CA CPT Accountancy Model questions - Page 2
11. Profit on revaluation of assets is shared among the partners in _______ ratio.
(a) Equal
(b) New Profit Sharing.
(c) Capital.
(d) Old profit sharing
12. A and B enter into a joint venture for purchase and sale of Type-writer. A
purchased machinery costing Rs 100000. He also incurred repairing expenses
Rs 20000. B sold it at 20% margin on selling price. The sales value will be:
(a) Rs. 125000
(b) Rs. 150000
(c) Rs. 100000
(d) Rs. 140000
13. A second hand car is purchased for Rs. 20,000, the amount of Rs. 1,000 is spent
on its repairs, Rs. 500 is incurred to get the car registered in owner’s name and
Rs. 1,200 is paid as dealer’s commission. The amount debited to car account will be
(a) Rs. 22,700.
(b) Rs. 20,500.
(c) Rs. 21,500.
(d) Rs. 20,000
14. Which of the following errors will be revealed by the Trial Balance:
(a) Compensating errors;
(b)Wrong balancing in an account;
(c)Error of complete omission
(d)None of the above
15. Net profit before commission has been Rs. 1,00,000. Manager’s commission is
25% of net profit before charging such commission. The amount of manager’s
commission is
(a) Rs.20,000.
(b) Rs.25,000.
(c) Rs.24,000.
(d) Rs.22,000
16. A Sight Bill drawn on a customer requires
(a) Noting
(b) Acceptance
(c) Registration
(d) None of the above
17. While finalizing the current year’s profit ,it was noticed that the closing stock
of the previous year was over valued by Rs.20000 because of casting mistakes
in the stock sheets. As a result
(a) Previous year’s profit is overstated and current year’s profit is also overstated
(b) Previous year’s profit is understated and current year’s profit is overstated
(c) Previous year’s profit is understated and current year’s profit is also understated
(d) Previous year’s profit is overstated and current year’s profit is understated
18. Unless given otherwise, the ratio of sacrifice is the same as________
(a) New profit sharing ratio.
(b) Old profit sharing ratio
(c) Equal ratio
(d) None of the above.
19. Personal Income tax paid for the proprietor should be --------------
(a)Credited to capital account
(b) Credited to current account
(c) Debited to Profit & Loss account
(d) None of the above
20. Goods destroyed by fire during the year Rs. 6200 not recorded in books. As result
(a) Net profit will decrease by Rs. 6200
(b) Closing stock will increase by Rs. 6200
(c) Net profit will increase by Rs. 6200
(d) None of the above
* Answers are available at the end.
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