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CA CPT : MOCK TEST PAPER (with Answers) - November 2014

42 pages, 200 questions, 66 questions with responses, 66 total responses,    0    0
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MOCK TEST PAPER Series : November, 2014 COMMON PROFICIENCY TEST Time Allowed 4 Hours Maximum Marks 200 SECTION A: FUNDAMENTALS OF ACCOUNTING 1. Neeraj and Gopi are partners in a firm with capitals of Rs. 5,00,000 each. They admit Champak as a partner with 1/4th share in the profit of the firm. Champak brings Rs. 8,00,000. The P&L Account should a credit balance of Rs. 4,00,000 as on the date of admission. The value of hidden goodwill will be: (a) 14,00,000 (b) 18,00,000 (c) 10,00,000 (d) None 2. If average stock is Rs. 14,000, closing stock is 3,000 more than opening stock then the value of closing stock will be: (a) 15,500 (b) 15,000 (c) 11,000 (d) 12,500 3. Cost of physical stock on 15.4.2014 were Rs. 3,00,000. Sales amounting Rs. 1,00,000 and purchases worth Rs. 50,000 were held between 31.3.2014 and 15.4.2014. Goods are sold at a profit of 20% on sales. Value of inventory as on 31.3.2014: (a) 3,50,000 (b) 2,70,000 (c) 3,00,000 (d) 3,30,000 4. Which assets is compulsory revalued at the time of admission of a partner? (a) Goodwill (b) land and building (c) Plant and machinery (d) Furniture and fittings The Institute of Chartered Accountants of India

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Additional Info : Chartered Accountancy ICAI India : Common Proficiency Test CPT - Mock Test Paper November 2014
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