CA CPT Answer Key June ICAI

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CA CPT Answer Key
1. Which of the following is wrong?
a) All real and personal accounts are
transferred to balance sheet
b) Nominal accounts are transferred to
P & L account
c) Each account is opened separately in ledger
d) Rent is a personal account, outstanding rent
is nominal account
2. In Journal Entries which pertain to outstanding
entries, prepaid entries, depreciation entries
are called
a) Adjustment Entries b) Rectification Entries
c) Transfer Entries d) closing Entries
3. In a three column cash book the discount
columns are
a) Totalled but not adjusted
b) Totalled and adjusted
c) Totalled but not balanced
d) None of the above
4. Cash Book O.D. Balance Rs. 2,000. It was found
that cheques of Rs. 100, Rs. 150, Rs. 175 which
are issued but not presented till the date and
the cheque of Rs. 600 deposited but have not
been cleared, then O.D. Balance as per pass
book is :
a) Rs. 2150 b) Rs. 2175
c) Rs. 1475 d) Rs. 1925
5. Bank Balance O.D. as per pass book Rs. 26,500.
Calculate balance as per cash book is
1) Cheques deposited for Rs. 4700 but not
collected
2) Cheques issued for Rs. 11,000 but not
presented
3) Bill discounted and dishonoured Rs. 4000,
and Bank paid noting charges Rs. 200
a) Rs.28600 O.D b) Rs.16000 O.D
c) Rs.24000 O.D d) Rs.28500 O.D
6. Agreement of Trial balance is not a ___ proof
of accuracy
a) Submissive b) Inclusive
c) Exhaustive d) Conclusive
7. Capital- Rs. 2,00,000 Interest paid- Rs. 2310
Debtors- Rs. 15,200 Discount allowed- Rs. 820
Creditors-Rs.12,960 Discount received-Rs. 1030
Purchases- Rs. 92,670 Rent - Rs. 14,670
Sales- Rs. 1,16,850 Loan - Rs. 12,060
Opening stock – Rs. 56,000
Sales returns – Rs. 27,430
Debit Total of Trial Balance will be
a) Rs. 2,09,000 b) Rs. 2,09,100
c) Rs. 2,10,000 d) None
8. From the following information find the
amount to be debited to P & L A/c for the
period ending 31-03-2014. Provision for
doubtful debts - Rs. 800 (on 01-04-2013)
Debtors on 31-03-2014 - Rs. 40,000
Bad debts - Rs. 2,000
Bad debts to be written off and provision for
doubtful debts is to be created @ 5% on
debtors
a) Rs. 3100 b) Rs. 4000
c) Rs. 3200 d) Rs. 3900
9. Opening Stock Rs.30,000,
Cost of goods available for sale Rs. 1,60,000,
Sales were Rs. 1,60,000.
Gross profit on sales is 30%
Calculate closing stock.
a) Nil b) Rs. 48,000
c) Rs. 98,000 d) None of the above
10. By products are generally valued at __ when
the cost of by products is not directly
traceable.
a) Cost of main products
b) N.R.V.
c) Cost of main product or N.R.V. which ever is
lower
d) None of these
11. The purpose of Accommodation bill
a) To facilitate trade transmission
b) To finance the actual purchases & sales
c) When both parties are in need of funds
d) None of these
12. A draws a bill for Rs. 20,000 on ‘B’. ‘B’ Accepts
for 2 months. After 1 month ‘B’ paid the bill
amount @9%. Journal entry in the Books of ‘B’
will be
a) Bank A/c Dr.20,000
To Bills payable A/c 20,000
b) Bank A/c Dr.20,000
To Bills payable A/c 19,850
To Discount A/c 150
c) Bills payable A/c Dr. 20,000
To Bank A/c 20,000
d) Bills payable A/c Dr.20,000
To Discount A/c 150
To Bank A/c 19,850
13. Promissory note features
1) Must be stamped
2) Payee must sign
3) Conditional undertaking
4) Certain amount
5) Not transferable to bearer
a) 1,2,3,4 b) 1,4,5
c) All of the above d) None of these
14. In the absence of agreement, the loss of goods
in consignee godown is borne by
a) Consignor b) Consignee
c) Both a & b d) Insurance Company
15. Goods sent on consignment for Rs.50,000.
During transit 1/10th of goods were destroyed
by fire. Again 1/9th 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 Rs.2,500 and Rs.1500 respectively.
