CA-CPT Question Paper June - 2016 (Session 1) - CA Foundation MCQ

Inventory is valued either at cost or market price whichever is lower, according to the principle of ____

Debentures can be _________.
I. Mortgage Debentures or Simple Debentures
II. Registered Debentures or Bearer Debentures.
III. Redeemable Debentures or Irredeemable Debentures.
IV. Convertible Debentures or Non-convertible Debentures.

Total assets = Rs. 3,06,000

Secured loans = Rs. 1,00,000

Unsecured loans = Rs. 60,000

Contingent Liabilities = Rs. 1,46,000

Capital = ?

Insurance claim received on machinery destroyed by fire is a ____

The income of the banking interest comes from

In Journal & ledger transactions are recorded in ______ order respectively

The minimum application money should be _________ of nominal value as per SEBI guidelines

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

On 05-01-16, Mr. A draws a bill on Mr. B for 30 days after sight. The bill was accepted on 08- 01-16. Then the date of maturity of the bill will be ____

Purchases = Rs. 25,00,000
70% of the goods are sold
Closing inventory is valued at Rs. 5,00,000 instead of at Rs. 7,50,000.
Which concept has been followed?

When Del-credere commission is paid, bad debts will be debited to ____ A/c in the books of consignee

Credit balance of bank pass book will be ___ to the account holder.

P & Q are partners in a firm sharing profits and losses in the ratio of 5 : 3. R is admitted as a new partner for 1/5th share. Then the sacrificing ratio will be ____

A & B are partners in a firm with capitals of Rs.5,00,000 each. C joined as a new partner for 1/4th share in profits with a capital of Rs.8,00,000. The credit balance of Profit & Loss a/c is Rs.4,00,000. Find the value of hidden goodwill.

The subscribed share capital of S Ltd. is Rs.80,00,000 divided into shares of Rs.100 each. There were no calls in arrears till the final call was made. The final call made was paid on 77,500 shares. The calls in arrears amounted to Rs.67,500. The final call per share=?

If repair cost is Rs.30,000, whitewash expenses are Rs.6,000, cost of extension of building is Rs.3,00,000 and cost of improvement in electrical wiring system is Rs.22,800; the amount to be expensed is

Goods sent on consignment = Rs. 2,00,000
Consignor’s expenses = Rs. 5,000
Consignee’s expenses = Rs. 2,000
Cash sales = Rs. 1,00,000
Credit sales = Rs. 1,10,000
Closing Inventory = Rs. 40,000
Ordinary Commission = Rs. 3,000
Del-credere commission = Rs. 2,000
Bad Debts = Rs. 2,000
Find the profit on consignment.

Errors can be detected ____

On March 31, 2015 after sale of goods worth Rs.50,000, he is left with the closing inventory of Rs.20,000. This is

A plant was purchased on 01-04-2010 for Rs.3,50,000. The useful life was estimated to be 5 years and scrap value as Rs.50,000. Calculate the rate of depreciation under Straight line method.

Opening inventory = Rs. 23,200 Cost of goods sold = Rs. 3,22,800 Closing inventory = Rs. 24,000 Purchases =?

Stock worth Rs. 50,000 was destroyed by fire. The claim was fully accepted by the insurance company. The journal entry is

WYE ltd redeemed 1,000, 10% preference shares of Rs.100 each at a premium of Rs.10 per share. The company had a balance of Rs.50,000 in general reserve and Rs.27,000 in Profit & Loss a/c. For the purpose of redemption the company issued 5,000 equity shares of Rs. 10 each at a premium of 20%. The amount to be transferred to Capital Redemption Reserve will be

 Discount received = Rs. 1,000 Provision for discount on creditors = Rs. 1,600 It is desired to make a provision of Rs. 1,100 on creditors. Find out the amount to be transferred to Profit & Loss A/c

Reserve capital means

Debenture interest

Mr. Sobby draws a two months bill of Rs. 50,000 on Mr. Dobby. Dobby accepts it on 01- 02-16. Sobby discounts it on 15-02-16 at 18% per annum. On the due date of bill Dobby became insolvent and 50 paise in a rupee could only be recovered from his estate. Calculate the amount of bad debt