CPT Mock Test – 3rd
Test Booklet No. – 110011
(1)
Duration : 2 Hours
Total Marks : 100
Date: - 16.09.2015
Ans. a
Explanation:
Dr.
Receipt
Cash Book (Bank Column)
Cr.
Amount
Payment
Amount
By Purchases
1780
It mean's under casting of Payment side of Cash Book (Bank Column). So Increasing
the Bank Balance by Rs. 90.
(2)
Ans. a
Explanation:
Bank Reconciliation Statement
Particulars
Dr. Balance as per Cash Book (Bank Column)
Cheque Issued but Presented for Payment
Interest Collected by Bank
Deposited by a Customer Direct into the Bank
Cr. Balance as Per Pass Book
+
–
3000
500
400
250
4150
(3)
Ans. a
Explanation:
Bank Reconsiliation Statement
Particulars
+
Dr. Balance as per Cash Book (Bank Column)
Cheque Issued but Presented for Payment
Cheque Send to Bank but not Credited
BIP Paid by Bank
–
10000
2300
2000
800
Cr. Balance as per Pass Book
12300
2800
9500
(4)
Ans. b
Explanation:
Bank Reconciliation Statement
Particulars
Dr. Balance as per Pass Book
Cheque Deposited but not cleared
Cheque Issued but not Presented for Payment
+
–
22000
2000
8000
Dr. Balance as per Cash Book
24000
8000
16000
MITTAL COMMERCE CLASSES
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(5)
Ans. c
Explanation:
Cr. Balance as per Cash Book
Wrong debit in the Pass Book
(6)
(7)
-
(–)
(–)
Added
Ans. a
Explanation:
Cost of Boxes = 2000 x 100
Add: Profit (2,00,000 x 45%)
Sales Value
Amount of Bill = 290000 x 60%
=
=
=
=
Ans. c
Explanation:
Total Bill Amount =
Discount =
Received Amount
30,000
2000
28,000
2,00,000
90,000
2,90,000
174000 Rs.
Half Dis.
1000
Half Remmited to B 14,000
15,000
So, A Remmited to B on due date 15000 Rs.
(8)
Ans. d
Explanation:
One Month Calculate from 23rd Dec. to 23rd Jan.
+ Grace Period 3
26th
23rd Jan.
3 Day
Jan. (Public Holiday)
So, due date will be 25th Jan.
(9)
Ans. c
Explanation:
Due Date = 4 April 2006
Bill Dis. Counting Date = 4 Feb., 2006
So Discount Calculate for 2 months only.
Discount Amount = 20000 
(10)
2 15

 500 Rs.
12 100
Ans. c
Explanation:
Due Date = 4 April 2006
Bill Discounting Date = 4 Jan. 2006
So, Discount Calculate for 3 months only
Discount Amount = 100000 
(11)
3 12

 3000 Rs.
12 100
Ans. a
Explanation:
Total Depreciation charged as per old method (SLM) for two year
= ORIGINAL COST - WDV
10000-6000 = Rs. 4000
Total depreciation to be charged as per new method (WDV) for two year =
1st year dep = 20% of 10000 = 2000
MITTAL COMMERCE CLASSES
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2nd year dep = 20% of (10000-2000) = 1600
Total depreciation 2000 + 1600 = 3600
Excess Depreciation charged (old method – new method)
4000-3600 = Rs. 400.
(12)
Ans. d
Explanation:
Annual depreciation for 1-3 years =
Annual Production
 Depreciabl e Value for Machinery
Total Production Capacity
500000 units
 Rs. 1100000= 183333
3000000 Units
(13)
Ans. b
Explanation:
Accounting Policy
Charging depreciation on fixed asset is a part of accounting policy
(14)
Ans. b
Explanation:
Depreciate rate as per method
AnnualDepr eciation
450
x100 
x100  9%
CostofAsset
5000
Cost  scrapvalue 5000  500
Annual Depreciation (SLM)

