CA-CPT-LET US PASS

20/04/2017

07/06/2016

Human assets have no place in accounting records is based on _____
(a) Money measurement concept
(b) Accrual concept
(c) Consistency
(d) Conservatism

02/06/2016

Rs. 25,000 incurred on structural alterations to existing asset whereby its revenue earning
capacity is increased is _______
(a) Capital expenditure
(b) Deferred revenue expenditure
(c) Revenue expenditure
(d) None of the above

01/06/2016

Goods destroyed by fire Rs. 20,000 and insurance company admitted full claim. Claim
receivable from insurance company will be shown in the
(a) Manufacturing account
(b) Trading account
(c) Profit and Loss account
(d) Balance Sheet.

20/05/2016

Loan A/c credit balance on Dec. 31, 2015 Rs. 45,000
Loan paid on June 30, 2015 Rs. 12,000
Loan paid on Sept. 30, 2015 Rs. 15,000
Interest on loan is to be charged 9% p.a.
Interest amount for the year 2015 will be
(a) Rs. 5,602.5
(b) Rs. 5,400
(c) Rs. 6,000
(d) None of the three

17/05/2016

Income tax liability of the proprietor Rs. 1200 was paid out of petty cash. Journal entry will
be ________
(a) Dr. drawings and Cr. Cash A/c Rs. 1200
(b) Dr. drawings and Cr. Petty Cash Rs. 1200
(c) Dr Income tax and Cr Cash A/c Rs. 1200
(d) None of the above

16/05/2016

Ramesh, an employee gets a salary of Rs. 10,000, he withdrew goods of Rs. 7,000 (cost
price Rs. 6,000) for personal use and got salary Rs. 6,000. The excess payment will be
(a) 2,000
(b) 3,000
(c) 4,000
(d) 5,000.

11/05/2016

Mr. X lends Rs.1000 to Mr. Y. He tells Y that he need not repay the amount, the contract is
discharged by –
(a) Breach
(b) Novation
(c) Waiver
(d) Performance

09/05/2016

At the time of admission of a partner in a firm, the journal entry for recording an unrecorded
investment of Rs. 30,000 will be:
(a) Revaluation A/c 30,000
To unrecorded investment 30,000
(b) Unrecorded investment 30,000
To revaluation 30,000
(c) Partner’s Capital A/c 30,000
To unrecorded investment 30,000
(d) Unrecorded investment 30,000
To Partner’s Capital A/c 30,000

08/05/2016

Goods costing Rs. 1000 supplied to Ramesh at the invoice price of 10% above cost and a
Trade Discount for 5%. The amount of Sales will be
(a) Rs. 1045
(b) Rs. 1050
(c) Rs. 1100
(d) Rs. 1060

07/05/2016

If opening equity of a business is Rs. 90,000, profit for the year is Rs. 20,000 and liabilities
at the end of year are of Rs. 60,000, total of assets side of the business will be
(a) Rs. 1,50,000
(b) Rs. 1,20,000
(c) Rs. 30,000
(d) Rs. 1,70,000

07/05/2016

A, B and C are the partners sharing profits and losses in the ratio of 5:3:2, took a joint life
policy of Rs. 30,000. On the death of B what amount will be payable to each partner?
(a) A – Rs. 22,000 and B – Rs. 8,000
(b) A – Rs. 14,000 and B – Rs. 16,000
(c) A – Rs. 15,000, B – Rs. 9,000 and C – Rs. 6,000
(d) A – Rs. 10,000, B – Rs. 8,000 and C – Rs. 10,000