CA-CPT Question Paper June - 2013 (Session 1) - CA Foundation MCQ

Proprietor used a rented building both forbusiness purpose and as well as residenceequally. The rent paid during the year for thebuilding was Rs.1,32,000 debited to rentexpenses A/c in the books of business. Onemonth rent is still outstanding. Liability of thebusiness for rent outstanding ___

Which of the following will not affect trial balance?

Which of the following is an event ?

The normal rate of return is 20%. The total capital employed is Rs.6,00,000. The average profit is Rs.1,50,000. Calculate goodwill as the basis of 3 years purchase of super profits.

Which of the following is not a contingentliability?

Opening stock 400 units @ Rs.20 each. Purchases during the year 200 units @Rs.25each. Issues – 250 units In LIFO Method, closing stock will be?

Which of the following concept shows difference between amount of receipt andright to receive an amount?

Balance in JLP A/c of partners is________

Goods sent on sale or return basis at a cost of Rs.1 lakh. In that, 50% of goods were accepted and 30% of the goods were returned. The remaining stock was held with customer and the period not yet expired. Then closing stockwill be ________

Goods costing Rs.5,000 will be distributed as wages for Rs.5,000. Market price is Rs.6,000.Journal entry is _______

The long term assets that have no physical existence but are rights that have value is known as

Which of the following is true?

Proprietor’s personal expenditure notrecorded in the books of accounts due to_____

The debenture amount Rs.2,000 issued as collecteral security required the following Journal entry

Which of the following is false with respect to debentures?

Which of the following are not taken into consideration while calculating closing stock

Cost of machinery Rs.60,000. They charged depreciation @ 20% on SLM method. In 2nd year they decided to change method and adopt WDV method @ 20%. If machine was sold for Rs.30,000 at the end of 3rd year. Calculate the amount of loss.

A company issued 10,000 shares out of 14,000 applied. Mr. A got 300 shares on pro-rata basis.How many shares he would have applied?

Tree limited forfeited 500 shares of Rs.20 each issued at 5% discount, for non payment of allotment and final call of Rs.9 and Rs.5 respectively. Amount credited to share forfeiture A/c will be

ABC partners, each partner has an individual life policy of Rs.50000 on 31st August, partner ‘B’ died and the surrender value of each policy at death is Rs.2,000. Share of ‘B’ partner is(equal sharing)

Rohan & Sohan are partners in a firm sharing profits & losses in the ratio of 3 : 1. A partner Mohan is admitted and he brought Rs.40,000 as goodwill. New profit sharing ratio of all the partners is equal. The amount of goodwill to be shared by old partners is

The directors of E limited made the final call of Rs.50 per share on 1st August 2012 indicating the last date of payment of call money to be 31st August. Mr. White holding 5000 shares paid the call money on October 15th 2012. If the company adopts table ‘A’, the amount of interest on calls-in-arrears to be paid by Mr. White would be _________

The accounting equation asset = capital + liabilities, which of the following is true. Ram has started business with 5,50,000 and has purchased goods worth 1,50,000 on credit

A & B are sharing profits in the ratio 2 : 1 . C is admitted as a partner for 1/4th of the share of profits, 3/4th part of his share from A and 1/4th of his share from the B. The new profit sharing ratio is________

Delcredre commission will be given for ______

What is the principle of nominal A/c?

X purchased goods on 90 days credit from Y of worth Rs.20,000. Y has given a trade discount of Rs.1,000 on the same. He also allowed a cash discount of Rs.500, if payment is made within 30 days. X availed cash discount and also paid the dues of Y. At the end, goods purchased from Y remained unsold and included in the stock. What is the amount of stock.