CA CPT Accountancy Model questions - Page 3
21. To account for rent payable ---------------- account should be debited.
(a) Outstanding rent
(b) Outstanding expenses
(c) Rent expenses
(d) Rent payable
22. Remuneration paid to a partner should be debited to ----------------
(a) Partner’s capital account
(b) Partner’s current account
(c) Partner’s drawings account
(d) Partner’s remuneration account.
23. Bank balance as per cash book Rs. 3750. Reconciliation Statement shows
only difference Rs. 160 being bank charges debited by bank as not accounted.
Correct Bank balance is
(a) Rs. 3910
(b) Rs. 3590
(c) Rs. 3750
(d) None of the above
24. For commission due from consignor, consignee in his books will credit
(a) Consignor account
(b) Consignment account
(c) Commission account
(d) None of the above
25. Which of the following is true
(a) (Opening stock + purchases) – Sales = closing stock
(b) (Closing stock + Cost of goods Sold) – Purchases = Opening stock
(c) (Purchases – sales) + Closing stock = Opening stock
(d) (Sales – Cost of purchases) + Opening stock = Closing stock
26. Outstanding salary expense for March Rs. 62000 was not provided for in the accounts for the year ended 31st March XX. This will affect the
(a) agreement of Trial balance
(b) capital account
(c) Gross profit
(d) Net profit
27. If the maturity date of a sight bill after allowing for the grace days falls on a known public holiday. The bill is due for payment on the ---------------
(a) same day
(b) Next day
(c) Previous day
(d) Third day
28. The proceeds of a joint life policy on the death of a partner is payable to
(a) deceased partner’s son
(b) deceased partner’s wife
(c) deceased partner’s nominee
(d) partnership firm
29. If an item of credit purchase is wrongly entered in sales journal r rectification entry is to be passed in
(a) General journal
(b) cash book
(c) Purchase journal
(d) Sales journal
30. A and B are partners sharing profits in the ratio 1:2. C is admitted and the new profit sharing ratio is 1:2:3. Sacrificing ratio is
(a) 1:3
(b) 2:1
(c) 3:1
(d) 1:2
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