Showing posts with label TEST SERIES AND OTHER INITIATIVE. Show all posts
Showing posts with label TEST SERIES AND OTHER INITIATIVE. Show all posts
Clarification Regarding GST Book and more
Hello,
This is clarification regarding GST Book as many students asked various questions, hope this resolve their doubts.
1. Is this is 2 books?
No. It is only 1 book with includes relevant provisions and Flowcharts.
2. Is it amended?
Yes. Till date all amendments include. And for future amendments stay connected with blog. It is advisible to students whose exams on head, visit only in week ends and look and cover all amendments if any.
3. How to deal with Future amendments, if any?
Don't worry. Space at back of Flowcharts is provided for Self Note. After reading this book, your brain automatically create flow charts > helps in clearing amendment (provisions) > helps in other subject preparations too.
4. Can i use for Self Study?
Yes, definitely. As Commerce Gurukul Team aim to help students how can't afford or lack time or don't won't Coachings > REFER these Books > thats why it is STUDENT FRIENDLY. So, it reach to each pocket.
5. What if I have any Query/Questions?
Don't worry again. As there is Various Commerce Gurukul Telegram Groups where students post query and helps eachother Or in case of extreme Experts too help there.
6. Can i get immediate answer of query/questions and/or personal attention for my preparation?
Yes. But in that case you have to register with the Team. Where they will guide you.
7. How can i guided by team?
Team will talk to you to know few thing, like- Your goals, social problems, why you sitting in exam, etc. They psycologically understand you and fix your schedule which help to cover your course in due time and number of time revisions. You will have to fill everyday schedules to update team about your progress > in case u lost in way > they help you.
Don't worry WE ARE HERE TO CREATE YOUR FUTURE, Secrecy is completely maintained.
There are many students registered but not sincere BUT those sincere cleared there exams as like CA-Finals in their first attempt.
8. When i get book?
As exams includes recent amendments 2nd lot booking/more bookings have to done in advance. On advance booking you will get book only at price you register with new amendment BUT in case no booking New price is applicable and DELIVERY of books in FIFO Basis.
FOR MORE QUESTIONS YOU ARE FREE TO ASK WE ARE HAPPY TO HELP YOU.
DREAM BIG......
LETS BRING A REVOLUTION WHERE EACH ONE TEACH ONE.
Commerce Gurukul Team
This is clarification regarding GST Book as many students asked various questions, hope this resolve their doubts.
1. Is this is 2 books?
No. It is only 1 book with includes relevant provisions and Flowcharts.
2. Is it amended?
Yes. Till date all amendments include. And for future amendments stay connected with blog. It is advisible to students whose exams on head, visit only in week ends and look and cover all amendments if any.
3. How to deal with Future amendments, if any?
Don't worry. Space at back of Flowcharts is provided for Self Note. After reading this book, your brain automatically create flow charts > helps in clearing amendment (provisions) > helps in other subject preparations too.
4. Can i use for Self Study?
Yes, definitely. As Commerce Gurukul Team aim to help students how can't afford or lack time or don't won't Coachings > REFER these Books > thats why it is STUDENT FRIENDLY. So, it reach to each pocket.
5. What if I have any Query/Questions?
Don't worry again. As there is Various Commerce Gurukul Telegram Groups where students post query and helps eachother Or in case of extreme Experts too help there.
6. Can i get immediate answer of query/questions and/or personal attention for my preparation?
Yes. But in that case you have to register with the Team. Where they will guide you.
7. How can i guided by team?
Team will talk to you to know few thing, like- Your goals, social problems, why you sitting in exam, etc. They psycologically understand you and fix your schedule which help to cover your course in due time and number of time revisions. You will have to fill everyday schedules to update team about your progress > in case u lost in way > they help you.
Don't worry WE ARE HERE TO CREATE YOUR FUTURE, Secrecy is completely maintained.
There are many students registered but not sincere BUT those sincere cleared there exams as like CA-Finals in their first attempt.
8. When i get book?
As exams includes recent amendments 2nd lot booking/more bookings have to done in advance. On advance booking you will get book only at price you register with new amendment BUT in case no booking New price is applicable and DELIVERY of books in FIFO Basis.
FOR MORE QUESTIONS YOU ARE FREE TO ASK WE ARE HAPPY TO HELP YOU.
DREAM BIG......
LETS BRING A REVOLUTION WHERE EACH ONE TEACH ONE.
Commerce Gurukul Team
GST BOOK- Sample of THEORY
GOODS AND SERVICE TAX- GST |
| GST Connecting INDIA with the WORLD in ECONOMY DEVELOPMENT. |
Choose the right book is like choosing to learn right concept and progressing every day. Commerce Gurukul Team have its Telegram Groups where students interacts with thousands of students and help to each other in sharing knowledge and clearing queries.
BOOK includes- Acts and Rules in specific supported by Flowcharts,etc which help students in various ways-Example-
- INCREASE ability to understand Legal terms and their understanding.
- Helpful to CLEAR Concepts (importance of SHALL/MAY, OR/AND, etc which change the meaning of interpretation).
- Helpful in preparation of Other subjects too... (HOW??? Ans- it increase ability automatically to create formula for long para/theory, ability to create short notes, etc)
- HELPFUL in REVISION
- at end helpful in SUCCESS in EXAMINATION
Save time with smart learning in GST with COMMERCE GURUKUL BOOK > Focus in other subject increase > Increase number of times REVISION > CLEAR EXAM in first attempt > SAVE TIME > Contribute towards your SUCCESS.
SAMPLE-
1st lot is completely sold out and unstock.
ADVANCE BOOKING for Next lot - MORE YOU DELAY, MORE YOU LOOSE TIME, TIME PASS ON but exam dates are Fixed that not wait for your decision....
WHAT IS GST?
- GST, the ‘destination tax’
- The most revolutionary tax reform in the Indian taxation history; will streamline the system through a single tax for supply of all goods and services across the country.
- In India, the unified tax will take the form of a “dual” GST, to be levied concurrently by both the Centre and states.
- The unified tax will comprise of a Central GST and a State GST, which will be legislated, levied and administered by the respective levels of government. The same taxable base will be subject to both GSTs.
- The words “legislate, levy and administer” are key, since the Centre and the state will legislate the respective GST Acts and both will have power to administer the taxes.
- The proposed tax system will subsume a variety of central and state levies such as Central Excise Duty, Service Tax and VAT, thereby simplifying the complicated tax structure and reducing compliance costs.
- GST is a value added tax levied on manufacture, sale and consumption of goods and services.
- ...........................
REVERSE CHARGE MECHANISM
After Studying this Chapter, you will able to know-
- Meaning of Reverse Charge……………….
- Types of Reverse Charge……………………….
- Registration……………….
- Input Tax Credit (ITC)……………….
- Time of Supply ……………….
- Compliances ……………….
- Supplies of Goods ……………….
- Supplies of Services ……………….
- Notification No. 10/2017- IGST……………….
Supplies of Services under Reverse Charge Mechanism
- SERVICE- GTA Services.
- SUPPLIER- Goods Transport Agency (GTA).
- RECIPIENT- Any factory, society, co-operative society, registered person, body corporate, partnership firm, casual taxable person; located in the taxable territory.
- SERVICE- Legal Services by advocate.
- SUPPLIER- An individual advocate, including a senior advocate or a firm of advocates.
- RECIPIENT- Any business entity located in the taxable territory.
- SERVICE- Services supplied by an arbitral tribunal to a business entity.
- SUPPLIER- An arbitral tribunal.
- RECIPIENT- Any business entity located in the taxable territory.
- SERVICE- Services provided by way of sponsorship to any body corporate or partnership firm.
- SUPPLIER- Any person.
- RECIPIENT- Any body corporate or partnership firm located in the taxable territory
GST- BOOK (Sample of Charts)
Why You Learn More Effectively by Hand Writing Than by Typing.
As typing is easy of today digital time and easy to change amendments everytime. But we choose sketches, why?? TO GUARANTEE FOR SUCCESS WHO READ this book sincerely as per guidance given.
The act of writing helps to clarify your thoughts, remember things better, and reach your goals more surely.
Writing stimulates a bunch of cells at the base of the brain called the reticular activating system (RAS). The RAS acts as a filter for everything your brain needs to process, giving more importance to the stuff that you’re actively focusing on at the moment—something that the physical act of writing brings to the forefront. In Write It Down, Make It Happen, author Henriette Anne Klauser says that “Writing triggers the RAS, which in turn sends a signal to the cerebral cortex.
Handwriting Could Improve Your Cognitive Abilities
Reason the DIAGRAMS WE USE IN GST are be handwritten.
TEXTS are typed.
We COMMERCE GURUKUL TEAM work after research in each book, which guaranteed SUCCESS to students who follow the guidance.
For any suggestions or assistance/help you are welcome.
Latest and Student friendly book on Goods and Service Tax (GST)- Relevant for coming exam
GST Student friendly Book most relevant/Useful for CA Intermediate/IPCC, CS executive , CWA Intermediate and CA final. ALSO useful for B.Com / M.Com / MBA/ BBA/UPSC/ SSC and Various Govt Exams.!! This book is approved by Ministry of HRD Govt.of India as Students friendly book.
Author Name- CA Harshita Raichandani and CA Dhananjay Ojha
Book has been published in student friendly completely.Most relevant GST book from exam point of view. Say good bye to lengthy paras... switch to new era of learning.
Learn by- Bullets, Diagrams, Charts, Pictures/Clips.
MAKE LEARNING CREATIVE and MEMORISING FACTS ON YOUR TIPS.
Unique features of This GST Book/Benefits of purchasing This Book.
- 80+ GST chart included for quick revision of chapter.
- Provisions presented in this book in simple manner.
- Bullet and Heading given for Long term memorisation.
- Updated upto 25th GST council recommendation {18th January, 2018}
- 70+ Value added questions given with answer.
- 16 Chapters fully Coverage given.
- Definitions of Technical term related with GST is given at one place
- Most useful for CA Intermediate/IPCC, CS executive , CWA Intermedite and CA final. ALSO useful for B.Com / M.Com / MBA/ BBA/UPSC/ SSC and Various Govt Exams.
INDEX of GST Book - Index of GST Book
Preface and About Author of GST Book - About Author
Purchase price Rs.776 Including courier charges Rs. 80. Click on payment link (given below) to pay Rs.696+80 Couriers Charges=776. to purchase latest and student friendly GST Book to get better marks in Exam.Limited Stock available.Purchase Now.
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IFSC CODE- HDFC0001901
Option 2 for Payment- Pay u money.
Paytm Mobile No.- 9911020626
After making payment please fill this google's order form ( Blue Link given below) to get delivery of Commerce Gurukul's GST student friendly Book.
