CA Foundation Accounts MTP 1 January 2023 Question Paper and Answer

Question Paper:
The CA Foundation Accounts MTP 1 January 2023 question paper consisted of various questions covering topics such as accounting principles, financial statements, and partnership accounts. Students were required to demonstrate their understanding of these concepts through calculations, journal entries, and explanations.

Answer:
Here is a detailed explanation of the answers to some of the questions from the CA Foundation Accounts MTP 1 January 2023 question paper:

Question 1: Calculate the depreciation expense for the year using the straight-line method.
- Answer: The depreciation expense can be calculated by dividing the cost of the asset by its useful life.

Question 2: Prepare a balance sheet as of 31st December 2022.
- Answer: The balance sheet should include assets, liabilities, and equity as of the specified date. Assets should be listed in order of liquidity, followed by liabilities and equity.

Question 3: Journalize the closing entries for the year ending 31st December 2022.
- Answer: Closing entries are made to transfer the balances of temporary accounts to the retained earnings account. These entries help reset the accounts for the new accounting period.
By following the guidelines and principles of accounting, students were able to answer these questions effectively and demonstrate their knowledge of basic accounting concepts.