CA - CPT ICAI Model Test Paper - 8 - CA Foundation MCQ

Errors of commission do not permit

All of the following have debit balance except

The term depletion is used for

A bill of exchange when drawn requires

According to the provisions of the Reserve Bank of India, a promissory note cannot be made payable to the

Rs.5,000 spent to remove a worn out part and replace it with a new one is

Outstanding salary account is

Drawings are deducted from ________

The trial balance of Meghna shows the opening inventory of Rs. 10,000 which will be_____

Purchase returns appearing in the trial balance are deducted from ____

_______ will generally show a debit balance

Purchase of a fixed asset on credit basis is recorded in _____________

Accounting means recording of _________________

Unless given otherwise, the ratio of sacrifice is the same as________

The ratio in which the continuing partners acquire the outgoing (retired or deceased) partner’s share is called ________

A bill of exchange is called a ________ by one who is liable to pay it on the maturity date.

The amount of calls in arrear is deducted from_____________ to arrive at________.

Smita places an order to Priya for supply of certain goods yet to be manufactured. On receipt of order, Priya purchases raw materials, employs workers, produces the goods and delivers them to Smita. In this case, sale will be presumed to have been made at the time of

If a machinery is purchased for Rs. 1,00,000, the asset would be recorded in the books at Rs. 1,00,000 even if its market value at that time happens to be Rs. 1,40,000. In case, a year after, the market value of this asset comes down to Rs. 90,000, it will ordinarily continue to be shown at Rs. 1,00,000 and not at Rs. 90,000 due to

Mr. Shyam deposited a cheque on 28^th March, 2012 for a sum of Rs.10,000.  The cheque was collected on 4^th April, 2012.  If the bank balance as per cash book on 31^st March, 2012 is Rs.1,00,000, balance as per pass book will be

If cost of goods sold is Rs.1,00,000, sales is Rs.1,25,000, closing inventory is Rs.20,000, the gross profit will be

X enters into a joint venture with Y.  The goods were purchased by X and Y amounting Rs.20,000 and Rs.40,000 respectively.  Y incurred the expenses of Rs.5,000.  Goods were sold by X and Y amounting Rs.22,000 and Rs.39,000.  Goods unsold were taken over by Y for Rs.2,000.  The profit or loss on joint venture is

On 1^st January, 2012, Mohan draws upon Sohan a bill of exchange for three months, of Rs.2,000 for mutual accommodation. On 4^th January, 2012 Mohan discounts the bill @ 6% per annum and sends half of the proceeds to Sohan. The amount of proceeds sent to Sohan will be

ABC Ltd. sells goods to its approved customers on sale or return basis at a profit of 20% on sales, treating as actual sales. On 26^th March, 2012 goods costing Rs.10,000 were sent to Annu Ltd. No confirmation has been received from Annu Ltd. till 31^st March, 2012.The amount of inventory with customers to be shown as closing inventory in the balance sheet of ABC Ltd. as on 31^st March, 2012 will be

Somesh and Ramesh are equal partners. Their capitals are Rs.40,000 and Rs.80,000 respectively. The profits for the year before charging interest on capital was Rs.6,000.  The accounts of the year were closed before providing interest @ 5% per annum as per partnership agreement. To rectify this mistake they decided to pass an adjustment entry between the partners. Therefore, Somesh’s account needs to be debited by

A, B and C are partners in the ratio of 3:2:1. D is admitted in the firm for 1/6^th share in profits. C would retain his original share. The new profit sharing ratio between A, B, C and D will be

According to which concept, the owner of an enterprise pays the ‘interest on drawings’?