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Page 1 CA - CPT_June-2016 Question Paper _Session 1_____________________________1 No.1 for CA/CWA & MEC/CEC MASTER MINDS JUNE 2016, CA-CPT QUESTION PAPER (BASED ON MEMORY) MASTER MINDS IS THE BIGGEST CA COACHING INSTITUTION IN SOUTH INDIA WITH MORE THAN 16,000 ADMISSIONS. FOR VIDEO PRESENTATION ON ‘COMPLETE DETAILS ABOUT IPCC COACHING IN MASTER MINDS’ VISIT THE WEBSITE WWW.MASTERMINDSINDIA.COM. FOR IPCC ADMISSIONS CALL: 98851 25025/26 Disclaimer: We have compiled this Question paper, based on the memory of students who have appeared for CPT exam. Questions asked in the examination may have wrong/inadequate information and/or ambiguous language. In that case the answers provided by the institute may differ from these ideal answers. MASTER MINDS IS NOT RESPONSIBLE FOR ANY MISTAKES IN THIS QUESTION PAPER. Every effort has been taken to give best answers. Still if you find some errors please bring them to our notice through e-mail. Visit us @ www.mastermindsindia.com Mail: mssprakash2012@gmail.com Facebook Page: Masterminds For CA Youtube Channel: Masterminds For CA Also send your feedback to this mail id. Download From http://caknowledge.in Page 2 CA - CPT_June-2016 Question Paper _Session 1_____________________________1 No.1 for CA/CWA & MEC/CEC MASTER MINDS JUNE 2016, CA-CPT QUESTION PAPER (BASED ON MEMORY) MASTER MINDS IS THE BIGGEST CA COACHING INSTITUTION IN SOUTH INDIA WITH MORE THAN 16,000 ADMISSIONS. FOR VIDEO PRESENTATION ON ‘COMPLETE DETAILS ABOUT IPCC COACHING IN MASTER MINDS’ VISIT THE WEBSITE WWW.MASTERMINDSINDIA.COM. FOR IPCC ADMISSIONS CALL: 98851 25025/26 Disclaimer: We have compiled this Question paper, based on the memory of students who have appeared for CPT exam. Questions asked in the examination may have wrong/inadequate information and/or ambiguous language. In that case the answers provided by the institute may differ from these ideal answers. MASTER MINDS IS NOT RESPONSIBLE FOR ANY MISTAKES IN THIS QUESTION PAPER. Every effort has been taken to give best answers. Still if you find some errors please bring them to our notice through e-mail. Visit us @ www.mastermindsindia.com Mail: mssprakash2012@gmail.com Facebook Page: Masterminds For CA Youtube Channel: Masterminds For CA Also send your feedback to this mail id. Download From http://caknowledge.in CA - CPT_June-2016 Question Paper _Session 1_____________________________2 Ph: 9885125025/26 www.mastermindsindia.com CA - CPT – JUNE 2016 QUESTION PAPER (BASED ON MEMORY) 1 st Session Marks: 100 Marks Time: 2 hrs. PART A – FUNDAMENTALS OF ACCOUNTING 1. A bill drawn and accepted for mutual help is known as ____ bill a) Accommodation b) Trade c) Ordinary d) Retired 2. Financial position of a business concern is ascertained on the basis of _____ a) Records prepared under book – keeping process b) Trial balance c) Accounting Reports d) None 3. BRS is a part of _____ a) Financial Statements b) Bank Book c) Cash Book d) None 4. Inventory is valued either at cost or market price whichever is lower, according to the principle of ____ a) Conservatism b) Matching c) Accrual d) None 5. 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. a) Both I) and II) above b) Both I) and III) above c) Both II) and III) above d) All of I), II), III) and IV) above. 6. Total assets = Rs. 3,06,000 Secured loans = Rs. 1,00,000 Unsecured loans = Rs. 60,000 Contingent Liabilities = Rs. 1,46,000 Capital = ? a) Rs. 1,00,000 b) Rs. 1,46,000 c) Rs. 60,000 d) Nil 7. Insurance claim received on machinery destroyed by fire is a ____ a) Capital receipt b) Revenue receipt c) Capital expenditure d) Revenue Expenditure 8. Opening inventory = Rs. 4,00,000 Cash sales = Rs. 2,00,000 Total sales = Rs. 17,00,000 Selling price = 125% of purchase price What is the cost of goods sold? a) Rs. 15,60,000 b) Rs. 13,60,000 c) Rs. 15,00,000 d) Rs. 11,00,000 9. In Journal & ledger transactions are recorded in ______ order respectively a) Analytical b) Chronological c) Chronological & Analytical d) Analytical & Chronological 10. According to SEBI guidelines, the minimum share application money is ____ a) 2.5% of nominal value of share b) 2.5% of issue price of share c) 25% of nominal value of share d) 25% of issue price of share 11. A decrease in the provision for doubtful debts would result in _____ a) Increase in liability b) Decrease in liability c) Decrease in net profit d) Increase in net profit 12. 