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CA-CPT Question Paper December (Session 1) - 2017


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100 Questions MCQ Test | CA-CPT Question Paper December (Session 1) - 2017

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CA-CPT Question Paper December (Session 1) - 2017 - Question 1

Prepaid Insurance account is a

CA-CPT Question Paper December (Session 1) - 2017 - Question 2

A trader purchased goods for Rs.4,000 at a trade discount of 5%. As he paid the amount immediately, a cash discount of Rs.100 was also allowed. In this case, Purchases A/c is debited by

Detailed Solution for CA-CPT Question Paper December (Session 1) - 2017 - Question 2

Only Trade Discount must be reduced. Hence Purchases to be debited is Rs 4,000 - 5%*4,000 = Rs 3,800

CA-CPT Question Paper December (Session 1) - 2017 - Question 3

Some of the goods purchased for trading are used for the construction of business premises. The account to be credited is___________

CA-CPT Question Paper December (Session 1) - 2017 - Question 4

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

CA-CPT Question Paper December (Session 1) - 2017 - Question 5

Starting with the Debit balance as per Cash Book, cheques deposited but not cleared will be

CA-CPT Question Paper December (Session 1) - 2017 - Question 6

Increase in the value of Assets Rs.1,00,000 Decrease in the value of Liabilities Rs.50,000.Then owner's equity will

CA-CPT Question Paper December (Session 1) - 2017 - Question 7

 Net profit before charging manager's commission is Rs.49,500 and the manager is to be allowed a commission of 10% on the profit after charging such commission. Commission amount will be___

CA-CPT Question Paper December (Session 1) - 2017 - Question 8

Goods costing Rs.8,000 were destroyed by fire. Insurance company accepted a claim of Rs.5,000. The amount to be credited to Purchases / Trading A/c will be___

CA-CPT Question Paper December (Session 1) - 2017 - Question 9

Capital introduced at the beginning by ram rs. 13,000 further capital introduced during the year rs 3,000. Drawings rs 4,000 and closing is rs 20,000. The amount of net pro it will be

CA-CPT Question Paper December (Session 1) - 2017 - Question 10

Rent paid on 1st October, 2016 for the year to 30th September, 2017 was Rs.1,50,000 and rent paid on 1st October, 2017 for the year to 30th September, 2018 was Rs.1,80,000. Rent paid, as shown in the Profit and Loss account for the year ended 31st December 2017, would be:

CA-CPT Question Paper December (Session 1) - 2017 - Question 11

The purpose of accommodation bill is:

Detailed Solution for CA-CPT Question Paper December (Session 1) - 2017 - Question 11

These bills are discounted by the bank and the proceeds are either retained by the drawer or shared by the two-drawer and drawee.

CA-CPT Question Paper December (Session 1) - 2017 - Question 12

On 15.02.17 X draws a bill on Y for 30 days. Y accepted the bill on 18.02.17. The maturity date of the bill will be:

Detailed Solution for CA-CPT Question Paper December (Session 1) - 2017 - Question 12

Since the nature of the bill is not given it is assumed to be a bill drawn at sight. Hence, 30 days will start from 18/2/17. Therefore the due date is 20/3/17 + 3 days = 23/3/17

CA-CPT Question Paper December (Session 1) - 2017 - Question 13

For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will be

CA-CPT Question Paper December (Session 1) - 2017 - Question 14

Ram draws a bill on Rahim for Rs.15,000. The bill was discounted with Bank at Rs.14,900. On the due date the bill was dishonoured and the noting charges amounted to Rs.50. What is the amount to be debited by Bank to Ram's account?

CA-CPT Question Paper December (Session 1) - 2017 - Question 15

 G draws a bill on R. G endorses the bill to S. On the due date the bill is dishonoured. On dishonour, which account is credited in the books of G?

