CA Foundation
Rakesh K asked • 1 hour agoValue of physical inventory on 15-04-2016 was Rs.3,00,000. Sales amounting to Rs.1,00,000 and purchases worth Rs.50,000 were held between 31-03-2016 to 15-4-2016. Goods are sold at 20% profit on sales. Value of inventory as on 31-3-2016 is- a)Rs. 3,50,000
- b)Rs. 2,70,000
- c)Rs. 3,00,000
- d)Rs. 3,30,000
Correct answer is option 'D'. Can you explain this answer?
Value of physical inventory on 15-04-2016 was Rs.3,00,000. Sales amounting to Rs.1,00,000 and purchases worth Rs.50,000 were held between 31-03-2016 to 15-4-2016. Goods are sold at 20% profit on sales. Value of inventory as on 31-3-2016 is
a)
Rs. 3,50,000
b)
Rs. 2,70,000
c)
Rs. 3,00,000
d)
Rs. 3,30,000
Riya Verma asked • 3 hours agoAmit Ltd. purchased a machine on 01.01.2003 for Rs. 1,20,000. Installation expenses were Rs. 10,000. Residual value after 5 years Rs. 5,000. On 01.07.2003, expenses for repairs were incurred to the extent of Rs. 2,000. Depreciation is provided under straight line method. Depreciation rate = 10%. Annual Depreciation = _________.- a)13000
- b)17000
- c)21000
- d)25000
Correct answer is option 'A'. Can you explain this answer?
Amit Ltd. purchased a machine on 01.01.2003 for Rs. 1,20,000. Installation expenses were Rs. 10,000. Residual value after 5 years Rs. 5,000. On 01.07.2003, expenses for repairs were incurred to the extent of Rs. 2,000. Depreciation is provided under straight line method. Depreciation rate = 10%. Annual Depreciation = _________.
a)
13000
b)
17000
c)
21000
d)
25000
Sakshi Shah Sks asked • 5 hours agoEight guests have to be seated 4 on each side of a long rectangular table.2 particular guests desire to sit on one side of the table and 3 on the other side. The number of ways in which the sitting arrangements can be made is- a)1732
- b)1728
- c)1730
- d)1278
Correct answer is option 'B'. Can you explain this answer?
Eight guests have to be seated 4 on each side of a long rectangular table.2 particular guests desire to sit on one side of the table and 3 on the other side. The number of ways in which the sitting arrangements can be made is
a)
1732
b)
1728
c)
1730
d)
1278
and 4 respectively, what is the variance of x?
Sagar Prajapati asked • 6 hours agoThe function of a government to provide goods that cannot normally be provided by market mechanisms between individual customers and producers, is known as:- a)Distribution function
- b)Allocation function
- c)Stabilization
- d)Protection
Correct answer is option 'B'. Can you explain this answer?
The function of a government to provide goods that cannot normally be provided by market mechanisms between individual customers and producers, is known as:
a)
Distribution function
b)
Allocation function
c)
Stabilization
d)
Protection
Madan Mahek asked • 7 hours agoA machine was bought at a cost of Rs. 5 lacs on 1.1.02. During its life of 10 years, it will be depreciated on SLM basis. On 31.12.08, the machine was sold for Rs. 50,000. Find out the profit/loss?- a)Loss of Rs. 1,50,000
- b)Loss of 1,00,000
- c)Profit of Rs. 1,00,000
- d)Profit of Rs. 1,50,000
Correct answer is option 'B'. Can you explain this answer?
A machine was bought at a cost of Rs. 5 lacs on 1.1.02. During its life of 10 years, it will be depreciated on SLM basis. On 31.12.08, the machine was sold for Rs. 50,000. Find out the profit/loss?
a)
Loss of Rs. 1,50,000
b)
Loss of 1,00,000
c)
Profit of Rs. 1,00,000
d)
Profit of Rs. 1,50,000
Himanshu Joshi asked • 7 hours agoConsider the following information:
I. Rate of depreciation under the written down method = 20%.
II. Original cost of the asset = Rs. 1,00,000.
III. Residual value of the asset at the end of useful life = Rs. 40,960.
The estimated useful life of the asset, in years, is- a)4 years
- b)5 years
- c)6 years
- d)7 years
Correct answer is option 'A'. Can you explain this answer?
