CPT Class Test-3
Test Booklet No. – 110011
(1)
Duration : 2 Hours
Total Marks : 100
Date: - 17.05.2017
Ans. a
Explanation:
Normal Loss is a part of production so it cost is to be bear by remaining goods unit in
given question total cost of Rs.
10000 Litre @ 100 = 10,00,000
Fright
8000
Total Cost
1008000
is treated cost of 9000 litre and out of 8000 litre sold. So Value of remaining 1,000
litre calculate as under.
1008000
 1000  112000 Ans.
9000
(2)
Ans. d
Explanation:
Consignment A/c At cost
To
To
To
To
To
Goods on Consignment
Cash [consignor exp.] (6,000 +2,000)
Deepak [consignee exp.]
Deepak [Comm[ 2% on 100,000
P & L Acc. (profit)
Value of Stock
Purchase cost 100,000  ¼ =
Consignor Exp. 8000  ¼ =
Consignee non selling exp. 10,000  ¼ =
100,000
8000
16000
2000
3500
129500
By Deepak [Sale]
By value of stock
With Deepak
100,000
29,500
129500
25000
2000
2500
29500
(3)
Ans. a
Explanation:
To promote credit sale consignor pay consignee commission knows as delecrede
commission.
(4)
Ans. c
Explanation:
Consignment A/c Show Profit / Loss on consignment so nature of this A/c is nominal
(5)
Ans. b
Explanation :
Suppose Invoice Price Rs. 100,
Profit @ 20% i.e. Rs. 20,
Cost = Rs. 80,
Profit on cost =
20
 100  25%
80
Cost = Rs. 1,20,000,
Profit @ 25% i.e. 1,20,000 x
(6)
25
 Rs.30,000
100
Ans. d
Explanation:
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Expenses = 50000+1400+2800+5600 = Rs. 59800
(7)
Ans. d
Explanation:
Let IP = 100
SP = 100 + 10% =
Rs. 110
IP of goods sold =
352000
100  Rs .320000
110
Total goods
Let CP
IP
320000 × 2 = Rs. 640000
100
100 + 25% = 125
Cost 
=
=
=
640000
100  Rs .512000
125
(8)
Ans. a
Explanation:
After providing Del crede commission liability of bad debts is to be bear by consignee
(9)
Ans. a
Explanation:
Depreciation on straight line basis =
15, 00, 000
15
= 1,00,000
So Rs. 1,00,000 depreciation for each year
Now revalued by Rs. 3,00,000
So depreciation On revalued amount = 3,00,000/12 = 25,000
Total dep. For the year 2006 =100000 + 25000 = 1,25,000
(10)
Ans. b
Explanation:
Depreciation =
5, 200  200
10
= Rs. 500
Balance in first year =
Balance in second year =
Balance in third year =
(11)
5200-500 =
4700-500 =
4200-500 =
4700
4200
3700
Ans. a
Explanation:
Depreciation on office furniture
8000  5% = 400
Depreciation on machine
10
 80000  8000
100
Depreciation on factory building
2, 00, 000 
5
 10, 000
100
= 18,400
(12)
Ans. d
Explanation:
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Purchase cost =
(+) Shipping and forecasting charges
(+) Import duty =
(+)Carriage Inwards =
(+) Repair Charges =
(+) Installation Charges =
(+) Brokerage =
(+) Iron Paid =
(13)
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. a
Explanation :
Depreciable value = Cost – scrap value.
Depreciation 
(15)
=
Ans. a
Explanation :
Cost of Boiler: Purchase Cost
Add: Shipping and forwarding
charges
Import Duty
Installation exp.
Total Cost
(14)
Rs. 50,000
2,000
1,000
1,000
500
200
400
100
55,200
5000 units
 (63000  3000 )  Rs.5000
60,000 units
Ans. b
Explanation :
Depreciation on machinery = 10,000
10% 
3
 250
12
Depreciation on furniture = 20,000  5% x 3/12= 250
Total Depreciation  250 + 250 = Rs. 500
(16)
(17)
Ans. c
Explanation:
Value as 1/4/13 =
Less: Depreciation for F.Y. 2013-14
(120000 × 20%)
Value as on 1/4/14
Less: Depreciation for F.Y. 2014-15
96000×20%×6/12 =
Value as on 30/9/14 =
Sale price
Rs. 60000
Loss : 86400-60000 = Rs. 26400
Rs. 120000
(24000)
96000
(9600)
86400
Ans. c
Explanation:
% profit on cost, on goods sold
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=
240000  160000
 100  50%
160000
Cost of remaining stock =
Total cost of purchase – Cost of goods sold
240000-160000 = 80000
Sales value of goods taken over
= 80000 + (50% of 80,000) = Rs. 120000
