CA CPT Accountancy Model questions - Page 4
31. A wrong figure entered in the Sales journal will not affect the -------------------
(a) agreement of Trial balance
(b) Sales statement
(c) Customer account
(d)Trading account
32. Ram drew bill on Rahim for Rs. 50000 for 3 months. Proceeds are to be shared
equally. Ram got the bill discounted at 12% per annum. The share of the proceeds
Ram should remit Rahim is
(a) Rs. 25000
(b) Rs. 22000
(c) Rs. 24250
(d) Rs. 25750
33. A Cheque received from Mohan for Rs. 10000 was returned dishonoured and was
wrongly posted to the debit of Sales returns account. The rectification entry is
(a) Sales returns account Dr 10000
To Bank 10000
(b) Ramesh account Dr 10000
To Sales returns 10000
(c) Bank account Dr 10000
To Sales returns 10000
(d) None of the above
34. P to whom 100 shares of Rs. 10 each were allotted at par paid the application
money of Rs. 2 and allotment money of Rs. 4 per share. He did not pay the call
money of Rs. 4 per share. His shares were forfeited. The amount to be credited to
Share forfeiture account is
(a) Rs. 400
(b) Rs. 1000
(c) Rs. 600
(d) None of the above
35. A and B enter in to a Joint venture to share profits and losses in the ratio 2:1.
A supplied 100 DVD players costing Rs. 100000 to B incurring freight charges
Rs. 5000. B sold 95 DVD players for Rs. 120000. He took over 5 DVD players
for himself. The profit/Loss on Joint venture will be
(a) Loss Rs. 20000
(b) Profit Rs. 15000
(c) Profit Rs. 20000
(d) Profit Rs. 20250
36. A bill of exchange drawn on C for Rs. 5000 was renewed for a further period of
3 months after receiving cash payment Rs. 1000. C agreed to bear interest at
18% p.a. Amount of the renewed bill of exchange will be
(a) Rs. 4180
(b) Rs. 4225
(c) Rs. 5225
(d) None of the above
37. Expenses incurred to retain the right of enjoyment of a building is a
(a) Revenue expenditure
(b) Capital expenditure
(c) Deferred revenue expenditure
(d) None of the above
38. A minimum quantity of stock always held as a precaution against out of stock
situation is called
(a) Zero stock
(b) Essential stock
(c) Risk stock
(d) Base stock
39. Memorandum joint venture account is prepared
(a) When separate set of books are maintained for joint venture
(b) When each co-venturer maintains records for all the joint venture transactions
(c) When each co-venturer maintains records for his own transaction relating to the
joint venture
(d) None of the above
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