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CA CPT : MOCK TEST PAPER (with Answers) - October 2016

42 pages, 200 questions, 26 questions with responses, 26 total responses,

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Test Series: October, 2016 MOCK TEST PAPER - 1 COMMON PROFICIENCY TEST Time Allowed 4 Hours Maximum Marks 200 SECTION A: FUNDAMENTALS OF ACCOUNTING 1. A sent some goods costing Rs. 3,500 at a profit of 25% on sale to B on sale or return basis. B returned goods costing to A Rs. 800. At the end of the accounting period i.e. on 31st December, 2016, the remaining goods were neither returned nor were approved by him. The stock on approval will be shown in the balance sheet at (a) Rs. 2,000 (b) Rs. 2,700 (c) Rs. 2,700 less 25% of Rs. 2,700 (d) Rs. 3,500 2. B Ltd. issued shares of Rs. 10 each. Mr. C purchased 30 shares and paid Rs. 2 on application but did not pay the allotment money of Rs. 3 and further call money. If the company forfeits his entire shares, the forfeiture account will be credited by (a) Rs. 90 (b) Rs. 81 (c) Rs. 60 (d) Rs. 54 3. A draws a bill on B for Rs. 30,000. A wants to endorse it to C in settlement of Rs. 35,000 at 2% discount with the help of B s acceptance and balance in cash. How much cash A will pay to C? (a) Rs. 4,300 (b) Rs. 4,000 (c) Rs. 4,100 (d) Rs. 5,000 4. P of Faridabad sent out goods costing Rs. 45,000 to Y of Delhi at cost + 331/3%. 1/10th of goods were lost in transit. 2/3rd of the goods received are sold at 20% above invoice price. The amount of sale value will be: (a) Rs. 54,000 (b) Rs. 43,200 1 The Institute of Chartered Accountants of India

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