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12th August 2014, 08:20 AM
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Common Proficiency Test Question Paper
Will you please provide the Question Paper of Common Proficiency Test ?
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12th August 2014, 12:01 PM
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Re: Common Proficiency Test Question Paper
Here I am providing the list of few questions of Common Proficiency Test . 1. Which of the following is not a Nominal A/c? a) Outstanding salaries A/c b) Salaries A/c c) Interest paid A/c d) Commission received A/c 2. Amount recovered from Rahul, which wasearlier 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 3. A furniture dealer sold furniture for Rs 25000/-to Sunil for cash. In the books of the dealer____ A/c is debited and _____ A/c is credited a) Cash, Fixed Asset b) Cash, Furniture c) Cash, Sales d) Cash, Sunil 4. Mr. X is a dealer in electronic goods (such asrefrigerators, air conditioners, washingmachines, televisions etc) He purchased 2 airconditioners and installed in his showroom. Inthe books of ‘X’ the cost of these 2 airconditioners will be debited to __ a) Drawing A/c b) Capital A/c c) Fixed Asset A/c d) Purchases A/c 5. Starting with over draft balance of cash bookin B.R.S, a cheque of Rs. 5,500 deposited inbank and duly credited in pass book, but notrecorded in cash book ____ in B.R.S a) Rs. 5500 will be added b) Rs. 5500 will be subtracted c) Rs. 11000 will be added d) Rs. 11000 will be subtracted 6. X sold goods to Y at cost + 10 % profit. Y sold goods to Z at 20 % profit on sales. If cost of the goods to X is Rs. 50,000. What is the cost of the goods to Z ? a) Rs. 66,000 b) Rs. 68,750 c) Rs. 65,000 d) Rs. 69,450 7. Debit balance as per cash book is Rs. 1500 Cheque deposited, but not cleared Rs. 100 Cheque issued, but not presented Rs. 150 Dividend collected by bank Rs. 50 Interest allowed by bank Rs. 50 Balance as per pass book? a) Rs. 1550 b) Rs. 1650 c) Rs. 1600 d) Rs. 1950 8. Calculate the closing stock on 31.03.2011 Particulars 31.03.2010 31.03.2011 Opening stock Rs. 30,000 Rs. 35,000 Purchases Rs. 3,25,000 Rs. 4,20,000 Sales Rs. 4,00,000 Rs. 5,00,000 The profit margin remains unchanged a) Rs. 35,000 b) Rs. 50,000 c) Rs. 55,000 d) Rs. 60,000 9. Rent paid for the period from 1-10-2010 to 30-09-2011 was Rs. 12,000/- Rent paid for the period from 1-10-2011 to 30-09-2012 was Rs. 18,000/- Rent to be debited to the P/L A/C for the year ended 31-03-2012 =? a) Rs. 15,000 b) Rs. 13,000 c) Rs. 12,000 d) Rs. 20,000 10. What is the effect on Gross profit, if closing stock is undervalued by Rs.10,000 and opening stock is overvalued by Rs.10,000? a) G.P. will increase by Rs.10,000 b) G.P. will decrease by Rs.10,000 c) G.P. will decrease by Rs.20,000 d) No change in G.P. 11. Debtors as per trial balance = Rs. 80,000 Further information – i) Bad debts Rs. 2,000 ii) Provision for discount on debtors @ 5% will be ___ a) Rs. 4,100 b) Rs. 4,000 c) Rs. 3,900 d) Rs. 4,200 12. Calculate G.P. when – Opening stock Rs. 24,000 Closing stock Rs. 15,000 Sales Rs 6,00,000 Cost of goods sold Rs. 4,55,000 a) Rs. 1,30,000 b) Rs. 1,45,000 c) Rs. 1,54,000 d) Rs. 1,06,000 13. Opening stock Rs. 69,500 Closing Stock Rs. 83,500 Sales Rs. 1,60,000 Purchases Rs. 1,10,000 G.P. on sales =? a) 35% b) 40% c) 45% d) 30% 14. A diamond ring worth Rs.1,00,000 was stolen from the shop of M/s Shine Jewelers on 25- 03-2012. Insurance claim of Rs. 60,000 was admitted, but not paid by the insurance company till 31-03-2012. In this regard, no entry was passed in the books of A/c. The correct journal entry to be passed while preparing the final accounts on 31-03-2012 is _ a) P&L A/c Dr. 1,00,000 To Purchases A/c 1,00,000 b) Insurance claim Receivable A/c Dr. 40,000 Loss by theft A/c Dr. 60,000 To Purchases A/c 1,00,000 c) P & L A/c Dr. 40,000 Insurance claim Receivable