CA-CPT Question Paper December - 2016 (Session 1) - CA Foundation MCQ

A company’s merchandise, raw materials, and finished and unfinished products which have not yet been sold are known as:

Rs. 2,500 spent on the overhaul of machines purchased second-hand is         

When the two aspects of a transaction are posted in the Cash Book itself, such an entry is called as _______

OD balance as per pass book is Rs. 2175/- Cheques of Rs.100, Rs.175 and Rs.150 are issued, but not yet presented for payment. A Cheque of Rs.600 is deposited in bank but not yet cleared. Find out the OD balance as per cash book.

Trial Balance shows arithmetical accuracy of ledger accounts, but it is not a _____ proof of accuracy.

Which of the following errors are not revealed by the trial balance?

Trade Receivables as per Trial Balance = Rs.80,000.

Further information:

1. Bad debts Rs.2,000

2. Provision for discount on Trade Receivables @ 5% will be _____

Accrued Income appears on the _______

The Fixed Assets of a company is double of the current assets and half of capital. If the current assets are Rs.3,00,000 and investments Rs.4,oo,ooo, calculate the current liabilities assuming that there are no other items in the balance sheet.

X sold goods to Y at cost+ 10%. Y sold the goods to Z at cost+ 20% profit on sales. Cost of the goods to Xis Rs.50,000. Find out the cost of the goods to z.

Entries for prepaid expenses, outstanding expenses and depreciation are called as _____

 A Bill of Exchange, before its acceptance is called as _____

 If an accommodation bill of Rs.50,000 is discounted for Rs.49,000 and the proceeds are shared by X & Y m the ratio of 1: 4, the discount to be borneby Y is _____

The nature of Consignment A/c and Consignee’s A/c will be _____

Goods sent on consignment for Rs.50,000. During transit 1/lOth of goods were destroyed by fire. Again 1/91h 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 were Rs.2,500 and Rs.1500 respectively. Calculate closing inventory.

If del-credere commission is allowed for bad debts, consignee will debit the bad debts amount to:

A & B entered into a joint venture sharing profits and losses in the ratio of 2 : 3. A bought goods worth Rs. 36,000 and sent half of the goods to B. B purchased goods worth Rs. 22,500 and sent goods worth Rs.9,000 to A. Goods worth Rs.3,000 were destroyed by fire in the premises of A and the the insurance claim was received at 50%. All the goods were sold at a mark-up of 25% on cost. Expenses incurred by both were Rs.5,000.

Q.

The sales made by A & B were

A & B entered into a joint venture sharing profits and losses in the ratio of 2 : 3. A bought goods worth Rs. 36,000 and sent half of the goods to B. B purchased goods worth Rs. 22,500 and sent goods worth Rs.9,000 to A. Goods worth Rs.3,000 were destroyed by fire in the premises of A and the the insurance claim was received at 50%. All the goods were sold at a mark-up of 25% on cost. Expenses incurred by both were Rs.5,000.

Q.

The profit on joint venture is _____

Out of the following, which is not related to joint ventures

The cost of machinery is Rs.60,000. Descreciation is charged at 20% p.a. under SLM. In the 2nd year it is decided to change the method and adopt WDV method@ 20% p.a. If the meachine was sold for Rs.30,000 at the end of the 3rd year, calculate the amount of loss.

Errors are rectified by using Suspense A/c

The process of entering all transactions from the journal to ledger is called

Average inventory is Rs.28,000. Closing inventory is Rs.6,000 more than opening inventory. Then find the value of closing inventory.

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

Which method is an exception to non-historical cost methods

Opening Inventory= 1,000 units at Rs.4 per unit Purchases= 1,200 units at Rs.5 per unit Sales at the end= 2,000 units at Rs.8 per unit Find out the profit under Weighted Average Price method

Insurance Claim received for the damage of machinery due to fire is considered as _____