(18)
Ans. b
Explanation:
Joint venture A/c is credited with the agreed value of stock taken over by coventurer i.e. Rs. 15000
(19)
Ans. a
Explanation:
When each co-ventures record only his own transactions and no separate set of
books of A/c is maintained, to find out profit or loss, memorandum joint ventures A/c
is prepared.
(20)
Ans. a
Explanation:
Profit = Sales Value of price of land - purchase price of piece of land = 6000030000= Rs. 30000
(21)
Ans. a
Explanation:
Generally when size of venture is big the co venture keep separate set of accounts
for joint venture transactions.
(22)
Ans. b
Explanation:
Value of 10 kg as under
Purchase price 10 kg  20 =200
Exp.
500
50
10 
Ans.
100
250
(23)
Ans. d
Explanation:
Stock Reserve Account is not opened in joint venture this A/c open in consignment
A/c
(24)
Ans. b
Explanation:
Profit on sales = 80000 – 60000 = 20000
% profit on cost =
20000
1
 100  33 %
60000
3
Cost of remaining stock = 70000-60000 = 10000
Sales value of remaining stock
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= 10000+ 33
(25)
(26)
1
%of 10000  13333
3
Ans. a
Explanation:
13000
Bank overdraft as per cash book
Add: Cheque deposited but not cleared
Less: Cheque issued but not cashed
Bank overdraft as per bank statement
15,000
4,000
6,000
13,000
Ans. b
Explanation:
Rs. 16000
Dr. Balance as per Cash Book
Add: Cheque issued but not presented
Less: Cheque deposited but not cleared
Balance as per pass book
15,000
2,000
1,000
16,000
(27)
Ans. a
Explanation:
Added by Rs. 300
As bank has added charges of Rs. 300 twice and cash book has recorded charges
only once so bank overdraft as per bank statement is more than bank overdraft as
per cash book by Rs. 300. So to arrive at overdraft balance as per pass book we
have to added Rs. 300 in overdraft balance as per cash book.
(28)
Ans. c
Explanation:
Bill is after sight bill
Acceptance is on 17 April, 09.
Due date = 17 April, 09 + 30 days = 20 May, 09
(29)
Ans. d
(30)
Ans. c
(31)
Ans. b
Explanation:
Agreement based on personal skill cannot be enforceable after the death of the
party. Hence, it lapses for both the parties.
(32)
Ans. a
Explanation:
Contract which involve the exercise of personal skill or diligence, or which are
founded on personal confidence between the parties must be performed by the
promisor himself.
(33)
Ans. b
Explanation: Void, Because of Uncertainty.
(34)
Ans. c
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Explanation: Wagering Agreement
(35)
Ans. a
Explanation:
According to section 56, contract will not became void due to commercial
impossibility.
(36)
Ans. d
Explanation: Remission.
(37)
Ans. b
Explanation: Nudum Pactum
(38)
Ans. a
Explanation: Can sue conditionally
(39)
Ans. b
(40)
Ans. c
(41)
Ans. d
Explanation : Because past consideration must move at the previous request.
(42)
Ans. b
Explanation : Because A voidable contract when rescinded becomes void.
(43).
Ans. a
Explanation: No since D P Tyre Co. Ltd. was not a party to the contract.
(44)
Ans. a
Explanation : Because A voidable contract when rescinded becomes void.
(45)
Ans. a
Explanation: Because past services rendered must be voluntary and not involuntary.
(46)
Ans. a
Explanation: Because consideration may be insufficient.
(47)
Ans. a
Explanation:
(48)
Ans. a
Explanation: Where there is a right there is a remedy.
(49)
Ans. d
Explanation:
(50)
Ans. a
Explanation: Can not be claimed as a matter of right
(51)
Ans. d
(52)
Ans. d
Explanation:
Because average of total production can never be zero or negative.
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(53)
Ans. c
Explanation:
Due to low CRR Commercial banks have to keep less amount of liquidity with reserve
bank. So that they can make available more credit to the public this will create more