Consider the following information:
I. Rate of depreciation under the written down method = 20%.
II. Original cost of the asset = Rs. 1,00,000.
III. Residual value of the asset at the end of useful life = Rs. 40,960.
The estimated useful life of the asset, in years, is
I. Rate of depreciation under the written down method = 20%.
II. Original cost of the asset = Rs. 1,00,000.
III. Residual value of the asset at the end of useful life = Rs. 40,960.
The estimated useful life of the asset, in years, is
a)
4 years
b)
5 years
c)
6 years
d)
7 years
Poojan Jain asked • 7 hours ago Glass, Cutlery etc.: Balance on 01.01.2004 is Rs. 28,000. Glass, Cutlery, etc. purchased during the year Rs. 16,000. Depreciation is to be charged on the above assets as follows- 1/5th of their values is to be written off in the year of purchase and 2/5th in each of the next 2 years. Of the stock of Glass, Cutlery, etc. as on 01.01.2004, ½ was one year old and ½ was 2 years old. Purchases are made on 1st January. Closing Balance in Glass, Cutlery A/c = _________.- a)Rs. 18,000
- b)Rs. 18,500
- c)Rs. 19,800
- d)Rs. 20,400
Correct answer is option 'C'. Can you explain this answer?
Glass, Cutlery etc.: Balance on 01.01.2004 is Rs. 28,000. Glass, Cutlery, etc. purchased during the year Rs. 16,000. Depreciation is to be charged on the above assets as follows- 1/5th of their values is to be written off in the year of purchase and 2/5th in each of the next 2 years. Of the stock of Glass, Cutlery, etc. as on 01.01.2004, ½ was one year old and ½ was 2 years old. Purchases are made on 1st January. Closing Balance in Glass, Cutlery A/c = _________.
a)
Rs. 18,000
b)
Rs. 18,500
c)
Rs. 19,800
d)
Rs. 20,400
Jeevanandham Cc asked • 7 hours ago In the year 2004-2005, C Ltd. purchased a new machine and made the following payments in relation to it:
If depreciation is provided @ 10%p.a. WDV, depreciation for 3rd year is- a)Rs. 43,740
- b)Rs. 44,145
- c)Rs. 38,070
- d)Rs.44,550
Correct answer is 'A'. Can you explain this answer?
In the year 2004-2005, C Ltd. purchased a new machine and made the following payments in relation to it:
If depreciation is provided @ 10%p.a. WDV, depreciation for 3rd year is
a)
Rs. 43,740
b)
Rs. 44,145
c)
Rs. 38,070
d)
Rs.44,550
Ajeet Kumar asked • 7 hours agoWhich of these types of errors are not detected during Bank Reconciliation’ :- a)Cash embezzlement by cashier
- b)Cheques deposited but not credited by bank
- c)Casting mistakes in bank column of cash book
- d)Interest or commission charged by the bank not accounted in cash book
Correct answer is option 'A'. Can you explain this answer?
Which of these types of errors are not detected during Bank Reconciliation’ :
a)
Cash embezzlement by cashier
b)
Cheques deposited but not credited by bank
c)
Casting mistakes in bank column of cash book
d)
Interest or commission charged by the bank not accounted in cash book
Pvs Chaitanya asked • 7 hours agoC of Chennai sent goods costing Rs.6,00,000 to Delhi. These goods were to be sold at cost plus 33 1/3%. The consignee sent advance to consigner as a % of sales value and A sent accordingly Rs.4,80,000. What is the percentage of such advance on sales value?- a)75%
- b)50%
- c)60%
- d)25%
Correct answer is option 'C'. Can you explain this answer?