 450
usefulGpe
10
(15)
Ans. a
Explanation:
Cost of Boiler: Purchase Cost
Add:
Shipping and forwarding
charges
Import Duty
Installation exp.
Total Cost
(16)
Rs.
10000
2000
Cost
(-) Dep. 1st Year @10% p.a.
WDV
20000
2000
18000
7000
1000
20000
(-) Dep 2nd year @ 10% p.a.
WDV
(-) Dep 3rd year @ 10% p.a.
WDV . or closing balance
1800
16200
1620
14580
Ans. b
Explanation:
Profit on sales = 80000 – 60000 = 20000
% profit on lost =
20000
1
 100  33 %
60000
3
Cost of remaining stock = 70000-60000 = 10000
Sales value of remaining stock
= 10000+ 33
(17)
1
%of 10000  13333
3
Ans. a
MITTAL COMMERCE CLASSES
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Explanation:
Joint venture with other co-venture A/c is of personal nature. Shows amount due to /
due from ventures.
(18)
Ans. b
Explanation:
Goods sold by other co-venturer is debited to other co-venturer personal A/c
because for sale he will be debtor
(19)
Ans. b
Explanation:
Under joint Bank A/c method memorandum joint venture A/c is not opened. It is
open when each-co-ventures record only his own transactions.
(20)
Ans. b
Explanation:
Total value of goods consignee 10,000 amount of bill will 80% of 10000 = 8000.
(21)
Ans. b
Explanation:
Invoice Value of Goods Loss 12500 represent
total goods will be
(22)
1
of total goods, so Invoice Value of
10
12500
 100  Rs .125000 Ans
10
Ans. b
Explanation:
In question profit based on invoice price first it convert into cost Suppose invoice
value 100 profit 20% i.e. 20 Rs. Cost = 80. Profit on cost
120,000 Profit 25% i.e.
120,000
20
 100  25% Cost
80
25
 30,000 Rs.
100
(23)
Ans. a
Explanation:
After providing Del crede commission liability of bad debts is to be bear by consignee
(24)
Ans. a
Explanation:
Cost of goods
Invoice value
Profit
Profit on Cost
80,000
100,000
20,000
20,000
 100  25%
80,000
Cost of goods return by consignee 10,000
Add profit 25%
2500
Invoice Value
12500
Because goods sent by consignor to consignee at invoice price so goods return by
consignee also show in consignement a/c invoice price
MITTAL COMMERCE CLASSES
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(25)
Ans. b
Explanation:
If consignee sold goods more than invoice price consignor pay consignee additional
commission known as overriding commission it is calculate on excess over invoice
price.
(26)
Ans. c
Explanation :
Cost of physical stock as on 15.4.2006 = 300000
Add: Cost of sales
100000- (20% of 100000) = 80000
Less: Cost of Purchase = 50000
Value of inventory as on 31st March 2006 = 330000
(27)
Ans. d
Explanation :
When goods are not interchangeable but are separately placed the best method of
valuation of inventory is specific identification method.
In case goods are manufactured and segregated for specified customers the best
method of valuation of inventory would be – specific identification method.
(28)
Ans. a
Explanation :
Stock is valued cost or NRV whichever is lower and stock should be valued item by
item value of inventory will be
ZEN
200000
FIAT
350000
ESTEEM
320000
HONDA CITY
600000
OPTRA
700000
2170000
(29)
Ans. a
Explanation :
Net realizable value means the estimated selling price in the ordinary course of
business, less estimated cost of completion and estimated cost necessary to make
the sales.
(30)
Ans. d
Explanation :
Let opening Stock is 'x'
AverageStock 
i.e. 20,000 =
Opening Stock  Closing Stock
2
X + (x + 4000)
2
2x = 36000
x = 18000 i.e. opening stock
18000+4000 = 22000 closing stock
(31)
Ans. c
Explanation: Section 2(j) defines void contract as a contract which ceases to be
enforceable by law.
MITTAL COMMERCE CLASSES
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(32)
Ans. b
Explanation : Under executory contract the reciprocal promises or obligations which
serves as consideration is to be formed in future.
(33)
Ans. b
Explanation: As per Sec- 4, the communication of an offer is complete when it comes
to the knowledge of the person to whom it is made.
(34)
Ans. d
Explanation: Auction sale is invitation to offer but bids made by bidder under auction
sale is termed as offer.
(35)
Ans. c
Explanation: Communication is must both at the time of making, or, revocation of
offer and acceptance.
(36)
Ans. c
Explanation: General offer is an offer made to the public in general and hence any
one can accept and do the desires act. Further section – 8 points out that
performance of the conditions of a proposal is an acceptance of the proposal.
(Carbolic smoke ball company v/s Mrs. Carlill).
(37)
Ans. d
Explanation: As per section -4 acceptance should be communicated to the offeror
before the offer lapses, the offer terminates and the offer is revoked by the offeror.
(38)
Ans. a
Explanation: Special offer.
(39)
Ans. b
Explanation: Acceptance should be made in the prescribed manner and mode of the
offer.
(40)
Ans. a
Explanation :
(41)
Ans. d
Explanation: The Indian Contract Act, 1872.
(42)
Ans.c
Explanation: Standing Offer.
(43)
Ans. b
Explanation: According to section 56 of Indian contract act 1872, contracts which are
impossible in nature will be void.
(44)
Ans. d
Explanation: Contract should be performed within reasonable time and within
business hours, when there is no specific time & also no application is made.
(45)
Ans. a
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Explanation:
(46)
Ans. a
Explanation:
(47)
Ans. b
Explanation:
(48)
Ans. d
Explanation:
(49)
Ans. b
Explanation:
(50)
Ans. a
Explanation:
(51)
Ans. a
Explanation: “Economics is neutral between ends” was given by Robbins.
(52)
Ans. c
Explanation: Economics describes how unlimited wants can be satisfied by limited
resources.
(53)
Ans. b
Explanation:
ea 
Q1  Q2 P1  P2