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 ____ a) 08-02-16 b) 09-02-16 c) 10-02-16 d) 11-02-16 13. 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? a) Conservatism b) Cost c) Accrual d) Matching Download From http://caknowledge.in Page 3 CA - CPT_June-2016 Question Paper _Session 1_____________________________1 No.1 for CA/CWA & MEC/CEC MASTER MINDS JUNE 2016, CA-CPT QUESTION PAPER (BASED ON MEMORY) MASTER MINDS IS THE BIGGEST CA COACHING INSTITUTION IN SOUTH INDIA WITH MORE THAN 16,000 ADMISSIONS. FOR VIDEO PRESENTATION ON ‘COMPLETE DETAILS ABOUT IPCC COACHING IN MASTER MINDS’ VISIT THE WEBSITE WWW.MASTERMINDSINDIA.COM. FOR IPCC ADMISSIONS CALL: 98851 25025/26 Disclaimer: We have compiled this Question paper, based on the memory of students who have appeared for CPT exam. Questions asked in the examination may have wrong/inadequate information and/or ambiguous language. In that case the answers provided by the institute may differ from these ideal answers. MASTER MINDS IS NOT RESPONSIBLE FOR ANY MISTAKES IN THIS QUESTION PAPER. Every effort has been taken to give best answers. Still if you find some errors please bring them to our notice through e-mail. Visit us @ www.mastermindsindia.com Mail: mssprakash2012@gmail.com Facebook Page: Masterminds For CA Youtube Channel: Masterminds For CA Also send your feedback to this mail id. Download From http://caknowledge.in CA - CPT_June-2016 Question Paper _Session 1_____________________________2 Ph: 9885125025/26 www.mastermindsindia.com CA - CPT – JUNE 2016 QUESTION PAPER (BASED ON MEMORY) 1 st Session Marks: 100 Marks Time: 2 hrs. PART A – FUNDAMENTALS OF ACCOUNTING 1. A bill drawn and accepted for mutual help is known as ____ bill a) Accommodation b) Trade c) Ordinary d) Retired 2. Financial position of a business concern is ascertained on the basis of _____ a) Records prepared under book – keeping process b) Trial balance c) Accounting Reports d) None 3. BRS is a part of _____ a) Financial Statements b) Bank Book c) Cash Book d) None 4. Inventory is valued either at cost or market price whichever is lower, according to the principle of ____ a) Conservatism b) Matching c) Accrual d) None 5. 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. a) Both I) and II) above b) Both I) and III) above c) Both II) and III) above d) All of I), II), III) and IV) above. 6. Total assets = Rs. 3,06,000 Secured loans = Rs. 1,00,000 Unsecured loans = Rs. 60,000 Contingent Liabilities = Rs. 1,46,000 Capital = ? a) Rs. 1,00,000 b) Rs. 1,46,000 c) Rs. 60,000 d) Nil 7. Insurance claim received on machinery destroyed by fire is a ____ a) Capital receipt b) Revenue receipt c) Capital expenditure d) Revenue Expenditure 8. Opening inventory = Rs. 4,00,000 Cash sales = Rs. 2,00,000 Total sales = Rs. 17,00,000 Selling price = 125% of purchase price What is the cost of goods sold? a) Rs. 15,60,000 b) Rs. 13,60,000 c) Rs. 15,00,000 d) Rs. 11,00,000 9. In Journal & ledger transactions are recorded in ______ order respectively a) Analytical b) Chronological c) Chronological & Analytical d) Analytical & Chronological 10. According to SEBI guidelines, the minimum share application money is ____ a) 2.5% of nominal value of share b) 2.5% of issue price of share c) 25% of nominal value of share d) 25% of issue price of share 11. A decrease in the provision for doubtful debts would result in _____ a) Increase in liability b) Decrease in liability c) Decrease in net profit d) Increase in net profit 12. 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 ____ a) 08-02-16 b) 09-02-16 c) 10-02-16 d) 11-02-16 13. 