Book Order FormThanks and with Best wishes
Commerce Gurukul (Educational Institute for Commerce Students, Chartered Accountant Students and UPSC students) Mail ID - commercegurukulbooks@gmail.com
Website- www.comgurukul.com
About Author - CA Harshita Raichandani and CA Dhananjay Ojha
CA Harshita Raichandaniis a qualified Chartered Accountant and Associate member of the Institute of Chartered Accountants of India. Co-Founder of Bharat Gurukul -Parent Company of Commerce Gurukul.
She holds a Bachelor degree and Master degree in Commerce and Accountancy. She is Masters in Business Administration (MBA) and Certified Accounting Technician also. She secured distinctions in various subjects of Commerce and Accountancy.
She has over 4 years of teaching experience in field of Commerce and Accountancy. Her students result with minimum 60% passing score in first attempt and stay dream oriented to Serve Nation.
She is consultant in Goods and Service Tax. She has written various Bulletins, Books including CA Student Friendly Books and Articles on Tax and Accountancy.
She is Co-Author of book named as “INDIAN ECONOMY”.
She did various awareness sessions at various institutions and public platforms on choosing right course & strategy and help students to stay motivated. Presently, She is guiding students all over the world through Bharat Gurukul.
CA Dhananjay Ojha is a qualified Chartered Accountant and Associate member of the Institute of Chartered Accountants of India. Co-Founder of Bharat Gurukul -Parent Company of Commerce Gurukul.
He did B.Com. (Hons.) from St. Xavier's College, Kolkata with specialization in “Accounting and Finance”. He has completed NCFM course by scoring 97%.
He has over 6 years of teaching experience in field of Commerce and Accountancy at professional forum.
He is consultant in various Government Department and Listed Corporates on Taxation (Income tax and GST), Financial reporting and Audit matters.
He has presented Research papers on “IND AS” at national level seminar at St. Xavier's College, Kolkata.
He is leading author of a book named as “INDIAN ECONOMY”. Presently, He is guiding students all over the world through Bharat Gurukul.
ANSWER WRITING PRACTICE- 01
1. How is Gordon's model an improvement over other dividend models ? Discuss its limitations.
2. How will you handle risk and uncertainty in Capital Budgeting ? Explain.
3. What is a Qualified Audit Report ? Prepare a qualified audit report highlighting atleast three
qualifications.
4. "Dividend cannot be paid out of capital." Explain it. Is there any exception to this rule of law? How will you, as an auditor, ensure that the dividend has not been paid out of capital?
Note- Students can post their writing in comment box and review each other answers and assist for same.
GOOD LUCK
4. "Dividend cannot be paid out of capital." Explain it. Is there any exception to this rule of law? How will you, as an auditor, ensure that the dividend has not been paid out of capital?
Note- Students can post their writing in comment box and review each other answers and assist for same.
GOOD LUCK
CA CPT - Session 2nd Part A – General Economics
Check your Progress and more focussed. Still you have time to Revise once.
GOOD LUCK
01. Under perfect competition a firm is described as
(a) A price maker & not price taker,
(b) Price taker & not price maker
(c) Neither price maker nor price taker
(d) None of these
02. Which of the following statements is incorrect?
(a) Under monopoly there is no difference between a firm and an industry
(b) A monopolist may restrict the output and raises the price
(c) Commodities offered for sale under a perfect competition will be heterogeneous
(d) Product differentiation is peculiar to monopolistic competition
03. For a firm to become profitable it should expand output whenever?
(a) Marginal revenue is equal to marginal cost
(b) Marginal revenue is less than marginal cost
(c) Marginal revenue is greater than marginal cost
(d) Average revenue is greater than average cost
04. In oligopoly, when the industry is dominated by one large firm which is considered
as leader of the group. This is called:
(a) Open oligopoly (b) Collusive oligopoly
(c) Partial oligopoly (d) Pure oligopoly
05. Under which of the following forms of market structure does a firm have no control
over the price of its product?
(a) Monopoly (b) Monopolistic competition
(c) Oligopoly (d) Perfect competition
06. Which of the following is not the objective of price discrimination?
(a) Maintaining Huge stocks
(b) To earn maximum profits
(c) Enjoying the economies of scale
(d) Securing equity through pricing
07. Which of the following pairs of goods is an example of substitutes?
(a) Tea and sugar (b) Tea and coffee
(c) Pen and ink (d) Shirt & trouser
08. Which of the following is not a part of effective demand?
(a) Desire
(b) Ability to purchase
(c) Willingness to use the resource for that purpose
(d) Supply of commodity
09. If there is 50% rise in price and there is no change in Quantity demanded, then the
elasticity of demand is ?
(a) Zero (b) Infinity
(c) Equal to one (d) Greater than one
10. If a good is luxury, its income elasticity of demand is:
(a) Positive and less than 1. (b) Negative but greater then-1
(c) Positive and greater then 1 (d) Zero
11. In case of an inferior good, the income elasticity of demand is
(a) Positive (b) Negative
(c) Zero (d) Infinite
12. Which of the following is not an assumption of Law of DMU?
(a) Different units of commodities are standardized
(b) Continuous consumption
(c) Different units of commodities must be similar
(d) The assumption is that consumer is not normal and rational
13. Indifference curve is convex to the origin due to
(a) Increasing Marginal rate of substitution
(b) Diminishing Marginal Rate of Substitution
(c) Constant Marginal Rate of Substitution
(d) None of the above
14. When the price of a commodity increases from Rs. 200 to Rs. 250 and consequently
the quantity supplied increases from 1000 units to 1100 units. What is the co- efficient of elasticity of supply
(a) 4.0 (b) 0.4
(c) 5.0 (d) 0.5
15. Which of the following is not a determinant of supply?
(a) Price of good concerned (b) Price of related goods
(c) Technology improvements (d) Customs & Traditions
16. In economics ____ refers to creating utility for goods & services?
(a) Consumption (b) Production
(c) Distribution (d) None of the above
17. C.W. cob and Douglas of the U.S.A. studied the production function of the American
________ industries:
(a) Manufacturing (b) Construction
(c) Agriculture (d) None of these
18. When supply increases, the supply curve shifts towards right. The increase in supply
denotes a shift in the supply curve to the right. If there is an increase in supply
without change in demand equilibrium price will ____ and the equilibrium quantity
will increases:
(a) Falls (b) Constant
(c) Rise (d) None of these
19. Which of the following markets are classified on the basis of nature of transactions?
(a) Local and Regional markets
(b) Retail & Wholesale
(c) Regulated and Un-regulated
(d) Spot market and Future market
20. At present what is the multi-dimensional poverty index?
(a) 0.384 (b) 0.253
(c) 0.554 (d) 0.283
21. Most of the unemployment in India is ______
(a) Voluntary (b) Structural
(c) Frictional (d) Technical
22. If in a population of 1000 people, 400 people are in the labour force, 392 are
employed, what is the unemployment rate?
(a) 2% (b) 8%
(c) 6% (d) 4%
23. Which of the following method is based on collection and analysis of facts?
(a) Inductive (b) Deductive
(c) Scientific (d) Experimental
24. Production possibilities curve is also known as:
(a) Demand curve (b) Supply curve
(c) Indifference curve (d) Transformation curve
25. Which economic system is described by Schumpeter as “capitalism in the oxygen
tent”?
(a) Laissez faire economy (b) Command economy
(c) Mixed economy (d) Agrarian economy
26. NNPFC plus ____ is equal to NNP MP
(a) Subsides (b) Indirect taxes plus subsidies
(c) Indirect taxes minus subsides (d) Indirect taxes
27. Now a days, in the long run the modern firms faces ______ cost curve when technology
changes.
(a) U- Shaped (b) Boat Shaped
(c) L Shaped (d) J Shaped
28. The average Cost of Producing 9 units of a Commodity is Rs. 200 and the fixed cost is
Rs. 630. What amount of average total cost is made up of variable cost?
(a) 130 (b) 120
(c) 300 (d) 220
29. ________ Cost remain fixed over certain range of output, but suddenly jump to a new
higher level when output goes beyond a given limit.
(a) Semi- Variable Cost (b) Variable Cost
(c) Fixed Cost (d) Stair – Step Variable Cost
30. The cost of one thing in terms of the alternative given up is known as:
(a) Production cost (b) Physical cost
(c) Real cost (d) Opportunity cost
31. Find out AVC of 3 units:
Unit 0 1 2 3
TC 140 180 280 380
(a) 80 (b) 200
(c) 300 (d) 240
32. Which of the following statement is correct?
(a) In India the tertiary sector contributes maximum to the GDP.
(b) India is basically a socialist economy
(c) The distribution of income and wealth in India is quite equitable
(d) None of the above
33. Water supply and construction comes under which sector?
(a) Primary (b) Secondary
(c) Tertiary (d) Social
34. Which programme was launched in rural India to provide accessible, affordable and
quality health services in 2005.
(a) National health programme
(b) Pradhana Mantri Swasthiya Yojana
(c) National Rural Health Mission
(d) National programme for Health care of the Elders
35. In order to enhance access to secondary education and improve its quality ____ was
introduced in 2009
(a) Rashtriya Madhyamik Shiksha Abhiyan
(b) Rashtriya Uchchatar Shiksha Abhiyan
(c) Sarva Shiksha Abhiyan
(d) National Literacy Mission
36. Which of the following is not a function of RBI?
(a) Publication of statistical data related to banks
(b) Custodian of foreign exchange reserves
(c) Supervising the commercial banks
(d) Creation of credit for development
37. An increase in Reverse Repo rate causes?
(a) Banks transfer more funds to RBI
(b) It can cause money drawn out of banking system
(c) Both a & b
(d) None of these
38. Commercial banks in India included
(a) Schedule banks which are included in second schedule of RBI Act 1934
(b) Non schedule banks which are not included in second schedule of RBI Act 1934
(c) Both a & b
(d) None of these
39. Money in dynamic sense means:
(a) It directs economic trends
(b) It encourages division of labour
(c) It smoothens transformation of savings into investments
(d) All of the above
40. What is base year considered for WPI?
(a) 2004-05 (b) 2005-06
(c) 2006-07 (d) 2007-08
41. Which of the following objectives are taken to promote globalization ?
(a) Convertibility of rupee and import liberalization
(b) Import substitution & export promotion
(c) Import & export promotion policies
(d) Demonetisation of Rs. 500 & Rs. 1000 notes
42. Which is not included in the World Bank?
(a) Asian Development Bank
(b) International Development Association
(c) Multilateral investment Guarantee Agency
(d) International Center for Settlement of Investment Disputes
43. Which of the following committee modified direct and Indirect taxes?
(a) Chellaiah committee
(b) Booth Lingam committee
(c) Booth Lingam committee and Chelliah committee
(d) C. Rangarajan committee
44. Debt service ratio means
(a) Principal and interest to external exports
(b) Principal to net trade
(c) Total external borrowings to net foreign trade
(d) Interest to loans
45. _____ measures that part of government expenditure which is financed by borrowings
(a) Budget deficit (b) Fiscal deficit
(c) Public debt (d) Induced expenditure
46. Problem of agricultural system in India:
(a) Over irrigation facilities
(b) Over dose of fertilizers
(c) Slow & uneven growth
(d) Less people are employed in agriculture
47. Which of the following may be attributed for fast growth of service sector in India?
I. Technical, structural changes have made it more efficient to outsource certain
services being they were once produce within the industry.