liquidity in hands of public and which will generate more demand by the public.
(54)
Ans. c
Explanation:
Foreign Direct Investment was liberalised by raising FDI limit in private sector banks
to 74% under the automatic route.
(55)
Ans. d
Explanation:
The RBI working group has redefined its parameters for measuring money supply.
Under which M4 has been excluded from the scheme of monetary aggregates.
(56)
Ans. d
Explanation:
The RBI is the sole authority for the issue of currency in India other than one rupee
coins, notes and subsidiary coins, the magnitude of which is relatively small. The
Finance Ministry of Government has right to issue one rupee coins, notes and
subsidiary coins,
(57)
Ans. c
Explanation:
Reverse Repo rate is the rate at which Reserve Bank of India borrows money from
commercial banks. At present it is 6.25% (July, 2013)
(58)
Ans. b
Explanation:
Because Microeconomis deals with price theory.
(59)
Ans. c
Explanation:
Since positive economics is concerned with actual results.
(60)
Ans. b
Explanation:
Since production possibility frontier helps us to understand the problem of scarcity
better, by showing what can be produced with given resources and technology.
(61)
Ans. c
Explanation:
There is an inverse relationship between the price of one substitute good’s price and
supply of another substitute good.
(62)
Ans. b
Explanation:
Elasticity of supply refers to the degree of responsiveness of supply of a good to
changes in its price because a seller is ready to sell the goods at a particular price.
(63)
Ans. d
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Explanation:
Because the quantity supplied is related with price and when more units of product
are supplied at higher price, this is known as "Extension/Expansion in supply"
(64)
Ans. b
(65)
Ans. a
Explanation:
Since in the exception of Law of demand the shape of demand curve Increases
towards right direction.
(66)
Ans. a
Explanation:
Since the shape of demand curve is vertical in e = 0.
(67) Ans. b
Explanation:
Utility hypothesis forms the basis for the theory of consumer's behaviour, because
utility of good determines that a consumer will purchase the good or not.
(68)
Ans. b
Explanation:
MP curve intersects AP curve at its maximum point from above tends to decline.
(69)
Ans. b
Explanation:
TP increases at diminishing rate due to decrement in MP but positively.
(70)
Ans. a
Explanation:
Fiscal Responsibility and Budget Management (FRBM) bill was introduced in 2000
and FRBM act was passed in 2003. The Act aims at reducing gross fiscal deficit by
0.5 Percent of the GDP in each financial year.
(71)
Ans. c
Explanation:
At present only 2 sectors are reserved for public sector as mentioned above.
(72)
Ans. a
Explanation:
Quantitative Restrictions were removed on 714 items in EXIM policy of 2000 – 01
and on remaining 715 items in EXIM policy of 2001 – 02.
(73)
Ans. c
(74)
Ans. B
(75)
Ans. a
(76)
Ans: b
Explanation:
Let the side of square = x units
MITTAL COMMERCE CLASSES
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area of square = x2 units
and perimeter of the square = 4𝑥 units
Then x2 + 4 = 4x
x2 - 4x + 4 = 0
(x-2)2=0
x=2
side of square = 2 units
(77)
Ans. b
Explanation:
Roots are –3, 1, 2 then
Factors are x + 3, x – 1, x – 2
and equation is (x + 3) (x – 1) (x – 2) = 0
x 3  7x  6  0
(78)
Ans. d
Explanation:
x  1 x
x2  1 x
x2  x 1  0
x=
x
x=
(79)
 b  b 2  4ac
from quadratic equation
2a
1  5
2
 1 5
only this solution is possible
2
Ans. a
Explanation:
From (i) equation, bx + ay = 2ab
From (ii) equation, ax  by  a 2  b2
Multiply eqn (i) by a and eqn (ii) by b, we get
abx  a 2 y  2a 2b
…(iii)
and abx  b2 y  a 2 b  b3
…(iv)
Subtracting (iii) and (iv), b2 y  a 2 y  b3  a 2b

