CA - CPT ICAI Model Test Paper - 9 - CA Foundation MCQ

Profit leads to increase in

Vikas and Co. account is a

Depreciation arises because of

A promissory note does not require

Which of the following accounts will have credit balance?

Which of the following error is an error of omission?

Prepaid salary has a

The equality of debits and credits of the ________ does not mean that the individual accounts are also accurate.

Change in the method of depreciation is change in ________.

Credit balance in the cash book means ________ .

Sale of scrap of raw materials appearing in the trial balance are shown on the credit side of ________

Goodwill is a ________

Joint venture account is a ________.

Abnormal loss on consignment is credited to ________

When money is withdrawn from the bank, the bank ________ the account of the customer.

________ days of grace are allowed in case of time bills for calculating date of maturity.

The cash discount allowed to a customer should be credited to

Huge Ltd. issued 25,000 equity shares of Rs.100 each at a premium of Rs. 15 each payable as Rs. 25 on application, Rs. 40 on allotment and balance in the first call. The applications were received for 75,000 equity shares but the company issued to them only 25,000 shares.Excess money was refunded to them after adjustment for further calls. Last call on 500 shares were not received and were forfeited after due notice.  The above is the case of

A, B and C are partners in the firm sharing profits and losses in 5:3:2 ratio. The firm’s Balance Sheet  as on 31.3.2012 shows the Reserve balance of Rs. 25,000, Profit of the last year Rs. 50,000, Joint Life policy of Rs. 10,00,000, fixed assets of Rs. 12,00,000.On 1^st June, C died and on the same date assets were revalued. The executor of the deceased partner will get along with the capital of C

A machine purchased on 1^st January, 2008 at Rs. 15,00,000, having useful life of 15 years was depreciated on straight line basis. On 1^st January, 2011, the same machine was revalued upward by Rs. 3 lacs. The amount of depreciation for the year 2011 will be

At the end of the accounting year, material A costing Rs. 10,000 was having net realisable value of Rs. 9,500 only, while material B costing Rs.12,000 was having a net realisable value of Rs. 13,000 in the market and material C costing Rs. 15,000 was having net realisable value of Rs. 14,000 only. The total amount of closing inventory will be

Atul purchased goods costing Rs. 50,000 at an invoice price, which is 50% above cost. On invoice price he enjoyed 15% trade discount and Rs. 3,750 cash discount on cash payment of goods in lump sum at the time of purchase. The purchase price to be recorded in the books before cash discount will be

A cheque of Rs. 35,000 received by M/s Nandini was endorsed to M/s Chandini on account of full settlement of Rs. 35,500 on 1^st October, 2011. Chandini deposited the same into the bank on 4^th October, 2011. In the books of M/s Chandini, the account to be debited on 1^st October, 2011 will be

If repair cost of a building is Rs.15,000, whitewash expenses are Rs. 10,000, cost of extension of building is Rs.5,00,000 and cost of improvement in electrical wiring system is Rs. 25,000.The amount to be expensed is

An amount of Rs. 6,000 due from Anshul, which had been written off as a bad debt in a previous year, was unexpectedly recovered, and had been posted to the personal account of Anshul. The rectification entry will be

There was difference in the bank column of cash book and passbook by Rs. 2,500. On scrutiny it was found that interest of Rs. 500 charged directly by the bank was not entered in the cash book. The same was adjusted in the cashbook before reconciliation statement.Now, in the bank reconciliation statement, this interest of Rs. 500 is to be

Opening inventory of raw material of a manufacturing concern is Rs. 10,000, Purchase during the year is Rs. 2,00,000, Wages Rs. 50,000, Carriage Rs. 5,000, Factory overheads Rs. 1,25,000 and closing inventory of raw material is Rs. 15,000. The amount to be transferred is