Calculate closing Stock.
a) Rs.24,000 b) Rs.21,600
c) Rs.20,000 d) None
16. Yogam consigned cost of goods of Rs. 1,00,000
at an invoice price of 20% above cost.
Consignee is entitled to 5% commission on
sales up to Invoice price, 20% on sales which
exceeds invoice price, 2% delcredre
commission on credit sales. He sold 25% of
goods for cash for Rs. 40,000 and 50% of goods
on credit for Rs. 70,000, 10% of goods taken by
consignee. Calculate commission?
a) Rs. 10,500 b) Rs.9900
c) Rs.10,200 d) none
17. In case of Joint Venture business, method of
Accounting to be followed and decided by
a) Separate Act for J.V.
b) Accounting Standard
c) Co-venturer as per their convenience
d) ICAI
18. In case of purchase of machinery in joint
venture through joint bank A/c, while separate
set of books is maintained. Which of the
following is the correct entry.
a) Debit machinery, credit joint bank A/c
b) Debit machinery, credit joint venture A/c
c) Debit Joint venture, credit joint bank A/c
d) Debit Joint venture A/c, Credit machinery
A/c
19. ‘A’ and ‘B’ enter into a joint venture business
‘A’ purchased goods worth Rs. 30,000 and ‘B’
sold for Rs. 40,000. ‘A’ is entitled to 1%
commission on purchases and ‘B’ is entitled to
5% commission on sales. The profit on venture
to be shared by A & B is (The profit sharing
ratio is 2:1)
a) Rs. 4000 : Rs. 2000 b) Rs. 5133 : Rs. 2567
c) Rs. 5000 : Rs. 2500 d) Rs. 4200 : Rs. 2100
20. Rohan Ltd is in the business of extracting coal
from mines. It should charge depreciation as
per _____ method.
a) Sinking fund b) Annuity
c) Production units d) Depletion method
21. Cost of machine is Rs.1,00,000 Scrap value Rs.
10,000 and life is 4 years. What will be the
amount of depreciation in 3rd year according to
sum of years digits method
a) Rs.40,000 b) Rs.27,000
c) Rs.9,000 d) Rs.18,000
22. A Trader followed WDV method of
depreciation, the book value of Asset after 4
years is 24% of original cost. Find rate of
depreciation.
a) 24% b) 26% c) 32 % d) 30%
23. Loss on sale of machinery is credited to __
account.
a) Machinery A/c b) Purchase A/c
c) Profit & Loss A/c d) None
24. A machine purchased for Rs. 2,50,000 on
1.1.2010. It can produce 30,000 units during its
useful life, its estimated scrap value is Rs.
10,000. The pattern of production over the
next 4 years is as follows 2010 – 6250 units,
2011-2275 units, 2012-12,000 units, 2013-
3452 units, the WDV of the machine after 3rd
year will be
a) Rs. 85,800 b) Rs. 1,54,200
c) Rs. 58,158 d) Rs. 1,91,816.
25. After rectification of the following errors,
effect on Net profit will be
i) A cheque dishonoured Rs.3,100 debited to
discount A/c
ii) Sales book (undercast) short by Rs.23,000
iii) A customer returned goods of value of
Rs.1,200, included in stock but not recorded
a) Increased by Rs. 24,900
b) Decreased by Rs. 24,900
c) Increased by Rs. 23,700 d) No change
26. The following are the errors committed while
the entries are posted in ledger.