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? a) Conservatism b) Cost c) Accrual d) Matching Download From http://caknowledge.in CA - CPT_June-2016 Question Paper _Session 1_____________________________3 No.1 for CA/CWA & MEC/CEC MASTER MINDS 14. When Del-credere commission is paid, bad debts will be debited to ____ A/c in the books of consignee a) Commission earned b) Consignor c) Credit receivable d) Consignment 15. Credit balance of bank pass book will be ___ to the account holder. a) An asset b) A liability c) A provision d) None 16. 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 1/5 th share. Then the sacrificing ratio will be ____ a) 4 : 6 b) 1 : 2 c) 5 : 3 d) 1 : 1 17. A & B are partners in a firm with capitals of Rs.5,00,000 each. C joined as a new partner for 1/4 th 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. a) 14,00,000 b) 10,00,000 c) 18,00,000 d) 12,00,000 18. 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=? a) Rs.27 b) Rs.20 c) Rs.25 d) Rs.62.50 19. 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 a) Rs. 3,58,800. b) Rs. 52,800. c) Rs. 36,000. d) Rs. 3,30,000. 20. 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. a) Rs.38,000 b) Rs.36,000 c) Rs.40,000 d) Rs.43,000 21. Errors can be detected ____ a) Before the preparation of Trial Balance b) After the preparation of Trial Balance, but before the preparation of final accounts c) After the preparation of Final accounts (next accounting year) d) All of the above 22. 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) An event b) A transaction c) A transaction as well as an event d) Neither a transaction nor an event 23. 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. a) 17.14% b) 20% c) 15% d) 17.5% 24. Opening inventory = Rs. 23,200 Cost of goods sold = Rs. 3,22,800 Closing inventory = Rs. 24,000 Purchases =? a) Rs. 3,22,000 b) Rs. 2,99,600 c) Rs. 2,98,800 d) Rs. 3,23,600 25. Stock worth Rs. 50,000 was destroyed by fire. The claim was fully accepted by the insurance company. The journal entry is a) Stock A/c Dr. 50,000 To Trading A/c 50,000 b) P & L A/c Dr. 50,000 To Trading A/c 50,000 c) Trading A/c Dr. 50,000 To Insurance claim A/c 50,000 d) Insurance claim A/c Dr. 50,000 To Trading A/c 50,000 26. 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 a) Rs. 50,000 b) Rs. 1,00,000 c) Rs. 60,000 d) Rs. 77,000 Download From http://caknowledge.in Page 4 CA - CPT_June-2016 Question Paper _Session 1_____________________________1 No.1 for CA/CWA & MEC/CEC MASTER MINDS JUNE 2016, CA-CPT QUESTION PAPER (BASED ON MEMORY) MASTER MINDS IS THE BIGGEST CA COACHING INSTITUTION IN SOUTH INDIA WITH MORE THAN 16,000 ADMISSIONS. FOR VIDEO PRESENTATION ON ‘COMPLETE DETAILS ABOUT IPCC COACHING IN MASTER MINDS’ VISIT THE WEBSITE WWW.MASTERMINDSINDIA.COM. FOR IPCC ADMISSIONS CALL: 98851 25025/26 Disclaimer: We have compiled this Question paper, based on the memory of students who have appeared for CPT exam. Questions asked in the examination may have wrong/inadequate information and/or ambiguous language. In that case the answers provided by the institute may differ from these ideal answers. MASTER MINDS IS NOT RESPONSIBLE FOR ANY MISTAKES IN THIS QUESTION PAPER. Every effort has been taken to give best answers. Still if you find some errors please bring them to our notice through e-mail. Visit us @ www.mastermindsindia.com Mail: mssprakash2012@gmail.com Facebook Page: Masterminds For CA Youtube Channel: Masterminds For CA Also send your feedback to this mail id. Download From http://caknowledge.in CA - CPT_June-2016 Question Paper _Session 1_____________________________2 Ph: 9885125025/26 www.mastermindsindia.com CA - CPT – JUNE 2016 QUESTION PAPER (BASED ON MEMORY) 1 st Session Marks: 100 Marks Time: 2 hrs. PART A – FUNDAMENTALS OF ACCOUNTING 1. A bill drawn and accepted for mutual help is known as ____ bill a) Accommodation b) Trade c) Ordinary d) Retired 2. Financial position of a business concern is ascertained on the basis of _____ a) Records prepared under book – keeping process b) Trial balance c) Accounting Reports d) None 3. BRS is a part of _____ a) Financial Statements b) Bank Book c) Cash Book d) None 4. Inventory is valued either at cost or market price whichever is lower, according to the principle of ____ a) Conservatism b) Matching c) Accrual d) None 5. 