CA-CPT Question Paper June - 2014(Session 1) - CA Foundation MCQ

Cash Book O.D. Balance Rs. 2,000. It was found that cheques of Rs. 100, Rs. 150, Rs. 175 which are issued but not presented till the date and the cheque of Rs. 600 deposited but have not been cleared, then O.D. Balance as per pass book is :

Bank Balance O.D. as per pass book Rs. 26,500. Calculate balance as per cash book is

1) Cheques deposited for Rs. 4700 but not collected

2) Cheques issued for Rs. 11,000 but not presented

3) Bill discounted and dishonoured Rs. 4000, and Bank paid noting charges Rs. 200

Agreement of Trial balance is not a ___ proof of accuracy

Capital- Rs. 2,00,000    Interest paid- Rs. 2310

Debtors- Rs. 15,200  Discount allowed- Rs. 820

Creditors-Rs.12,960 Discount received-Rs. 1030

Purchases- Rs. 92,670  Rent - Rs. 14,670

Sales- Rs. 1,16,850  Loan - Rs. 12,060

Opening stock – Rs. 56,000

Sales returns – Rs. 27,430

Debit Total of Trial Balance  will be

From the following information find the amount to be debited to P & L A/c for the period ending 31-03-2014. Provision for doubtful debts - Rs. 800 (on 01-04-2013)

Debtors on 31-03-2014 - Rs. 40,000

Bad debts - Rs. 2,000

Bad debts to be written off and provision for doubtful debts is to be created @ 5% on debtors

Opening Stock Rs.30,000, Cost of goods available for sale Rs. 1,60,000, Sales were Rs. 1,60,000. Gross profit on sales is 30% Calculate closing stock.

By products are generally valued at __ when the cost of by products is not directly traceable.

The purpose of Accommodation bill

A draws a bill for Rs. 20,000 on ‘B’. ‘B’ Accepts for 2 months. After 1 month ‘B’ paid the bill amount @9%. Journal entry in the Books of ‘B’ will be

Promissory note features

1) Must be stamped

2) Payee must sign

3) Conditional undertaking

4) Certain amount

5) Not transferable to bearer

In the absence of agreement, the loss of goods in consignee godown is borne by

Goods sent on consignment for Rs.50,000. During transit 1/10^th of goods were destroyed by fire. Again 1/9^th of goods received by consignee were destroyed by fire in godown.  Half of the remaining goods were sold for Rs.30,000. Freight & insurance paid by consignor Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.

Yogam consigned cost of goods of Rs. 1,00,000 at an invoice price of 20% above cost. Consignee is entitled to 5% commission on sales up to Invoice price, 20% on sales which exceeds invoice price, 2% delcredre commission on credit sales. He sold 25% of goods for cash for Rs. 40,000 and 50% of goods on credit for Rs. 70,000, 10% of goods taken by consignee. Calculate commission?

In case of Joint Venture business, method of Accounting to be followed and decided by

In case of purchase of machinery in joint venture through joint bank A/c, while separate set of books is maintained. Which of the following is the correct entry.

‘A’ and ‘B’ enter into a joint venture business ‘A’ purchased goods worth Rs. 30,000 and ‘B’ sold for Rs. 40,000. ‘A’ is entitled to 1% commission on purchases and ‘B’ is entitled to 5% commission on sales. The profit on venture to be shared by A & B is (The profit sharing ratio is 2:1)

Rohan Ltd is in the business of extracting coal from mines. It should charge depreciation as per _____ method.

Cost of machine is Rs.1,00,000 Scrap value Rs. 10,000 and life is 4 years. What will be the amount of depreciation in 3rd year according to sum of years digits method

A Trader followed WDV method of depreciation, the book value of Asset after 4 years is 24% of original cost. Find rate of depreciation.

Loss on sale of machinery is credited to __ account.

A machine purchased for Rs. 2,50,000 on 1.1.2010. It can produce 30,000 units during its useful life, its estimated scrap value is Rs. 10,000. The pattern of production over the next 4 years is as follows 2010 – 6250 units, 2011-2275 units, 2012-12,000 units, 2013-3452 units, the WDV of the machine after 3rd year will be

After rectification of the following errors, effect on Net profit will be

i) A cheque dishonoured Rs.3,100 debited to discount A/c

ii) Sales book (undercast) short by Rs.23,000

iii) A customer returned goods of value of Rs.1,200, included in stock but not recorded  

The following are the errors committed while the entries are posted in ledger.

1) Errors of Principle

2) Errors of commission.

3) Errors of Partial omission

4) Errors of complete omission.

InCase of insufficient profits i.e., profits less than interest on capital then the profits are distributed in :

The assets which were earlier revalued upward and now revalued downward, to the extent of earlier upward revaluation amount should be.

The sales income (Credit and Cash) of a business during a given period is called

At the time of admission the unrecorded investments Rs. 30,000 should be treated, the adjustment entry will be