CA-CPT Question Paper December - 2015 (Session 1)

# CA-CPT Question Paper December - 2015 (Session 1)

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## 100 Questions MCQ Test | CA-CPT Question Paper December - 2015 (Session 1)

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CA-CPT Question Paper December - 2015 (Session 1) - Question 1

### On 2-03-2015, 50,000, 10% debentures of Rs.100 each are issued at a discount of 5%. On 10-3-2015, 80,000 , 6% preference shares of Rs.100 each are redeemed at a premium of 10% along with one month dividend. On 22-03- 2015, 40, 000 equity shares of Rs.100 each are issued at a premium of 15%. On 28-02-15, bank balance was Rs.6,34,000. What is the bank balance on 31-03-2015?

CA-CPT Question Paper December - 2015 (Session 1) - Question 2

### P, Q, and R are partners sharing profits and losses in the ratio of 3:2:1. R retired. Future profit sharing ratio is 2:1. There was a joint life policy of Rs.6,00,000 with a surrender value of Rs.80,000. What will be the treatment in the Partner’s Capital A/c’s, if JLP is maintained at surrender value along with reserve?

CA-CPT Question Paper December - 2015 (Session 1) - Question 3

### An investment of Rs.22,000 was not recorded in the books of account. The adjustment entry will be.

CA-CPT Question Paper December - 2015 (Session 1) - Question 4

1,500 boxes costing Rs.10 each were sent on consignment. Rs.12,000 spent on freight. A loss of 10% is unavoidable. Calculate the cost of each box.

CA-CPT Question Paper December - 2015 (Session 1) - Question 5

Which of the following are not the methods of preparing the trial balance?

CA-CPT Question Paper December - 2015 (Session 1) - Question 6

At the time of valuation of goodwill, weighted average price method is followed, if the profits of the firm are ____

CA-CPT Question Paper December - 2015 (Session 1) - Question 7

From the following information calculate the amount received from debtors.

• Opening balance of cash Rs.56,000
• Bills discounted Rs.21,000
• Bills payable honoured Rs.14,000
• Cash purchases Rs.1,26,000
• Other Expenses Rs.1,84,000
• Payment to Creditors Rs.2,32,000
• Cash sales Rs.3,95,000
• Closing balance of cash Rs.47,000

CA-CPT Question Paper December - 2015 (Session 1) - Question 8

Out of the following which is not the external factor of depreciation?

CA-CPT Question Paper December - 2015 (Session 1) - Question 9

Match the following

CA-CPT Question Paper December - 2015 (Session 1) - Question 10

In the balance sheet of a company, capital work in progress is shown under the head __

CA-CPT Question Paper December - 2015 (Session 1) - Question 11

A bill is drawn by X on 06-03-2015, for a period of 30 days after sight. It is accepted on 10-03- 2015. The due date of the bill will be ___

CA-CPT Question Paper December - 2015 (Session 1) - Question 12

Which of the following statements are true about discount columns of cashbook?

CA-CPT Question Paper December - 2015 (Session 1) - Question 13

Securities premium cannot be used for ___

CA-CPT Question Paper December - 2015 (Session 1) - Question 14

Contingent liability is ____

CA-CPT Question Paper December - 2015 (Session 1) - Question 15

Fixed deposit is a ____ A/c according to traditional approach and ____ A/c according to accounting equation approach.

CA-CPT Question Paper December - 2015 (Session 1) - Question 16

_____ A/c shows a debit balance.

CA-CPT Question Paper December - 2015 (Session 1) - Question 17

At the end of the accounting year, the details of three materials X, Y & Z are as follows:

Find out the value of closing inventory

CA-CPT Question Paper December - 2015 (Session 1) - Question 18

The Portion of acquisition cost of an asset yet to be allocated is _____

CA-CPT Question Paper December - 2015 (Session 1) - Question 19

When shares are issued at a price which is more than the par value, the excess price will be credited to ______

CA-CPT Question Paper December - 2015 (Session 1) - Question 20

Decrease in the provision for doubtful debts amounts to ____

CA-CPT Question Paper December - 2015 (Session 1) - Question 21

Receipts of Promissory Notes and Hundies will be recorded in ____ for our convenience

CA-CPT Question Paper December - 2015 (Session 1) - Question 22

Decrease in Bank overdraft balance results in _

CA-CPT Question Paper December - 2015 (Session 1) - Question 23

On 1-3-15 Rohan sent goods costing Rs.60,000 at a profit of 25% on sales to Mohan on Sale or return basis. On 31-3-15 Mohan returned goods costing Rs.18,000. At the end of Financial Year the remaining goods were neither returned nor approved by Mohan. Rohan records the goods sent on approval as normal sale. In the balance sheet, for the goods sent but not yet approved __________.

