CA-CPT Question Paper June (Session 1) - 2017 - CA CPT MCQ

In the ledger an account shows credit balance at the end of the year. This balance is shown as .

The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

Debit balance as per Cash Book of Axe Ltd. as on 31.3.2016 is Rs. 2,000. Cheques deposited but not cleared amounts to Rs. 100 and Cheques issued but not presented of Rs. 150. The bank allowed interest amounting Rs. 100 and collected dividend Rs. 50 on behalf of Axe Ltd. Balance as per Pass Book should be

Average inventory = Rs.30,000. Closing Inventory is Rs. 5,000 more than opening inventory. Then the value of closing inventory will be

At the time of finalization of Financial Statements, Bad debts written off are to be transferred to

From the following find out the correct equation

A = Opening inventory;
B = Purchases;
C = Closing Inventory
D = Cost of Goods sold

General Manager gets 6% commission on net profit after charging such commission. Gross profit Rs.60,000 and other indirect expenses other than manager's commission are Rs.7,000. Commission amount will be

A decrease in the provision for doubtful debts would result in:

Capital at the end of the year Rs.5,00,000 Drawings during the year Rs.50,000 Profit for the year Rs.1,00,000 Interest on opening capital @ 10% per annum will be

An amount of Rs.68,000 was paid on 3/3/17 19. for advertisement in a newspaper. This was published in the newspaper on 3/4/17. This expenditure will be shown as____

Opening capital  = Rs.5,00,000

Drawings = Rs.1,20,000

Assets = Rs.8,50,000

Liabilities = Rs.75,000

Closing Capital & Profit will be Rs.___

Goods of the sale price of Rs.8000 were sent to a customer on sale or return basis. Till the end of the year the goods were neither returned nor approved. The profit is 25% on cost. The inventory with customer to be included to the closing inventory of the trader will be

A bill of Rs.40,000 was discounted by P with his bank for Rs.39,000. At maturity, the bill returned dishonoured, noting charges amounted to Rs.500. How much amount will the bank deduct from P's bank balance at the time of such dishonour?

X draws a bill on 1/04/16 for Rs.60,000 for 3 months. Y accepted it 2/04/16. The bill was discounted on 2/05/16 @ 12% p.a. The amount of discount will be Rs.________

A draws a bill on B for Rs.1,00,000 for 3 months. The bill was discounted with bank at 15% p.a. Half of the proceeds are remitted to B. The amount received by B will be Rs._____  

While preparing BRS, Mr. X found that a bill of exchange for Rs.5,000 which was discounted with bank was dishonoured and the bank paid noting charges of Rs.100. The entry required in the books of X will be_________

If consignor draws a bill on consignee and discounted it with the banker, the discounting charges will be debited in:

The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources

Mr. X consigned 5,000 boxes of goods to Mr. Y @ Rs.250 each. He paid Freight Rs.3,500 & insurance Rs.1,500. Y paid expenses of Rs.5,000. He sold 3/5 of the boxes @ Rs.300 each. The remaining boxes were taken by Y at cost price.The value of inventory taken by Y will be Rs.___

State which of the following statements is true?

Which of the following statements is not true?

X and Y entered into a joint venture to underwrite the shares of K Ltd at a commission of 5%. K Ltd made an issue of 1,00,000 equity shares of Rs.10 each. 90% of the issue is subscribed by the public. The profit sharing between X and Y is 2 : 3. The balance unsubscribed shares are purchased by X and Y in profit sharing ratio. How many shares are purchased by Y?

Cost of an asset = Rs.2,00,000 Rate of depreciation = 10% under WDV method Value of the asset at the end of 2nd year will be Rs._______ 

Depletion method of charging depreciation is adopted for which of the following assets?

A purchase return of Rs.2,000 has been wrongly debited to Sales Returns A/c. Due to this error, in the trial balance________.

Stamp duty for the purchase of a property is debited to Legal Expenses A/c. This is an error of_______.

In the course of locating the reason for the difference in the trial balance, it has been found that an amount received from a customer has been debited to his account and a purchase from a supplier has been wrongly entered in the ledger as Rs.17,720 instead of Rs.17,270. These errors may be classified as_