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. a) Both I) and II) above b) Both I) and III) above c) Both II) and III) above d) All of I), II), III) and IV) above. 6. Total assets = Rs. 3,06,000 Secured loans = Rs. 1,00,000 Unsecured loans = Rs. 60,000 Contingent Liabilities = Rs. 1,46,000 Capital = ? a) Rs. 1,00,000 b) Rs. 1,46,000 c) Rs. 60,000 d) Nil 7. Insurance claim received on machinery destroyed by fire is a ____ a) Capital receipt b) Revenue receipt c) Capital expenditure d) Revenue Expenditure 8. Opening inventory = Rs. 4,00,000 Cash sales = Rs. 2,00,000 Total sales = Rs. 17,00,000 Selling price = 125% of purchase price What is the cost of goods sold? a) Rs. 15,60,000 b) Rs. 13,60,000 c) Rs. 15,00,000 d) Rs. 11,00,000 9. In Journal & ledger transactions are recorded in ______ order respectively a) Analytical b) Chronological c) Chronological & Analytical d) Analytical & Chronological 10. According to SEBI guidelines, the minimum share application money is ____ a) 2.5% of nominal value of share b) 2.5% of issue price of share c) 25% of nominal value of share d) 25% of issue price of share 11. A decrease in the provision for doubtful debts would result in _____ a) Increase in liability b) Decrease in liability c) Decrease in net profit d) Increase in net profit 12. 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 ____ a) 08-02-16 b) 09-02-16 c) 10-02-16 d) 11-02-16 13. 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? a) Conservatism b) Cost c) Accrual d) Matching Download From http://caknowledge.in CA - CPT_June-2016 Question Paper _Session 1_____________________________3 No.1 for CA/CWA & MEC/CEC MASTER MINDS 14. When Del-credere commission is paid, bad debts will be debited to ____ A/c in the books of consignee a) Commission earned b) Consignor c) Credit receivable d) Consignment 15. Credit balance of bank pass book will be ___ to the account holder. a) An asset b) A liability c) A provision d) None 16. 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 1/5 th share. Then the sacrificing ratio will be ____ a) 4 : 6 b) 1 : 2 c) 5 : 3 d) 1 : 1 17. A & B are partners in a firm with capitals of Rs.5,00,000 each. C joined as a new partner for 1/4 th 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. a) 14,00,000 b) 10,00,000 c) 18,00,000 d) 12,00,000 18. 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=? a) Rs.27 b) Rs.20 c) Rs.25 d) Rs.62.50 19. 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 a) Rs. 3,58,800. b) Rs. 52,800. c) Rs. 36,000. d) Rs. 3,30,000. 20. 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. a) Rs.38,000 b) Rs.36,000 c) Rs.40,000 d) Rs.43,000 21. Errors can be detected ____ a) Before the preparation of Trial Balance b) After the preparation of Trial Balance, but before the preparation of final accounts c) After the preparation of Final accounts (next accounting year) d) All of the above 22. 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) An event b) A transaction c) A transaction as well as an event d) Neither a transaction nor an event 23. 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. a) 17.14% b) 20% c) 15% d) 17.5% 24. Opening inventory = Rs. 23,200 Cost of goods sold = Rs. 3,22,800 Closing inventory = Rs. 24,000 Purchases =? a) Rs. 3,22,000 b) Rs. 2,99,600 c) Rs. 2,98,800 d) Rs. 3,23,600 25. Stock worth Rs. 50,000 was destroyed by fire. The claim was fully accepted by the insurance company. The journal entry is a) Stock A/c Dr. 50,000 To Trading A/c 50,000 b) P & L A/c Dr. 50,000 To Trading A/c 50,000 c) Trading A/c Dr. 50,000 To Insurance claim A/c 50,000 d) Insurance claim A/c Dr. 50,000 To Trading A/c 50,000 26. 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 a) Rs. 50,000 b) Rs. 1,00,000 c) Rs. 60,000 d) Rs. 77,000 Download From http://caknowledge.in CA - CPT_June-2016 Question Paper _Session 1_____________________________4 Ph: 9885125025/26 www.mastermindsindia.com 27. 