CA-CPT Question Paper December (Session 1) - 2017 - Question 16

600 boxes of goods are consigned at a cost of Rs.250 each. Consignor's expenses amounted A o to Rs.3,000. l/6th of the boxes are still in transit. 3/5th of the boxes received consignee are sold at Rs.300 each. The value goods in transit will be

CA-CPT Question Paper December (Session 1) - 2017 - Question 17

MN of Mumbai sent out goods costing Rs.4,00,000 to QR of Delhi on consignment basis. Consignee is paid an ordinary commission of 2% and a delcredere commission of 3% on sales. The entire goods were sold by consignee for Rs.5,00,000. However, the consignee could recover Rs.4,92,000 from the trade receivables. In the books of consignee, the commission to be transferred to Profit & Loss A/c will be____

CA-CPT Question Paper December (Session 1) - 2017 - Question 18

Mr. Mehta sent 1,000 shirts costing Rs.400 each to Mr. Kehta on consignment basis. Mehta paid Rs.20,000 as expenses. Kehta sold 900 shirts at Rs.500 each. His selling expenses amounted to Rs.15,000. Find the value of closing inventory.  

CA-CPT Question Paper December (Session 1) - 2017 - Question 19

P & Q entered into a joint venture. P purchased 5,000 units of goods at Rs.30 each. Q sold Rs.4,800 units at Rs.50 each. The remaining goods were taken over by Q at a value of Rs.5,000. P is allowed a commission of 2% on purchases and Q is allowed a commission of 1% on sales. Find the share of Q in the profit of joint venture.

CA-CPT Question Paper December (Session 1) - 2017 - Question 20

Mukesh and Vimal entered into a Joint Venture. Mukesh purchased goods for Rs.36,000 and paid Rs.3,900 as expenses. Vimal purchased goods for Rs.17,000 and paid Rs.3,000 as expenses. Entire goods were sold for Rs.65,000. They share profits and losses in the ratio of 2:1. The final remittance to Mukesh will be_______

CA-CPT Question Paper December (Session 1) - 2017 - Question 21

Which of the following expenses is not included in the acquisition cost of a plant and equipment?

CA-CPT Question Paper December (Session 1) - 2017 - Question 22

A machinery was purchased for Rs.6,00,000 on 1.04.2012 and paid Rs.30,000 on its installation. It is estimated that the useful life of the machinery is 10 years and its scrap value is Rs.20,000. The amount of depreciation to be charged for the year ending 31.03.2017 will be____

CA-CPT Question Paper December (Session 1) - 2017 - Question 23

The book value of a machinery on 1.04.16 was Rs.70,000. Depreciation is charged at 10% p.a. under W.D.V Method on 31st March every year. The machine was sold for Rs.60,000 on 1.08.17. Calculate the Profit / Loss on sale of machinery

CA-CPT Question Paper December (Session 1) - 2017 - Question 24

The objectives of providing depreciation on an asset are

CA-CPT Question Paper December (Session 1) - 2017 - Question 25

A machine is purchased for Rs.3,00,000. Its estimated working life is 28,000 hours, the Scrap value is Rs.20,000. Anticipated pattern of working hours are as follows:  

Depreciation for the 8th year is_

CA-CPT Question Paper December (Session 1) - 2017 - Question 26

A sales return of Rs.2,000 has been wrongly  posted to the credit of Purchase Returns account, but has been correctly posted to the customer's account. The effect on the tri balance will be

CA-CPT Question Paper December (Session 1) - 2017 - Question 27

While finalizing the current year's profit, the company realized that there was an error in the valuation of closing inventory of the previous year. In the previous year, closing inventory was valued more by Rs.50,000. As a result.

CA-CPT Question Paper December (Session 1) - 2017 - Question 28

An amount of Rs.500 received from a customer has been debited to his account. This error is classified a s ________ .

CA-CPT Question Paper December (Session 1) - 2017 - Question 29

Under sales on return or approval basis, the ownership of goods is passed only

CA-CPT Question Paper December (Session 1) - 2017 - Question 30

Goods were sent to a customer on Sale or Return basis at cost +30%. The invoice price is Rs.6,500. At the end of the year market value of the goods is 5% less than the cost. Closing inventory is valued at

CA-CPT Question Paper December (Session 1) - 2017 - Question 31

A trader has an opening inventory of Rs.70,000 on 1.1.2016, which consists of a slow moving item costing Rs.10,000 and was written off by 2,000. This item was sold for Rs.9,000 during the year. Barring this transaction, the gross profit on sales for the year 2016-17 remained at 20%.The sales and purchases during the year amounted to Rs.5,09,000 & Rs.3,78,000 respectively. Find the value of closing inventory on 31.03.2017.