C of Chennai sent goods costing Rs.6,00,000 to Delhi. These goods were to be sold at cost plus 33 1/3%. The consignee sent advance to consigner as a % of sales value and A sent accordingly Rs.4,80,000. What is the percentage of such advance on sales value?
a)
75%
b)
50%
c)
60%
d)
25%
Ranjeet Singh asked • 7 hours agoIn the year 2004- 2005, C Ltd. purchased a new machine and made the following payments in relation to it: 
Q.If depreciation is provided @ 10% p.a. SLM, depreciation for 3rd year is- a)Rs.54,000
- b)Rs.54,500
- c)Rs.47,000
- d)Rs.55,000
Correct answer is option 'A'. Can you explain this answer?
In the year 2004- 2005, C Ltd. purchased a new machine and made the following payments in relation to it:
Q.If depreciation is provided @ 10% p.a. SLM, depreciation for 3rd year is
a)
Rs.54,000
b)
Rs.54,500
c)
Rs.47,000
d)
Rs.55,000
Debasis Pati asked • 8 hours agoCompany XYZ uses the straight line method of depreciation for all its fixed assets. On 1 January it bought a machine on hire purchase. The cash price was $150,000 and the interest for the year is ,500. The estimated useful life of the mahine is five years with no residual value. What is the charge for depreciation for the year ended 31 December?- a)$15,500
- b)$26,900
- c)$30,000
- d)$42,550
Correct answer is option 'C'. Can you explain this answer?
Company XYZ uses the straight line method of depreciation for all its fixed assets. On 1 January it bought a machine on hire purchase. The cash price was $150,000 and the interest for the year is ,500. The estimated useful life of the mahine is five years with no residual value. What is the charge for depreciation for the year ended 31 December?
a)
$15,500
b)
$26,900
c)
$30,000
d)
$42,550
Ranjeet Singh asked • 8 hours agoOriginal cost = Rs 1,26,000. Salvage value = 6,000. Depreciation for 2nd year @ Units of Production Method, if units produced in 2nd year was 5,000 and total estimated production 50,000.- a)10,800
- b)11,340
- c)12,600
- d)12,000
Correct answer is option 'D'. Can you explain this answer?
Original cost = Rs 1,26,000. Salvage value = 6,000. Depreciation for 2nd year @ Units of Production Method, if units produced in 2nd year was 5,000 and total estimated production 50,000.
a)
10,800
b)
11,340
c)
12,600
d)
12,000
shivam gupta asked • 8 hours agoX and Y purchase 10,000 bags of cement, which they agree to sell for their joint account.The relation between X and Y is- a)X and Y are partners
- b)X and Y are only joint owners
- c)X and Y are co-ventures
- d)None of the above
Correct answer is option 'A'. Can you explain this answer?
X and Y purchase 10,000 bags of cement, which they agree to sell for their joint account.The relation between X and Y is
a)
X and Y are partners
b)
X and Y are only joint owners
c)
X and Y are co-ventures
d)
None of the above
Chandra Shekar asked • 8 hours agoWhich of the following statements is/are false?I. The term ‘depreciation’, ‘depletion’ and ‘amortization’ convey the same meaning.II. Provision for depreciation a/c is debited when provision for depreciation a/c is created.III. The main purpose of charging the profit and loss a/c with the amount of depreciation is to spread the cost of an asset over its useful life for the purpose of income determination.... more
Which of the following statements is/are false?
I. The term ‘depreciation’, ‘depletion’ and ‘amortization’ convey the same meaning.
II. Provision for depreciation a/c is debited when provision for depreciation a/c is created.
III. The main purpose of charging the profit and loss a/c with the amount of depreciation is to spread the cost of an asset over its useful life for the purpose of income determination.
Ujjwal Bisht asked • 9 hours agoWhich of the following is not disability of an unregistered firm?- a)It cannot file a suit against third parties
- b)Its partners cannot file a suit against a firm.
- c)It cannot claim a set-off exceeding Rs. 100.