Q1  Q2 P1  P2
25  30 30000  36000

25  30 30000  36000
 5 66000
ea 

55  6000
ea  1
ea 
(54)
Ans. b
Explanation: The luxury goods like jewellery and fancy articles will have high income
elasticity of demand.
(55)
Ans. a
Explanation:
% change in quantity demanded
% change in price
30%
Ed 
20%
Ed =
Ed = 1.5
Ed > 1 (elastic)
(56)
Ans. b
MITTAL COMMERCE CLASSES
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Explanation: A decrease in price will result in an increase in total revenue if the
percentage change in quantity demanded is greater than the percentage change in
price.
(57)
Ans. d
Explanation: Price of related goods, State of technology & Cost of production all are
treated constant in the law of supply.
(58)
Ans. b
Explanation: Movement along the supply curve is also called Change in quantity
supplied.
(59)
Ans. a
Explanation: Elasticity of supply is given by the formula
Q P
.
P Q
(60)
Ans. b
Explanation: In Marginal utility theory according to assumption the marginal utility of
money is treated as Constant.
(61)
Ans. b
Explanation: If consumption of the good is not continuous or there are varieties in
the good then Law of increasing marginal utility explains this conditions.
(62)
Ans. c
Explanation: Indifference curve shows the various combinations of two goods which
gives equal satisfaction.
(63)
Ans. d
Explanation: Stage II of law of Variable Proportions is called Diminishing returns as
well as Decreasing returns
(64)
Ans. b
Explanation: Decreasing return to scale occurs when Output rises in less than
proportion to increase in inputs.
(65)
Ans. d
Explanation: There is no best stage in returns to scale but in law of variable
proportions the second stage is considered best.
(66)
Ans. d
Explanation: Variable cost increases continuously with the increase in production.
(67)
Ans. b
Explanation: In the short run when the output of a firm increases its average fixed
cost decreases.
(68)
Ans. a
Explanation: Marginal cost is based on law of variable proportions hence it is closely
related with variable cost.
(69)
Ans. d
MITTAL COMMERCE CLASSES
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Explanation: The negatively-sloped (i.e. falling) part of the long-run average total
cost curve is due to the increase in productivity that results from specialization.
(70)
Ans. c
Explanation:
ATC =
TC
Q
TC = TFC + TVC
TC = 4000 + 1000
TC = 5000
ATC =
5000
TC
=
= 1000
5
Q
(71)
Ans. b
Explanation: The first order condition for the profit of a firm to be maximum is MC =
MR.
(72)
Ans. d
Explanation: A homogenous product is a feature of perfect competition.
(73)
Ans. b
Explanation: In perfect competition firm is the price taker.
(74)
Ans. d
Explanation: In perfect competition industry is a price maker whereas firm is only a
price taker.
(75)
Ans. c
Explanation: In perfect competition the shape of a firm is horizontal.
(76)
Ans. b
Explanation :
C.I.–S.I. = 150
n

 PTR
r 
P  1 

1
 150


100
 100 

2

 P  2  25
25 
P  1 
 150
  1 
 200 
 2 100
P = Rs. 9600
(77)
Ans. d
Explanation :
E  (1  r)n -1
4
6 

= 1 
 1
 400 
4
 406 
 
 1
 400 
 0.0613
MITTAL COMMERCE CLASSES
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E  6.13%
(78)
Ans. d
Explanation:
Present Value =
A
1 
1 

r  (1  r)n 
=
20,000 
1 
1 

0.1  (1.1)10 
=
20,000  1.59374 
0.1  2.59374 
= Rs. 122891
(79)
Ans. a
Explanation:
Here A = 2000, i 
6
 0.005 , n = 24
100  12
Let Rs. P be the each payment.

 (1  i)n  1 
 (1  0.005) 24  1 
 (1.005) 24  1 
  2000  P 
  P

i
0.005




 0.005 
Amount : A = P 
 P
2000  0.005
10
10
or P 
= Rs. 78.61

24
1.1272  1 0.1272
(1.005)  1
(80)
Ans. b
Explanation :
In 3 years sum will be Rs. 767
5 years sum will be Rs. 845
difference of 2 years is Rs. 78
So Interest of per years is = Rs. 39
Interest for 3 years is 39  3  Rs. 117
So sum is = Amounts − Interest
767 − 117
Sum  Rs.650
(81)
Ans. a
Explanation :
Let Person invests Rs. x with 12% and remaining sum (15000 – x) invests with 8% then
12  2
8
x
 (15000  x) 
 2  2700
100
100
8
3x  2 15000  2x   2700
100
2700 100
[x  30000] 
8
x  30000  33750
x  33750  30000
So Rs. 3750 invests with 12%
 Rs. 3750
MITTAL COMMERCE CLASSES
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(82)
Ans. a
Explanation :
logb x
log2b x
log x 2b