1) Errors of Principle
2) Errors of commission.
3) Errors of Partial omission
4) Errors of complete omission.
a) 1,2,3,4 b) 2,3,4 c) 1,2,4 d) 1,3,4
27. InCase of insufficient profits i.e., profits less
than interest on capital then the profits are
distributed in :
a) Profit sharing ratio b) Capital ratio
c) Not distributed d) None
28. The assets which were earlier revalued upward
and now revalued downward, to the extent of
earlier upward revaluation amount should be.
a) Credited to Revaluation Reserve A/c
b) Debited to Revaluation Reserve A/c
c) Credited to P&L A/c d) Debited to P&L A/c
29. A, B are partners sharing profit & losses in the
ratio of 5 : 3. ‘C’ admitted as a new partner for
1/5th share and his capital is Rs. 1,20,000 &
goodwill Rs. 60,000 Capitals of A, B & C were
Rs/-
a) 3,00,000 : 1,20,000 : 1,80,000
b) 3,00,000 : 1,80,000 : 1,20,000
c) 3,00,000 : 1,80,000 : 1,80,000
d) 3,00,000 : 1,20,000 : 1,20,000
30. At the time of admission the unrecorded
investments Rs. 30,000 should be treated, the
adjustment entry will be
a) Unrecorded investment A/c Dr. 30,000
To Revaluation 30,000
b) Revaluation A/c Dr. 30,000
To Unrecorded Investment A/c 30,000
c) Partners capital A/c Dr. 30,000
To unrecorded Investment A/c 30,000
d) Unrecorded Investment A/c Dr.30,000
To Partners capital A/c 30,000
31. Kapur and sharma are partners in partnership
firm. Calculate the interest on drawings of
kapur and sharma @ 10% p.a. for the year
ending on 31st December 2013. Kapur
withdrew Rs. 2,000/- per month in the
beginning where as sharma withdrew same
amount at the end of every month
a) Kapur Rs. 2,400, sharma Rs. 2,400
b) Kapur Rs. 1,100, sharma Rs. 1,300
c) Kapur Rs. 1,200, sharma Rs. 1,200
d) Kapur Rs. 1,300, sharma Rs. 1,100
32. Neeraj & Gopi are partners with Rs.5,00,000
capital each. They admitted champak for 1/4th
share with Rs.8,00,000 capital. The P & L A/c
credit balance is Rs.4,00,000. Find the amount
of hidden goodwill
a) Rs.10,00,000 b) Rs.12,00,000
c) Rs.8,00,000 d) Rs.16,00,000
33. Angola & Bangola sharing profits 2 : 3,
Mangola joined the firm. Angola gave 1/3rd of
his share, Bangola gave 1/4th of his share. what
is new profit sharing ratio?
a) 17:27:37 b) 16:27:17
c) 17:27:17 d) None
34. When goodwill is withdrawn by the partners
___ account is credited.
a) Cash b) Partners capital A/c
c) Partners loan a/c d) Goodwill A/c
35. A & B are in partnership sharing profits &
losses in the proportion of 3:1 respectively. On
1-4-2013, they admitted ‘c’ into partnership on
the following terms.
i) ‘C’ is to purchase 1/3rd of the goodwill for
Rs.2000/- by paying cash
ii) future profits & losses are to be shared by A,
B & C equally
Set out the entry to the above arrangement in
the firm journal
a) Cash/Bank A/c Dr.2000
To ‘A’ s capital A/c 2000
b) Cash/Bank A/c Dr.2000
‘B’ s capital A/c Dr. 500
To ‘A’s capital A/c 2500
c) Cash/Bank A/c Dr.2000
To Goodwill A/c 2000
d) Cash/Bank A/c Dr.2000
To ‘A’s capital A/c 1500
To ‘B’s capital A/c 500
36. The maximum number of partners is
mentioned in
a) Companies Act b) Partnership Act
c) Limited Partnership Act d) None
37. As per companies Act 1956 application money
more than___ % of nominal value of the share
and as per SEBI guidelines application money
atleast __ % of issue price
a) 5 %, 25% b) 25%, 25%
c) 5%, 5% d) 25%, 5%
38. MAR Ltd forfeited 300 shares of Rs. 10/- each
fully called up for non payment of final call
money of Rs.4/- per share. These shares are
subsequently reissued for Rs.12 per share as
fully paid up. What amount should be
transferred to capital reserve account.