CA-CPT Question Paper December (Session 1) - 2017 - Question 32

During a year the sales and purchases of a firm amounted to Rs.4,00,000 and Rs.4,00,000 respectively. Opening inventory was Nil. Closing inventory at selling price was Rs.1,00,000. Find out the cost of closing inventory using Adjusted Selling Price Method.

CA-CPT Question Paper December (Session 1) - 2017 - Question 33

E Ltd, a dealer in second-hand cars has the following four vehicles of different models and makes in their inventory at the end of the financial year 2009-2010.

The value of inventory included in the balance sheet of the company as on March 31, 2010 was:

CA-CPT Question Paper December (Session 1) - 2017 - Question 34

 Guarantees given in respect of third parties will be considered as

CA-CPT Question Paper December (Session 1) - 2017 - Question 35

In the absence of any provision in the partnership agreement, profit and losses are shared

CA-CPT Question Paper December (Session 1) - 2017 - Question 36

R, S and T are partners sharing profits and losses in the proportion of 3:2:1. S retired and the new profit sharing ratio between R and T is 3:1 and the Reserve of Rs.15,000 is divided among the partners in the ratio of_____

CA-CPT Question Paper December (Session 1) - 2017 - Question 37

Calculate the value of goodwill of a firm under Capitalization Method.Capital Employed in the firm Rs.6,00,000 Reasonable Rate of Return 14%
Average Profit Rs.1,12,000

CA-CPT Question Paper December (Session 1) - 2017 - Question 38

At the time of retirement of a partner, firm gets ______ from the insurance company against the Joint Life Policy taken jointly for all the partners,

CA-CPT Question Paper December (Session 1) - 2017 - Question 39

Goodwill brought in by incoming partner in cash for joining in a partnership firm is taken away by the old partners in their____________ratio

CA-CPT Question Paper December (Session 1) - 2017 - Question 40

 Jain and Deepak are partners in a firm with no partnership agreement. The profit for the year was Rs.14,200. Deepak claimed interest @ 12% p.a. on the loan of Rs.70,000 given to the firm. Calculate the share of Jain and Deepak in the profit of the firm.

Detailed Solution for CA-CPT Question Paper December (Session 1) - 2017 - Question 40

Interest to be given to Deepak = 6%*70,000 = Rs 4,200 Balance Profits = Rs 10,000 to be shared equally Hence, Jain will get Rs 5,000
Deepak will get Rs 5,000 + 4,200 = Rs 9,200

CA-CPT Question Paper December (Session 1) - 2017 - Question 41

The part of share capital which can be called up only on the liquidation of a company is called

CA-CPT Question Paper December (Session 1) - 2017 - Question 42

On admission of a partner unrecorded investments worth Rs.5,000 and unrecorded liability towards suppliers for Rs.1,500 will be recorded in

CA-CPT Question Paper December (Session 1) - 2017 - Question 43

 A company issued 30,000 shares of Rs.10 each, payable as Rs.3 on application, Rs.3 on allotment and Rs.4 on call. Applications were received for 50,000 shares. Allotment was made on pro-rata basis. Excess application money was refunded. Mr. X, a holder of 100 shares failed to pay the call money. His shares were forfeited. The above transactions are related to

CA-CPT Question Paper December (Session 1) - 2017 - Question 44

Bajaj ltd . Issued 4,000 shares of Rs.10 each at a premium of 20%, payable as Rs.5 on application, Rs.3 on allotment and Rs.4 n call. Mr.Q, a holder of 100 shares failed to pay the allotment and call money. His shares were forfeited. The amount to be credited to Forfeited Shares A/c will be _____

Detailed Solution for CA-CPT Question Paper December (Session 1) - 2017 - Question 44

Explanation:The answer is 300

share capital ac dr 1000

To share forfeiture ac 300

To share allotment ac300

To share first call ac400

CA-CPT Question Paper December (Session 1) - 2017 - Question 45

A company issued 15,000 shares of Rs.10 each.Called up value per share is Rs.8. A holder of 250 shares paid Rs.2 per share only. On forfeiture of his shares, Share Capital A/c is debited by_____