II. It has been noticed elasticity of income for services is greater than 1.
III. Revolution in IT has become more possible to deliver services over long distance
at reasonable cost.
IV. Reform in certain segments in infrastructural services has been contributed to
growth of services:
(a) i, ii (b) i, iii
(c) i, ii, iii (d) i, ii, iii, iv
48. Infrastructural development will be due to development of which industries:
(a) Electricity, Mining & Manufacturing (b) Electricity & Mining
(c) Electricity & Manufacturing (d) Manufacturing & Mining
49. Supply curve will shift towards right due to:
(a) Improvement in technology (b) Increase in population
(c) Increase in price of factors of production (d) None of these
50. What is the central problem of economics?
(a) To allocate scarce resources in such a manner that society’s unlimited needs are
satisfied as well as possible.
(b) To allocate unlimited resources in such a manner that society’s limited needs are
satisfied as well as possible.
(c) Both (a) and (b)
(d) None of these
GOOD LUCK
01. Under perfect competition a firm is described as
(a) A price maker & not price taker,
(b) Price taker & not price maker
(c) Neither price maker nor price taker
(d) None of these
02. Which of the following statements is incorrect?
(a) Under monopoly there is no difference between a firm and an industry
(b) A monopolist may restrict the output and raises the price
(c) Commodities offered for sale under a perfect competition will be heterogeneous
(d) Product differentiation is peculiar to monopolistic competition
03. For a firm to become profitable it should expand output whenever?
(a) Marginal revenue is equal to marginal cost
(b) Marginal revenue is less than marginal cost
(c) Marginal revenue is greater than marginal cost
(d) Average revenue is greater than average cost
04. In oligopoly, when the industry is dominated by one large firm which is considered
as leader of the group. This is called:
(a) Open oligopoly (b) Collusive oligopoly
(c) Partial oligopoly (d) Pure oligopoly
05. Under which of the following forms of market structure does a firm have no control
over the price of its product?
(a) Monopoly (b) Monopolistic competition
(c) Oligopoly (d) Perfect competition
06. Which of the following is not the objective of price discrimination?
(a) Maintaining Huge stocks
(b) To earn maximum profits
(c) Enjoying the economies of scale
(d) Securing equity through pricing
07. Which of the following pairs of goods is an example of substitutes?
(a) Tea and sugar (b) Tea and coffee
(c) Pen and ink (d) Shirt & trouser
08. Which of the following is not a part of effective demand?
(a) Desire
(b) Ability to purchase
(c) Willingness to use the resource for that purpose
(d) Supply of commodity
09. If there is 50% rise in price and there is no change in Quantity demanded, then the
elasticity of demand is ?
(a) Zero (b) Infinity
(c) Equal to one (d) Greater than one
10. If a good is luxury, its income elasticity of demand is:
(a) Positive and less than 1. (b) Negative but greater then-1
(c) Positive and greater then 1 (d) Zero
11. In case of an inferior good, the income elasticity of demand is
(a) Positive (b) Negative
(c) Zero (d) Infinite
12. Which of the following is not an assumption of Law of DMU?
(a) Different units of commodities are standardized
(b) Continuous consumption
(c) Different units of commodities must be similar
(d) The assumption is that consumer is not normal and rational
13. Indifference curve is convex to the origin due to
(a) Increasing Marginal rate of substitution
(b) Diminishing Marginal Rate of Substitution
(c) Constant Marginal Rate of Substitution
(d) None of the above
14. When the price of a commodity increases from Rs. 200 to Rs. 250 and consequently
the quantity supplied increases from 1000 units to 1100 units. What is the co- efficient of elasticity of supply
(a) 4.0 (b) 0.4
(c) 5.0 (d) 0.5
15. Which of the following is not a determinant of supply?
(a) Price of good concerned (b) Price of related goods
(c) Technology improvements (d) Customs & Traditions
16. In economics ____ refers to creating utility for goods & services?
(a) Consumption (b) Production
(c) Distribution (d) None of the above
17. C.W. cob and Douglas of the U.S.A. studied the production function of the American
________ industries:
(a) Manufacturing (b) Construction
(c) Agriculture (d) None of these
18. When supply increases, the supply curve shifts towards right. The increase in supply
denotes a shift in the supply curve to the right. If there is an increase in supply
without change in demand equilibrium price will ____ and the equilibrium quantity
will increases:
(a) Falls (b) Constant
(c) Rise (d) None of these
19. Which of the following markets are classified on the basis of nature of transactions?
(a) Local and Regional markets
(b) Retail & Wholesale
(c) Regulated and Un-regulated
(d) Spot market and Future market
20. At present what is the multi-dimensional poverty index?
(a) 0.384 (b) 0.253
(c) 0.554 (d) 0.283
21. Most of the unemployment in India is ______
(a) Voluntary (b) Structural
(c) Frictional (d) Technical
22. If in a population of 1000 people, 400 people are in the labour force, 392 are
employed, what is the unemployment rate?
(a) 2% (b) 8%
(c) 6% (d) 4%
23. Which of the following method is based on collection and analysis of facts?
(a) Inductive (b) Deductive
(c) Scientific (d) Experimental
24. Production possibilities curve is also known as:
(a) Demand curve (b) Supply curve
(c) Indifference curve (d) Transformation curve
25. Which economic system is described by Schumpeter as “capitalism in the oxygen
tent”?
(a) Laissez faire economy (b) Command economy
(c) Mixed economy (d) Agrarian economy
26. NNPFC plus ____ is equal to NNP MP
(a) Subsides (b) Indirect taxes plus subsidies
(c) Indirect taxes minus subsides (d) Indirect taxes
27. Now a days, in the long run the modern firms faces ______ cost curve when technology
changes.
(a) U- Shaped (b) Boat Shaped
(c) L Shaped (d) J Shaped
28. The average Cost of Producing 9 units of a Commodity is Rs. 200 and the fixed cost is
Rs. 630. What amount of average total cost is made up of variable cost?
(a) 130 (b) 120
(c) 300 (d) 220
29. ________ Cost remain fixed over certain range of output, but suddenly jump to a new
higher level when output goes beyond a given limit.
(a) Semi- Variable Cost (b) Variable Cost
(c) Fixed Cost (d) Stair – Step Variable Cost
30. The cost of one thing in terms of the alternative given up is known as:
(a) Production cost (b) Physical cost
(c) Real cost (d) Opportunity cost
31. Find out AVC of 3 units:
Unit 0 1 2 3
TC 140 180 280 380
(a) 80 (b) 200
(c) 300 (d) 240
32. Which of the following statement is correct?
(a) In India the tertiary sector contributes maximum to the GDP.
(b) India is basically a socialist economy
(c) The distribution of income and wealth in India is quite equitable
(d) None of the above
33. Water supply and construction comes under which sector?
(a) Primary (b) Secondary
(c) Tertiary (d) Social
34. Which programme was launched in rural India to provide accessible, affordable and
quality health services in 2005.
(a) National health programme
(b) Pradhana Mantri Swasthiya Yojana
(c) National Rural Health Mission
(d) National programme for Health care of the Elders
35. In order to enhance access to secondary education and improve its quality ____ was
introduced in 2009
(a) Rashtriya Madhyamik Shiksha Abhiyan
(b) Rashtriya Uchchatar Shiksha Abhiyan
(c) Sarva Shiksha Abhiyan
(d) National Literacy Mission
36. Which of the following is not a function of RBI?
(a) Publication of statistical data related to banks
(b) Custodian of foreign exchange reserves
(c) Supervising the commercial banks
(d) Creation of credit for development
37. An increase in Reverse Repo rate causes?
(a) Banks transfer more funds to RBI
(b) It can cause money drawn out of banking system
(c) Both a & b
(d) None of these
38. Commercial banks in India included
(a) Schedule banks which are included in second schedule of RBI Act 1934
(b) Non schedule banks which are not included in second schedule of RBI Act 1934
(c) Both a & b
(d) None of these
39. Money in dynamic sense means:
(a) It directs economic trends
(b) It encourages division of labour
(c) It smoothens transformation of savings into investments
(d) All of the above
40. What is base year considered for WPI?
(a) 2004-05 (b) 2005-06
(c) 2006-07 (d) 2007-08
41. Which of the following objectives are taken to promote globalization ?
(a) Convertibility of rupee and import liberalization
(b) Import substitution & export promotion
(c) Import & export promotion policies
(d) Demonetisation of Rs. 500 & Rs. 1000 notes
42. Which is not included in the World Bank?
(a) Asian Development Bank
(b) International Development Association
(c) Multilateral investment Guarantee Agency
(d) International Center for Settlement of Investment Disputes
43. Which of the following committee modified direct and Indirect taxes?
(a) Chellaiah committee
(b) Booth Lingam committee
(c) Booth Lingam committee and Chelliah committee
(d) C. Rangarajan committee
44. Debt service ratio means
(a) Principal and interest to external exports
(b) Principal to net trade
(c) Total external borrowings to net foreign trade
(d) Interest to loans
45. _____ measures that part of government expenditure which is financed by borrowings
(a) Budget deficit (b) Fiscal deficit
(c) Public debt (d) Induced expenditure
46. Problem of agricultural system in India:
(a) Over irrigation facilities
(b) Over dose of fertilizers
(c) Slow & uneven growth
(d) Less people are employed in agriculture
47. Which of the following may be attributed for fast growth of service sector in India?
I. Technical, structural changes have made it more efficient to outsource certain
services being they were once produce within the industry.
II. It has been noticed elasticity of income for services is greater than 1.
III. Revolution in IT has become more possible to deliver services over long distance
at reasonable cost.
IV. Reform in certain segments in infrastructural services has been contributed to
growth of services:
(a) i, ii (b) i, iii
(c) i, ii, iii (d) i, ii, iii, iv
48. Infrastructural development will be due to development of which industries:
(a) Electricity, Mining & Manufacturing (b) Electricity & Mining
(c) Electricity & Manufacturing (d) Manufacturing & Mining
49. Supply curve will shift towards right due to:
(a) Improvement in technology (b) Increase in population
(c) Increase in price of factors of production (d) None of these
50. What is the central problem of economics?
(a) To allocate scarce resources in such a manner that society’s unlimited needs are
satisfied as well as possible.