a) Rs. 2,400 b) Rs. 3,000
c) Rs. 1,800 d) Rs. 3,600
39. A company has a subscribed capital of Rs.
80,00,000 in shares of Rs. 100 each. There are
no calls in arrears till the final call. The
payment on final call was received for 77,500
shares. The amount of calls in arrears Rs.
67,500. Then the amount of final call is
a) Rs. 25 b) Rs. 27
c) Rs. 20 d) Rs. 65.20
40. Zebra Ltd invites applications for 50,000 shares
for which 2/- per share is payable on
application. Applications received for 80,000
shares and 70,000 shares are allotted on prorata
basis. How much application money will
be adjusted to allotment, when Mr.Lion who
has allotted 200 shares.
a) Rs. 100 b) Rs. 160 c) Rs. 240 d) Rs. 80
41. Ajay Ltd decides to redeem 10,000 preference
shares of Rs. 10/- each at 10% premium.
Balance in P & L A/c is Rs. 65,000 and securities
premium A/c is Rs. 5,000. You are required to
calculate the minimum number of equity
shares at the rate of Rs. 10/- each at 20%
discount
a) 3125 b) 5625 c) 5000 d) None
42. Unless otherwise stated preference shares
always deemed to
a) Cumulative, Participating, Convertible
b) Cumulative, Non-Participating, Non- convertible
c) Non-Cumulative, Participating, Non-
Convertible
d) Non-Cumulative, Non-Participating,
Convertible.
43. When the debentures are issued as collateral
security for a loan then such debenture
holders are entitled to
a) Interest on the amount of loan
b) Interest on the amount of debenture
c) No Interest amount
d) Either (a) or (b)
44. Which method is exception to non-historical
cost methods
a) Adjusted selling price
b) Latest purchase price
c) Standard Cost
d) Weighted average
45. Cost of physical inventory on 15-04-2014 was
Rs.3,00,000. Sales amounting to Rs.1,00,000
and purchases worth Rs.50,000 were made
between 31-03-2014 to 15-4-2014. Goods are
sold at 20% profit on sales. Value of Inventory
as on 31-3-2014 is
a) Rs. 3,50,000 b) Rs. 2,70,000
c) Rs. 3,00,000 d) Rs. 3,30,000
46. Average stock Rs. 14,000, closing stock is Rs.
3,000 more than the opening stock, then
closing stock is ___
a) Rs. 15,500 b) Rs. 15,000
c) Rs. 12,200 d) Rs. 12,000
(47-48)
Purchase
Qty
Rs.
Issue
Qty
Rs.
Balance
Qty
Rs.
-
1,100
300
-
-
11,000
3,900
-
-
550
1,650
-
6,600
17,700
1,000
450
12,000
5,400
47. Which method of valuation is adopted in
above table
a) FIFO b) LIFO
c) Weighted average d) None
48. Closing stock from above adopted method is
a) Units 200 amount Rs. 2300
b) Units 200 amount Rs. 2000
c) Units 200 amount Rs. 2,600
d) None of these
49. When goods sent on approval, buyer become
owner of goods when
a) When he accepts the goods
b) When the time of approval was over
c) When he done any act in respect of getting
possession of goods
d) All of these.
