CA-cpt fundamentals of accounting

1. Calculate the closing stock on 31.03.2011 Particulars 31.3.2010 31.3.2011 Opening stock RsA 30,000 RsA 35,000 Purchases RsA 3,25,000 A RsA 4,20,000 Sales RsA 4,00,000 RsA 5,00,000 The gross profit margin remains unchanged a. RsA 35,000 b. RsA 50,000 c. RsA 55,000 d. RsA 60,000 2. A trader calculated his profit at RsA 20,000 on 31.3.2012. It is ____ a. A transaction b. An event c. Transaction as well as event d. Neither transaction nor event 3. Tinku & Bunty entered into Joint Venture to share profits and losses in the ratio of 2:1. Tinku supplied 200 refrigerators costing RsA 2,00,000 to Bunty, incurring freight charges of `10,000. Bunty sold 190 refrigerators for `2,40,000 and took over the remaining 10 refrigerators for himself. What is the amount of Profit / loss on Joint venture = ? a. Loss RsA 40,000 b. Profit RsA 30,000 c. Profit Rs 40,000 d. Profit RsA 40,500 4. A furniture dealer sold furniture for `25,000/- 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 5. 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 6. The owner of a business 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 7. From the following information find out the credit sales Opening Debtors RsA 12,000 Closing Debtors RsA 14,000 B/R accepted by Debtors RsA 13,000 Cash received from Debtors RsA 38,400 a. RsA 39,400 b. RsA 27,000 c. RsA 65,400 d. RsA 53,400 8. 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 expenditure 9. While preparing BRS, Starting with over draft balance of cash book, a cheque of RsA 5,500 deposited in bank and duly credited in pass book, but not recorded in cash book ____ in B.R.S a. RsA 5500 will be added b. RsA 5500 will be subtracted c. RsA 11000 will be added d. RsA 11000 will be subtracted 10. Which of the following not a Nominal A/c a. Outstanding salaries A/c b. Salaries A/c c. Interest paid A/c d. Commission received A/c 11. 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 RsA 50,000. What is the cost of the goods to Z? a. RsA 66,000 b. RsA 68,750 c. RsA 65,000 d. RsA 69,450 12. X Ltd. issued shares of `20 each at discount of 10%. Mr. Ram, a holder of 100 shares could not pay the final call of `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. RsA 8 b. RsA 2 c. RsA 15 d. RsA 13 13. Debit balance as per cash book is RsA 1500 Cheque deposited, but not cleared RsA 100 Cheque issued, but not presented RsA 250 Dividend collected by bank RsA 50 Interest allowed by bank RsA 50 What is the Balance as per pass book ? a. RsA 1550 b. RsA 1650 c. RsA 1600 d. RsA 1950 14. Opening Capital RsA 1,00,000 Interest on Capital RsA 10,000 Drawings RsA 20,000 Interest on Drawings RsA 2,000 Closing Capital Rs v2,00,000 What is the amount of Net Profit ? a. RsA 1,00,000 b. RsA 1,20,000 c. RsA 1,22,000 d. RsA 1,12,000 15. Amount recovered from Rahul, which was earlier 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 16. Rent paid for the period from 1.10.2010 to 30.09.2011 was RsA 12,000 Rent paid for the period from 1.10.2011 to 30.09.2012 wasA RsA 18,000/- Rent to be debited to the P/L A/C for the year ended 31.03.2012 = ? a. RsA 15,000 b. RsA 13,000 c. RsA 12,000 d. RsA 20,000 17. Debtors as per trial balance =RsA 80,000 Further information � i) Bad debts RsA 2,000 ii) Provision for discount on debtors @ 5% will be ____ a. RsA 4,100 b. RsA 4,000 c.RsA 3,900 d. RsA 4,200 18. Mr. X is a dealer in electronic goods. He purchased 2 air conditioners and installed in his showroom. In the books of 'X' the cost of air conditioners will be debited to ____ a. Drawing A/c b. Capital A/c c. Fixed Asset A/c d. Purchases A/c 19. What is the effect on Gross profit, if closing stock is undervalued by `10,000 and opening stock is overvalued by RsA 10,000 ? a. GP will increase by RsA 10,000 b. GP will decrease by RsA 10,000 c. GP will decrease by Rs 20,000 d. No change in GP 20. Historical cost concept requires the valuation of an asset at ____ a. Original cost b. Replacement value c. Net realizable value d. Market value