A/c Dr. 60,000 To Purchases A/c 1,00,000 d) None of the above 15. From the following information find out the credit sales Opening Debtors Rs. 12,000 Closing Debtors Rs. 14,000 B/R accepted by Debtors Rs. 13,000 Cash received from Debtors Rs. 38,400 a) Rs. 39,400 b) Rs. 27,000 c) Rs. 65,400 d) Rs. 53,400 16. Opening Capital Rs. 1,00,000 Interest on Capital Rs. 10,000 Drawings Rs. 20,000 Interest on Drawings Rs. 2,000 Closing Capital Rs. 2,00,000 Net Prof i t ? a) 1, 00,000 b) 1, 20,000 c) 1, 22,000 d) 1,12,000 17. A draws an accommodation bill on B for 3 months. Proceeds are to be shared equally. A got the bill discounted at 12 % per annum and remitted the proceeds of Rs. 48,500/- to B. The amount of the bill is ____ a) Rs. 1,00,000 b) 97,000 c) Rs. 1,10,000 d) Rs. 98,000 18. When an endorsed bill is dishonoured, the journal entry in the books of the drawer will be a) Drawee A/c Dr. To B/R A/c b) Drawee A/c Dr. To Creditor A/c c) B/R A/c Dr. To Creditor A/c d) None of these 19. A drew a bill on B. A endorsed the bill to C in full settlement of his debt of Rs. 35,000 at 2% discount and paid cash Rs. 5000. What will be the amount of the bill? a) Rs. 30,000 b) Rs. 29,700 c) Rs. 29,300 d) Rs. 30,700 20. Tinku & Bunty entered into Joint Venture to share profits and losses in the ratio of 2 :1. Tinku supplied 200 refrigerators costing Rs.2,00,000 to Bunty, incurring freight charges of Rs.10,000. Bunty sold 190 refrigerators for Rs.2,40,000 and took over the remaining 10 refrigerators for himself. The result of Joint venture =? a) Loss Rs. 40,000 b) Profit Rs. 30,000 c) Profit Rs. 40,000 d) Profit Rs. 40,500 21. If the goods worth Rs. 20,000 were taken by a co-venture for Rs. 15,000, the Joint Venture A/c will be credited by a) Rs. 20,000 b) Rs. 15,000 c) Rs. 25,000 d) Rs. 5,000 22. The cost of the furniture lost by fire is Rs. 18,000 Provision for depreciation on the date of fire is Rs. 2,700 Insurance claim accepted Rs. 12,000 Amount of loss to be debited to P & L A/c is _ a) Rs. 6,000 b) Rs. 15,300 c) Rs. 3,300 d) Rs. 18,000 23. A machine was purchased on 1-4-2010 for Rs. 14,400 and installation charges amounted to Rs.1,600. Expected lifetime is 8000 hours. During the year 2010-11, the machine worked for 2500 hours. The depreciation for the year will be _____ a) Rs. 4,500 b) Rs. 5,000 c) Rs. 3,200 d) Rs. 6,250 24. If the rate of depreciation under W.D.V. method is 15% p.a., the original cost of the machine is Rs. 10,00,000, Scrap value at the end of its useful life is Rs. 2,00,000, then the depreciation for the first year will be ____ a) Rs. 1,50,000 b) Rs. 1,20,000 c) Rs. 1,00,000 d) Rs. 80,000 25. A machine was purchased at the beginning of the year at Rs.5,30,000. The machine was wrongly depreciated by 10 % instead of 25 %. What will be the rectification entry? a) P & L A/c Dr. 79,500 To Prov. for Depr. A/c 79,500 b) P & L A/c Dr. 26,500 To Prov. for Depr. A/c 26,500 c) Prov. for Depr. A/c Dr. 26,500 To P & L A/C 26,500 d) Prov. for Depr. A/c Dr. 79,500 To P & L A/C 79,500 26. If a purchase of goods for Rs. 500 was wrongly posted to the credit side of Purchases A/c, the difference in trial balance will be ____ a) Rs. 500 b) Rs. 250 c) Rs. 1000 d) Rs. 1500 27. Which of the following errors will not be revealed in Trial balance? a) Purchases book was overcast by Rs. 100 b) Purchase of goods for Rs. 100 for cash was debited to Purchases A/c, but omitted to be entered in cash book. c) Sales book was undercast by Rs.500 d) Purchase of material for Rs. 300 used for installation of machinery was debited to Purchases A/c 28. Ravi Shankar, a sole trader gifted a car to his son-in-law on the occasion of his daughter’s marriage. The following entry was passed in this regard. Car A/c Dr. 5,00,000 To Cash A/c 5,00,000 What is the rectification entry? a) Drawings A/c Dr. 5,00,000 To Cash A/c 5,00,000 b) Drawings A/c Dr.5,00,000 To Car A/c 5,00,000 c) Car A/c Dr. 