CPT Mock Test-1
Test Booklet No. – 110011
(1)
(2)
Duration : 2 Hours
Total Marks : 100
Date: - 30.05.2017
Ans. c
Explanation:
Cr. Balance as per Cash Book
Wrong debit in the Pass Book
(–)
(–)
Added
Ans. d
Explanation:
Bank Reconciliation Statement
Particular
Dr. Balance as per Cash Book
Cheque Issued but not Presented into Bank
Bank Charges Charged by Bank but Cash Book charged
by more than 9 Rs.
Balance as per Pass Book
+
–
2370
700
9
3079
(3)
Ans. c
Explanation:
Bill is after sight bill
Acceptance is on 31 Jan, 2010.
Due date = 31st Jan, 2010 + 30 days + 3 days of grace = 5 March, 2010
(4)
Ans. d
Explanation:
Deficiency Amount
(5)
 (100000  1000) 
70
 70700
100
Ans. b
Explanation:
Value of machine as on 1.4.2003
1000000
 1000000

(-) Depreciation of 2003-04 
 100000 
10


100000
900000
Value of machine as on 1.4.2004
 1000000

 100000 
10


(-) Depreciation of 2004-05 
100000
800000
80000
Value of machinery as on 1.4.2005
 800000

 80000 
10


Depreciation of 2005-06 
(6)
Ans. a
Explanation:
Closing balance of machine on 31st March 2006
Add: Depreciation of 2006
=
=
72900
8100
 72900

 90 10 


MITTAL COMMERCE CLASSES
1|Page
Closing balance of machine on 31st March 2005 =
Add: Depreciation of 2005 =
81000
9000
 81000

 90 10 


Closing balance of machine on 31st march 2004 =
Add: Depreciation of 2004 =
90000
10000
 90000