CA-CPT Question Paper December - 2015 (Session 1) - Question 24

Trade discount is recorded in _____

CA-CPT Question Paper December - 2015 (Session 1) - Question 25

In case of death of a partner, his share in the profits of the firm till the date of his death will be debited to ______ A/c.

CA-CPT Question Paper December - 2015 (Session 1) - Question 26

Lion and Tiger having capitals of Rs.2,00,000 each are sharing profits and losses equally. Leopard joins as an equal partner with a capital of Rs.2,50,000. Goodwill of the firm is valued at Rs.2,10,000. The revaluation profit is Rs.36,000. Find the closing capitals of Lion, Tiger and Leopard

CA-CPT Question Paper December - 2015 (Session 1) - Question 27

The difference between Passbook and Cashbook occurs due to ________

CA-CPT Question Paper December - 2015 (Session 1) - Question 28

The following are the valuation principles except ______

CA-CPT Question Paper December - 2015 (Session 1) - Question 29

From the following particulars calculate the amount of proposed dividend

• Called up share Capital Rs.25,00,000
• Calls in arrears Rs.1,90,000
• Proposed Dividend 20%

CA-CPT Question Paper December - 2015 (Session 1) - Question 30

Ram is a partner. He made drawings as follows:

• July1 – Rs.200
• August 1 – Rs.200
• September – 1 Rs.300
• November 1 – Rs.50
• February 1 – Rs.100

If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:

CA-CPT Question Paper December - 2015 (Session 1) - Question 31

A company issued shares of Rs.50 each at a premium of 10%. The minimum application money as per the Companies Act, 2013 will be

CA-CPT Question Paper December - 2015 (Session 1) - Question 32

From the following particulars calculate the value of closing inventory under adjusted selling price method.

• Sales Rs.3,00,000
• Purchases Rs.2,00,000
• Selling price of closing inventory Rs.1,00,000

CA-CPT Question Paper December - 2015 (Session 1) - Question 33

A bill is drawn for Rs.20,000 for 3 months. It is paid 1 month before the due date at 6% discount. The amount of discount is ______

CA-CPT Question Paper December - 2015 (Session 1) - Question 34

On 1-7-2012 a second hand machinery was purchased for Rs.15,00,000 and an amount of Rs.1,00,000 was spent for its repairs. Depreciation is charged at 15% per annum under WDV method. The machinery was sold on 31-03-2015 for Rs.10,40,000. Calculate the profit or loss on the sale of machinery.

CA-CPT Question Paper December - 2015 (Session 1) - Question 35

The overdraft balance as per the cashbook Mitra is Rs.13,200. A amount of Rs.5,200 was deposited by a customer direct into the account of Mitra. And a cheque of Rs.2,000 deposited by Mitra was bounced. Mitra is unaware of these two transactions. The balance as per passbook will be________

CA-CPT Question Paper December - 2015 (Session 1) - Question 36

A company wants to redeem 1,00,000, 10% preference shares at a premium of 10% by the issue of 10,000 equity shares of Rs.100 each at a premium of 10%. The amount to be transferred to capital redemption reserve will be ______

CA-CPT Question Paper December - 2015 (Session 1) - Question 37

64,000, 12% preference shares of Rs.10 each are to be redeemed at a premium of 5%. Divisible profits available Rs.2,00,000. Face value of fresh equity share to be issued is Rs.80. Calculate the number of fresh equity shares to be issued.

CA-CPT Question Paper December - 2015 (Session 1) - Question 38

The following is a statement showing the financial status of the company at any given time

CA-CPT Question Paper December - 2015 (Session 1) - Question 39

Summarizing means ____

CA-CPT Question Paper December - 2015 (Session 1) - Question 40

Calculate the closing inventory under LIFO method.

CA-CPT Question Paper December - 2015 (Session 1) - Question 41

Which is not the procedural aspect of accounting?

CA-CPT Question Paper December - 2015 (Session 1) - Question 42

The book value of machinery on 01-04-2014 is Rs.1,62,000. Depreciation was charged at 10% per annum under WDV method. On 31-03- 2015 the method of depreciation is changed to straight line method with retrospective effect from 01-04-2012 and the rate being the same.

CA-CPT Question Paper December - 2015 (Session 1) - Question 43

The Profits and Losses for the last three years were 2012 – Rs.2,08,000 (Profit); 2013 – Rs.94,000 (Loss); 2014 – Rs.2,64,000 (Profit) including a profit of Rs.30,000 earned exceptionally from a contract which will not be renewed further. The average capital employed is Rs.4,20,000. Rate of interest on investment is 10%. The remuneration of all the partners is estimated at Rs.5,000 per month. The value of goodwill on the basis of two years purchase of super profits based on average of three years profits will be

CA-CPT Question Paper December - 2015 (Session 1) - Question 44

On 1-03-2015 Kola sold goods to Tola for Rs.1,60,000. Tola accepted a bill for 3 months for this amount. On the due date Tola could pay Rs.40,000 in cash and agreed to pay the balance amount after one month at an interest of 10% per annum. Noting charges incurred Rs.600. How much interest will be charged?