5,00,000 To Drawings A/c 5,00,000 d) Cash A/c Dr. 5,00,000 To Car A/c 5,00,000 29. A Trader has calculated a net profit of Rs. 56,750. Later he found that discounted received of Rs. 580/- and discount allowed of Rs. 665 have been recorded on the wrong sides of these accounts. What would be the correct profit? a) Rs. 56,580 b) Rs. 56,665 c) Rs. 56,835 d) Rs. 56,920 30. Sacrificing ratio is calculated in the case of __ a) Admission of a partner b) Retirement of a partner c) Death of a partner d) Insolvency of a partner 31. Average capital employed Rs. 5,00,000 Normal rate of return 10% Goodwill at 5 years purchase of super profit Rs. 98,000 Calculate the average profit a) Rs. 69,600 b) Rs. 1,48,000 c) Rs. 4,40,000 d ) Rs. 48 , 000 32. Rahul and Bajaj are partners in the ratio of 1 : 2. They admitted Birla as a new partner. The new profit sharing ratio is 1:2:3. Find out the sacrificing ratio? a) 1:2 b) 2:1 c) 2:3 d) 3:2 33. Called up capital Rs. 4,00,000 Calls in advance Rs. 25,000 Calls in arrears Rs. 40,000 Paid up capital ? a) Rs. 3,60,000 b ) Rs. 3,8 5 ,000 c) Rs. 4,15,000 d) Rs. 4,25,000 34. When the debentures are issued at discount and are redeemable at premium, which of the following accounts is debited at the time of issue? a) Debentures A/c b) Premium on redemption of debentures A/c c) Loss on issue of debentures A/c d) Capital reserve A/c 35. When debentures are issued as collateral security _____ a) No interest is paid on debentures b) Interest is paid on face value c) Interest is paid on issue price d) Interest paid on market price 36. When shares are issued to the promoters for their services ____ A/c is debited a) Preliminary Expenses b) Promoters c) Goodwill d) Share Capital 37. When shares are forfeited Share Capital A/c is debited by ____ a) Nominal value of shares b) Paid up value of shares c) Called up value of shares d) Forfeited amount 38. Which of the following statements is false? a) Issued capital can never be more than authorized capital b) In case of under subscription, issued capital will be less than the subscribed capital c) Uncalled capital may be converted into reserve capital d) Paid up capital is equal to called up capital less calls in arrears 39. The power of forfeiture of shares is exercised by: a) Promoters b) Directors as per the provisions of Articles of Association c) The Government d) Shareholders 40. Which of the following statements is true? a) Fully paid preference shares can only be redeemed b) A company can issue irredeemable preference shares c) A company cannot redeem preference shares at premium d) Preference shares can be redeemed after 20 years from the date of their issue 41. Z Ltd. purchased an asset from D Ltd. for Rs.4,00,000 by issuing the debentures of Rs. 100 each at discount of 20%. What is the amount to be credited to Debentures A/c? a) Rs. 4,00,000 b) Rs.4,50,000 c) Rs. 5,00,000 d) Rs. 5,75,000 42. If debentures of Rs.4,70,000 are issued in consideration of net assets of Rs. 5,00,000, the balance of Rs. 30,000 will be credited to ____ a) P & L A/c b) Goodwill A/c c) General reserve A/c d) Capital Reserve A/c 43. A company issued 10,000 equity shares of Rs. 10 each at a premium of 20% for the redemption of 15,000 preference shares of Rs. 10 each. If the company has sufficient profits, the amount to be transferred to Capital Redemption Reserve A/c will be a) Rs. 50,000 b) Rs. 1,00,000 c) Rs. 1,50,000 d) Rs. 30,000 44. X Ltd. issued shares of Rs. 20 each at discount of 10%. Mr. Ram, a holder of 100 shares could not pay the final call of Rs. 5 per share and his shares were forfeited. If these shares are reissued, what is the maximum amount of discount to be allowed on re-issue? a) Rs. 8 b) Rs. 2 c) Rs. 15 d) Rs. 13 45. If debentures are issued at a discount of 20%, the discount on issue of debentures is shown as: a) Current asset b) Interest asset c) Current liabilities d) Miscellaneous expenses 