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 a) Rs. 500 b) Rs. 3,500 c) Rs. 1,000 d) Rs. 1,500 28. Reserve capital means a) The part of subscribed uncalled capital which will be called up at the time of liquidation only b) Accumulated Profits c) The part of Capital Reserve d) The part of Capital Redemption Reserve 29. Debenture interest a) Is payable only in case of profits b) Accumulates in case of losses or inadequate profits c) Is payable after the payment of preference dividend but before the payment of equity dividend d) Is payable before the payment of any dividend on shares 30. 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 a) Rs. 25,000 b) Rs. 18,874 c) Rs. 23,374 d) Rs. 27,300 31. Opening capital = Rs. 45,000 Interest on capital = Rs. 2,000 Interest on drawings = Rs. 5,000 Drawings = Rs. 14,000 Profit = Rs. 15,000 Closing Capital = ? a) Rs. 63,000 b) Rs. 43,000 c) Rs. 47,000 d) Rs. 30,000 32. Sales for the year ended 31st March, 2010 amounted to Rs.10,00,000. Sales included goods sold to Mr. A for Rs.50,000 at a profit of 20% on cost. Such goods are still lying in the godown at the buyer’s risk. Therefore, such goods should be treated as part of a) Sales b) Closing inventory c) Goods in transit d) Sales return 33. Profit of the year = Rs. 6,00,000 Capital employed = Rs. 4,00,000 Normal rate of return = 15% Calculate the value of goodwill under capitalization method a) Rs. 41,00,000 b) Rs. 6,00,000 c) Rs. 36,00,000 d) Rs. 21,00,000 34. A & B are partners in a firm sharing profits and losses in the ratio of 5 : 3 with capitals of Rs.2,50,000 and Rs.2,00,000 respectively. C is admitted as a new partner who brings Rs.50,000 as capital and Rs.16,000 as goodwill for his 1/5 th share. The closing capitals of all the partners will be a) Rs. 2,60,000, Rs. 2,06,000, Rs. 50,000 b) Rs. 2,58,000, Rs. 2,08,000, Rs. 50,000 c) Rs. 2,58,000, Rs. 2,08,000, Rs. 66,000 d) Rs. 2,66,000, Rs. 2,00,000, Rs. 50,000 35. If preference shares are redeemed out of divisible profits, the nominal value of preference shares should be transferred to ___ a) Capital Reserve A/c b) Capital Redemption Reserve A/c c) General Reserve A/c d) Contingent Reserve A/c 36. Which of the following statements is not true? a) All Personal & Real accounts ultimately show some balance b) The balances of Nominal accounts are transferred to Profit & Loss a/c c) Rent a/c is a personal account but outstanding rent account is a nominal account d) In ledger, accounts are opened separately 37. Which of the following statements is/are false? I. The terms ‘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. a) Only I) above b) Only II) above c) Only III) above d) All I) II) and III) above Download From http://caknowledge.in Page 5 CA - CPT_June-2016 Question Paper _Session 1_____________________________1 No.1 for CA/CWA & MEC/CEC MASTER MINDS JUNE 2016, CA-CPT QUESTION PAPER (BASED ON MEMORY) MASTER MINDS IS THE BIGGEST CA COACHING INSTITUTION IN SOUTH INDIA WITH MORE THAN 16,000 ADMISSIONS. FOR VIDEO PRESENTATION ON ‘COMPLETE DETAILS ABOUT IPCC COACHING IN MASTER MINDS’ VISIT THE WEBSITE WWW.MASTERMINDSINDIA.COM. FOR IPCC ADMISSIONS CALL: 98851 25025/26 Disclaimer: We have compiled this Question paper, based on the memory of students who have appeared for CPT exam. Questions asked in the examination may have wrong/inadequate information and/or ambiguous language. In that case the answers provided by the institute may differ from these ideal answers. MASTER MINDS IS NOT RESPONSIBLE FOR ANY MISTAKES IN THIS QUESTION PAPER. Every effort has been taken to give best answers. Still if you find some errors please bring them to our notice through e-mail. Visit us @ www.mastermindsindia.com Mail: mssprakash2012@gmail.com Facebook Page: Masterminds For CA Youtube Channel: Masterminds For CA Also send your feedback to this mail id. Download From http://caknowledge.in CA - CPT_June-2016 Question Paper _Session 1_____________________________2 Ph: 9885125025/26 www.mastermindsindia.com CA - CPT – JUNE 2016 QUESTION PAPER (BASED ON MEMORY) 1 st Session Marks: 100 Marks Time: 2 hrs. PART A – FUNDAMENTALS OF ACCOUNTING 1. A bill drawn and accepted for mutual help is known as ____ bill a) Accommodation b) Trade c) Ordinary d) Retired 2. Financial position of a business concern is ascertained on the basis of _____ a) Records prepared under book – keeping process b) Trial balance c) Accounting Reports d) None 3. BRS is a part of _____ a) Financial Statements b) Bank Book c) Cash Book d) None 4. Inventory is valued either at cost or market price whichever is lower, according to the principle of ____ a) Conservatism b) Matching c) Accrual d) None 5. 