CA-CPT Question Paper December (Session 1) - 2017 - Question 46

 A company forfeited 100 shares of Rs.10 each, on which Rs.5 per share was already paid up. Out of them 70 shares are reissued at Rs.7 per share as fully paid up. The amount to be transferred to the Capital Reserve A/c will be______

CA-CPT Question Paper December (Session 1) - 2017 - Question 47

 Discount on issue of debentures is a __

CA-CPT Question Paper December (Session 1) - 2017 - Question 48

Preference shares amounting to Rs.3,00,000 are redeemed at a premium of 5%, by issue of equity shares amounting to Rs.2,00,000 at a premium of 3%. The amount to be transferred to Capital Redemption Reserve = ?

CA-CPT Question Paper December (Session 1) - 2017 - Question 49

 LT Ltd. purchased land and building from AB Ltd. for a book value of Rs.22,00,000. The consideration was paid by issue of 12% Debentures of Rs.100 each at a premium of 10%. The Debentures A/C is credited by_____.

CA-CPT Question Paper December (Session 1) - 2017 - Question 50

Which of the followings statements is false?

CA-CPT Question Paper December (Session 1) - 2017 - Question 51

Which of the following is not a fundame accounting assumption?

CA-CPT Question Paper December (Session 1) - 2017 - Question 52

A change in accounting policy is justified

CA-CPT Question Paper December (Session 1) - 2017 - Question 53

Cost of inventory Rs. 1,00,000; Market Value Rs.80,000. If the inventory is valued at Rs.1,00,000, which of the following accounting concepts is violated?

CA-CPT Question Paper December (Session 1) - 2017 - Question 54

Amount paid to a supplier is

CA-CPT Question Paper December (Session 1) - 2017 - Question 55

Economic life of an enterprise is split into some periodic intervals as per__concept.

CA-CPT Question Paper December (Session 1) - 2017 - Question 56

According to _____concept, the same method of accounting is to be followed year after year. 

CA-CPT Question Paper December (Session 1) - 2017 - Question 57

Benefits of Accounting Standards are

CA-CPT Question Paper December (Session 1) - 2017 - Question 58

 Purposes of an accounting system include all the following except

CA-CPT Question Paper December (Session 1) - 2017 - Question 59

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

CA-CPT Question Paper December (Session 1) - 2017 - Question 60

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

CA-CPT Question Paper December (Session 1) - 2017 - Question 61

Right in Rem means.

CA-CPT Question Paper December (Session 1) - 2017 - Question 62

Executory contract is__________ 

CA-CPT Question Paper December (Session 1) - 2017 - Question 63

The offer can be lapsed in case of ___

CA-CPT Question Paper December (Session 1) - 2017 - Question 64

An offer open for acceptance over a period of time is _______

CA-CPT Question Paper December (Session 1) - 2017 - Question 65

A specific proposal is___________

CA-CPT Question Paper December (Session 1) - 2017 - Question 66

A contract formed out of love and affection is valid, if it is___

CA-CPT Question Paper December (Session 1) - 2017 - Question 67

A lunatic person is ________

CA-CPT Question Paper December (Session 1) - 2017 - Question 68

Threat to commit suicide is__

CA-CPT Question Paper December (Session 1) - 2017 - Question 69

Where both the parties to an agreement under a mistake as to a matter of fact, which is essential to the agreement, the agreement is _

CA-CPT Question Paper December (Session 1) - 2017 - Question 70

If a consent of a party is not free, then the contract is_________

CA-CPT Question Paper December (Session 1) - 2017 - Question 71

Mere silence as to facts likely to affect the desire of the party does not amount t o ____

CA-CPT Question Paper December (Session 1) - 2017 - Question 72

 Contingent contract is always_____

CA-CPT Question Paper December (Session 1) - 2017 - Question 73

'A' delivered goods to B's warehouse by mistake. 'B' uses the goods. 'A' asks 'B' for the price of the goods. This is_____

CA-CPT Question Paper December (Session 1) - 2017 - Question 74

The contract is discharged under mutual agreement through_____

CA-CPT Question Paper December (Session 1) - 2017 - Question 75

'X' owes Rs.15, 000 to Y . Y pays Rs. 12,000 in full and final settlement of account. This is___

CA-CPT Question Paper December (Session 1) - 2017 - Question 76

 'X' agrees Y to work from 1-4-17. On 27-3-17, he writes a letter to 'y' that no need to join in work. It is____type of breach.

