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CA - CPT – JUNE 2016 QUESTION PAPER (BASED ON MEMORY) 1st 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 0801-16. 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
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 1/5th 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 1/4th 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
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 0102-16. 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 1/5th 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
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 3/5th 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
48. Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will be a) 12,000 b) 32,000 c) Nil d) 10,000
49. The books of T Ltd. revealed the following information:
Particulars Rs. Opening inventory 7,50,000 Purchases during the year 2014-2015 22,50,000 Sales during the year 20142015 25,00,000
On March 31, 2015, the value of inventory as per physical Inventory-taking was Rs. 10,45,000. The company’s gross profit on sales has remained constant at 25%. The management of the company suspects that some inventory might have been pilfered by a new employee. What is the cost of goods sold & estimated cost of missing inventory? a) Rs. 17,00,000, Rs. 75,000 b) Rs. 18,75,000, Rs. 80,000, c) Rs. 18,75,000, Rs. 75,000, d) Rs. 17,00,000, Rs. 80,000,
50. A holder of 100 shares of Rs. 10 each, failed to pay the final call money of Rs. 4 per share. These shares were forfeited and reissued at Rs. 7 per share as fully paid up. The entry on reissue will be a) Bank A/c Dr. 700 To Share capital A/c 700 b) Bank A/c Dr. 700 To Share forfeiture A/c 700 c) Share forfeiture A/c Dr. 700 To Share capital A/c 700 d) Bank A/c Dr. 700 Share forfeiture A/c Dr.300 To Share capital A/c 1000
51. Can a minor be admitted into a joint venture? a) Can be admitted b) Cannot be admitted c) Can be admitted with the consent of other coventurers d) Can be admitted for the benefit of minor
52. Overdraft balance as per Cash book Rs. 4,500 Cheques issued, but not presented Rs. 300, Rs. 150, Rs. 375 Cheques paid into bank account, but not cleared Rs. 1,200 Find the balance as per Pass Book a) Rs. 3,300 Dr. b) Rs. 6,925 Dr. c) Rs. 4,875 Dr. d) Rs. 4,125 Dr.
53. From the following data, find out the gross profit on the inventory sold under weighted average price method 1st Jan - opening inventory - 1000 units @ Rs. 4 per unit 15th Jan - Purchases - 1100 units @ Rs. 5 per unit 30th Jan - Purchases - 1300 units @ Rs. 6 per unit Sales during the month - 3000 units @ Rs. 10 per unit a) Rs. 14,735 b) Rs. 15,000 c) Rs. 14,300 d) Rs. 15,100
54. X sends out goods costing Rs.2,00,000 to Y. 3/5th of the goods were sold by consignee for Rs.1,40,000.Commission 2% on sales plus 20% of gross sales less all commission exceeds cost price. The amount of commission will be: a) 5,667 b) 5,800 c) 6,000 d) 5,600
55. Study the following table and answer
Particulars Rs. Opening Inventory Closing Inventory Purchases Return outward Return inward Carriage inward 15,000 20,000 2,80,000 7,500 10,000 2,500 respectively
If gross profit is 20% of sales, the gross sales will be: a) Rs.3,47,500 b) Rs.3,37,500 c) Rs.2,70,000 d) Rs.3,34,375
56. Rohit, Suman and Rohan are partners sharing profits & losses in the ratio of 2 : 1 : 1. They took a JLP for Rs. 1,00,000. Besides they took policies severally amounting to Rs.50,000 each. Rohit died on 30th September, 2015. The surrender values of the policies will be 30% of the policy values. What is the share of Rohit in the life policies? a) Rs. 90,000 b) Rs. 1,25,000 c) Rs. 75,000 d) Rs. 1,00,000
57. The net profit of X & Co. was Rs.7,02,000, before charging Mehta’s (Manager) salary and commission. Mehta was entitled to a salary of Rs. 6,000 per month plus a commission of 5% on net profit after charging his salary and commission. Calculate the amount payable to Mehta. a) Rs. 72,000 b) Rs. 1,02,000 c) Rs. 60,000 d) Rs. 1,03,500
58. A machine was purchased on 01-04-2012 for Rs.15,00,000. The scrap value is estimated at Rs.50,000. Depreciation is charged at 15% p.a. under WDV method. The machine was sold on 01-07-2015 for Rs.9,04,115. Calculate the profit. a) Rs. 17,472 b) Rs. 47,026 c) Rs. 17,073 d) Rs. 67,472
59. A sent some goods costing Rs.3,500 at a profit of 25% on sale to B on sale or return basis. B returned goods costing Rs.800. At the end of the accounting period i.e. on 31st December, 2014, the remaining goods were neither returned nor were approved by him. The Inventories on approval will be shown in the balance sheet at Rs. a) 2,000. b) 2,700. c) 2,700 less 25% of 2,700. d) 3,500.
60. On 09-01-2016, the physical inventory of a business concern is taken at Rs.70,000. The following transaction took place between 01-01-2016 and 09-01-2016. Goods sold Rs.48,000, at a profit of 25% on cost which includes goods of the sale value of is Rs.5,000 not delivered to customer and of Rs.3,000 delivered on 29-12-2015. Calculate the value of physical inventory as on 31-12-2015. a) Rs. 72,000 b) Rs. 1,02,000 c) Rs. 30,000 d) Rs. 1,00,00
Key - Part A – FUNDAMENTALS OF ACCOUNTING
1. A 2. C 3. D 4. A 5. D 6. B 7. A 8. B 9. C 10. D 11. D 12. C 13. A 14. A 15. A 16. C 17. B 18. A 19. C 20. A 21. D 22. A 23. A 24. D 25. D 26. A 27. A 28. A 29. D 30. A 31. B 32. A 33. C 34. A 35. B 36. C 37. B 38. B 39. B 40. A 41. D 42. B 43. B 44. C 45. C 46. A 47. A 48. D 49. B 50. D 51. B 52. C 53. A 54. A 55. A 56. A 57. B 58. A 59. B 60. B
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