(b) To allocate unlimited resources in such a manner that society’s limited needs are
satisfied as well as possible.
(c) Both (a) and (b)
(d) None of these
CA CPT - Part B – Mercantile Laws
TIME ALLOWED- 45Min
61 Right in rem means ____________
(a) right to sale
(b) right to sue buyer for amount unpaid
(c) right to enjoy the goods against whole world
(d) right to buy the goods
62 A voidable contract _________
(a) can be enforced by both the parties
(b) can be enforced by one or more of the parties only
(c) can be enforced at the option of law
(d) can not be enforced by both parties
63 The communication of acceptance is complete as against the offeror
(a) when acceptance comes to the knowledge of offeror
(b) when it is put into transmission and leaves his power to reject
(c) when acceptance is reached to offeror
(d) None of the above
64 Proposal may be :
(a) general (b) specific
(c) implied or express (d) any of the above
65 An offer made without any words spoken or written is _______
(a) specific (b) cross offer
(c) implied offer (d) counter offer
66 The term quid pro quo is applied in relation to
(a) consideration (b) capacity of parties
(c) free consent (d) legality of object
67 Which of the following is valid _______
(a) Agreement made out of natural love and affection
(b) A promise to pay time barred debt
(c) Compensation for past voluntary service
(d) All of the above
68 If the agreement consists of legal and illegal parts, and legal part is separable from
illegal part, then legal part is _______
(a) valid (b) void
(c) voidable (d) None of the these
69 A lunatic person means:
(a) insolvent person (b) person of the unsound mind
(c) person disqualified by law (d) Alien enemy
70 ‘Ignorance of law is no excuse’ in case of _______
(a) mistake as to law of land (b) foreign
(c) unilateral mistake (d) bilateral mistake
71. The term consensus-ad-idem means:
(a) general consensus
(b) reaching an agreement
(c) meeting of mind upon the same thing in same sense
(d) all the above
72 A person who is in a position to dominate will of the other, it is _______
(a) fraud (b) misrepresentation
(c) undue influence (d) all of the above
73 Finder of lost good should_______
(a) trace the true owner (b) take care of the goods
(c) not mix with his own goods (d) all of the above
74 A promises to pay B a sum Rs. 10,000/- if it rains and in return B promises to pay
Rs. 10,000/- to A if it does not rain. It is a/an_______
(a) uncertain agreement (b) wagering agreement
(c) contingent contract (d) valid agreement
75 An agreement to remain unmarried is
(a) valid (b) void
(c) voidable (d) unenforceable
76 X, Y and Z jointly promised to pay, Rs. 75,000/- to D. Z is compelled to pay the whole
amount. Then Z ______
(a) Can recover Rs. 25,000/- each from X and Y
(b) Can recover Rs. 50,000/- from X
(c) Can recover Rs. 50,000/- from Y
(d) Can not recover anything from X and Y
77 A sold goods to B at a price of Rs. 12,000/- Towards payment, B gave a post dated
cheque for Rs. 12,000/- Here_________
(a) A is bound by the payment
(b) A is not bound to accept the cheque
(c) A is bound to accept the cheque at the request of B
(d) None of these
78 X owes Rs. 15,000/- to Y and he (X ) pays Rs. 12,000/- in full and final settlement of
the outstanding due. This is called _______
(a) Novation (b) Alteratin
(c) Remission (d) Cancellation
79 Rescission of contract means:
(a) cancellation of contract (b) alteration of terms
(c) minor changes (d) all of the above
80 Contract is discharged by_______
(a) performance of contract (b) mutual agreement
(c) breach of contract (d) any of the above
81 Quantum meruit literally means __________
(a) as much as is merited (b) as much as is credited
(c) as much as no work done (d) None of the above
82 X, Y and Z are partners. X retired without giving public notice. Later on Y and Z
incurred liabilities with DLF CO Ltd. Then ______
(a) X is liable along with Y and Z (b) X only is liable
(c) Y and Z only are liable (d) None of these
83 A partnership formed for an undertaking /adventure is ___________
(a) partnership at will (b) particular partnership
(c) partnership for fixed term (d) None
84 Which of the following statement about registration of firm is not true?
(a) It must be done at the time of formation
(b) It may be done at the time of formation
(c) It may be done before filing suit against third party
(d) It may be done at any time after it’s formation
85 Public notice is not necessary in case of__________
(a) admission of partner (b) expulsion partner
(c) dissolution of partnership form (d) All if the above
86 A Firm is the name of ___________
(a) the partners
(b) the minors in the firm
(c) the business under which the firm carries on business
(d) the collective name under which it carries on business
87 A, B and C are partners. B who took the house on rental basis for the firm failed to
pay the rent. The landlord can recover the rent from ___________
(a) B only (b) A and C only
(c) B and C only (d) All partners
88 X and Y entered into partnership agreement where X has to take all profits and Y
shall received wages, Here:
(a) X and Y are not partners (b) X and Y are sub partners
(c) X and Y are partners (d) X and Y are active partners
89 “Just and equitable “ ground for dissolution of firm by court is/are_________
(a) dead lock in management (b) Lack of substratum
(c) no talking terms between partners (d) all of the above
90 In a partnership firm, X, a partner bought immovable property without the consent
of other partners. Then X ___________
(a) cannot recover any amount because it is not covered under implied authory
(b) can recover full amount from partners personally
(c) can recover the amount from firm because this act is within the scope of implide
authority of partner
(d) None of the above
91 Which of the following is not a type of document of title to goods?
(a) Bill of lading (b) Railway receipt
(c) dock warrant (d) None of these
92 A person appointed to bid on behalf of seller is called ___________
(a) Puffer (b) Auctioneer
(c) Damper (d) either (b) or (c)
93 Right of lien is _____________
(a) right of stoppage of goods in transit (b) right to sub sale
(c) right to retain the goods (d) right to resell
94 In case of specific goods in deliverable state, the sale is concluded ___________
(a) when goods are delivered to buyer
(b) when contract of sale is made by parties
(c) when money is paid by buyer
(d) when goods are deliver red and money is paid
95 X purchased 10 dozens of pencil sharpeners and when they are used, they are found
to be blunt and not at all useful to sharpen pencils. Here is breach of___________
