CA CPT Accountancy Sample questions
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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CA CPT Accountancy Sample questions
31. A wrong figure entered in the Sales journal will not affect the -------------------
(a) agreement of Trial balance
(b) Sales statement
(c) Customer account
(d)Trading account
32. Ram drew bill on Rahim for Rs. 50000 for 3 months. Proceeds are to be shared
equally. Ram got the bill discounted at 12% per annum. The share of the proceeds
Ram should remit Rahim is
(a) Rs. 25000
(b) Rs. 22000
(c) Rs. 24250
(d) Rs. 25750
33. A Cheque received from Mohan for Rs. 10000 was returned dishonoured and was
wrongly posted to the debit of Sales returns account. The rectification entry is
(a) Sales returns account Dr 10000
To Bank 10000
(b) Ramesh account Dr 10000
To Sales returns 10000
(c) Bank account Dr 10000
To Sales returns 10000
(d) None of the above
34. P to whom 100 shares of Rs. 10 each were allotted at par paid the application
money of Rs. 2 and allotment money of Rs. 4 per share. He did not pay the call
money of Rs. 4 per share. His shares were forfeited. The amount to be credited to
Share forfeiture account is
(a) Rs. 400
(b) Rs. 1000
(c) Rs. 600
(d) None of the above
35. A and B enter in to a Joint venture to share profits and losses in the ratio 2:1.
A supplied 100 DVD players costing Rs. 100000 to B incurring freight charges
Rs. 5000. B sold 95 DVD players for Rs. 120000. He took over 5 DVD players
for himself. The profit/Loss on Joint venture will be
(a) Loss Rs. 20000
(b) Profit Rs. 15000
(c) Profit Rs. 20000
(d) Profit Rs. 20250
36. A bill of exchange drawn on C for Rs. 5000 was renewed for a further period of
3 months after receiving cash payment Rs. 1000. C agreed to bear interest at
18% p.a. Amount of the renewed bill of exchange will be
(a) Rs. 4180
(b) Rs. 4225
(c) Rs. 5225
(d) None of the above
37. Expenses incurred to retain the right of enjoyment of a building is a
(a) Revenue expenditure
(b) Capital expenditure
(c) Deferred revenue expenditure
(d) None of the above
38. A minimum quantity of stock always held as a precaution against out of stock
situation is called
(a) Zero stock
(b) Essential stock
(c) Risk stock
(d) Base stock
39. Memorandum joint venture account is prepared
(a) When separate set of books are maintained for joint venture
(b) When each co-venturer maintains records for all the joint venture transactions
(c) When each co-venturer maintains records for his own transaction relating to the
joint venture
(d) None of the above
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31. A wrong figure entered in the Sales journal will not affect the -------------------
(a) agreement of Trial balance
(b) Sales statement
(c) Customer account
(d)Trading account
32. Ram drew bill on Rahim for Rs. 50000 for 3 months. Proceeds are to be shared
equally. Ram got the bill discounted at 12% per annum. The share of the proceeds
Ram should remit Rahim is
(a) Rs. 25000
(b) Rs. 22000
(c) Rs. 24250
(d) Rs. 25750
33. A Cheque received from Mohan for Rs. 10000 was returned dishonoured and was
wrongly posted to the debit of Sales returns account. The rectification entry is
(a) Sales returns account Dr 10000
To Bank 10000
(b) Ramesh account Dr 10000
To Sales returns 10000
(c) Bank account Dr 10000
To Sales returns 10000
(d) None of the above
34. P to whom 100 shares of Rs. 10 each were allotted at par paid the application
money of Rs. 2 and allotment money of Rs. 4 per share. He did not pay the call
money of Rs. 4 per share. His shares were forfeited. The amount to be credited to
Share forfeiture account is
(a) Rs. 400
(b) Rs. 1000
(c) Rs. 600
(d) None of the above
35. A and B enter in to a Joint venture to share profits and losses in the ratio 2:1.
A supplied 100 DVD players costing Rs. 100000 to B incurring freight charges
Rs. 5000. B sold 95 DVD players for Rs. 120000. He took over 5 DVD players
for himself. The profit/Loss on Joint venture will be
(a) Loss Rs. 20000
(b) Profit Rs. 15000
(c) Profit Rs. 20000
(d) Profit Rs. 20250
36. A bill of exchange drawn on C for Rs. 5000 was renewed for a further period of
3 months after receiving cash payment Rs. 1000. C agreed to bear interest at
18% p.a. Amount of the renewed bill of exchange will be
(a) Rs. 4180
(b) Rs. 4225
(c) Rs. 5225
(d) None of the above
37. Expenses incurred to retain the right of enjoyment of a building is a
(a) Revenue expenditure
(b) Capital expenditure
(c) Deferred revenue expenditure
(d) None of the above
38. A minimum quantity of stock always held as a precaution against out of stock
situation is called
(a) Zero stock
(b) Essential stock
(c) Risk stock
(d) Base stock
39. Memorandum joint venture account is prepared
(a) When separate set of books are maintained for joint venture
(b) When each co-venturer maintains records for all the joint venture transactions
(c) When each co-venturer maintains records for his own transaction relating to the
joint venture
(d) None of the above
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