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. a) Both I) and II) above b) Both I) and III) above c) Both II) and III) above d) All of I), II), III) and IV) above. 6. Total assets = Rs. 3,06,000 Secured loans = Rs. 1,00,000 Unsecured loans = Rs. 60,000 Contingent Liabilities = Rs. 1,46,000 Capital = ? a) Rs. 1,00,000 b) Rs. 1,46,000 c) Rs. 60,000 d) Nil 7. Insurance claim received on machinery destroyed by fire is a ____ a) Capital receipt b) Revenue receipt c) Capital expenditure d) Revenue Expenditure 8. Opening inventory = Rs. 4,00,000 Cash sales = Rs. 2,00,000 Total sales = Rs. 17,00,000 Selling price = 125% of purchase price What is the cost of goods sold? a) Rs. 15,60,000 b) Rs. 13,60,000 c) Rs. 15,00,000 d) Rs. 11,00,000 9. In Journal & ledger transactions are recorded in ______ order respectively a) Analytical b) Chronological c) Chronological & Analytical d) Analytical & Chronological 10. According to SEBI guidelines, the minimum share application money is ____ a) 2.5% of nominal value of share b) 2.5% of issue price of share c) 25% of nominal value of share d) 25% of issue price of share 11. A decrease in the provision for doubtful debts would result in _____ a) Increase in liability b) Decrease in liability c) Decrease in net profit d) Increase in net profit 12. 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 ____ a) 08-02-16 b) 09-02-16 c) 10-02-16 d) 11-02-16 13. 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? a) Conservatism b) Cost c) Accrual d) Matching Download From http://caknowledge.in CA - CPT_June-2016 Question Paper _Session 1_____________________________3 No.1 for CA/CWA & MEC/CEC MASTER MINDS 14. When Del-credere commission is paid, bad debts will be debited to ____ A/c in the books of consignee a) Commission earned b) Consignor c) Credit receivable d) Consignment 15. Credit balance of bank pass book will be ___ to the account holder. a) An asset b) A liability c) A provision d) None 16. 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 1/5 th share. Then the sacrificing ratio will be ____ a) 4 : 6 b) 1 : 2 c) 5 : 3 d) 1 : 1 17. A & B are partners in a firm with capitals of Rs.5,00,000 each. C joined as a new partner for 1/4 th 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. a) 14,00,000 b) 10,00,000 c) 18,00,000 d) 12,00,000 18. 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=? a) Rs.27 b) Rs.20 c) Rs.25 d) Rs.62.50 19. 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 a) Rs. 3,58,800. b) Rs. 52,800. c) Rs. 36,000. d) Rs. 3,30,000. 20. 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. a) Rs.38,000 b) Rs.36,000 c) Rs.40,000 d) Rs.43,000 21. Errors can be detected ____ a) Before the preparation of Trial Balance b) After the preparation of Trial Balance, but before the preparation of final accounts c) After the preparation of Final accounts (next accounting year) d) All of the above 22. 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) An event b) A transaction c) A transaction as well as an event d) Neither a transaction nor an event 23. 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. a) 17.14% b) 20% c) 15% d) 17.5% 24. Opening inventory = Rs. 23,200 Cost of goods sold = Rs. 3,22,800 Closing inventory = Rs. 24,000 Purchases =? a) Rs. 3,22,000 b) Rs. 2,99,600 c) Rs. 2,98,800 d) Rs. 3,23,600 25. Stock worth Rs. 50,000 was destroyed by fire. The claim was fully accepted by the insurance company. The journal entry is a) Stock A/c Dr. 50,000 To Trading A/c 50,000 b) P & L A/c Dr. 50,000 To Trading A/c 50,000 c) Trading A/c Dr. 50,000 To Insurance claim A/c 50,000 d) Insurance claim A/c Dr. 50,000 To Trading A/c 50,000 26. 