(a) condition as to wholesomeness (b) condition as to merchantability
(c) condition as to quality or fitness (d) None of the above
96 Future goods are__________
(a) identified at the time of sale
(b) produced after contract of sale
(c) indentified by description at the time of sale
(d) None
97 In relation to sale of goods , the latin term ‘Nemodat quod Non habet’ means ___________
(a) goods by estoppels
(b) no one can pass a better title than he himself has
(c) sale by mercantile agent
(d) sale by finder if goods
98 In the event of insolvency of buyer before making the payment, but seller does not
have right of lien, then the seller ___________
(a) must deliver the goods to official receiver
(b) must resell the goods to any other
(c) must retain the goods for any other payment due from buyer
(d) None of these
99 A sent wheat to B and B sent the wheat to mill, Here it is said that ___________
(a) B has accepted the wheat by express adoption
(b) B has accepted the wheat by implied adoption
(c) B has accepted the wheat by estoppels
(d) None of the above
100 Is case of breach if condition as to quality or fitness ___________
(a) buyer can sue the seller (b) buyer can sue for damages
(c) buyer can refuse to pay the price (d) buyer can return the goods
61 Right in rem means ____________
(a) right to sale
(b) right to sue buyer for amount unpaid
(c) right to enjoy the goods against whole world
(d) right to buy the goods
62 A voidable contract _________
(a) can be enforced by both the parties
(b) can be enforced by one or more of the parties only
(c) can be enforced at the option of law
(d) can not be enforced by both parties
63 The communication of acceptance is complete as against the offeror
(a) when acceptance comes to the knowledge of offeror
(b) when it is put into transmission and leaves his power to reject
(c) when acceptance is reached to offeror
(d) None of the above
64 Proposal may be :
(a) general (b) specific
(c) implied or express (d) any of the above
65 An offer made without any words spoken or written is _______
(a) specific (b) cross offer
(c) implied offer (d) counter offer
66 The term quid pro quo is applied in relation to
(a) consideration (b) capacity of parties
(c) free consent (d) legality of object
67 Which of the following is valid _______
(a) Agreement made out of natural love and affection
(b) A promise to pay time barred debt
(c) Compensation for past voluntary service
(d) All of the above
68 If the agreement consists of legal and illegal parts, and legal part is separable from
illegal part, then legal part is _______
(a) valid (b) void
(c) voidable (d) None of the these
69 A lunatic person means:
(a) insolvent person (b) person of the unsound mind
(c) person disqualified by law (d) Alien enemy
70 ‘Ignorance of law is no excuse’ in case of _______
(a) mistake as to law of land (b) foreign
(c) unilateral mistake (d) bilateral mistake
71. The term consensus-ad-idem means:
(a) general consensus
(b) reaching an agreement
(c) meeting of mind upon the same thing in same sense
(d) all the above
72 A person who is in a position to dominate will of the other, it is _______
(a) fraud (b) misrepresentation
(c) undue influence (d) all of the above
73 Finder of lost good should_______
(a) trace the true owner (b) take care of the goods
(c) not mix with his own goods (d) all of the above
74 A promises to pay B a sum Rs. 10,000/- if it rains and in return B promises to pay
Rs. 10,000/- to A if it does not rain. It is a/an_______
(a) uncertain agreement (b) wagering agreement
(c) contingent contract (d) valid agreement
75 An agreement to remain unmarried is
(a) valid (b) void
(c) voidable (d) unenforceable
76 X, Y and Z jointly promised to pay, Rs. 75,000/- to D. Z is compelled to pay the whole
amount. Then Z ______
(a) Can recover Rs. 25,000/- each from X and Y
(b) Can recover Rs. 50,000/- from X
(c) Can recover Rs. 50,000/- from Y
(d) Can not recover anything from X and Y
77 A sold goods to B at a price of Rs. 12,000/- Towards payment, B gave a post dated
cheque for Rs. 12,000/- Here_________
(a) A is bound by the payment
(b) A is not bound to accept the cheque
(c) A is bound to accept the cheque at the request of B
(d) None of these
78 X owes Rs. 15,000/- to Y and he (X ) pays Rs. 12,000/- in full and final settlement of
the outstanding due. This is called _______
(a) Novation (b) Alteratin
(c) Remission (d) Cancellation
79 Rescission of contract means:
(a) cancellation of contract (b) alteration of terms
(c) minor changes (d) all of the above
80 Contract is discharged by_______
(a) performance of contract (b) mutual agreement
(c) breach of contract (d) any of the above
81 Quantum meruit literally means __________
(a) as much as is merited (b) as much as is credited
(c) as much as no work done (d) None of the above
82 X, Y and Z are partners. X retired without giving public notice. Later on Y and Z
incurred liabilities with DLF CO Ltd. Then ______
(a) X is liable along with Y and Z (b) X only is liable
(c) Y and Z only are liable (d) None of these
83 A partnership formed for an undertaking /adventure is ___________
(a) partnership at will (b) particular partnership
(c) partnership for fixed term (d) None
84 Which of the following statement about registration of firm is not true?
(a) It must be done at the time of formation
(b) It may be done at the time of formation
(c) It may be done before filing suit against third party
(d) It may be done at any time after it’s formation
85 Public notice is not necessary in case of__________
(a) admission of partner (b) expulsion partner
(c) dissolution of partnership form (d) All if the above
86 A Firm is the name of ___________
(a) the partners
(b) the minors in the firm
(c) the business under which the firm carries on business
(d) the collective name under which it carries on business
87 A, B and C are partners. B who took the house on rental basis for the firm failed to
pay the rent. The landlord can recover the rent from ___________
(a) B only (b) A and C only
(c) B and C only (d) All partners
88 X and Y entered into partnership agreement where X has to take all profits and Y
shall received wages, Here:
(a) X and Y are not partners (b) X and Y are sub partners
(c) X and Y are partners (d) X and Y are active partners
89 “Just and equitable “ ground for dissolution of firm by court is/are_________
(a) dead lock in management (b) Lack of substratum
(c) no talking terms between partners (d) all of the above
90 In a partnership firm, X, a partner bought immovable property without the consent
of other partners. Then X ___________
(a) cannot recover any amount because it is not covered under implied authory
(b) can recover full amount from partners personally
(c) can recover the amount from firm because this act is within the scope of implide
authority of partner
(d) None of the above
91 Which of the following is not a type of document of title to goods?
(a) Bill of lading (b) Railway receipt
(c) dock warrant (d) None of these
92 A person appointed to bid on behalf of seller is called ___________
(a) Puffer (b) Auctioneer
(c) Damper (d) either (b) or (c)
93 Right of lien is _____________
(a) right of stoppage of goods in transit (b) right to sub sale
(c) right to retain the goods (d) right to resell
94 In case of specific goods in deliverable state, the sale is concluded ___________
(a) when goods are delivered to buyer
(b) when contract of sale is made by parties
(c) when money is paid by buyer
(d) when goods are deliver red and money is paid
95 X purchased 10 dozens of pencil sharpeners and when they are used, they are found
to be blunt and not at all useful to sharpen pencils. Here is breach of___________
(a) condition as to wholesomeness (b) condition as to merchantability
(c) condition as to quality or fitness (d) None of the above
96 Future goods are__________
(a) identified at the time of sale
(b) produced after contract of sale
(c) indentified by description at the time of sale
(d) None
97 In relation to sale of goods , the latin term ‘Nemodat quod Non habet’ means ___________
(a) goods by estoppels
(b) no one can pass a better title than he himself has
(c) sale by mercantile agent
(d) sale by finder if goods
98 In the event of insolvency of buyer before making the payment, but seller does not
have right of lien, then the seller ___________
(a) must deliver the goods to official receiver
(b) must resell the goods to any other
(c) must retain the goods for any other payment due from buyer
(d) None of these
99 A sent wheat to B and B sent the wheat to mill, Here it is said that ___________
(a) B has accepted the wheat by express adoption
(b) B has accepted the wheat by implied adoption
(c) B has accepted the wheat by estoppels
(d) None of the above
100 Is case of breach if condition as to quality or fitness ___________
(a) buyer can sue the seller (b) buyer can sue for damages
(c) buyer can refuse to pay the price (d) buyer can return the goods
CA CPT- Part A – Fundamentals of Accounting
TIME 1.15 HOURS (PAPER JUNE,2017)
STUDENT CAN CHECK THERE PROGRESS.
GOOD LUCK TO ALL OF THEM.
01. A businessman purchased goods for Rs. 25,00,000 and sold 80% of such goods
during the accounting year ended 31st March, 2009. The market value of the
remaining goods was Rs. 4,00,000. He valued the closing inventory at cost. He
violated the concept of
(a) Money measurement (b) Conservatism.
(c) Cost. (d) Periodicity.
02. A change in accounting policy is justified.
(a) To comply with accounting standard.
(b) To ensure more appropriate presentation of the financial statement of the enterprise.
(c) To comply with law
(d) All of the above.
03. Which of the following are not the advantage of accounting standard
(a) It reduce confusing variation in the accounting treatments used to prepare financial
statements.
(b) Some information’s are not required by law. To disclose standards May call for
disclosure beyond that required by law.
(c) Financial statements become comparable.
(d) It leads to confusion in deciding about the accounting policy.
04. Goods worth Rs. 2,000 were distributed as free samples in the market. The journal
entry will be__________
(a) Drawing Dr. 2,000
To Purchase A/c 2,000
(b) Sales A/c Dr. 2,000
To Cash A/c 2,000
(c) Advertisement A/c Dr. 2,000
To Purchase A/c 2,000
(d) No entry
05. Johny purchased goods of Rs.5,000 for cash at 20% trade discount and 5% cash
discount. Purchases A/c is to be debited by Rs.______
(a) 3,800 (b) 5,000
(c) 3,750 (d) 4,000
06. In the ledger an account shows credit balance at the end of the year. This balance is
shown as _____.
(a) To balance c/d on the debit side (b) By balance c/d on the credit side
(c) To balance b/d on the debit side (d) By balance b/d on the credit side
07. A purchase return of Rs.2,000 has been wrongly debited to sales Returns A/c. Due to
this error, in the trial balance_________.
(a) The total of debit balance will be Rs.2,000 more than the total of credit balances.
(b) The total of credit balances will be Rs.2,000 more than the total of debit balances.
(c) The total of debit balances will be Rs.4,000 more than the total of credit
balances.
(d) The total of credit balances will be Rs.4,000 more than the total of debit balances.
08. Stamps duty for the purchase of a property is debited to Legal Expenses A/c. This is
an error of _______________
(a) Commission (b) Omission
(c) Principle (d) Not an error
09. In the course of locating the reason for the difference in the trial balance, It has been
found that an amount received from a customer has been debited to his account and
a purchase from a supplier has been wrongly entered in the ledger as Rs. 17,720
instead of Rs.17,270. These errors may be classified as_______
(a) Errors of commission.
(b) Errors of omission .
(c) Errors of Principle
(d) Both errors of commission and omission.
10. A machinery was purchased for Rs. 1,00,000, Expenses incurred were – Brokerage
2% Repairs Rs. 1,500; Transport Rs. 3000; trial run Rs. 7,000; installation Rs. 4,500
After operating the machine for 11 months an amount of Rs. 8,000 was spent on
repairs. Cost of machinery to be debited to Machinery A/c will be Rs.
(a) 1,18,000 (b) 1,26,000
(c) 1,00,000 (d) 1,02,000
11. A company has filed a legal suit against competitive company claiming Rs. 5,00,000
for infringement of patent rights. The outcome of the legal suit is uncertain. The
claim may be treated as ________
(a) Income (b) Contingent Asset
(c) Provision (d) Contingent Liability
12. When outflow of economic resources to settle an obligation is not probable or the
amount expected to be paid to settle the liability cannot be measured with sufficient
reliability, it is called
(a) Provision (b) Contingent liability
(c) Secured Loan (d) Unsecured Loan
13. A Company deals in electronic goods (AC, fridge, TV.etc) Purchases to Ac and install
in its showroom. the expense will be record in.
(a) Drawing A/C (b) Purchase A/C
(c) Fixed A/C (d) P & L A/C
14. Bank Reconciliation is used to show the difference between the balance of____
(a) Cash columns of cash book & passbook
(b) Bank columns of cashbook & passbook
(c) Cash columns of cashbook & Bank columns of cash book
(d) None of the above
15. Debit balance as per Cash book of Axe Ltd. As on 31.03.2016 is Rs 2,000. Cheques
deposited but not cleared amounts to the Rs.100 and cheques issued but not
presented of Rs. 150. The bank allowed interest amounting Rs. 100 and collected
dividend Rs. 50 on behalf of Axe Ltd. Balance as per passbook should be
(a) Rs.1,700 (b) Rs. 2,000
(c) Rs. 2,100 (d) Rs. 2,200
16. Average inventory=Rs.30,000. Closing Inventory is Rs. 5,000 more than opening
inventory will be
(a) Rs.32,500 (b) Rs.35,000
(c) Rs.30,000 (d) Rs.60,000
17. Cost of an asset=Rs.2,00,000
Rate of depreciation=10% under WDV method
Value of the asset at the end of 2nd year will be Rs._______
(a) 1,80,000 (b) 1,62,000
(c) 1,48000 (d) 1,50,000
18. Depletion method of charging depreciation is adopted for which of the following
assets?
(a) Plant and machinery
(b) Wasting assets like mines and quarries
(c) Buildings
(d) Trademarks
19. If goods are sold but not delivered to the customer, they will be included in_________
(a) Closing inventory (b) Goods in transit
(c) Sales (d) Sales in returns
20. At the time of finalization of Financial Statements, Bad debts written of are to be
transferred to
(a) Provisions (b) Reserves
(c) Capital A/c (d) Profit & Loss A/c
21. From the following find out the correct equation
A=Opening inventory;
B=Purchases
C=Closing Inventory
D=Cost of Goods sold
(a) D-A=B+C (b) A+B=D-C
(c) A-C=D+B (d) A+B=C+D
22. Generals Manager gets 6% commission on net profit after charging such commission.
Gross profit Rs.60,000 and other indirect expenses other than manager’s
commission are Rs.7,000. Commission amount will be
(a) Rs.3,000 (b) Rs.3,396
(c) Rs.3,500 (d) None of the above
23. A decrease in provision for doubtful debts would result in:
(a) An increase in liabilities (b) A decrease in working capital
(c) A decrease in net profit (d) An increase in net profit
24. An amount of Rs. 68,000 was paid on 3/3/17 for advertisement in a newspaper. This
was published in the news paper on 3/4/17. This expenditure will be shown as______
(a) Liability in the balance sheet on 31/3/17
(b) Prepaid expenses on the assets side of balance sheet on 31/3/17
(c) An expenses in the profit and loss A/c for the year ended 31/3/17
(d) None of the above
25. Opening capital = Rs .5,00,000
Drawings = Rs. 1,20,000
Assets = Rs 8,50,000
Liabilities = Rs. 75,000
Closing capital & profit will be Rs.________
(a) 8,50,000 & 3,95,000 (b) 7,75,000 & 3,95000
(c) 7,75,000 & 1,55,000 (d) 8,50,000 & 3,55,000
26. While finalizing the current year’s profit, the company realized that there was an
error in the Valuation of closing Inventory of the previous year. in the previous year,
closing Inventory was valued more by Rs. 45,000. As a result
(a) Previous year’s profit is overstated and current year’s profit is also overstated
(b) Previous year’s profit is understated and current year’s profit is overstated
(c) Previous year’s profit is understated and current year’s profit is also understated
(d) Previous year’s profit is overstated and current year’s profit is understated
27. Decrease in the balance of trade receivables results in________________
(a) Increase in cash (b) Increase in liabilities
(c) Increase in capital (d) Increase in loan
28. If an individual asset is increased, there will be a corresponding
(a) Increase of another asset or increase of capital
(b) Decrease of another asset or increase of liability
(c) Decrease of specific liability or decrease of capital
(d) Increase of drawings and liability
29. A bill of Rs. 40,000 was discounted by P with his bank for Rs.39,000. At maturity, the
bill returned dishonoured, noting charges amounted to Rs.500. How much amount
will the bank deduct from P’s bank balance at the time of such dishonor?