 90 10 


Cost of machine on 1st April 2003 =
(7)
100000
Ans. b
Explanation:
Dr.
1.1.2006 To Balance B/d
To Bank (Purchase)
FURNITURE ACCOUNT
8000 By Bank (Sale)
4000 By Depreciation (B/F)
____ By Balance C/D
Depreciation for the year 2006 is Rs. 3000/(8)
Ans. c
Explanation:
Memorandum joint venture account
To Purchase (sonu)
200000
By sales (monu)
To comm. On pur
4000
(2% of Rs. 200000)
To Comm. On sales
(2% of Rs. 300000)
6000
To Profit (B/f)
90000
300000
(9)
Cr.
2000
3000
7000
300000
______
300000
Ans. b
Explanations:
Memorandum Joint venture Account
To purchase (Ram)
100000
By Sales (Shyam)
To Profit (B/f)
74000
By stock taken by Ram
_______
(20% of 100000) + 20%
174000
150000
24000
174000
(10)
Ans. c
Explanation:
In case of joint venture none of act is applicable because there is no separate act for
joint venture.
(11)
Ans. c
Explanation:
Suppose invoice price is Rs. 100 and profit on invoice is Rs. 10 so selling prices Rs.
110
Invoice value of goods sold is
1,76,000/110 x 100 = 1,60,000
Total value of invoice goods
2,50,000
Less invoice value of goods sold
1,60,000
Closing stock at invoice value
90,000
MITTAL COMMERCE CLASSES
2|Page
(12)
Ans. b
Explanation:
Calculation of commission payable to consignee: General commission 5% on Rs. 25,000
Del Credere Commission 10% on Rs. 12500
Over riding Commission 12.5% on [35000 – 25000]
Total Commission
1250
1250
1250
3750
(13)
Ans. d
Explanation:
If Del-Credere commission is allowed to consignee then consignor is not responsible
for loss of bad debts. So all the loss of bad debts will be borne by the Consignee.
(14)
Ans. d
Explanation:
Cost of goods sent on consignment =
5,00,000
100  4,00,000
125
GOODS SENT ON CONSIGNMENT ACCOUNT
To Consignment (loading)
100000
By consignment
To Trading (B/f)
400000
500000
500000
_____
500000
(15)
Ans. a
Explanation:
Cost of goods sold = 35,000 - 20% = Rs. 28,000
Closing stock = 4,000 + 36,000 - 28,000 = 12,000
NRV of 50% of the closing stock is 50% i.e. 12,000 x 50% x 50% = Rs. 3,000
Cost of remaining stock = 12,000 x 50% = Rs. 6,000
Value of closing stock = Rs. 3,000 + Rs. 6,000 = Rs. 9,000
(16)
Ans. c
Explanation:
Cost of physical stock as on 15.4.2006
Add: Cost of sales
100000- (20% of 100000)
Less: Cost of Purchase
Value of inventory as on 31st March 2006
= 300000
= 80000
= 50000
= 330000
(17)
Ans. a
Explanation:
Stock is valued at cost or NRV whichever is less 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
(18)
Ans. b
Explanation:
MITTAL COMMERCE CLASSES
3|Page
As per As – 2 inventory is valued cost or NRV whichever is lower. Also valuation of
inventory is the part of accounting policy and once an accounting policy is adopted it
should not be frequently changed, it does not mean that it can never be changed.
Accounting policies can be changed but only in exceptional circumstances. These are
the requirement of some statute, as per the guidelines issued by ICAI and change
would result in appropriate presentation of financial statements.
(19)
Ans. a
Explanation:
LIFO Method
STOCK LEDGER
DATE
RECEIPTS
QTY RATE AMOUNT
March 4
900
5
4500
March 5
March 10
400
550
2200
QTY
600
-
March 12
March 15
400
-
-
-
-
ISSUE
RATE AMOUNT
5
3000
5.5
-
2200
-
QTY
900
300
300
400
300
300
BALANCE
RATE AMOUNT
5
4500
5
1500
5
1500
5.5
2200
5
1500
5
1500
(20)
Ans. b
Explanation:
Provision is created against debtors so provision A/c is credited and P & L A/c is
debited as this provision is charged to P & L A/c.
(21)
Ans. d
Explanation:
Because Mr. Bose (debtor) Rs. 4000 has become insolvent and only 50% amount
i.e., Rs. (4000  50%)  Rs.2000 is receivable from his estate. So Bank Account is
debited for the amount received.
Further remaining 50% = Rs. 2000 is not receivable so this loss is debited to bad
debts A/c and debtors A/c will be credited by total of Rs. 4000.
(22)
Ans. d
Explanation:
JOURNAL ENTRY
Machinery Account Dr. 2000
To Cash A/c
2000
(Correct Amount is Rs. 2000 not Rs. 20000)
(23)
Ans. d
Explanation:
Journal Entries
Cash A/c Dr.
1000
To Bad debts recovered
A/c
1000
Bad debts recovered A/c is credited instead of Ram A/c
(24)
Ans. a
Explanation:
To Drawing A/c
To Balance C/d (B/f)
MITTAL COMMERCE CLASSES
CAPITAL ACCOUNT
5000 By Bank A/c
25000 By P & L A/c (Profit)
20000
10000
4|Page
(25)
Ans. a
Explanation:
To Sales (50000-5000)
To Capital A/c
To Sales
To Debtors A/c
DEBTORS A/C
45000 By Cash A/c (B/F)
_____ By Balance C/d
CASH A/C
10000
5000
35000 By Balance C/d (B/f)
35000
10000
50000
(26)
Ans. c
Explanation:
Credit side of Trial balance is increase by (650-560) Rs. 90, and credit side total of
Trial Balance is 90+21440 = Rs. 21530
(27)
Ans. a
Explanation:
To Balance B/d
To Sales (50000-5000)
To Capital A/c
To Sales
To Debtors
To Cash A/c
To Balance C/d (B/f)
S. No.
1.
2.
3.
4.
5.
6.
7.
8.
Particulars
Capital Account 10000  2000 
DEBTORS A/C
Nil By Cash A/c (B/f)
45000 By Balance C/d
CASH A/C
10000 By Purchases
5000 By Creditors
35000 By Expenses
_____ By Balance C/d (B/f)
CREDITORS A/C
15000 By Purchases (30000-10000)
5000
TRIAL BALANCE
Debit (Rs.)
Furniture Account
Cash Account
Debtors Account
Creditors
Purchase
Sales
Expenses
Total
35000
10000
10000
15000
19300
5700
20000
_____
Credit (Rs.)
12000
2000
5700
10000
5000
30000
19300
67000
50000
_____
67000
(28)
Ans. b
If entries are recorded on invoice price than profit include in invoice price is transferred to stock
reserve account.
Amount of stock reserve = Invoice price – Cost price = 15000 – 10000 = 5000.
(29)
Ans. d
Explanation:
Cost of Physical stock =
MITTAL COMMERCE CLASSES
Rs. 2,80,000
5|Page
(-) Stock at consignee =
(-) Damaged stock =
(+) Realizable value of stock =
Stock on 31.3.2006
Rs. (1,20,000)
Rs. (,25,000)
Rs. 5,000
Rs. 1,40,000
(30)
Ans. c
Explanation:
Purchase A/c
Dr.
500
To Suspense A/c
500
As purchases was under cast by Rs. 500 so purchases Account will be debited and
earlier suspense account was debited for the difference which will now be credited.
(31)
Ans. a
Explanation:
Valid when price is decided by ‘C’
(32)
Ans. c
Explanation
(33)
Ans. a
Explanation
Bound to take delivery of goods
(34)
Ans. b
Explanation
Because property has transfer to ‘P’
(35)
Ans. c
Explanation: Price means the monetary consideration for sale of goods.
(i)
Fixed by the contract, or
(ii)
Agreed to be fixed in a manner provided by the contract, or
(iii)
Determined in course of dealings between the parties.
However, as per Section 10, where there is an agreement to sell goods on the terms
that price has to be fixed by the third party and he either does not or cannot make
such valuation, the agreement is void.
(36)
Ans. a
Explanation : In an agreement to sell the ownership of the goods is not transferred
immediately. It is intending to transfer at a future date upon the completion of
certain condition thereon.
Thus, the statement, the in agreement to sell property passes to the buyer is not
correct.
(37)
Ans. d
Explanation: Barter because old coins are treated goods and not money
(38)
Ans. d
Explanation:
Future goods mean goods which shall be produced, acquired or purchased by seller
after sale contract but before actual sale.
(39)
Ans. a
MITTAL COMMERCE CLASSES
6|Page
Explanation:
Sale contract in which property is transferred to buyer in future after fulfillment of
certain conditions is known as agreement to the sale.
(40)
Ans. b
Explanation:
If price is to be determined by third party in a sale contract and any party prohibits
the third party to determine the price than other party may sue on such party for
compensation.
(41)
Ans. b
Explanation:
Section – 16 of the Sale of Goods Act states about the implied condition as to quality
or fitness. Here in the given case it is the breach of implied condition as to quality
and chemist is liable for it.
(42)
Ans. c
Explanation : The implied warranties prescribed under sale of goods Act are as
follows:
(i)
Warranty as to undisturbed possession
(ii)
Warranty as to non-existence of encumbrances
(iii)
Disclosure of dangerous nature of goods
(iv)
Warranty as to quality or fitness by usage of trade.
Hence, the buyer right to sell the goods is not an implied warranty
(43)
Ans. c
(44)
Ans. c
Explanation : Generally, the seller sells only such goods of which he is the absolute
owner. But in the given question, Anil sold stolen goods to Arvind, here, the maxim,
Nemo dat quod non habet, is applicable which means no one can give or transfer
what he has not got. A seller who does not have the can give or transfer what he has
not got. A seller who does not have the ownership rights cannot confer the same
upon buyer
