
b. Rs. 6,909
c. Rs. 6,900
d. Rs. 7,000
30. Insurance Claim received for the damage of machinery due to fire is
considered as _____
A. Revenue receipt
B. Casual receipt
C. Deferred Revenue receipt
D. None
31. A, B, c & D are equal partners in a firm. They changed the profit sharing
ratio as 2: 2: 1: 1. The sacrificed share of ‘D’ is _____
a. 1/24
b. 1/12
c. 1/10
d. 1/6
32. A and B are partners in a firm in the profit sharing ratio of 2:3. C is
admitted as a new partner. A sacrificed 1/3rd of his share and B 1/41h of his
share in favour of C. Find the new profit sharing ratio of A, B & C.
a. 17: 27: 37
b. 16: 27 : 17
c. 17 : 21 : 27
d. None of these
33. A and B are partners in a firm with capitals of Rs.5,00,000 each. They
admit C as a partner with 1/4th share in the profits of the firm. C brings in.
Rs.8,00,000 as his share of capital. The Profit and Loss account showed a credit
balance of Rs.4,00,000 as on the date of his admission. The value oh hidden good
will be.
a. Rs. 14,00,000
b. Rs. 18,00,000
c. Rs. 10,00,000
d. None of these
34. A, 8 and c are partners in a firm, sharing profits & losses in the ratio
of 5:3:2 respectively. The balance of capital is Rs.50,000 each for A & Band
Rs.40,000 for ‘C’. ‘B’ decides to retire from the firm. The goodwill of the firm
is valued at Rs.30,000 and profit on revaluation of assets and liabilities was
Rs.5,000. The firm also has a balance in the Reserve A/c at Rs.15,000 on that
date. What amount will be payable to ‘B’?
a. Rs.45,000
b. Rs.55,000
c. Rs.65,000
d. Rs.75,000
35. Amount received in excess of surrender value of a joint life policy is
shared by the partners in
a. Profit sharing ratio
b. Capitals ratio
c. Equal ratio
d. None
36. A, Band Care partners in a firm sharing profits and losses in the ratio
of 7: 5: 4. The profit of the firm for the year ended 31-03-16 was Rs.2,40,000.
C died on 30-06-15. What is the share of ‘C’ in the profit?
a. Rs. 15,000
b. Rs. 18,000
c. Rs. 24,000
d. Rs. 20,000
37. A, B & C are partners in a firm sharing profits and losses in the ratio
of 2:2:1. B retired. The goodwill of the firm is valued at Rs. 30,000. In what
ratio A & C will compensate to B.
a. 8,000: 4,000
b. 4,000: 8,000
c. 20,000: 10,000
d. 10,000: 20,000
38. Interest on partners’ capitals is allowed out of
a. Profits
b. Capitals
c. Goodwill
d. None of the above
39. Akash and Vikas are partners in a firm with capitals of Rs.60,000 each.
Srikanth is admitted as a new partner for 1/5th share, who brings in Rs.80,000
as capital. Find the value of inferred goodwill.
a. Rs.2,00,000
b. Rs.2,20,000
c. Rs.4,00,000
d. Rs.3,00,000
40. 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 money per share = ?
a. Rs.27
b. Rs.25
c. Rs.7.80
d. Rs.20
41. Which of the following statements is false?
a. Issued capital can never be more than authorized capital
b. In case of under subscription, issued capital will be less than the
subscribed capital
c. Uncalled capital may be covered into reserve capital
d. Paid up capital is equal to called up capital less calls in arrears
42. Reserve capital means:
a. The part of subscribed uncalled capital
b. Accumulated Profits
c. The part of Capital Reserve
d. The part of Capital Redemption Reserve
43. Zebra Ltd invites applications for 50,000 shares for which Rs. 2 per
share is payable on application. Applications are received for 80,000 shares and
50,000 shares are alloted on pro-rata basis to the applicants for 70,000 shares.
Calculate the excess application money from X, who was alloted 200 shares.
a. Rs.160
b. Rs.100
c. Rs.300
d. None of the above
44. Maximum number of partners in a firm is mentioned in the
a. Companies Act
b. Partnership Act
c. Income Tax Act
d. None of these
45. Debenture holders are ____ of a company.
a. Vendors
b. Debtors
c. Creditors
d. Owners
46. When debentures are issued as collateral security against any loan, then
the holder of such debentures is entitled to
a. Interest only on the amount of loan
b. Interest only on the face value of debentures
c. Interest both on the amount of the loan and on the debentures
d. None of the above
47. If fresh equity shares are issued for the redemption of preference shares
which A/c will be credited?
a. Capital Reserve A/c
b. Capital Redemption Reserve A/c
c. Preference Share Capital A/c
d. Equity Share Capital A/c
48. P Ltd. issued 20,000, 12% debentures of Rs.10 each, which are redeemable
after 5 years at a premium of 20%. The amount of loss on redemption of
debentures to be written off every year= ?
a. Rs. 80,000
b. Rs. 40,000
c. Rs. 10,000
d. Rs. 8,000
49. Preference shares of Rs.10 each, which were issued at pa rare eligible
for redemption if they are
a. Paid application and allotment money at Rs.5 per share
b. Fully paid up at Rs.10 per share
c. Paid up at Rs.7.50 per share
d. All of the above
50. AS 22 deals with ______
a. Accounting for taxes on income
b. Intangible assets
c. Impairment of assets
d. Accounting for investments
51. The concept of conservatism when applied to the Balance Sheet results in
a. Understatement of assets
b. Overstatement of assets
c. Overstatement of capital
d. None of the above
52. Identify the accounting standard which deals with provisions, contingent
liabilities and contingent assets.
a. AS 28
b. AS 29
c. AS 30
d. AS 32
53. Match the following
a. 1-c; 2-a; 3-b, 4-d
b. 1-a; 2-b; 3-c, 4-d
c. 1-b; 2-a; 3-d, 4-c
d. 1-d; 2-c; 3-b, 4-a
54. Which of the following financial statements will be provided to the
outsiders?
1. Balance sheet
2. Cash Flow Statement
3. P & L A/c
4. Trial Balance
a. 1, 2, 4
b. 1,3
c. 2, 3, 4
d. All 1, 2, 3, 4
55. The procedural aspects of accounting include
a. Generating & using the financial information
b. Generating & classifying the financial information
c. Generating & communicating the financial information
d. None of the above
56. BOD, Investors, Suppliers, Partners, Customers, Managers, Lenders.