- d)It cannot be sued by a third party.
Correct answer is option 'D'. Can you explain this answer?
Which of the following is not disability of an unregistered firm?
a)
It cannot file a suit against third parties
b)
Its partners cannot file a suit against a firm.
c)
It cannot claim a set-off exceeding Rs. 100.
d)
It cannot be sued by a third party.
Muni Kumari asked • 9 hours ago Provision for contingencies are not made in respect of _______ since they do not relate to situation existing at the balance sheet date: - a)Unspecified business risk
- b)Certain business risk
- c)Specified business risk
- d)Uncertain business risk
Correct answer is option 'A'. Can you explain this answer?
Provision for contingencies are not made in respect of _______ since they do not relate to situation existing at the balance sheet date:
a)
Unspecified business risk
b)
Certain business risk
c)
Specified business risk
d)
Uncertain business risk
Ajay S Kaviya asked • 10 hours ago5,000 students were appeared in an examination. The mean of marks was 39.5 with a Standard Deviation 12.5 marks. Assuming the distribution to be normal, find the number of students recorded more than 60% marks.Given: When Z = 1.64, aREA OF NORMAL CURVE = 0.4495- a)1,000
- b)505
- c)252
- d)2,227
Correct answer is option 'C'. Can you explain this answer?
5,000 students were appeared in an examination. The mean of marks was 39.5 with a Standard Deviation 12.5 marks. Assuming the distribution to be normal, find the number of students recorded more than 60% marks.Given: When Z = 1.64, aREA OF NORMAL CURVE = 0.4495
a)
1,000
b)
505
c)
252
d)
2,227
Mansi Behl asked • 10 hours agoGlass, Cutlery etc. : Balance on 01.01.2004 is Rs 28,000. Glass, Cutlery, etc. purchased during the year Rs 16,000. Depreciation is to be charged on the above assets as follows – 1/5th of their values is to be written off in the year of purchase and 2/5th in each of the next 2 years. Of the stock of Glass, Cutlery, etc. as on 01.01.2004, ½ was one year old and ½ was 2 years old. Purchases are made on 1st January. Q.Depreciation for 3rd year = ________.- a)Rs 7,000
- b)Rs 17,500
- c)Rs 20,200
- d)Rs 24,200
Correct answer is option 'D'. Can you explain this answer?
Glass, Cutlery etc. : Balance on 01.01.2004 is Rs 28,000. Glass, Cutlery, etc. purchased during the year Rs 16,000. Depreciation is to be charged on the above assets as follows – 1/5th of their values is to be written off in the year of purchase and 2/5th in each of the next 2 years. Of the stock of Glass, Cutlery, etc. as on 01.01.2004, ½ was one year old and ½ was 2 years old. Purchases are made on 1st January.
Q.Depreciation for 3rd year = ________.
a)
Rs 7,000
b)
Rs 17,500
c)
Rs 20,200
d)
Rs 24,200
Sumerraj Chaudhari asked • 10 hours agoAssertion: Damages paid on account of breach of contract to supply certain goods is a capital expenditure.Reasoning:Such damages are incurred in the ordinary course of business : - a)Both the statements are correct and second is a correct explanation of the first
- b)Both the statements are correct but second is not a correct but second is not a correct explanation of the first
- c)First statement is correct but second is not
- d)First statement is not correct but second is correct
Correct answer is option 'D'. Can you explain this answer?
Assertion: Damages paid on account of breach of contract to supply certain goods is a capital expenditure.
Reasoning:Such damages are incurred in the ordinary course of business :
a)
Both the statements are correct and second is a correct explanation of the first
b)
Both the statements are correct but second is not a correct but second is not a correct explanation of the first
c)
First statement is correct but second is not
d)
First statement is not correct but second is correct
Pratik Nabriya asked • 10 hours ago An amount of Rs. 30,000 spent on traveling expenses of the company’s director’s to a foreign trip for purchase of an asset to be used in the production process. This is a:- a)Capital expenditure
- b)Revenue expenditure
- c)Deferred revenue expenditure
- d)None of the above
Correct answer is option 'A'. Can you explain this answer?