(45)
Ans. a
Explanation : As per Section 20 of the Sales of Goods Act, 1930 where there is an
unconditional contract for the sale of specific goods in a deliverable state, property in
goods passes to the buyer when the contract is entered as the goods are in a state
that the buyer may take the delivery of the goods at any time.
(46)
Ans. a
Explanation : A sale of goods by a mercantile agent would pass good title to the
buyer in the following circumstances:
(i)
If he was in possession of the goods or documents with the consent of the
owner
(ii)
If the sale was made by him when acting in the ordinary course of business
as a mercantile agent
(iii)
If the buyer had acted in good faith and has at the time of the contract of
sale, no notice of the fact that the seller had no authority to sell.
Hence, if the buyer had notice of non-authority of the agent the sale will not
be valid.
MITTAL COMMERCE CLASSES
7|Page
(47)
Ans. b
Explanation: Void because of uncertainty of price.
(48)
Ans. a
Explanation:
False
(49)
Ans. c
Explanation:
Quasi contract
(50)
Ans. b
Explanation:
Not unlawful
(51)
Ans. a
Explanation:
MC Curve intersects AC curve at its minimum point. This point is known as "Optimum
point of production".
(52)
Ans. d
Explanation:
When AC is minimum, then MC is equal to AC, which is known as "Optimum point of
production".
(53)
Ans. a
Explanation:
Opportunity cost is concerned with the cost of foregone opportunity.
(54)
Ans. d
Explanation:
The dependency population refers to number of population which is in non working
age group they are not considered as working population. Hence the people who are
below 15 years and above 64 years age, they are known as non working population.
(55)
Ans. a
Explanation:
The Gini coefficient lies between 0 and 1. A Gini index of zero represents perfect
equality while an index of one represents perfect inequality. Over this period, the
inequalities of income wealth have increased.
(56)
Ans. b
Explanation:
Tarapore Committee II was constituted on fuller capital account convertibility. It has
chalked out a road map for capital account convertibility.
(57)
Ans. a
Explanation:
IDA- International Development Association. It gives interest free loans to the poor
countries.
MITTAL COMMERCE CLASSES
8|Page
(58)
Ans. d
Explanation:
State Sales Tax (i.e. tax on transactions within a state) is being replaced by Value
Added Tax in all states.
(59)
Ans. d
(60)
Ans. c
(61)
Ans. c
(62)
Ans. d
(63)
Ans. b
Explanation:
Since, in perfectly inelastic demand, there is no change in quantity demanded (e=0).
Hence availability of substitutes does not affect the quantity demanded because with
any change in price, quantity demanded does not change.
(64)
Ans. a
Explanation:
In labour surplus economy labour will be available in abundance.
(65)
Ans. b
Explanation:
He was the former Finance Minister.
(66)
Ans. d
(67)
Ans. d
(68)
Ans. c
(69)
Ans. a
(70)
Ans. b
Explanation:
Government announced the nationalization of 14 commercial banks in 1969 and 6
more banks were nationalised in 1980. Two banks were merged in 1993.So at
present there are 19 nationalised banks.
(71)
Ans. c
Explanation:
LAC curve is also known as Planning Curve and Enveloping Curve.
(72)
Ans. d
Explanation:
Since it is a part of taxation pattern in India.
(73)
Ans. a
Explanation:
Since in Maharashtra deposit mobilization is 22%.
MITTAL COMMERCE CLASSES
9|Page
(74)
Ans. a
Explanation:
Since TFC is there even if the firm's output is zero.
(75)
Ans. b
Explanation: AVC = TVC / Q
TVC = TC – TFC
TC = 400
TFC = 200
Hence TVC = 200, AVC = 200/10 = 20
(76)
Ans. c
Explanation :
25 x 10 x 2x
5 x 3x
+
+
= 30
100
100
100
: x = 50
then the number of 5 p coins = 3 x 50 = 150
(77)
Ans. B
Explanation: The points (X1, Y1), (X2, Y2) and (X3, Y3) will be collinear if.
X1(Y2 - Y3) + X2(Y3 - Y1) + X3(Y1 - Y2) = 0
a(b-1) + 0(1-0) + 1(0-b) = 0
ab - a- b = 0
1 1
 1
a b
(78)
Ans. C
Explanation:
= log(1+2+3) = log6
= log(1X2X3)
= log1+log2+log3
(79)
Ans. c
Explanation:
The linear constraints for which the shaded region in the given figure is the
solution set, are
𝑥 − 𝑦 ≤ 1; 𝑥 + 2𝑦 ≤ 8; 𝑥 + 𝑦 ≥ 1; 𝑥, 𝑦 ≥ 0
MITTAL COMMERCE CLASSES
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(80)
Ans. C
Explanation:
Let the total Capital be Rs. X
7
X
 X 8
  5X 10