log x b
log x 2  log x b

log x b
log x 2
 1
log x b
 1  logb 2
(83)
Ans. c
Explanation :
log9 11 log311

log5 13 log 13
5
log 2 11
log3 11
(3)


log
13 log 13
5
( 5)2
1
.log3 11
log3 11
2


1
.log 13 log 5 13
5
2
log3 11
log3 11


log 13 log 13
5
5
 0
1
Note log n m  loga m
a
n
(84)
Ans. b
Explanation :
A
(3, –4)
x1, y1
P
B
(5, –6)
x2, y2
Eqn of AB line
6  (4)
y  (4) 
(x  3)
53
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6  4
(x  3)
2
y  4  x  3
x  y 1  0
Point P is the middle point
35
x
4
2
4  6
y
 5
2
Point (4, –5)
So Equation of perpendicular line
xyk 0
which passes through
(4, 5)
4+5+k=0
k = -9
So line  x  y  9  0
y4
(85)
Ans. a
Explanation:
p
.  q
Given    1
   2  4  1
=)
p 2  4q  1
p 2  4q  1
p 2  4q  1
(86)
Ans. d
Explanation:
X
1
y2
x = k.
1
y2
1 = k.
1
4
k=4
x = 4.
1
y2
y=6
x = 4.
x=
1
36
1
9
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(87)
Ans. a
Explanation:
1
 1 
 1 


1 
1 
1 x 
1 x 
1
1
1
 x 
 x 
 

 x 1
 x 1
x 1 x 1

=
x
x
x 1 x 1

=
x
x
x  1  x 1 2x

2
=
x
x
= 
(88)
Ans. d
Explanation:
Given 8x+6 < 12x+14
6–14 < 12x – 8x
–8 < 4x
4x > –8
X>
8
4
X > –2
Solution set = (–2, ∞)
(89)
(90)
Ans. b
Explanation : The index 1970 on base 1960 will be =
Ans. c
Explanation : Average speed =
150 x 200
100
= 300
2ab
a+b
2x120xb
150 =
120+b
b = 200km/h
(91)
Ans. a
(92)
Ans. b
Explanation : x = 1500, SD = 400
After 1st year
Mean = 1500 + 20% of 1500=1800
SD = 400 + 20% of 400 = 480
After 2nd year
Mean = 1800 + 100 = 1900
SD = 480 (no change)
(93)
Ans. b
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Explanation : r =
0.28 =
Cov (x,y)
SDx . SDy
7.6
3 x SDy
SDy = 9.048
(94)
Ans. c
Explanation : Average age of 10 students = 20 yrs
The sum of age of 10 students = 20 x 10 = 200 yrs
If two boys are increased
The total no of students = 10+2=12
And average increased by 4 yrs
Then new average = 20 + 4 = 24
The sum of age of 12 student = 24 x 12 = 288
The sum of age of two boys = 288 – 200 = 88
88
Average age of two boys =
= 44
2
(95)
Ans. d
Explanation : x = 3, MDx = 0.3
2x + 3y − 7 = 0
1
y=
3
2
1
3
5
MD of y = | | MD of X =
co-efficient of mean deviation of y about mean =
M.D of Y
=
x 100 = 60
y
(96)
Ans. d
Explanation :
Rank -I
Rank –II
D2
1
2
1
2
3
1
3
1
4
Spearman’s Rank Correlation coefficient = 1 −
=1
4
5
1
5
4
1
6 ∑ D2
n(n2 −1)
6x8
− 5 (52 −1)
= 0.6
(97)
Ans. c
Explanation:
Commodity
R
W
RW
I
110
3
330
II
120
3
360
III
70
1
70
W = 7
RW = 760
Total
Weighted Price Index =
(98)
RW 760

 108.5
W
7
Ans. b
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Explanation : The regression equation of y of x is:

y − y = byx X  X

 y-27.9=(-1.5)(x-53.2)
Or y = 107.7-1.5x
When x = 62.86 then
Y=107.7-1.5x62.86=13.4
(99)
Ans. b
Explanation :
p1q0
20  5x
p 0 q0
L
28
15



p1q1
10  2x
P
27
7
p 0 q1
140  35x 28

150  30 x 27
x4

(100) Ans. c
Explanation :
Year
1990
2000
Price
100%
160% = 1.60
Quantity
100%
70% = 0.70
Value = Price × Quantity
 V1990,2000  (1.60  0.70)  100
= 112
 +12% Value will be changed.
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