CrUcial problem related to Accoutancy CPT
This query is : Resolved
02 November 2007
Case I:
Electricity paid on 1 october 2004 for the eyar to 30 September 2005 waas 2400 rs and electricity paid on 1 october,2005 for the year to 30 September 2006 was Rs 3200. Electricity payable, as shown in P\L Accounts for the year ended 31-12-2005 would be:
A)2400 B) 3200 C) 2600 D)3000
Case II:
A agrees to sell his Ipod to B at a price B would be able to pay. This agreement is ____(why?)
A)valid B)void c)voidable d)illegal(X)
Case III:
Jadu LTD reissued 2000 shares, which were forfeited by debiting Share forfeiture account by Rs 3000. These shares were reissued at Rs 9 per share. The amt. transferred to Capital reserve a\c wud be a)3000 b) 2000 c)1000 d)none
Case Iv
Cost of exceptional repairs of a non –recurring nature by way, of overhauling of the entire plant is _____
a) Capital Exp. B) Revenue Exp. C)Deferred Rev. exp. D)Capital loss
Case V:
Capital introduced by A on 01.04.05 was Rs 3 lakh. Further capital introduced during the year was Rs 50k in mid of year. Mr A withdrew Rs 2000 each month(on first day each). Interest on drawings is charged @ 5% pa. Profits during the year Rs 20000. Capital at the year end is
a) 345350 b) 395000 c) 346000
Case VI
A,B, C are partners with capital Rs 1 lakh,75k, 50k respectively. On C’s retirement, his share is acquired by A and b in the ratio 6:4 respectively. Gaining ratio is_______
a)3:2 b)2:2 c)2:3 d)none
Electricity paid on 1 october 2004 for the eyar to 30 September 2005 waas 2400 rs and electricity paid on 1 october,2005 for the year to 30 September 2006 was Rs 3200. Electricity payable, as shown in P\L Accounts for the year ended 31-12-2005 would be:
A)2400 B) 3200 C) 2600 D)3000
Case II:
A agrees to sell his Ipod to B at a price B would be able to pay. This agreement is ____(why?)
A)valid B)void c)voidable d)illegal(X)
Case III:
Jadu LTD reissued 2000 shares, which were forfeited by debiting Share forfeiture account by Rs 3000. These shares were reissued at Rs 9 per share. The amt. transferred to Capital reserve a\c wud be a)3000 b) 2000 c)1000 d)none
Case Iv
Cost of exceptional repairs of a non –recurring nature by way, of overhauling of the entire plant is _____
a) Capital Exp. B) Revenue Exp. C)Deferred Rev. exp. D)Capital loss
Case V:
Capital introduced by A on 01.04.05 was Rs 3 lakh. Further capital introduced during the year was Rs 50k in mid of year. Mr A withdrew Rs 2000 each month(on first day each). Interest on drawings is charged @ 5% pa. Profits during the year Rs 20000. Capital at the year end is
a) 345350 b) 395000 c) 346000
Case VI
A,B, C are partners with capital Rs 1 lakh,75k, 50k respectively. On C’s retirement, his share is acquired by A and b in the ratio 6:4 respectively. Gaining ratio is_______
a)3:2 b)2:2 c)2:3 d)none
02 November 2007
Case I
Rs. 200 * 9 months + Rs. 800 for 3 months up to December 2005 = Rs. 2600
Case II
Void because there is absennce of definit price.
Case IV
Capital Expenditure if it is overhauling
Case III
Profit on forfeiture = 3000 - Loss on reissue 1000 = Rs. 2000 transferred to Capital Reserve
Rs. 200 * 9 months + Rs. 800 for 3 months up to December 2005 = Rs. 2600
Case II
Void because there is absennce of definit price.
Case IV
Capital Expenditure if it is overhauling
Case III
Profit on forfeiture = 3000 - Loss on reissue 1000 = Rs. 2000 transferred to Capital Reserve
02 November 2007
Case VI
Whatever they have acquired is the Gain. i.e. 60:40 = 3:2
Whatever they have acquired is the Gain. i.e. 60:40 = 3:2
02 November 2007
Case VI
Dear Sushant,
If new ratio is 6:4 then the entire interpretation will be as under :
6/10 - 1/3 = 8/30
4/10 - 1/3 = 2/30
Then in this case answer is none.
I read your question as C's distribution to A & B is 6:4. Then in that case 3:2 is correct. If the question states that new ratio is 6:4 then the answer is none.
Dear Sushant,
If new ratio is 6:4 then the entire interpretation will be as under :
6/10 - 1/3 = 8/30
4/10 - 1/3 = 2/30
Then in this case answer is none.
I read your question as C's distribution to A & B is 6:4. Then in that case 3:2 is correct. If the question states that new ratio is 6:4 then the answer is none.
02 November 2007
Case V
Answer is 345350
350000 - 24650 + 20000 = 345350
Answer is 345350
350000 - 24650 + 20000 = 345350
02 November 2007
Isn't "loss" result in decrease in capital
? raher than "none".
in numerical, we assume that, dont we??
? raher than "none".
in numerical, we assume that, dont we??
02 November 2007
No. You have to consider as erosion in Reserves. Then it will eat into capital.
You can state loss as decrease in Net Worth.
You can state loss as decrease in Net Worth.
02 November 2007
In that question, book has mentioned "decrease in income". To it, capital is suitable than noe...
02 November 2007
In that question, book has mentioned "decrease in income". To it, capital is suitable than none...
02 November 2007
I hope things are clear. I will be logging in tom morn.
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