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


100 Questions MCQ Test CA CPT - Mock Test Series and Previous Year Question Papers | CA-CPT Question Paper June - 2014(Session 1)


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This mock test of CA-CPT Question Paper June - 2014(Session 1) for CA CPT helps you for every CA CPT entrance exam. This contains 100 Multiple Choice Questions for CA CPT CA-CPT Question Paper June - 2014(Session 1) (mcq) to study with solutions a complete question bank. The solved questions answers in this CA-CPT Question Paper June - 2014(Session 1) quiz give you a good mix of easy questions and tough questions. CA CPT students definitely take this CA-CPT Question Paper June - 2014(Session 1) exercise for a better result in the exam. You can find other CA-CPT Question Paper June - 2014(Session 1) extra questions, long questions & short questions for CA CPT on EduRev as well by searching above.
QUESTION: 1

Which of the following is wrong?

Solution:
QUESTION: 2

In Journal Entries which pertain to outstanding entries, prepaid entries, depreciation entries are called

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QUESTION: 3

In a three column cash book the discount columns are

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QUESTION: 4

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 :

Solution:
QUESTION: 5

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

Solution:
QUESTION: 6

Agreement of Trial balance is not a ___ proof of accuracy

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QUESTION: 7

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

Solution:
QUESTION: 8

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

Solution:
QUESTION: 9

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.

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QUESTION: 10

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

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QUESTION: 11

The purpose of Accommodation bill

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QUESTION: 12

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

Solution:
QUESTION: 13

Promissory note features

1) Must be stamped

2) Payee must sign

3) Conditional undertaking

4) Certain amount

5) Not transferable to bearer

Solution:
QUESTION: 14

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

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QUESTION: 15

Goods sent on consignment for Rs.50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th 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.

Solution:
QUESTION: 16

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?

Solution:
QUESTION: 17

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

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QUESTION: 18

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.

Solution:
QUESTION: 19

‘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)

Solution:
QUESTION: 20

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

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QUESTION: 21

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

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QUESTION: 22

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

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QUESTION: 23

Loss on sale of machinery is credited to __ account.

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QUESTION: 24

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

Solution:
QUESTION: 25

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  

Solution:
QUESTION: 26

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.

Solution:
QUESTION: 27

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

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QUESTION: 28

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

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QUESTION: 29

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

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QUESTION: 30

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

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QUESTION: 31

Kapur and sharma are partners in partnership firm. Calculate the interest on drawings of kapur and sharma @ 10% p.a. for the year ending on 31st December 2013. Kapur withdrew Rs. 2,000/- per month in the beginning where as sharma withdrew same amount at the end of every month

Solution:
QUESTION: 32

Neeraj & Gopi are partners with Rs.5,00,000 capital each. They admitted champak for 1/4th share with Rs.8,00,000 capital. The P & L A/c credit balance is Rs.4,00,000. Find the amount of hidden goodwill

Solution:
QUESTION: 33

Angola & Bangola sharing profits 2 : 3, Mangola joined the firm. Angola gave 1/3rd of his share, Bangola gave 1/4th of his share. what is new profit sharing ratio?

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QUESTION: 34

When goodwill is withdrawn by the partners ___ account is credited.

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QUESTION: 35

A & B are in partnership sharing profits & losses in the proportion of 3:1 respectively. On 1-4-2013, they admitted ‘c’ into partnership on the following terms.

i) ‘C’ is to purchase 1/3rd of the goodwill for Rs.2000/- by paying cash

ii) future profits & losses are to be shared by A, B & C equally

 Set out the entry to the above arrangement in the firm journal

Solution:
QUESTION: 36

The maximum number of partners is mentioned in

Solution:
QUESTION: 37

As per companies Act 1956 application money more than___ % of nominal value of the share and as per SEBI guidelines application money atleast __ % of issue price

Solution:
QUESTION: 38

MAR Ltd forfeited 300 shares of Rs. 10/- each fully called up for non payment of final call money of Rs.4/- per share. These shares are subsequently reissued for Rs.12 per share as fully paid up. What amount should be transferred to capital reserve account.

Solution:
QUESTION: 39

A company has a subscribed capital of Rs. 80,00,000 in shares of Rs. 100 each. There are no calls in arrears till the final call. The payment on final call was received for 77,500 shares. The amount of calls in arrears Rs. 67,500. Then the amount of final call is

Solution:
QUESTION: 40

Zebra Ltd invites applications for 50,000 shares for which 2/- per share is payable on application. Applications received for 80,000 shares and 70,000 shares are allotted on prorata basis. How much application money will be adjusted to allotment, when Mr.Lion who has allotted 200 shares.

Solution:
QUESTION: 41

Ajay Ltd decides to redeem 10,000 preference shares of Rs. 10/- each at 10% premium. Balance in P & L A/c is Rs. 65,000 and securities premium A/c is Rs. 5,000. You are required to calculate the minimum number of equity shares at the rate of Rs. 10/- each at 20% discount

Solution:
QUESTION: 42

Unless otherwise stated preference shares always deemed to

Solution:
QUESTION: 43

When the debentures are issued as collateral security for a loan then such debenture holders are entitled to

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QUESTION: 44

Which method is exception to non-historical cost methods

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QUESTION: 45

Cost of physical inventory on 15-04-2014 was Rs.3,00,000. Sales amounting to Rs.1,00,000 and purchases worth Rs.50,000 were made between 31-03-2014 to 15-4-2014. Goods are sold at 20% profit on sales. Value of Inventory as on 31-3-2014 is