(a) Rs.40,000 (b) Rs. 39,500
(c) Rs. 39,000 (d) Rs.40,500
30. X draws a bill on 1/04/16 for Rs.60,000 for 3 months. Y accepted it 8/04/16. The bill
was discounted on 2/05/16 @ 12%p.a. The amount of discount will be Rs.___________
(a) 1800 (b) 1200
(c) 600 (d) 1300
31. A draws a bill on B for Rs.1,00,000 for 3 months. The bill was discounted with bank at
15%p.a. Half of the proceeds are remitted to B. The amount received by B will be
Rs.____
(a) 33,334 (b) 25,000
(c) 50,000 (d) 48,125
32. While preparing BRS, Mr. X found that a bill of exchanges for Rs. 5,000 which was
discounted with bank was dishonoured and the bank paid noting charges of Rs. 100.
The entry required in the books of X will be___________
(a) Customer A/c Dr.5,100
To Bank A/c 5,100
(b) Customer A/c. Dr. 5,000
To Bank A/c 4,900
To bank charges A/c 100
(c) Customer A/c. Dr.5,000
Bank charges A/c Dr.100
To Bank A/c 5,100
(d) Customer A/c Dr.5,100
To Bank A/c 5,000
To bank charges A/c 100
33. If consignor draws a bill on consignee and discounted it with the banker, the
discounting charges will be debited in:
(a) General P/L A/c (b) Consignment A/c
(c) Consignee A/c (d) Trade Receivables A/c
34. Rishi of Kolkata consigned goods costing Rs.50,000 to Zenith of Mumbai at cost+ 20%
10% of the goods were lost in transit.70% of the goods received were sold at 15%
above invoice price. Amount of sales will be Rs.____?
(a) 37,800 (b) 39,600
(c) 43,470 (d) 44,370
35. Mr. X consigned 5,000 boxes of goods to Mr. Y @ Rs.250 each. He paid Freight
Rs.3,500 & insurance Rs. 1,500.Y paid expenses of Rs.5,000. He sold 3/5 of the
boxes@ Rs. 300 each. The remaining boxes were taken by Y at cost price. The value of
inventory taken by Y will be Rs._____
(a) 5,00,000 (b) 5,02,000
(c) 6,00,000 (d) None of the above
36. State which of the following statements is true?
(a) Memorandum Joint venture account is prepared to find out profit on venture.
(b) Memorandum joint venture account is prepared to find out amount due from co-
venture
(c) Memorandum Joint Venture Account is prepared when separate sets of books is
maintained
(d) In memorandum Joint Venture Account only one venture’s transactions are recoded.
37. Which of the following statements is not true?
(a) Joint venture is a going concern
(b) Joint venture is terminable in nature
(c) Joint venture does not follows accrual basis of accounting
(d) He co-venturers share the profit in agreed ratio
38. X and Y entered into a joint venture to underwrite the shares of K Ltd. at a
commission of 5%. K Ltd. made an issue of 1,00,000 equity shares of Rs.10 each. 90%
of the issue is subscribed by the public. The profit sharing between x and Y is 2:3. The
balance unsubscribed shares are purchased by X and Y in profit sharing ratio. How
shares are purchased by Y ?
(a) 4,000 (b) 6,000
(c) 10,000 (d) 90,000
39. Goods of Rs. 800 (sales price) sent on sale on approval basis were included in the
sales book. The profit included in the sales was 25% on cost. Inventory with the
party will increase our closing inventory by
(a) Rs. 600 (b) Rs. 640
(c) Rs. 680 (d) Rs. 700
40. Interest on capital will be paid to the partners if provided for in the agreement but
only from ________
(a) Current Year’s Profits. (b) Reserves.
(c) Accumulated Profits. (d) Goodwill
41. P & Q are the partners in a firm sharing profits and losses in the ratio 3:2 with
capitals of Rs. 1,50,000 and Rs. 1,00,000 respectively. They admitted R as a partner
with Rs. 90,000 as capital for 1/4th share in the profits of the firm. They adjust the
capitals of other partners according to R’s capital and his share in the business. How
much cash will be brought in by P?
(a) Rs. 8,000 (b) Rs. 9,000
(c) Rs. 12,000 (d) Rs. 10,000
42. Outgoing partner is compensated for parting with firm’s future profits in favour of
remaining partners. In what ratio do the remaining partners contribute to such
compensation amount?
(a) Gaining Ratio (b) Capital Ratio
(c) Sacrificing Ratio (d) Profit Sharing Ratio
43. Tom & Jerry are partners in a firm sharing the profits and losses in the ration of 3:2.
Tom’s capital Rs. 70,000 & Jerry’s capital RS. 50,000. They agreed to take Shiva as a
new partner for 1/5th share in future profits. Calculate the amount of capital to be
brought in by Shiva.
(a) Rs. 16,000 (b) Rs. 18,000
(c) Rs. 80,000 (d) Rs. 30,000
44. X,Y,& Z are partners in a firm sharing profits and losses in the ratio of 5:4:3. Z died on
30/09/16. Profit for the year 2016-17 was Rs. 40,000. What is the share of Z in the
profits of the firm till the date of his death?
(a) Rs. 6,000 (b) Rs. 5,000
(c) Rs. 4,500 (d) Nil
45. In case of death of a partner, the amount of JLP received by the firm will be
distributed _______
(a) To all the partners as per their old profit sharing ratio
(b) To the continuing partners as per their new profit sharing ratio
(c) To the continuing partners as per their sacrificing ratio
(d) To the continuing partners as per their gaining ratio
46. X & Y are partners in a firm sharing profits and losses in the ration of 3:2, Z was
admitted as a new partner for 1/5th share of the future profits. Z takes his entire
share from X only. The new profit sharing ration of X,Y & Z will be
(a) 12:8:4 (b) 2:2:1
(c) 1:1:1 (d) None of the above
47. Capital employed = Rs. 6,00,000
Average profit = Rs. 1,05,000
Normal rate of return = 15%
Value of goodwill under Capitalisation method will be Rs.
(a) 1,00,000 (b) 90,000
(c) 1,10,000 (d) None of these
48. A partnership firm maintains its accounts on calendar year basis. B, one of the three
partners died on 31/03/10. The profit of the firm for the year 2009 was Rs. 75,000
which was distributed among the partners equally. The share of B in the profits of
the firm till the date of his death on the basis of previous year’s profits will be Rs.
(a) 25,000 (b) 6,250
(c) 18,750 (d) 37,500
49. When shares are forfeited, the share capital A/c is debited with _________ and the share
forfeiture A/c is credited with___________
(a) Paid-up capital of shares Forfeited ;
called up capital of shares forfeited
(b) Called up capital of shares Forfeited;
calls in arrear of shares forfeited
(c) Called up capital of shares Forfeited;
Amount received on shares forfeited
(d) Calls in arrears of shares Forfeited;
Amount received on shares forfeited
50. When shares are issued to promoters for the services offered by them, the A/c that
will be debited with the nominal value of shares is_________
(a) Preliminary expenses (b) Good will
(c) Asset A/c (d) Share capital
51. Discount on issue of debentures is a ___________________
(a) Revenue loss to be charged in the year of issue
(b) Capital loss to be written off from capital reserve
(c) Capital loss to be written off over the tenure of the debentures
(d) Capital loss to be shown as goodwill
52. Which of the following can be utilized for redemption of preference shares?
(a) The proceeds of fresh issue of equity shares
(b) The proceeds of issue of debentures
(c) The proceeds of issue of fixed deposit
(d) All of the above
53. A Company issued 6,000, 10% debentures of Rs. 100 each at a discount of 10%
repayable after 5 years at a premium of 5%. Total loss on issue of debentures will be
Rs. _____
(a) 90,000 (b) 30,000
(c) 60,000 (d) 75,000
54. M/s VSI Ltd. forfeited 300 equity shares of Rs.10 each issued as per for non-payment
of Rs.4 per share by the holder. These shares are reissued at Rs.5 per share as fully
paid. What is the amount to be transferred to capital reserve A/c?
(a) Rs. 300 (b) Rs. 500
(c) Rs. 600 (d) Rs.800
55. A company has forfeited 3,000 equity shares of Rs. 10 each. For no-payment of Rs. 3
per share on which Rs. 9 called up. on forfeiture, Share capital A/c is debited by Rs.
_____________
(a) 27,000 (b) 30,000
(c) 22,000 (d) 9,000
56. if debentures are issued as collateral security the journal entry will be________________
(a) Debit Debenture Suspense A/c and Credit Debenture A/c
(b) Debit Cash A/c and Credit Loan A/c
(c) Debit Cash A/c and Credit Debentures A/c
(d) Debit Debenture Securities A/c & Credit Cash A/c
57. M/s X Ltd. took over the assets of Rs. 4,60,000 & liabilities of Rs. 30,000 of Rs. B Ltd.
for a purchase consideration of Rs. 4,40,000. The company issued 10% debentures of
Rs. 100 each at a premium of 10% towards the purchase consideration no. of
debentures issued will be________________
(a) 4,200 (b) 4,000
(c) 3,000 (d) 4,400
58. Preference shares of Rs. 4,00,000 were redeemed at a premium of 2% by the issue of
equity shares of Rs. 2,00,000 at a premium of 12%. The amount to be transferred to
CCR will be Rs. ______________
(a) 2,84,000 (b) 2,04,000
(c) 1,84,000 (d) 2,00,000
59. Capital at the end of the year Rs. 5,00,000 Drawings during the year Rs.50,000
Profit for the year Rs.1,00,000 .Interest on opening capital@10% per annum will be
(a) 50,000 (b) 5,50,000
(c) 45,000 (d) 55,000
60. Fluctuating Capital A/C is credited by _____
(a) Interest on Partner’s capital
(b) Partner’s share in Profit of the year
(c) Partner’s Salary or remuneration
(d) All of the above
STUDENT CAN CHECK THERE PROGRESS.
GOOD LUCK TO ALL OF THEM.