50. ‘A’ sent some goods costing Rs.3500 at a profit
of 25% on sale to ‘B’ on sale or return basis. ‘B’
returned goods costing Rs. 800. At the end of
accounting period on 31st December 2011 the
remaining goods were neither returned nor
approved by him. Closing stock on approval
basis to be shown in the balance sheet will be
a) Rs. 2000 b) Rs. 2700
c) Rs. 2700 less 25% of Rs. 2700 d) Rs. 3500
51. In Income measurement & recognisation of
assets & liabilities which of the following
concepts goes together?
a) Periodicity, Accrual, matching
b) Cost, Accrual, matching
c) Going concern, cost, Realization
d) Going concern, Periodicity, Reliability
52. ____ is root cause for financial accounting?
a) Stewardship accounting
b) Social accounting
c) Management accounting
d) Human resource accounting.
53. Gyan received Rs.5,000 in advance but he
credited to sale account. Which of the
following concept he did not follow?
a) Accrual b) Conservatism
c) Consistency d) Going concern
54. Change in Accounting estimate means :
a) Certain parameters estimate in earlier and
re-estimates in the current period
b) Certain parameters estimate in earlier and
actual results achieved during current year
c) Certain parameters re-estimated during the
current period and actual result achieved
during the previous period
d) Both (a) & (b)
55. Interpretation means
a) Explanation of meaning and significance of
the data in Financial Statements.
b) Concerned with preparation and
presentation of classified data
c) Systematic analysis of recorded data
d) Methodical classification of data given in
Financial Statements.
56. A trader purchased goods for Rs. 25,00,000, of
these 70% of goods were sold during the year.
At the end of 31st December 2009, the market
value of such goods were Rs.5,00,000. But the
trader recorded in his books for Rs.7,50,000.
Which of the following concept is violated.
a) Money measurement b) Conservatism
c) Consistency d) None
57. Matching the following :
a) As 26 i) Impairment of assets
b) As 10 ii) Discontinued operations
c) As 28 iii) Intangible assets
d) As 24 iv) Accounting for fixed assets
a) a – iii, b-iv, c-ii, d-I b) a-ii, b-iv, c-I, d-iii
c) a-ii, b-iii, c-I, d-iv d) a-iii, b-iv, c-I, d-ii
58. A building worth Rs.35 lakhs was purchased
and it was dismantled with Rs.1 lakh and it was
decided to build as shopping mall. The cost of
construction of building was Rs.50,00,000 and
other expenses of Rs.50,000. The amount of
capital expenditure is
a) Rs. 86,00,000 b) Rs. 86,50,000
c) Rs. 85,50,000 d) Rs. 85,00,000
59. Which of the following is not a difference
between provision & contingent liability
a) A provision meets the recognition criteria
where as contingent liability fails to meet the
same
b) Provision is a present liability of uncertain
amount where as contingent liability is
possible obligation which arises from past
events
c) Provision can’t be measured where as
contingent liability is absolutely measured
d) None of the above
60.
Part B – Mercantile Laws
61. A Void Contract is ___
a) An agreement which is not enforceable by
law
b) A Contract which ceases to be enforceable
by law
c) An agreement which is voidable at the
option of promisee
d) An agreement which is voidable at the
option of promisor
62. Which of the following is not correct?
a) Offer must not be conditional
b) Acceptance may be given in any manner
c) Acceptance must be absolute
d) Communication of offer is an essential
element
63. Original offer is rejected when there is ___
a) Standing offer b) Cross offer
c) Counter offer d) None of the above
64. A person advertised in newspaper to sell his
old car. Then the offer is ____
a) General offer b) Specific offer
c) Continuing offer d) None of the above
65. Which of the following is true?
a) There can be a stranger to Contract
b) There can be a stranger to consideration
c) There can be both stranger to consideration
and stranger to Contract
d) None of the above
66. If in a Contract both legal and illegal part
exists, the legal part is separable from illegal
part, then the legal part is ____
a) Valid b) Void
c) Voidable d) Illegal
67. A promise to pay time barred debt must be _
a) An oral promise
b) An implied promise
c) In writing and signed by debtor or his
authorized agent
d) None of the above
68. Maheswari promises to give Raman 1kg of
opium if he destroys property of Nikhil. In this
case ____
a) There is unlawful consideration
b) There is unlawful object
c) There is unlawful consideration and object is
partly unlawful
d) Both consideration and object are unlawful
69. For the necessaries supplied to a minor, the
amount can be recovered from___
a) Minor’s personally
b) Minor’s estate
c) Minor’s Guardian
d) Minor is not at all liable
70. Which of the following statements is not
correct?