CA-CPT Question Paper December - 2015 (Session 1) - Question 45

Manufacturing wages – Rs.76,000
Purchase of Raw material – Rs.4,47,000

Cost of Manufacturing of finished goods sold is_____

CA-CPT Question Paper December - 2015 (Session 1) - Question 46

__ is not an objective of accounting standards.

CA-CPT Question Paper December - 2015 (Session 1) - Question 47

Calculate the profit for the year ended 31-03- 2015.

CA-CPT Question Paper December - 2015 (Session 1) - Question 48

A, B and C are the partners sharing profits and losses in the ratio of 2: 2:1. They changed the ratio to 3: 4: 5. They had workmen’s compensation fund. How it will be distributed on the change of ratio?

CA-CPT Question Paper December - 2015 (Session 1) - Question 49

Mr. X sent goods to Mr. Y on Consignment basis at invoice price. Mr. Y sold the goods to the customers. One of the customers returned the goods to Mr. Y because of defective quality. Mr. Y returned those goods to Mr. X paying Rs.5,000 for freight. The returned goods are valued at _______

CA-CPT Question Paper December - 2015 (Session 1) - Question 50

Which of the following is not disclosed or recognized in the financial statements?

CA-CPT Question Paper December - 2015 (Session 1) - Question 51

A purchased 1000 kg of rice costing Rs.200 per kg. Paid carriage Rs.2,000 and insurance Rs.3,000. 4/5th of the same were sold by B at Rs. 250 per kg. Remaining Inventories were taken over by B at cost. The value of Inventories taken over by B will be______

CA-CPT Question Paper December - 2015 (Session 1) - Question 52

Due to change in the accounting policy there is no material effect in the current year, but there is effect in the future years. This effect can be reasonably estimated. Then _______

CA-CPT Question Paper December - 2015 (Session 1) - Question 53

E’s Trial Balance contains the following information: Discount received Rs.15,000, Provision for discount on Trade Payables Rs.21,000. It is desired to maintain a provision for discount Trade Payables at Rs.19,600. The amount to be credited to the Profit & Loss Account is:

CA-CPT Question Paper December - 2015 (Session 1) - Question 54

If favourable balance as per cashbook is the starting point, a wrong posting of Rs.5,200 in the deposit column of passbook will be ______ while preparing the B.R.S.

CA-CPT Question Paper December - 2015 (Session 1) - Question 55

When preference shares are redeemed, otherwise than out of the proceeds of a fresh issue, there shall, out of profits which would otherwise have been available for dividend _____ of preference shares will be transferred to Capital Redemption Reserve A/c.

CA-CPT Question Paper December - 2015 (Session 1) - Question 56

Nivya, Nitya and Kavya are partners in a firm sharing profits and losses in the ratio of 1:2:1. Nitya retired from the firm. Nivya and Kavya decided to share future profits and losses in the ratio of 3:1. They want to show the assets and liabilities in the new balance sheet at their old values. Then which account is to be prepared?

CA-CPT Question Paper December - 2015 (Session 1) - Question 57

If the firm pays Income Tax on behalf of partners, such payment of personal income tax
should be treated as

CA-CPT Question Paper December - 2015 (Session 1) - Question 58

Which of the following account will have credit balance?

CA-CPT Question Paper December - 2015 (Session 1) - Question 59

Three column cash book records

CA-CPT Question Paper December - 2015 (Session 1) - Question 60

The book value of the assets as on 1st April, 2011 is Rs. 1,00,000. Depreciation is charged
on the assets @ 10%. On 1st October, 2011, the asset is sold for Rs. 64,000. Profit or
Loss on the sale will be

CA-CPT Question Paper December - 2015 (Session 1) - Question 61

Standing offer means _____

CA-CPT Question Paper December - 2015 (Session 1) - Question 62

In case of illegal agreements collateral agreements are _____

CA-CPT Question Paper December - 2015 (Session 1) - Question 63

Which of the following is true

CA-CPT Question Paper December - 2015 (Session 1) - Question 64

Which is not opposed to public policy?

CA-CPT Question Paper December - 2015 (Session 1) - Question 65

In case of promise to pay time barred debt

CA-CPT Question Paper December - 2015 (Session 1) - Question 66

A agrees to sell his house worth of Rs.10,00,000 to B for Rs.2,00,000 on free will. The contract is _____

CA-CPT Question Paper December - 2015 (Session 1) - Question 67

In case of necessaries supplied to the minor _______ is liable

CA-CPT Question Paper December - 2015 (Session 1) - Question 68

When both the parties are mistaken under a contract, the contract is _____

CA-CPT Question Paper December - 2015 (Session 1) - Question 69

Which of the following is true?

