CA CPT Accountancy Model questions - Page 5
CA CPT Accountancy Sample questions
41. P,Q and R are partners in a firm sharing profits/losses in the ratio 3:2:1.
P retired. Goodwill of the firm was valued at Rs 18000, and goodwill account
was debited with Rs. 18000 accordingly. The new ratio between Q and R was
agreed as 2:1. The amounts to be credited to the capital accounts of Q and
respectively will be
(a) Rs. 6000 and Rs.3000
(b) Rs.9000 and Rs. 9000
(c) Rs. 4500 and Rs. 4500
(d) Rs. Nothing to be credited to their account
42. R Ltd acquired a lease for 4 years on 1st Jan ’07 at a cost of Rs. 100000.
Annuity method of depreciation is to be followed, charging interest at 5%
(Annuity of Re.1 over 4 years at 5% interest is 0.2820120 Annual depreciation
will be
(a) Rs. 28201
(b) Rs. 20000
(c) Rs. 25000
(d) None of the above
43. Shares issued to promoters in consideration of services rendered by them
in the formation of the company, crediting the share capital should be debited to
(a) Promoters account
(b) Services account
(c) Formation expenses account
(d) Goddwill account
44. Loan from Sakthi finance account at the end of the year showed a balance
of Rs. 12000. Six months earlier a sum of Rs. 2000 was repaid. The loan
carried interest at 10%. Interest due for the year is
(a) Rs. 1000
(b) Rs. 1200
(c) Rs. 1400
(d) None of the above
45. A vendor quoted Rs. 6000 for a second hand machinery. After negotiations
the vendor accepted Rs. 5000 from the buyer and delivered the machinery. The
buyer spent Rs. 500 on reconditioning the machine. The buyer should debit the
Machinery account with
(a) Rs. 6000 and Rs. 500
(b) Rs. 5000 and Rs. 500
(c) Rs. 6000 only
(d) Rs. 5000 only
46. If cost of goods sold is Rs. 10000, Sales is Rs. 12500 and stock is Rs. 2000.
Then gross profit will be
(a) Rs. 500
(b) Rs. 4500
(c) Rs. 2500
(d) None of the above
47. Proprietor used the rented building both for business purposes and as residence
equally. All the rent paid during the year Rs. 13200 stand debited to Rent expenses
in the books of the business. One month rent is still outstanding. Liability of the
business for outstanding rent is
(a) Rs. 1100
(b) Rs. 550
(c) Rs. 300
(d) Rs. 600
48. Credit side of the trial balance of Premchand & Brothers as on 31.3.07 was short
by Rs. 10000 and it was kept in Suspense account. Subsequently it was found that
the purchase returns journal on a particular date was cast short by Rs. 100. After
rectification of the error, balance in Suspense account will be
(a) Rs. 10000
(b) Rs. 9900
(c) Rs. 10100
(d) None of the above
49. V.V & Sons paid this year Rs. 1500 towards their dues Rs. 2000 which was
written off as bad in the previous year itself. Now
(a) V.V. & Sons account should be debited with Rs. 2000
(b) V.V. & Sons account should be Credited with Rs. 1500
(c)Bad debts account should be credited with Rs 1500
(d) Bad debts recovered account should be credited with Rs 1500
50. Profit sharing ratio of A,B and C is 3:2:1. D is admitted for a 1/6 th share and
they agreed that C’s share should remain the same. The new ratio of the
reconstituted firm will be
(a) 12:8:5:5
(b) 8:12:5:5
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41. P,Q and R are partners in a firm sharing profits/losses in the ratio 3:2:1.
P retired. Goodwill of the firm was valued at Rs 18000, and goodwill account
was debited with Rs. 18000 accordingly. The new ratio between Q and R was
agreed as 2:1. The amounts to be credited to the capital accounts of Q and
respectively will be
(a) Rs. 6000 and Rs.3000
(b) Rs.9000 and Rs. 9000
(c) Rs. 4500 and Rs. 4500
(d) Rs. Nothing to be credited to their account
42. R Ltd acquired a lease for 4 years on 1st Jan ’07 at a cost of Rs. 100000.
Annuity method of depreciation is to be followed, charging interest at 5%
(Annuity of Re.1 over 4 years at 5% interest is 0.2820120 Annual depreciation
will be
(a) Rs. 28201
(b) Rs. 20000
(c) Rs. 25000
(d) None of the above
43. Shares issued to promoters in consideration of services rendered by them
in the formation of the company, crediting the share capital should be debited to
(a) Promoters account
(b) Services account
(c) Formation expenses account
(d) Goddwill account
44. Loan from Sakthi finance account at the end of the year showed a balance
of Rs. 12000. Six months earlier a sum of Rs. 2000 was repaid. The loan
carried interest at 10%. Interest due for the year is
(a) Rs. 1000
(b) Rs. 1200
(c) Rs. 1400
(d) None of the above
45. A vendor quoted Rs. 6000 for a second hand machinery. After negotiations
the vendor accepted Rs. 5000 from the buyer and delivered the machinery. The
buyer spent Rs. 500 on reconditioning the machine. The buyer should debit the
Machinery account with
(a) Rs. 6000 and Rs. 500
(b) Rs. 5000 and Rs. 500
(c) Rs. 6000 only
(d) Rs. 5000 only
46. If cost of goods sold is Rs. 10000, Sales is Rs. 12500 and stock is Rs. 2000.
Then gross profit will be
(a) Rs. 500
(b) Rs. 4500
(c) Rs. 2500
(d) None of the above
47. Proprietor used the rented building both for business purposes and as residence
equally. All the rent paid during the year Rs. 13200 stand debited to Rent expenses
in the books of the business. One month rent is still outstanding. Liability of the
business for outstanding rent is
(a) Rs. 1100
(b) Rs. 550
(c) Rs. 300
(d) Rs. 600
48. Credit side of the trial balance of Premchand & Brothers as on 31.3.07 was short
by Rs. 10000 and it was kept in Suspense account. Subsequently it was found that
the purchase returns journal on a particular date was cast short by Rs. 100. After
rectification of the error, balance in Suspense account will be
(a) Rs. 10000
(b) Rs. 9900
(c) Rs. 10100
(d) None of the above
49. V.V & Sons paid this year Rs. 1500 towards their dues Rs. 2000 which was
written off as bad in the previous year itself. Now
(a) V.V. & Sons account should be debited with Rs. 2000
(b) V.V. & Sons account should be Credited with Rs. 1500
(c)Bad debts account should be credited with Rs 1500
(d) Bad debts recovered account should be credited with Rs 1500
50. Profit sharing ratio of A,B and C is 3:2:1. D is admitted for a 1/6 th share and
they agreed that C’s share should remain the same. The new ratio of the
reconstituted firm will be
(a) 12:8:5:5
(b) 8:12:5:5
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