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CA - CPT – December 2012 Question Paper (Based on Memory)
1st session

Marks: 100 Marks

Time: 2 hrs.

Part A – Fundamentals of Accounting
1. When delcredere commission is allowed by
consignor to consignee, then amount of
abnormal loss will be borne by:
a) Consignor
b) consignee
c) Both consignor and consignee in equal proportion
d) Either consignor or consignee
2. The Rule “Debit all expenses and losses, credit
all Incomes and gains” is relates to :
a) Personal a/c
b) real a/c
c) Nominal a/c
d) all the above
3. A and B are partners sharing profits and losses
in the ratio of 5:3 , C was admitted as new
partner and being capital Rs.70,000 and
goodwill Rs.48,000. The new profit ratio
between A:B:C is 7:5:4. The sacrificing ratio of
A and B is :
a) 1:3
b) 3:1
c) 5:4
d) 3:5
4. Estimated useful life of a machine is 5 years.
Depreciation is written off in 2nd year under
sum of the years digits method :
b) 3/15
c) 2/15
d) 1/15
a) 4/15
5. How many no.of grace days allowed, when bill
at sight is:
a) 3 days b) 2 days c) 1 day
d) no days
6. Which statement is sent by consignee to consignor :
a) proforma invoice
b) account sales
c) Inward invoice
d) outward invoice
7. Returns inward is deducted form
a) Sales
b) Purchases
c) Returns outwards
d) Closing stock
8. Krishna Ltd. Issued 1,50,000 shares of Rs.100
each, at discount of 10% Mr.Ram to whom 300
shares were allotted, failed to pay the final call
of Rs.30 per share and hence all his shares were
forfeited. At the time of forfeiture, what amount
will be transferred to share forfeiture account.
a) Rs.9,000
b) Rs.18,000
c) Rs.21,000
d) Rs.27,000

9. A company forfeited 1000 shares of Rs.10
each, on which Rs.6,000 have been received.
The forfeited shares were reissued for Rs.7,000
as full consideration. How much amount is
transferred to capital reserve account.
a) Rs.1000