CA-CPT Question Paper December - 2015 (Session 1) - Question 70

A contract to do or not to do something, if some event collateral to such contract, does or does not happen.

CA-CPT Question Paper December - 2015 (Session 1) - Question 71

Which of the following persons can perform the contract

CA-CPT Question Paper December - 2015 (Session 1) - Question 72

A, B, C jointly promised to pay 80,000 to D, C dies. Who should perform the promise.

CA-CPT Question Paper December - 2015 (Session 1) - Question 73

A, B, C borrowed Rs.90,000 from bank. The bank compelled A to pay the whole amount. Which of the following statement is correct?

CA-CPT Question Paper December - 2015 (Session 1) - Question 74

When the time is essence of contract, promisor does not perform his obligation. What is the effect of contract ________

CA-CPT Question Paper December - 2015 (Session 1) - Question 75

Breach by the promisor prior to the date of performance of a contract is _________

CA-CPT Question Paper December - 2015 (Session 1) - Question 76

Pre-probable estimated losses is called ______

CA-CPT Question Paper December - 2015 (Session 1) - Question 77

‘A’ agreed to decorate ‘B’’s house at a lumpsum of Rs.5,00,000. At the end, it was found to be defective and he repaired the defective work. ‘B’ spent Rs.1,00,000. How much ‘B’ should give to ‘A’

CA-CPT Question Paper December - 2015 (Session 1) - Question 78

Payment in proportionate to the work done, it means _____

CA-CPT Question Paper December - 2015 (Session 1) - Question 79

In the absence of agreement, partners are entitled to ______

CA-CPT Question Paper December - 2015 (Session 1) - Question 80

When registrar is satisfied with the information provided, he makes an entry in __

CA-CPT Question Paper December - 2015 (Session 1) - Question 81

When a partner applies for court for the dissolution of the firm?

CA-CPT Question Paper December - 2015 (Session 1) - Question 82

A person who lends his name to the firm but has no interest in the share of profits is called

CA-CPT Question Paper December - 2015 (Session 1) - Question 83

P, Q, R are partners. P retires from the firm without giving notice to the public. Now he is liable to the third party according to ____

CA-CPT Question Paper December - 2015 (Session 1) - Question 84

When a minor attains majority, elects not to become a partner and gives public notice to that effect. Which of the following is correct?

CA-CPT Question Paper December - 2015 (Session 1) - Question 85

Where no provision is made by contract between partner’s for the determination of duration of their partnership, then it is called _

CA-CPT Question Paper December - 2015 (Session 1) - Question 86

According to Indian Partnership Act 1932, subject to contract between partners, the mutual rights of partners are ____

CA-CPT Question Paper December - 2015 (Session 1) - Question 87

Which is beyond the scope of implied authority of a partner?

CA-CPT Question Paper December - 2015 (Session 1) - Question 88

Which of the following statement is true about registration of partnership?

CA-CPT Question Paper December - 2015 (Session 1) - Question 89

Continuing guarantee given to a firm or to third party in respect of the transaction of a firm, when it is revoked?

CA-CPT Question Paper December - 2015 (Session 1) - Question 90

Under the sale of goods Act 1930 if goods sold on brand or patent name there is no _____

CA-CPT Question Paper December - 2015 (Session 1) - Question 91

The right of lien means _____

CA-CPT Question Paper December - 2015 (Session 1) - Question 92

In which of the following cases ownership on goods is transferred to buyer

CA-CPT Question Paper December - 2015 (Session 1) - Question 93

A agrees to buy a car from B with exchange of his old car and remaining in cash. This is a____

CA-CPT Question Paper December - 2015 (Session 1) - Question 94

When the goods are with railway department as a carrier, the seller tries to exercise his right to stoppage of goods in transit. The buyer was also liable to the railway department in the past. Which of the following is correct?

CA-CPT Question Paper December - 2015 (Session 1) - Question 95

If the seller makes a delivery of goods more than the contracted goods, what are the rights of the buyer?

CA-CPT Question Paper December - 2015 (Session 1) - Question 96

When the buyer treats condition as warranty,

CA-CPT Question Paper December - 2015 (Session 1) - Question 97

When the goods are delivered to buyer on sale or return or other similar terms, the property in the goods is transferred to the buyer ______

CA-CPT Question Paper December - 2015 (Session 1) - Question 98

Goods that are identified and agreed upon at the time of contract of sale are called ____

CA-CPT Question Paper December - 2015 (Session 1) - Question 99

When goods are sold by non-owners, buyer can get a good title. Which of the following statements is correct?

CA-CPT Question Paper December - 2015 (Session 1) - Question 100

When the property in the goods is transferred to the buyer?

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