An amount of Rs. 30,000 spent on traveling expenses of the company’s director’s to a foreign trip for purchase of an asset to be used in the production process. This is a:
a)
Capital expenditure
b)
Revenue expenditure
c)
Deferred revenue expenditure
d)
None of the above
Chandini Kumar asked • 11 hours ago Revenue Expenditure wrongly recorded as Capital Expenditure will result in:- a)Overstatement of net profit and understatement of assets
- b)Overstatement of net profit and overstatement of assets
- c)Understatement of net profit and overstatement of assets
- d)Understatement of net profit and understatement of assets
Correct answer is option 'B'. Can you explain this answer?
Revenue Expenditure wrongly recorded as Capital Expenditure will result in:
a)
Overstatement of net profit and understatement of assets
b)
Overstatement of net profit and overstatement of assets
c)
Understatement of net profit and overstatement of assets
d)
Understatement of net profit and understatement of assets
Rishabh Dev Singh asked • 11 hours agoThe C.I on ` 16000 for 1 ½ years at 10% p.a payable half -yearly is?
Rohit Kumar asked • 11 hours agoA 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- a)Rs. 86,00,000
- b)Rs. 86,50,000
- c)Rs. 85,50,000
- d)Rs. 85,00,000
Correct answer is option 'A'. Can you explain this answer?
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
a)
Rs. 86,00,000
b)
Rs. 86,50,000
c)
Rs. 85,50,000
d)
Rs. 85,00,000
Srikanth Peddapally asked • 12 hours agoOn May 01, 2003, Y Ltd. issued 7% 40,000 convertible debentures of Rs. 100 each at a premium of 20%. Interest is payable on September 30 and March 31, every year. Assuming that the interest runs from the date of issue, the amount of interest expenditure debited to profit and loss account for the year ended March 31, 2004 =?- a)Rs. 2,80,000
- b)Rs. 2,33,333
- c)Rs. 3,36,000
- d)Rs. 2,56,667
Correct answer is option 'D'. Can you explain this answer?
On May 01, 2003, Y Ltd. issued 7% 40,000 convertible debentures of Rs. 100 each at a premium of 20%. Interest is payable on September 30 and March 31, every year. Assuming that the interest runs from the date of issue, the amount of interest expenditure debited to profit and loss account for the year ended March 31, 2004 =?
a)
Rs. 2,80,000
b)
Rs. 2,33,333
c)
Rs. 3,36,000
d)
Rs. 2,56,667
Mansi Behl asked • 12 hours agoIf a shareholder does not pay his dues on allotment, for the amount due, there will be a ________.- a)Credit balance in the share allotment account
- b)Debit balance in the share forfeiture account
- c)Credit balance in the share forfeiture account
- d)Debit balance in the share allotment account
Correct answer is option 'D'. Can you explain this answer?
If a shareholder does not pay his dues on allotment, for the amount due, there will be a ________.
a)
Credit balance in the share allotment account
b)
Debit balance in the share forfeiture account
c)
Credit balance in the share forfeiture account
d)
Debit balance in the share allotment account
Ujjwal Bisht asked • 12 hours agoWhen adjusted purchase is shown on the debit column of the trial balance then- a)Both opening stock and closing inventory do not appear in the trial balance
- b)Closing inventory is shown in the trial balance and not the opening inventory
- c)Opening inventory is shown in the trial balance and not the closing inventory
- d)Both opening and closing inventory appear in the trial balance
Correct answer is option 'B'. Can you explain this answer?
When adjusted purchase is shown on the debit column of the trial balance then
a)
Both opening stock and closing inventory do not appear in the trial balance
b)
Closing inventory is shown in the trial balance and not the opening inventory
c)
Opening inventory is shown in the trial balance and not the closing inventory
d)
Both opening and closing inventory appear in the trial balance
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