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CA CPT : Volume 2 - Model Test Paper 7 (with Answers & Explanations)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 7 Time : 4 hours Maximum Marks : 200 The test is divided into four sections. Questions 1 to 200 have only one correct answer and carry + 1 mark for each correct answer and 0.25 mark for each wrong answer. SECTION A : FUNDAMENTALS OF ACCOUNTING (60 MARKS) 1. Advantages of redemption of preference shares by issue of fresh equity shares are a) c) 2. No cash outflow of money b) No capital gain tax to shareholders d) New equity shares may be valued at premium All of the above. Bills receivable is . (a) (c) Personal A/c Nominal A/c (b) (d) Real A/c Both (a) and (b) 3. X Ltd. forfeited 500 equity shares of Rs. 10 each fully called up which were issued at premium of 20%. Amount payable on shares were on application Rs. 2, on allotment Rs. 5 (including premium), on first and final call Rs. 5. Only application money and allotment money were paid by the shareholder in respect of these shares. At the time of forfeiture of these shares, securities premium account will be debited by a) NIL b) Rs. 1,000 c) Rs. 1,500 d) Rs. 2,000. 4. A, B and C are in partnership sharing profits and losses in the ratio of 5:3:2. A wants to retire, so B and C agreed to continue at 2:1. Gaining ratio will be a) c) 5. 11:4 11:6 b) d) 8:22 11:17. A and B are partners of X & Co., sharing profits and losses in 3:2. C admitted, on which a revaluation of assets of the firm was made by reducing the value of plant & machinery Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 163

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Tags : CA CPT 2017-2018, sample / model / mock / past / previous / old / online test papers, fundamentals of accounting, accounts, accountancy, mercantile laws, business law, general economics, micro / macro economics, indian economic development, quantitative aptitude, maths, mathematics, Common Proficiency Test.  

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