CA-CPT Question Paper December (Session 1) - 2017 - Question 77

Supervening impossibility is an

CA-CPT Question Paper December (Session 1) - 2017 - Question 78

Which of the following statements is false regarding rescission?

CA-CPT Question Paper December (Session 1) - 2017 - Question 79

Every partner is liable in the firm____

CA-CPT Question Paper December (Session 1) - 2017 - Question 80

Where there is no provision for the duration of partnership, then it is known as_______

CA-CPT Question Paper December (Session 1) - 2017 - Question 81

Sanju and Manju are tailors. Manju takes all the profits and gives wages to Sanju. The relationship between Sanju and Manju is__

CA-CPT Question Paper December (Session 1) - 2017 - Question 82

The partnership will be compulsorily dissolved in case of ____________

CA-CPT Question Paper December (Session 1) - 2017 - Question 83

A minor joined for benefits of partnership has a right to ______

CA-CPT Question Paper December (Session 1) - 2017 - Question 84

In the absence of any agreement, partners will share the profits in ____

CA-CPT Question Paper December (Session 1) - 2017 - Question 85

A, B, C are active partners in the firj retires without giving public notice retirement. 'B' and 'C' carries on the business of the firm, and incurs liability. In this case___

Detailed Solution for CA-CPT Question Paper December (Session 1) - 2017 - Question 85

A retiring partner who was an active partner is liable for all acts of the firm until the date of public notice.

CA-CPT Question Paper December (Session 1) - 2017 - Question 86

The partner of a firm agrees to share profits with an outsider but not the rights of firm. Such outsider is called_______

Detailed Solution for CA-CPT Question Paper December (Session 1) - 2017 - Question 86

Sub-partner: When a partner agrees to share his share of profits in a partnership firm with an outsider, such an outsider is called a sub-partner. Such a sub-partner has no rights against the firm nor he is liable for the debts of the firm. 

CA-CPT Question Paper December (Session 1) - 2017 - Question 87

 In unregistered firm, a partner can sue for ___

CA-CPT Question Paper December (Session 1) - 2017 - Question 88

 Which of the following statements is false?

CA-CPT Question Paper December (Session 1) - 2017 - Question 89

Which of the following is not a mode of delivery?

CA-CPT Question Paper December (Session 1) - 2017 - Question 90

An unpaid seller has rights against

CA-CPT Question Paper December (Session 1) - 2017 - Question 91

Bill of lading is issued by_______

CA-CPT Question Paper December (Session 1) - 2017 - Question 92

Under the sale of goods Act, 1930 property means

CA-CPT Question Paper December (Session 1) - 2017 - Question 93

Breach of Warranty gives rise t o _____

CA-CPT Question Paper December (Session 1) - 2017 - Question 94

It there is a contract for sale of specific goods under deliverable state, the ownership will passes______

CA-CPT Question Paper December (Session 1) - 2017 - Question 95

Risk follows from seller to buyer when _____

CA-CPT Question Paper December (Session 1) - 2017 - Question 96

'P' sold 100 refrigerators to 'Q'. They are kept in the warehouse. The seller (P) told to the warehouse keeper to keep the goods on behalf of 'Q '. This is _________ delivery.

CA-CPT Question Paper December (Session 1) - 2017 - Question 97

When goods are delivered to the buyer on approval or on sale or return basis, the property in the goods transferred to the buyer when ____

CA-CPT Question Paper December (Session 1) - 2017 - Question 98

'P' for sale of a property appoints 'Q' as a mediator with a commission of Rs.20,000. 'Q' found the customer 'R' who paid Rs. 50,000 as an advance to 'Q'. Later 'P' refuses to sell the property. Can 'R' claim advance back from' Q'?

CA-CPT Question Paper December (Session 1) - 2017 - Question 99

Which of the following is not a type of document of title to goods?

CA-CPT Question Paper December (Session 1) - 2017 - Question 100

A sent wheat to B and B sent the same to mill. Here it is said that    

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