Solution:
QUESTION: 46

Average stock Rs. 14,000, closing stock is Rs. 3,000 more than the opening stock, then closing stock is ___

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QUESTION: 47

Which method of valuation is adopted in above table 

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QUESTION: 48

Closing stock from above adopted method is

Solution:
QUESTION: 49

When goods sent on approval, buyer become owner of goods when

Solution:
QUESTION: 50

‘A’ sent some goods costing Rs.3500 at a profit of 25% on sale to ‘B’ on sale or return basis. ‘B’ returned goods costing Rs. 800. At the end of accounting period on 31st December 2011 the remaining goods were neither returned nor approved by him. Closing stock on approval basis to be shown in the balance sheet will be

Solution:
QUESTION: 51

In Income measurement & recognisation of assets & liabilities which of the following concepts goes together?

Solution:
QUESTION: 52

____ is root cause for financial accounting?

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QUESTION: 53

Gyan received Rs.5,000 in advance but he credited to sale account. Which of the following concept he did not follow?

Solution:
QUESTION: 54

Change in Accounting estimate means :

Solution:
QUESTION: 55

Interpretation means

Solution:
QUESTION: 56

A trader purchased goods for Rs. 25,00,000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs.5,00,000. But the trader recorded in his books for Rs.7,50,000. Which of the following concept is violated.

Solution:
QUESTION: 57

Matching the following :

a) As 26  i) Impairment of assets

b) As 10  ii) Discontinued operations

c) As 28  iii) Intangible assets

d) As 24  iv) Accounting for fixed assets

Solution:
QUESTION: 58

A building worth Rs.35 lakhs was purchased and it was dismantled with Rs.1 lakh and it was decided to build as shopping mall. The cost of construction of building was Rs.50,00,000 and other expenses of Rs.50,000. The amount of capital expenditure is

Solution:
QUESTION: 59

Which of the following is not a difference between provision & contingent liability

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QUESTION: 60

The value of an asset after reducing depreciation from the historical cost is known as

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QUESTION: 61

A Void Contract is ___

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QUESTION: 62

Which of the following is not correct?

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QUESTION: 63

Original offer is rejected when there is ___

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QUESTION: 64

A person advertised in newspaper to sell his old car. Then the offer is ____

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QUESTION: 65

Which of the following is true?

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QUESTION: 66

If in a Contract both legal and illegal part exists, the legal part is separable from illegal part, then the legal part is ____

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QUESTION: 67

A promise to pay time barred debt must be _

Solution:
QUESTION: 68

Maheswari promises to give Raman 1kg of opium if he destroys property of Nikhil. In this case ____

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QUESTION: 69

For the necessaries supplied to a minor, the amount can be recovered from___

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QUESTION: 70

Which of the following statements is not correct?

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QUESTION: 71

A told B that he gives Rs. 500 if it rains and B told to give like amount if it does not rain. The agreement is ___

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QUESTION: 72

Quasi Contractual liabilities lead to ____

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QUESTION: 73

A person finds goods belonging to another person in a public place. In such a case, the finder ___

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QUESTION: 74

Amar promises to paint a picture for Rambabu. Here, the promise must be performed by Amar himself, because

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QUESTION: 75

If no time is specified for performance of a Contract, it must be performed with in a reasonable time. “ Reasonable time” means __

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QUESTION: 76

If the time is the essence  of Contract and it is not performed with in specified time, then___

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QUESTION: 77

Ram, Lal and Shyam  jointly promise to pay Mohan Rs. 30,000. Shyam paid the whole amount to Mohan. If Ram and Lal are solvent, Sham can recover___

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QUESTION: 78

In case of reciprocal promises, which is not applicable?

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QUESTION: 79

Novation means

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QUESTION: 80

In case of Anticipatory breach of Contract, remedies to the aggrieved party are ___

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QUESTION: 81

Which of the following is incorrect?

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QUESTION: 82

The compulsory dissolution of a firm will arise in case of ___

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QUESTION: 83

When a new partner is admitted into the firm, the consent should be obtained by ____

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QUESTION: 84

When there are no sufficient profits to provide interest on capital, then profits are to be shared in ___

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QUESTION: 85

Which of the following is not effected due to Non-registration of a firm?

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QUESTION: 86

Which of the following is not applicable in relation to an agreement by minor?

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QUESTION: 87

The partner can be expelled by ___

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QUESTION: 88

Which of the following is beyond the implied authority of the partner?

Solution:
QUESTION: 89

Sharing of profits is not____ evidence

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QUESTION: 90

On which of the following grounds, court may dissolve a firm at the suit of a partner?

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QUESTION: 91

When a partnership is not registered, a partnership firm is ____

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QUESTION: 92

Partnership arises by the way of ____

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QUESTION: 93

Which of the following delivery is valid in delivery of goods?

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QUESTION: 94

Which of the following is not an essential element of a Contract of sale?

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QUESTION: 95

In case of sale of specific goods in a deliverable state, the property in goods passes to the buyer when____

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QUESTION: 96

When the seller delivers goods to buyer on sale on approval basis, the property in goods transfer to buyer, when_____

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QUESTION: 97

Which of the following statements is correct in relation to ascertainment of price of goods?

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QUESTION: 98

The doctrine of caveat emptor is applicable where ____

Solution:
QUESTION: 99

Which of the following is not correct in relation to hire purchase?

Solution:
QUESTION: 100

Right of lien is lost for the seller, when _____

Solution:

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