01. A businessman purchased goods for Rs. 25,00,000 and sold 80% of such goods
during the accounting year ended 31st March, 2009. The market value of the
remaining goods was Rs. 4,00,000. He valued the closing inventory at cost. He
violated the concept of
(a) Money measurement (b) Conservatism.
(c) Cost. (d) Periodicity.
02. A change in accounting policy is justified.
(a) To comply with accounting standard.
(b) To ensure more appropriate presentation of the financial statement of the enterprise.
(c) To comply with law
(d) All of the above.
03. Which of the following are not the advantage of accounting standard
(a) It reduce confusing variation in the accounting treatments used to prepare financial
statements.
(b) Some information’s are not required by law. To disclose standards May call for
disclosure beyond that required by law.
(c) Financial statements become comparable.
(d) It leads to confusion in deciding about the accounting policy.
04. Goods worth Rs. 2,000 were distributed as free samples in the market. The journal
entry will be__________
(a) Drawing Dr. 2,000
To Purchase A/c 2,000
(b) Sales A/c Dr. 2,000
To Cash A/c 2,000
(c) Advertisement A/c Dr. 2,000
To Purchase A/c 2,000
(d) No entry
05. Johny purchased goods of Rs.5,000 for cash at 20% trade discount and 5% cash
discount. Purchases A/c is to be debited by Rs.______
(a) 3,800 (b) 5,000
(c) 3,750 (d) 4,000
06. In the ledger an account shows credit balance at the end of the year. This balance is
shown as _____.
(a) To balance c/d on the debit side (b) By balance c/d on the credit side
(c) To balance b/d on the debit side (d) By balance b/d on the credit side
07. A purchase return of Rs.2,000 has been wrongly debited to sales Returns A/c. Due to
this error, in the trial balance_________.
(a) The total of debit balance will be Rs.2,000 more than the total of credit balances.
(b) The total of credit balances will be Rs.2,000 more than the total of debit balances.
(c) The total of debit balances will be Rs.4,000 more than the total of credit
balances.
(d) The total of credit balances will be Rs.4,000 more than the total of debit balances.
08. Stamps duty for the purchase of a property is debited to Legal Expenses A/c. This is
an error of _______________
(a) Commission (b) Omission
(c) Principle (d) Not an error
09. In the course of locating the reason for the difference in the trial balance, It has been
found that an amount received from a customer has been debited to his account and
a purchase from a supplier has been wrongly entered in the ledger as Rs. 17,720
instead of Rs.17,270. These errors may be classified as_______
(a) Errors of commission.
(b) Errors of omission .
(c) Errors of Principle
(d) Both errors of commission and omission.
10. A machinery was purchased for Rs. 1,00,000, Expenses incurred were – Brokerage
2% Repairs Rs. 1,500; Transport Rs. 3000; trial run Rs. 7,000; installation Rs. 4,500
After operating the machine for 11 months an amount of Rs. 8,000 was spent on
repairs. Cost of machinery to be debited to Machinery A/c will be Rs.
(a) 1,18,000 (b) 1,26,000
(c) 1,00,000 (d) 1,02,000
11. A company has filed a legal suit against competitive company claiming Rs. 5,00,000
for infringement of patent rights. The outcome of the legal suit is uncertain. The
claim may be treated as ________
(a) Income (b) Contingent Asset
(c) Provision (d) Contingent Liability
12. When outflow of economic resources to settle an obligation is not probable or the
amount expected to be paid to settle the liability cannot be measured with sufficient
reliability, it is called
(a) Provision (b) Contingent liability
(c) Secured Loan (d) Unsecured Loan
13. A Company deals in electronic goods (AC, fridge, TV.etc) Purchases to Ac and install
in its showroom. the expense will be record in.
(a) Drawing A/C (b) Purchase A/C
(c) Fixed A/C (d) P & L A/C
14. Bank Reconciliation is used to show the difference between the balance of____
(a) Cash columns of cash book & passbook
(b) Bank columns of cashbook & passbook
(c) Cash columns of cashbook & Bank columns of cash book
(d) None of the above
15. Debit balance as per Cash book of Axe Ltd. As on 31.03.2016 is Rs 2,000. Cheques
deposited but not cleared amounts to the Rs.100 and cheques issued but not
presented of Rs. 150. The bank allowed interest amounting Rs. 100 and collected
dividend Rs. 50 on behalf of Axe Ltd. Balance as per passbook should be
(a) Rs.1,700 (b) Rs. 2,000
(c) Rs. 2,100 (d) Rs. 2,200
16. Average inventory=Rs.30,000. Closing Inventory is Rs. 5,000 more than opening
inventory will be
(a) Rs.32,500 (b) Rs.35,000
(c) Rs.30,000 (d) Rs.60,000
17. Cost of an asset=Rs.2,00,000
Rate of depreciation=10% under WDV method
Value of the asset at the end of 2nd year will be Rs._______
(a) 1,80,000 (b) 1,62,000
(c) 1,48000 (d) 1,50,000
18. Depletion method of charging depreciation is adopted for which of the following
assets?
(a) Plant and machinery
(b) Wasting assets like mines and quarries
(c) Buildings
(d) Trademarks
19. If goods are sold but not delivered to the customer, they will be included in_________
(a) Closing inventory (b) Goods in transit
(c) Sales (d) Sales in returns
20. At the time of finalization of Financial Statements, Bad debts written of are to be
transferred to
(a) Provisions (b) Reserves
(c) Capital A/c (d) Profit & Loss A/c
21. From the following find out the correct equation
A=Opening inventory;
B=Purchases
C=Closing Inventory
D=Cost of Goods sold
(a) D-A=B+C (b) A+B=D-C
(c) A-C=D+B (d) A+B=C+D
22. Generals Manager gets 6% commission on net profit after charging such commission.
Gross profit Rs.60,000 and other indirect expenses other than manager’s
commission are Rs.7,000. Commission amount will be
(a) Rs.3,000 (b) Rs.3,396
(c) Rs.3,500 (d) None of the above
23. A decrease in provision for doubtful debts would result in:
(a) An increase in liabilities (b) A decrease in working capital
(c) A decrease in net profit (d) An increase in net profit
24. An amount of Rs. 68,000 was paid on 3/3/17 for advertisement in a newspaper. This
was published in the news paper on 3/4/17. This expenditure will be shown as______
(a) Liability in the balance sheet on 31/3/17
(b) Prepaid expenses on the assets side of balance sheet on 31/3/17
(c) An expenses in the profit and loss A/c for the year ended 31/3/17
(d) None of the above
25. Opening capital = Rs .5,00,000
Drawings = Rs. 1,20,000
Assets = Rs 8,50,000
Liabilities = Rs. 75,000
Closing capital & profit will be Rs.________
(a) 8,50,000 & 3,95,000 (b) 7,75,000 & 3,95000
(c) 7,75,000 & 1,55,000 (d) 8,50,000 & 3,55,000
26. While finalizing the current year’s profit, the company realized that there was an
error in the Valuation of closing Inventory of the previous year. in the previous year,
closing Inventory was valued more by Rs. 45,000. As a result
(a) Previous year’s profit is overstated and current year’s profit is also overstated
(b) Previous year’s profit is understated and current year’s profit is overstated
(c) Previous year’s profit is understated and current year’s profit is also understated
(d) Previous year’s profit is overstated and current year’s profit is understated
27. Decrease in the balance of trade receivables results in________________
(a) Increase in cash (b) Increase in liabilities
(c) Increase in capital (d) Increase in loan
28. If an individual asset is increased, there will be a corresponding
(a) Increase of another asset or increase of capital
(b) Decrease of another asset or increase of liability
(c) Decrease of specific liability or decrease of capital
(d) Increase of drawings and liability
29. A bill of Rs. 40,000 was discounted by P with his bank for Rs.39,000. At maturity, the
bill returned dishonoured, noting charges amounted to Rs.500. How much amount
will the bank deduct from P’s bank balance at the time of such dishonor?
(a) Rs.40,000 (b) Rs. 39,500
(c) Rs. 39,000 (d) Rs.40,500
30. X draws a bill on 1/04/16 for Rs.60,000 for 3 months. Y accepted it 8/04/16. The bill
was discounted on 2/05/16 @ 12%p.a. The amount of discount will be Rs.___________
(a) 1800 (b) 1200
(c) 600 (d) 1300
31. A draws a bill on B for Rs.1,00,000 for 3 months. The bill was discounted with bank at
15%p.a. Half of the proceeds are remitted to B. The amount received by B will be
Rs.____
(a) 33,334 (b) 25,000
(c) 50,000 (d) 48,125
32. While preparing BRS, Mr. X found that a bill of exchanges for Rs. 5,000 which was
discounted with bank was dishonoured and the bank paid noting charges of Rs. 100.
The entry required in the books of X will be___________
(a) Customer A/c Dr.5,100
To Bank A/c 5,100
(b) Customer A/c. Dr. 5,000
To Bank A/c 4,900
To bank charges A/c 100
(c) Customer A/c. Dr.5,000
Bank charges A/c Dr.100
To Bank A/c 5,100
(d) Customer A/c Dr.5,100
To Bank A/c 5,000
To bank charges A/c 100
33. If consignor draws a bill on consignee and discounted it with the banker, the
discounting charges will be debited in:
(a) General P/L A/c (b) Consignment A/c
(c) Consignee A/c (d) Trade Receivables A/c
34. Rishi of Kolkata consigned goods costing Rs.50,000 to Zenith of Mumbai at cost+ 20%
10% of the goods were lost in transit.70% of the goods received were sold at 15%
above invoice price. Amount of sales will be Rs.____?
(a) 37,800 (b) 39,600
(c) 43,470 (d) 44,370
35. Mr. X consigned 5,000 boxes of goods to Mr. Y @ Rs.250 each. He paid Freight
Rs.3,500 & insurance Rs. 1,500.Y paid expenses of Rs.5,000. He sold 3/5 of the
boxes@ Rs. 300 each. The remaining boxes were taken by Y at cost price. The value of
inventory taken by Y will be Rs._____
(a) 5,00,000 (b) 5,02,000
(c) 6,00,000 (d) None of the above
36. State which of the following statements is true?
(a) Memorandum Joint venture account is prepared to find out profit on venture.
(b) Memorandum joint venture account is prepared to find out amount due from co-
venture
(c) Memorandum Joint Venture Account is prepared when separate sets of books is
maintained
(d) In memorandum Joint Venture Account only one venture’s transactions are recoded.
37. Which of the following statements is not true?
(a) Joint venture is a going concern
(b) Joint venture is terminable in nature
(c) Joint venture does not follows accrual basis of accounting
(d) He co-venturers share the profit in agreed ratio
38. X and Y entered into a joint venture to underwrite the shares of K Ltd. at a
commission of 5%. K Ltd. made an issue of 1,00,000 equity shares of Rs.10 each. 90%
of the issue is subscribed by the public. The profit sharing between x and Y is 2:3. The
balance unsubscribed shares are purchased by X and Y in profit sharing ratio. How
shares are purchased by Y ?