 
 y b2  a 2  b b2  a 2

 yb
Putting y = b in the equation (i)
bx  a(b)  2ab
 bx  ab  x  a
(80)
Ans. d
Explanation:
Equation 5x  8x  7  0 and roots are ,  then
2
Sum of roots     8 / 5
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Product of roots   7 / 5
Now
=
(  )3  3(  )
 3  3

 22
() 2
328
245
=
(81)
 

2  2
Ans: b
Explanation:
Condition for collinearity
x1 ( y2  y3 )  x2 ( y3  y1 )  x3 ( y1  y2 )  0
7(2  6)  5(6  a)  3(a  2)  0
 28  30  5a  3a  6  0
8a  64
a 8
(82)
Ans. b
Explanation:
A
(3, –4)
x1, y1
P
B
(5, –6)
x2, y2
Eqn of AB line
6  (4)
(x  3)
53
6  4
y4
(x  3)
2
y  4  x  3
x  y 1  0
y  (4) 
Point P is the middle point
35
4
2
4  6
y
 5
2
x
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
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(83) Ans:
c
Explanation:
Given that , one root is 1
Let the other root be ∝
c
∵ Product of roots =
a
∝ x1 =
∵ ∝=
(84)
𝑐(𝑎−𝑏)
𝑎(𝑏−𝑐)
𝑐(𝑎−𝑏)
𝑎(𝑏−𝑐)
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

(85)
Ans. c
Explanation:
log8 m  log8 2 
log8 (2m) 
2
3
2
3
2
(8) 3  2m
2
3 3
(2 )
 2m
(2)  2m
4  2m
2m
2
(86)
Ans. c
Explanation:
Region represented by the line 3x + 2y = 24 meets the coordinate axes at (8,0) and
(0,12). Since the shaded region lies below the line 3x+2y=24 therefore it is
represented by less than or equal to sign i.e. 3x+2y< 24.
Similarly for th eline x+2y = 16 the shaded region lies below the line therefore it is
represented by less than or equal to sign i.e. x+2y<16
Clearly X > 0 and y > 0 represents the region lying on the right side of y axis and
above x axes.
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(87)
Ans. c
Explanation:
1
3
x= 2  2

1
3
1
 3x
2
3
x3+3x=
2
x3 = 2 
2x3+6x=3
(88)
Ans. a
Explanation:
Let the original prices of two houses be Rs. 16x and Rs. 23x respectively. Then by
16𝑥+10% 𝑜𝑓 16𝑥
11
the given conditions,
=
or,
16𝑥+1.6𝑥
23𝑥+477
=
11
20
23𝑥+477
20
𝑜𝑟 320𝑥 + 32𝑥 = 253𝑥 + 5247
or, 352x - 253x = 5247, or 99x = 5247; x = 53
Hence the original prices of two houses are Rs. 16 x 53 and Rs. 23 x 53 i.e. Rs. 848
and Rs. 1,219.
(89)
Ans. d
Explanation:
H.M. =
(90)
n
1

1  3  5...2n  1 n
Ans. a
Explanation:
Since
Hence
r  0,
therefore
byx  bxy
2
b yx
and
b xy
are also positive.
 byx bxy
( AM  G.M.)
byx  bxy
2
 r2
byx  bxy
2
 r  m  r.
(91)
Ans. d
Explanation : Regression coefficient are independent of change of origin but not scale
(As per Fundamental Principle)
(92)
Ans. c
Explanation :
b yx  0.5, b xy  B, r  0.1
r 
b xy  b yx
0.1 
0.5  B
0.5B  0.01
B
(93)
0.01
 0.02
0.5
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
(94)
Ans. c
Explanation : Given N = 15, X =25, Y = 18,
 dx
2
=236,
 dy
2
= 132,
 dxdy
= 122
Coeff of correlation
 dxdy
 dx  dy
r=

=
122
= 0.69
236  132
2
2
(95)
Ans. b
Explanation: if rank is in reverse order then spearman rank correlation coefficient is 1.
(96)
Ans. b
Explanation:
2
2
2
r = √byx x bxy = √ x =
5
5
5
(97)
Ans. a
Explanation:
A.M. = (16 + 4)/2 = 10
16  4  8
2  16  4
H.m. =
 6.4
16  4
G.M.
=
(98)
Ans. b
Explanation:
F = √L x P
1502 = 144 x P
P = 156.25
(99)
Ans. d
Explanation:
Money wage
100
Pr
ice
Index
Using Formula : Real wage =
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 1680 
Money Wage
100
 215

100 

 120

215
1680  3010
 Money Wage = 120
Rs.
 Loss of worker = 3010 – 3000 = 10 Rs.
(100) Ans. c
Explanation:
Commodity
R
W
RW
I
110
3
330
II
120
3
360
III
70
1
70
7
760
Total
Weighted Price Index =
RW 760

 108.5
W
7
***
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