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 a) Rs. 50,000 b) Rs. 1,00,000 c) Rs. 60,000 d) Rs. 77,000 Download From http://caknowledge.in CA - CPT_June-2016 Question Paper _Session 1_____________________________4 Ph: 9885125025/26 www.mastermindsindia.com 27. 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 a) Rs. 500 b) Rs. 3,500 c) Rs. 1,000 d) Rs. 1,500 28. Reserve capital means a) The part of subscribed uncalled capital which will be called up at the time of liquidation only b) Accumulated Profits c) The part of Capital Reserve d) The part of Capital Redemption Reserve 29. Debenture interest a) Is payable only in case of profits b) Accumulates in case of losses or inadequate profits c) Is payable after the payment of preference dividend but before the payment of equity dividend d) Is payable before the payment of any dividend on shares 30. 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 a) Rs. 25,000 b) Rs. 18,874 c) Rs. 23,374 d) Rs. 27,300 31. Opening capital = Rs. 45,000 Interest on capital = Rs. 2,000 Interest on drawings = Rs. 5,000 Drawings = Rs. 14,000 Profit = Rs. 15,000 Closing Capital = ? a) Rs. 63,000 b) Rs. 43,000 c) Rs. 47,000 d) Rs. 30,000 32. Sales for the year ended 31st March, 2010 amounted to Rs.10,00,000. Sales included goods sold to Mr. A for Rs.50,000 at a profit of 20% on cost. Such goods are still lying in the godown at the buyer’s risk. Therefore, such goods should be treated as part of a) Sales b) Closing inventory c) Goods in transit d) Sales return 33. Profit of the year = Rs. 6,00,000 Capital employed = Rs. 4,00,000 Normal rate of return = 15% Calculate the value of goodwill under capitalization method a) Rs. 41,00,000 b) Rs. 6,00,000 c) Rs. 36,00,000 d) Rs. 21,00,000 34. A & B are partners in a firm sharing profits and losses in the ratio of 5 : 3 with capitals of Rs.2,50,000 and Rs.2,00,000 respectively. C is admitted as a new partner who brings Rs.50,000 as capital and Rs.16,000 as goodwill for his 1/5 th share. The closing capitals of all the partners will be a) Rs. 2,60,000, Rs. 2,06,000, Rs. 50,000 b) Rs. 2,58,000, Rs. 2,08,000, Rs. 50,000 c) Rs. 2,58,000, Rs. 2,08,000, Rs. 66,000 d) Rs. 2,66,000, Rs. 2,00,000, Rs. 50,000 35. If preference shares are redeemed out of divisible profits, the nominal value of preference shares should be transferred to ___ a) Capital Reserve A/c b) Capital Redemption Reserve A/c c) General Reserve A/c d) Contingent Reserve A/c 36. Which of the following statements is not true? a) All Personal & Real accounts ultimately show some balance b) The balances of Nominal accounts are transferred to Profit & Loss a/c c) Rent a/c is a personal account but outstanding rent account is a nominal account d) In ledger, accounts are opened separately 37. Which of the following statements is/are false? I. The terms ‘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. a) Only I) above b) Only II) above c) Only III) above d) All I) II) and III) above Download From http://caknowledge.in CA - CPT_June-2016 Question Paper _Session 1_____________________________5 No.1 for CA/CWA & MEC/CEC MASTER MINDS 38. Product A B C D E Cost (Rs.) 45,000 57,500 1,37,500 50,000 1,05,000 NRV (Rs.) 47,600 77,500 1,32,500 62,500 1,00,000 What is the value of inventory at the end of the year as per conservatism principle? a) Rs. 3,95,000 b) Rs. 3,85,000 c) Rs. 4,20,100 d) Rs. 3,48,000 39. Sunset Tours has a Rs.70,000 account receivable from Mohan. On January 20, the latter makes a partial payment of Rs.50,000 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes: a) A Credit to the cash received a/c of Rs.50,000 b) A Credit to the account receivable account of Rs.50,000 c) A Debit to the cash account of Rs.20,000 d) A Debit to the accounts receivable account of Rs.20,000 40. Which of the following can be utilized for redemption of preference shares? a) The proceeds of fresh issue of equity shares b) The proceeds of issue of debentures c) The proceeds of issue of fixed deposit d) All of the above 41. Mr. X consigned goods costing Rs. 1,50,000 to Mr. Y at cost + 25%. 