CA-CPT Question Paper December - 2014(Session 1) - CA Foundation MCQ

Manu’s acceptance to Rishi of Rs.12,000 is retired two months before the due date at discount of 10% p.a. In the books of Rishi the journal entry will be _______

The debit balance in the bank columns of cash book indicates _______

Securities premium account cannot be utilized for _______

At the end of the accounting year nominal accounts are _______

Which accounting concept satisfy the valuation criteria _______

Mukesh sold goods to Suresh at an invoice price of Rs. 6,00,000 at cost plus 25%. 1/4 th of the goods are lost in transit. Insurance claim of Rs.72,000 is received. What is the amount of abnormal loss to be debited to P & L a/c?

 _____ is a non-historical cost method and is also called as Retail inventory method.

In the absence of agreement between the partners, on the death of a partner, his legal representatives are entitled to ________.

The cost of an Asset is Rs.1,20,000. The scrap value will be 25% at end of 10 years. If straight line method of depreciation is followed, the rate of depreciation is ______

Trial balance is a statement which shows ___________ of all accounts.

Premium on redemption of debentures is _____ a/c.

A & B are partners in a firm in the ratio of 5:3. C is admitted as a new partner. He gets 1/4 th of A’s share and 1/5 th of B’s share. The new profit sharing ratio is ______ 

If the shares are forfeited, the share capital account is debited by ______

 If the goods are sent on Sale or Return basis frequently, the trader prepares ______

 A, B and C are partners in a firm in the ratio of 3:2:1. A retired and the firm received Rs.1,52,500 towards JLP, which is appearing in the balance sheet at Rs.1,80,000. Cash a/c is debited and JLP a/c is credited with Rs.1,52,500. What will be the treatment for the balance left in JLP a/c?

The subscribed share capital of X Ltd. is Rs.90,00,000 divided in to shares of Rs.100 each. There were no calls in arrears till the final call was made. The final call was paid on 85,000 shares. The calls in arrears was Rs.1,25,000. The final call money per share is Rs. _______

Preference shares of Rs.9,00,000 are redeemable by issuing 3000 shares of Rs.100 each at Rs.140. The amount to be transferred to CRR is _________

Which of the following is not a foreign bill?

A contingent asset is ________

All the following statements are correct except

When the record of transactions relating to Joint Venture are made in books of one coventurer, then the venturer records his share of investment in the joint venture by ________ 

In case of ______ the period of bill commences from the date of acceptance of the bill.

A & B are partners in the ratio of 3:2. They admitted C as a new partner with Rs.35,000 against his capital and Rs.15,000 against goodwill. C could bring in Rs.45,000 only. What is the treatment, if the new profit sharing ratio is 1:1:1?

The directors of K Ltd. made the final call of Rs.20 per share on 15-Sep-2014, indicating the due date of payment as 30-Sep-2014. Mr. F, a holder of 8,000 shares paid the call money on 15-Nov-2014. Calculate the interest on calls in arrears.

Any, Tom & Bob are partners in the ratio of 2:2:1. Tom dies in Feb, 2014. They have taken life insurance policies, the premiums of which are debited to P & L a/c.

How much amount is paid to the legal representatives of Tom? 

A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?

M/S Daga & Co. installed a machinery on 01- 01-2007 at a cost of Rs.5,00,000. Useful life of the machine is estimated at 10 years.Depreciation is charged under straight line method. In December, 2013, they found that the machine became obsolete and could not be used. It was sold for Rs.50,000. There will be _______