a) In matters of fraud, intention to defraud is
essential
b) Where consent to a Contract is obtained by
misrepresentation, Contract is voidable
c) A unilateral mistake renders agreement void
d) Mistake of foreign law is equal to mistake of
fact
71. A told B that he gives Rs. 500 if it rains and B
told to give like amount if it does not rain. The
agreement is ___
a) Contingent Contract
b) Wagering agreement
c) Future Contract
d) None of the above
72. Quasi Contractual liabilities lead to ____
a) Prevention of unjust enrichment
b) Counter Offer
c) Cross Offer
d) Specific Offer
73. A person finds goods belonging to another
person in a public place. In such a case, the
finder ___
a) Becomes owner of the goods
b) Does not become owner of the goods, but
can use them
c) Is under duty to trace the owner and return
the goods to him
d) Can sell them with out taking any effort to
trace the owner
74. Amar promises to paint a picture for Rambabu.
Here, the promise must be performed by Amar
himself, because
a) It is of mercantile nature
b) It is based on personal skill of Amar
c) Cannot be performed by his legal
representatives
d) Can be rescinded by the promisee
75. If no time is specified for performance of a
Contract, it must be performed with in a
reasonable time. “ Reasonable time” means __
a) Which seems reasonable to the promisor
b) Which seems reasonable to the promisee
c) Which is determined as reasonable by a
third party
d) Which is reasonable under the facts and
circumstances of the case
76. If the time is the essence of Contract and it is
not performed with in specified time, then___
a) The Contract cannot be performed later on
b) The promisor can compel the promisee to
accept the performance later on
c) The Contract becomes voidable at the
option of promisee
d) The Contract becomes voidable at the
option of promisor
77. Ram, Lal and Shyam jointly promise to pay
Mohan Rs. 30,000. Shyam paid the whole
amount to Mohan. If Ram and Lal are solvent,
Sham can recover___
a) Rs. 50,000 from Lal
b) Rs. 30,000 from Ram
c) Rs. 20,000 from Lal
d) Rs. 10,000 each from Ram and Lal
78. In case of reciprocal promises, which is not
applicable?
a) They can perform simultaneously
b) They cannot perform simultaneously
c) They can be fixed by the parties to the
Contract
d) As depending upon the nature of the
Contract
79. Novation means
a) Alteration in the terms of the Contract
b) Rescission of the Contract
c) Substitution of an existing Contract with a
new one
d) Remission of performance of Contract
80. In case of Anticipatory breach of Contract,
remedies to the aggrieved party are ___
a) Rescind the Contract and immediately claim
damages
b) Can wait till the due date
c) Either a) or b)
d) None of the above
81. Which of the following is incorrect?
a) Ordinary damages are recoverable
b) Special damages are recoverable only if
both the parties knew about them
c) Indirect damages are not recoverable
d) None of the above
82. The compulsory dissolution of a firm will arise
in case of ___
a) On the death of majority of partners
b) On the insolvency of all partners
c) In case of continuous losses
d) In case of dead lock of management
83. When a new partner is admitted into the firm,
the consent should be obtained by ____
a) All partners
b) Majority of partners
c) Partner with maximum capital contribution
d) With the permission of Registrar of firms
84. When there are no sufficient profits to provide
interest on capital, then profits are to be
shared in ___
a) Equally
b) In profit sharing ratio
c) In capital ratio
d) None of the above
For the question paper , here is the attachment;