(a) 4,000 (b) 6,000
(c) 10,000 (d) 90,000
39. Goods of Rs. 800 (sales price) sent on sale on approval basis were included in the
sales book. The profit included in the sales was 25% on cost. Inventory with the
party will increase our closing inventory by
(a) Rs. 600 (b) Rs. 640
(c) Rs. 680 (d) Rs. 700
40. Interest on capital will be paid to the partners if provided for in the agreement but
only from ________
(a) Current Year’s Profits. (b) Reserves.
(c) Accumulated Profits. (d) Goodwill
41. P & Q are the partners in a firm sharing profits and losses in the ratio 3:2 with
capitals of Rs. 1,50,000 and Rs. 1,00,000 respectively. They admitted R as a partner
with Rs. 90,000 as capital for 1/4th share in the profits of the firm. They adjust the
capitals of other partners according to R’s capital and his share in the business. How
much cash will be brought in by P?
(a) Rs. 8,000 (b) Rs. 9,000
(c) Rs. 12,000 (d) Rs. 10,000
42. Outgoing partner is compensated for parting with firm’s future profits in favour of
remaining partners. In what ratio do the remaining partners contribute to such
compensation amount?
(a) Gaining Ratio (b) Capital Ratio
(c) Sacrificing Ratio (d) Profit Sharing Ratio
43. Tom & Jerry are partners in a firm sharing the profits and losses in the ration of 3:2.
Tom’s capital Rs. 70,000 & Jerry’s capital RS. 50,000. They agreed to take Shiva as a
new partner for 1/5th share in future profits. Calculate the amount of capital to be
brought in by Shiva.
(a) Rs. 16,000 (b) Rs. 18,000
(c) Rs. 80,000 (d) Rs. 30,000
44. X,Y,& Z are partners in a firm sharing profits and losses in the ratio of 5:4:3. Z died on
30/09/16. Profit for the year 2016-17 was Rs. 40,000. What is the share of Z in the
profits of the firm till the date of his death?
(a) Rs. 6,000 (b) Rs. 5,000
(c) Rs. 4,500 (d) Nil
45. In case of death of a partner, the amount of JLP received by the firm will be
distributed _______
(a) To all the partners as per their old profit sharing ratio
(b) To the continuing partners as per their new profit sharing ratio
(c) To the continuing partners as per their sacrificing ratio
(d) To the continuing partners as per their gaining ratio
46. X & Y are partners in a firm sharing profits and losses in the ration of 3:2, Z was
admitted as a new partner for 1/5th share of the future profits. Z takes his entire
share from X only. The new profit sharing ration of X,Y & Z will be
(a) 12:8:4 (b) 2:2:1
(c) 1:1:1 (d) None of the above
47. Capital employed = Rs. 6,00,000
Average profit = Rs. 1,05,000
Normal rate of return = 15%
Value of goodwill under Capitalisation method will be Rs.
(a) 1,00,000 (b) 90,000
(c) 1,10,000 (d) None of these
48. A partnership firm maintains its accounts on calendar year basis. B, one of the three
partners died on 31/03/10. The profit of the firm for the year 2009 was Rs. 75,000
which was distributed among the partners equally. The share of B in the profits of
the firm till the date of his death on the basis of previous year’s profits will be Rs.
(a) 25,000 (b) 6,250
(c) 18,750 (d) 37,500
49. When shares are forfeited, the share capital A/c is debited with _________ and the share
forfeiture A/c is credited with___________
(a) Paid-up capital of shares Forfeited ;
called up capital of shares forfeited
(b) Called up capital of shares Forfeited;
calls in arrear of shares forfeited
(c) Called up capital of shares Forfeited;
Amount received on shares forfeited
(d) Calls in arrears of shares Forfeited;
Amount received on shares forfeited
50. When shares are issued to promoters for the services offered by them, the A/c that
will be debited with the nominal value of shares is_________
(a) Preliminary expenses (b) Good will
(c) Asset A/c (d) Share capital
51. Discount on issue of debentures is a ___________________
(a) Revenue loss to be charged in the year of issue
(b) Capital loss to be written off from capital reserve
(c) Capital loss to be written off over the tenure of the debentures
(d) Capital loss to be shown as goodwill
52. Which of the following can be utilized for redemption of preference shares?
(a) The proceeds of fresh issue of equity shares
(b) The proceeds of issue of debentures
(c) The proceeds of issue of fixed deposit
(d) All of the above
53. A Company issued 6,000, 10% debentures of Rs. 100 each at a discount of 10%
repayable after 5 years at a premium of 5%. Total loss on issue of debentures will be
Rs. _____
(a) 90,000 (b) 30,000
(c) 60,000 (d) 75,000
54. M/s VSI Ltd. forfeited 300 equity shares of Rs.10 each issued as per for non-payment
of Rs.4 per share by the holder. These shares are reissued at Rs.5 per share as fully
paid. What is the amount to be transferred to capital reserve A/c?
(a) Rs. 300 (b) Rs. 500
(c) Rs. 600 (d) Rs.800
55. A company has forfeited 3,000 equity shares of Rs. 10 each. For no-payment of Rs. 3
per share on which Rs. 9 called up. on forfeiture, Share capital A/c is debited by Rs.
_____________
(a) 27,000 (b) 30,000
(c) 22,000 (d) 9,000
56. if debentures are issued as collateral security the journal entry will be________________
(a) Debit Debenture Suspense A/c and Credit Debenture A/c
(b) Debit Cash A/c and Credit Loan A/c
(c) Debit Cash A/c and Credit Debentures A/c
(d) Debit Debenture Securities A/c & Credit Cash A/c
57. M/s X Ltd. took over the assets of Rs. 4,60,000 & liabilities of Rs. 30,000 of Rs. B Ltd.
for a purchase consideration of Rs. 4,40,000. The company issued 10% debentures of
Rs. 100 each at a premium of 10% towards the purchase consideration no. of
debentures issued will be________________
(a) 4,200 (b) 4,000
(c) 3,000 (d) 4,400
58. Preference shares of Rs. 4,00,000 were redeemed at a premium of 2% by the issue of
equity shares of Rs. 2,00,000 at a premium of 12%. The amount to be transferred to
CCR will be Rs. ______________
(a) 2,84,000 (b) 2,04,000
(c) 1,84,000 (d) 2,00,000
59. Capital at the end of the year Rs. 5,00,000 Drawings during the year Rs.50,000
Profit for the year Rs.1,00,000 .Interest on opening capital@10% per annum will be
(a) 50,000 (b) 5,50,000
(c) 45,000 (d) 55,000
60. Fluctuating Capital A/C is credited by _____
(a) Interest on Partner’s capital
(b) Partner’s share in Profit of the year
(c) Partner’s Salary or remuneration
(d) All of the above
Schedule of Daily answer writing practice for UPSC Commerce and Accountancy Optional Paper- Commerce Gurukul
Dear Registered student of Commerce Gurukul,
Please find below schedule of Daily answer writing practice for UPSC Commerce and Accountancy Optional Paper
Only registered students will get questions daily and Answer evaluation and guidance.
We will cover whole syllabus both paper 1 and Paper 2 of Commerce and Accountancy Optional before march ,2018 through daily answer writing practice.
For more details Contact at commercegurukulca@gmail.com.
Email ID- commercegurukulca@gmail.com
Mobile No.+917678456921
Please find below schedule of Daily answer writing practice for UPSC Commerce and Accountancy Optional Paper
Schedule
for Daily answer writing practice for UPSC Commerce and Accountancy Optional
Paper –Commerce Gurukul.
From 11/09/2017 to 04/10/2017 ( After 04/10/2017, New Schedule will be send)
From 11/09/2017 to 04/10/2017 ( After 04/10/2017, New Schedule will be send)
Date
|
Topic
|
Sub-topic
|
11/09/2017
|
Human Resource Management
|
Meaning ,Nature and Scope of HRM
|
12/09/2017
|
Human Resource Management
|
Human Resource Planning, Job, Analysis,
,Job Description and Job Specification
|
13/09/2017
|
Human Resource Management
|
Recruitment Process, Selection Process
, Orientation and Placement
|
14/09/2017
|
Human Resource Management
|
Training and Development Process.
|
15/09/2017
|
Human Resource Management
|
Performance Appraisal and 360° Feed
Back
|
18/09/2017
|
Human Resource Management
|
Salary and Wage Administration and Job
Evaluation
|
19/09/2017
|
Human Resource Management
|
Employee Welfare, Promotions,
Transfers and Separations
|
20/09/2017
|
Human Resource Management
|
Current Affairs related with Human
Resource Management.
|
21/09/2017
|
Industrial Relations (IR)
|
Meaning, Nature, Importance and Scope
of IR
|
22/09/2017
|
Industrial Relations (IR)
|
Formation of Trade Unions, Trade Union
Legislation, Trade Union Movement in India
|
25/09/2017
|
Industrial Relations (IR)
|
Recognition of Trade Unions, Problems
of Trade Unions in India and Impact of Liberalization on Trade Union Movement
|
26/09/2017
|
Industrial Relations (IR)
|
Nature of Industrial Disputes: Strikes
and Lockouts, Causes of Disputes, Prevention and Settlement of Disputes.
|
27/09/2017
|
Industrial Relations (IR)
|
Worker’s Participation in Management:
Philosophy, Rationale, Present Day Status and Future Prospects
|
28/09/2017
|
Industrial Relations (IR)
|
Adjudication and Collective Bargaining
|
29/09/2017
|
Industrial Relations (IR)
|
Industrial Relations in Public
Enterprises,
Absenteeism and Labour Turnover in
Indian Industries and their Causes and Remedies.
|
30/09/2017
|
Industrial Relations (IR)
|
ILO and its Functions
|
03/10/2017
|
Industrial Relations (IR)
|
Current affairs related with
Industrial relations
|
04/10/2017
|
Industrial Relations (IR)
|
Current affairs related with
Industrial relations
|
Only registered students will get questions daily and Answer evaluation and guidance.
We will cover whole syllabus both paper 1 and Paper 2 of Commerce and Accountancy Optional before march ,2018 through daily answer writing practice.
For more details Contact at commercegurukulca@gmail.com.
Contact for -
Commerce and Accountancy Optional Subject UPSC Mains-Online classes -Test Series -Daily Answer Writing Initiative.
CA Course- Test Series for all level.
Email ID- commercegurukulca@gmail.com
Mobile No.+917678456921
With best regards and Thanks
COMMERCE GURUKUL
[For CA and UPSC(IAS)with Commerce and Accountancy Optional]
[For CA and UPSC(IAS)with Commerce and Accountancy Optional]
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