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Preparation for CA - CPT - Accounting

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By TCY Share

This thread is dedicated to preparation for Fundamentals of Accounting section of CA - CPT. You may share questions related to topics like Accounting for Special Transaction, Partnership Accounts, Depreciation Accounting, Company Accounts, Accounting Process, Final Accounts, Theoretical Framework etc.

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Sai Tej

Shared from Financial Statements of Non Prof... on Aug 09, 2020 6:33 PM

The Income and Expenditure of a club for the year 2018 is given below:

Expenditure	Rs.	Income	Rs.
To salaries	4000	By subscription	10,000
To depreciation	300	By entrance fees	350
To audit fees	500	By annual sports meet fees	375
To general expenses	600
To surplus	5325

Salaries outstanding at the beginning and at the end of the year 2018 are Rs. 1500 and Rs. 750, respectively.
General expenses include insurance prepaid to the extent of Rs. 100.
Audit fees for the year 2018 is still outstanding.
The club has sports equipment of Rs. 6000 at April 1, 2017.
At the end of the year after depreciation, the equipment amounted to Rs. 8500 for the year 2018 is outstanding.

Prepare the Receipt and Payment Account for the year 2018 and find out the cash balance at the end.

Rs. 3275

Rs. 3075

Rs. 4425

None of the above

N.A

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Sai Tej

It is given in the question that the value of sports equipment is 8500 after charging depreciation.So,we need to record it as 2800 in receipts and payments account under the head sports equipment.

It is given in the question that the value of sports equipment is 8500 after charging depreciation.So,we need to record it as 2800 in receipts and payments account under the head sports equipment. Please type your answer before submitting.

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Akshay

Posted on Apr 26, 2021 5:23 PM

Option 2 is the correct answer.

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Kanchi Agrawal

Shared from Inventory Managment on May 08, 2017 11:16 PM

The cost of inventory as per physical verification as on 24^th March 2007 was Rs. 4, 00, 000. Goods are sold at a profit of 25% on cost.
On 27^th March, goods on the sale value of Rs. 1, 00, 000 were sent on sale on return basis to a customer, the period of approval being two weeks. He returned 20% of the goods and approval 80% of the remaining on 31^st March.
The cost of inventory as per book is

Rs.4, 00, 000

Rs. 3, 36, 000

Rs. 4, 48, 000

none of these

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Vivek Chhapadia

Cost of good sold - 80000n80% of goods - 80000×80÷100=64000nInventory - 400000-64000=336000

Cost of good sold - 80000n80% of goods - 80000×80÷100=64000nInventory - 400000-64000=336000 Please type your answer before submitting.

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Kanchi Agrawal

Shared from Company Accounts on Apr 21, 2017 3:28 PM

To redeem 15% Pref. Shares of Rs. 1,00,000 at 5% premium, Rs. 10,000, 12%. Debentures of Rs. 100 each are issued at a discount of 10%. The amount to be transferred to Capital Redemption Reserve is

nil

Rs. 90,000

Rs. 91,000

Rs. 1,00,000

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Kanchi Agrawal

Explaination is right it marking is wrong...

Explaination is right it marking is wrong... Please type your answer before submitting.

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Nikhil

Posted on Apr 10, 2017 4:45 PM

Whether cpt exam is objective or subjective for june2017 exam

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Tanya Agarwalla

This year its objective

This year its objective Please type your answer before submitting.

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Rashi Nagar

Posted on Mar 12, 2017 7:04 PM

Goods Sold to Mahesh costing Rs. 9600 at 20% profit on sales at 10% trade discount and 10% cash discount and paid 40% immediately to avail cash discount

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