x
x 1   
1  

1  561
 3 100   4 100   12 100 
Then 
X = 6600
(81)
Ans. a
Explanation:


R
1  r n  1
r
6000
1  0.098  1
=
0.09
A
=


= Rs. 66170.84
(82)
Ans. a
Explanation:
First Time
A = 3x
P=x
n=6
Second Time
A  27x
Px
n=?
r 

 3x  x 1 

 100 
r 

3  1 

100


6
6
r 

27x  x 1 

 100 
r 

(3)  1 

 100 
n
n
3
3
6
n

r  
r 

 
1


1


   100 


  100  
 
18
n
r 
r 


1 
  1 
  n  18
 100 
 100 
(83)
Ans. b
Explanation:
n2
Cr
n2
C10r
or n  2  r  10  r
or n = 8
then 8C6  28
(84)
Ans.
C
Explanation:
We have DRCTR IEO

(85)
Ans.
6! 3!
 2160
2!
D
MITTAL COMMERCE CLASSES
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Explanation:
Required number of numbers = 5 X 4 X 1 = 20
(86)
Ans. c
Here 5x 1  52 x  125  1  126.
or 5x. 5  52.5 x  126.
Put 5x  y so that (1) becomes : 5y 
25
 126  5y2  126y  25  0
y
or 5y2  125y  y  25  0 or 5y(y  25)  1(y  25)  0
(y  25)(5y  1)  0  y  25, y  1/ 5
When y = 25. Then 5x  25  5x  52  x  2.
When y = 1/5, then = 5x = 1/5 = 51  x  1.
Hence the solution set is (–1, 2).
(87)
Ans. a
Explanation:
A 2 B 1
 ,

B 3 C 4
A:B:C=2:3:12
A's share = Rs. 510 x
(88)
2
 Rs. 60
17
Ans. D
Explanation:
No. of ways = 7C4 X 3C2 + 7C3 X 3C3
= 105 + 35 = 140
(89)
Ans. b
(90)
Ans. c
(91)
Ans. b
Explanation :
Angle Corresponding to North America
11 .7
 66
=
82
= 9.4 km2
(92)
Ans. a
Explanation:
Let n positive observations are
x1 , x 2 , x 3 ,   , x n




n
h
HM  
 1  1  1 
x x
x n 
2
 1

(given)
MITTAL COMMERCE CLASSES
12 | P a g e
since each observation is repeated once more time.
 n will become → 2n
2n
 1
 1
1  1
1 
1 
   ...  

  

x
x1   x 2 x 2 
 xn xn 
Hence new HM =  1
2n
 1
1
1 
2 


x
x2
xn 
=  1
=h
(93)
Ans. c
(94)
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)
(95)
Ans. a
(96)
Ans. b
(97)
Ans. b
Explanation:
x
y
=
=
bxy
b yx
8
15
= 0.73
(98)
Ans. b
Explanation:
Dorbish-Bowley's index number =
LP
 145
2
L = 290 – P = 140
f=
(99)
L  P  140 150  144.91
Ans. c
Explanation:
Income in 1990 = 10,800
Income in 1993 = 10,800 x 170% = 18360
Extra Income in 1993 = 18360 - 10,800 = 7,560
(100) Ans. a
***
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