46. Mr. A sends goods to B for Rs. 1,50,000 on sale or return basis for which no confirmation was yet received. What is the amount to be added to the closing stock, if the goods were sent at profit of 3 1 33 % on cost Rs.? a) 1,12,500 b) 1,37,500 c) 1,50,000 d) 1,28,000 47. A trader calculated his profit at Rs. 38,750 on 31-03-2012. It is _____ a) A transaction b) An event c) Transaction as well as event d) Neither transaction nor event 48. For every debit there will be an equal credit according to ____ concept a) Matching b) Cost c) Money Measurement d) Dual aspect 49. Historical cost concept requires the valuation of an asset at ______ a) Original cost b) Replacement value c) Net realisable value d) Market value 50. The comparison of financial statements of one year with that of another year is possible only when ____ concept is followed a) Going concern b) Accrual c) Consistency d) Materiality 51. Profit / Loss is calculated at the stage of ____ a) Recording b) Classifying c) Interpretation d) Summarising 52. Which of the following is not the main objective of accounting? a) Systematic recording of transactions b) Ascertainment of profit or loss c) Ascertainment of a financial position d) Solving tax disputes with tax authorities 53. An asset was purchased for Rs. 10,00,000, with a down payment of Rs.2,00,000 and acceptance of a bill payable for Rs.8,00,000. What would be the effect on total assets and total liabilities in the balance sheet? a) Assets increased by Rs.8,00,000 and liabilities decrease by Rs. 8,00,000 b) Assets decreased by Rs.8,00,000 and liabilities increased by Rs. 8,00,000 c) Assets increased by Rs. 10,00,000 and liabilities increased by Rs. 8,00,000 d) Assets increased by Rs. 8,00,000 and liabilities increased by Rs. 8,00,000 Part B – Mercantile Laws 54. X threats to kill y’s son if y does not sell his house to him. Y enters into an agreement to sell the house. Such an agreement will be treated as an agreement entered into under. a) fraud b) undue influence c) coercion d) misrepresentation 55. _______Agreements are created by situation. a) law b) written c) void d) implied 56. legal obligations means a duty enforceable by: a) law b) society c) custom d) court 57. Every partner is an agent of firm as well as ____ of the firm a) debtor b) principal c) creditor d) employee 58. If A paid price to car, but he said to deliver the car in future. It is a ________ contract a) executory b) executed c) future d) completed 59. If a person promises to marry but refuses to do so, then ______ damages has to be paid a) Special b) exemplary c) nominal d) none of these 60. A key of warehouse, where the goods are placed, is given to Buyer is __ type of delivery. a) constructive b) symbolic c) actual d) conditional 61. Auction sale will be completed by ______ a) delivery of goods b) price paid to goods c) fall of hammer d) None of these 62. Match fixing between a player and broker is a) Valid b) Void c) Illegal d) Unenforceable 63. ABC are partners. A takes a house on rental basis for the firm purpose and failed to pay the rent. House owner can recover rent from a) A only b) B&C Only c) A & C Only d) All partners 64. Which of the following is not true in case of minor? a) Rule of estoppel b) Ratification of terms on attaining majority c) Contract with minor is valid d) All of the above 65. Holiday packages advertised by touring operators is _____ a) Cross offer b) Counter offer c) Invitation to offer d) All of the above 66. In case of partnership, unless otherwise agreed, in the event of losses the loss of the firm has to be born by all the partners in _____ ratio. a) equal b) profit sharing c) capital d) by draw of lots 67. In order to sustain a action for deceit, there must be a proof of a) misrepresentation b) coercion c) Undue influence d) Fraud For more questions , here is the attachment |
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