CA - CPT ICAI Model Test Paper - 12 (Session - 1) - CA CPT MCQ

While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result,

Which of the following assets does not depreciate?

Premium on redemption of debentures account appearing in the balance sheet is _______.

If the equipment account has a balance of Rs. 22,50,000 and the accumulated depreciation accounthas a balance of Rs. 14,00,000, the book value of the equipment is

Debenture interest

When debentures are issued as collateral security, the final entry for recording the collateraldebentures in the books is __________.

If cost of goods sold is Rs. 80,700, Opening stock Rs. 5,800 and Closing stock Rs. 6,000. Then the amount of purchase will be

Writing of transaction in the ledger is called

When debentures are redeemable at different dates, the total amount of discount on issue of debentures should be written off

The excess price received over the par value of shares, should be credited to __________.

The Securities Premium amount may be utilized by a company for __________.

When shares are forfeited, the share capital account is debited with ________ and the share forfeiture account is credited with __________.

T Ltd. proposed to issue 6,000 equity shares of Rs.100 each at a premium of 40%. The minimum amount of application money to be collected per share as per the Companies Act, 2013

Dividends are usually paid as a percentage of ______.

As per the SEBI guidelines, on issue of shares, the application money should not be less than

G Ltd. acquired assets worth Rs.7,50,000 from H Ltd. by issue of shares of Rs.100 at a premium of 25%. The number of shares to be issued by G Ltd. to settle the purchase consideration = ?

The date of maturity of bill is 10th October, 2016. The Government of India suddenly declared 10th October, 2016 as the holiday under the Negotiable Instruments Act, then the bill will mature on _________

Mr. A sent 250 units costing Rs. 10,000 each to Mr. B. Mr. B sold 150 units @ Rs. 14,200 per unit on credit and 75 units @ Rs. 14,000 for cash. Mr. B is entitled to a commission Rs.500 per unit. The amount of commission will be:

If bank balance as per cash book differs from that appearing in the current account statement, then the balance considered for finalizing the accounts is of

He, She and Me are partners in a firm sharing profits and losses in the ratio of 5:3:2. Firm took Separate Life Policy of Rs. 50,000, Rs.1,00,000 and Rs.1,50,000 for He, She and Me respectively. The share of Me in the policy will be:

It is essential to standardize the accounting principles and policies in order to ensure

It is essential to standardize the accounting principles and policies in order to ensure

The total of debit and credit side of Mr. Raja Ram’s Trial balance as on 31st March, 2016 were Rs. 20,000 and Rs. 10,000 respectively. The difference was transferred to suspense A/c. On 4th April 2016, it was found that the total of sales book was carried forward as 5,000 instead of 4,000. The balance of suspense A/c after rectification of this error will be -

A Bank Reconciliation Statement is prepared with the help of:

The main objective of providing depreciation is to

M/s Bhaskaran & Co. drew a three months’ bill of Rs. 6,000 on M/s Patel & Co. on 1.1.2014 payable to M/s Surendran & Co. or bearer. Here the payee will be _____

F Ltd. purchased Machinery from G Company for a book value of Rs. 4,00,000. The consideration was paid by issue of 10% debentures of Rs. 100 each at a premium of 25%. The debenture account was credited with ______.