1/10 of the goods were lost in transit. Mr. Y sold 3/5 th of the remaining goods at 10% above the invoice price. Calculate the amount of sales. a) Rs. 1,85,625 b) Rs. 1,01, 250 c) Rs. 1,23,750 d) Rs. 1,11,375 42. If goods are sent on sale or return basis, it will be treated as _____ a) An ordinary sale and not recorded in the books b) An ordinary sale and recorded in the books as normal sale c) The goods are approved and no entry is passed in the books d) None of these 43. Amount recovered from debtor, which was earlier written off as bad debt is debited to Cash A/c and credited to ___ A/c a) Bad Debts b) Bad debts recovered c) Rahul d) Sales 44. From the following balances find out the total of trial balance. Capital Rs. 4,00,000 Computer Rs. 25,000 AC & Furniture Rs. 1,00,000 Fixed deposits Rs. 2,00,000 Salaries Rs. 8,00,000 Fees Received Rs. 12,00,000 Traveling expenses Rs. 1,50,000 Rent & office expenses Rs. 2,40,000 Cash Rs. 1,80,000 Bank O.D Rs. 95,000 a) Rs. 16,00,000 b) Rs. 14,50,000 c) Rs. 16,95,000 d) Rs. 15,00,000 45. Sohan purchased goods for Rs.18,00,000 and sold 4/5th of the goods for Rs.21,60,000 and met expenses amounting to Rs.3,00,000 during the year, 2015. He counted net profit as Rs.4,20,000. Which of the accounting concepts was followed by him? a) Entity. b) Periodicity. c) Matching. d) Conservatism. 46. Aar and Bar were partners in a joint venture sharing profits and losses in the proportion of 4/5th and 1/5th respectively. Aar supplies goods to the value of Rs.50,000 and incurs expenses amounting to Rs.5,400. Bar supplies goods to the value of Rs.14,000 and his expense amount to Rs.800. Bar sells goods on behalf of the joint venture and realizes Rs.92,000. Bar is entitled to a commission of 5 percent on sales. Bar settles his account by bank draft. What will be the final remittance? a) Bar will remit Rs.69,160 to Aar b) Aar will remit Rs.69,160 to Bar c) Aar will remit Rs.69,000 to Bar d) Bar will remit Rs.69,000 to Aar 47. Rent received from a tenant Rs. 18,000 was correctly entered in the cash book and posted to the debit of Rent a/c. The effect of this error on the trial balance will be a) Debit total will be Rs. 36,000 more than the credit total b) Debit total will be Rs. 18,000 more than the credit total c) Subject to other entries being correct, the total will agree d) None of these Download From http://caknowledge.inRead More
FAQs on CPT June 2016 Question Paper & Answer Key by Masterminds - CA Foundation
| 1. What is the significance of the CPT June 2016 exam? |  |
Ans. The CPT (Common Proficiency Test) is an entrance exam conducted by the Institute of Chartered Accountants of India (ICAI) for admission into the Chartered Accountancy (CA) course. The June 2016 exam is one of the sessions in which the CPT exam was conducted.
| 2. Can I get the question paper for the CPT June 2016 exam? | |
Ans. Yes, you can obtain the question paper for the CPT June 2016 exam. It is available through various sources, including the official website of ICAI or coaching institutes that provide study material for CA exams.
| 3. Where can I find the answer key for the CPT June 2016 exam? | |
Ans. The answer key for the CPT June 2016 exam is usually released by coaching institutes that provide CA exam preparation. You can find it on their websites or through online forums where students discuss the exam.
| 4. What does the term "Masterminds CA Foundation" refer to in the context of the article? | |
Ans. "Masterminds CA Foundation" is likely a coaching institute or educational platform that provides study material, guidance, and support for CA Foundation exams, including the CPT exam. They have provided the question paper and answer key for the CPT June 2016 exam.
| 5. How can I use the CPT June 2016 question paper and answer key for my preparation? | |
Ans. The CPT June 2016 question paper and answer key can be valuable resources for your exam preparation. You can analyze the questions asked in the exam and compare your answers with the answer key to identify your strengths and weaknesses. This can help you focus on specific topics that require more attention and improve your overall performance in the exam.
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