CPT June 2017 Crash Course FUNDAMENTALS OF ACCOUNTING
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1 CPT June 2017 Crash Course FUNDAMENTALS OF ACCOUNTING (SECTION A - 60 Marks) The dictionary is the only place where success comes before work. Hard work is the key to success, and hard work can help you accomplish anything CA Gaurav Rajaram gaurav@samvitacademy.in P a g e 1
2 CHAPTER - BASICS OF ACCOUNTING 1. Transactions and Events and Fundamentals of Accounting 1. Which of the following is correct? a) (Current Asset + Fixed Asset) + (Current liabilities + Long term liabilities) = 0 b) (Current Asset + Fixed Asset) - (Current liabilities + Long term liabilities) = 0 c) (Current Asset - Fixed Asset) - (Current liabilities + Long term liabilities) = 0 d) None of the above 2. If owner s capital is Rs. 50,000, liability is Rs. 30,000 and fixed assets is Rs. 70,000, then what is the value of current assets? a) Rs. 10,000 b) Rs. 40,000 c) Rs. 80,000 d) Rs. 1,00, The fixed assets of a company is half of the current assets and one third of capital. If the current assets are Rs. 3,00,000 and investments is half of fixed assets, calculate the current liabilities assuming that there are no other items in the balance sheet. a) Rs. 1,00,000 b) Rs. 75,000 c) Rs. 1,50,000 d) Rs.1,25, Net profit or loss will be derived at stage of accounting a) Classifying b) Interpretation c) Recording d) Summarizing 5. A person started a business with capital of Rs. 50,000 and he takes loan from his relative for Rs. 5,000. Profit for the year is Rs. 10,000 and drawings is Rs. 9,000. What will be the amount of closing capital? a) Rs. 60,000 b) Rs. 51,000 c) Rs.56,000 d) Rs.46, Accounting concepts and principles Entity concept Business is separate from the owner Money measurement concept Only transactions which can be measured in terms of money should be recorded in the financial statements Periodicity concept or definite accounting period concept The financial statements must be prepared at the end of a definite period (for example, every 12 months) and not at the end of the life of the entity P a g e 2
3 Accrual concept Transactions must be recorded as and when they happen and not as and when money is paid or received Matching concept Match revenue with expenses. Eg: Depreciation, Closing Stock, O/s exp, Prepaid exp Cost concept Assets should be shown at Original Cost Less Depreciation Going Concern concept The enterprise will continue for the foreseeable future and has no intention to liquidate. If going concern is valid, assets are shown at cost less depreciation. If going concern violated, assets to be shown at NRV Realisation concept Increase in value of an asset to be recognised only when realised. There, no gains to be recognised on increase in value of investment, land etc until they are sold Conservatism concept - Recognise all possible losses and expenses, do not recognise expected incomes and gains Consistency concept - Accounting Policies must be consistently followed by an enterprise 6. The concept of conservatism when applied to financial statements, results in (a) Understatement of assets (c) Understatement of assets and profit (b) Overstatement of assets (d) Overstatement of profits 7. Mr X purchased goods for Rs. 10,00,000 and sold 60% of such goods during the accounting year ended 31st March, The market value of the remaining goods was Rs. 3,00,000. He valued the closing stock at Rs 4,00,000. He violated the concept of (a) Going concern (b) Disclosure (c) Accrual (d) Conservatism 8. The underlying accounting principle necessitating amortization of intangible assets is (a) Going Concern (b) Matching (c) Consistency (d) Disclosure 9. Provision for bad or doubtful debts is created on account of (a) Money Measurement (b) Disclosure (c) Materiality (d) Conservatism 10. Provision for discount on debtors is created on account of (a) Money Measurement (b) Disclosure (c) Materiality (d) Conservatism P a g e 3
4 11. Contingent Liabilities are normally shown as a footnote to the financial statements. This is due to concept (a) Money Measurement (b) Disclosure (c) Materiality (d) Conservatism 12. Interest on capital is paid to sole proprietor on account of concept (a) Entity (b) Accrual (c) Materiality (d) Conservatism 13. If there is no mention in the auditor's report regarding the fundamental accounting assumptions, we assume (a) They have been violated (c) They have been partially followed (b) They have been completely followed (d) None of the above 14. If Going Concern Principle is violated, then which of the following situations would be applicable (a) All outstanding expenses will have to be paid immediately (b) All prepaid expenditure will have to be expensed immediately (c) Fixed Assets will be shown at Net Realisable Value (d) Profit and Loss Account need not be prepared for that year 15. As per accrual concept, which of the following is not true? a) Revenue Expense = Profit b) Revenue Profit = Expense c) Sales Gross profit = Revenue d) Revenue = Profit + Expenses. 16. Small items like stapler, calculator etc are not shown in books as fixed assets, although they used in business for long periods, due to a) Consistency concept b) Materiality concept c) Accrual concept d) Cost concept 17. Mr Tanvir purchased a machinery for Rs. 55,000 paid Rs. 5,000 as cash and agreed that the balance amount will be paid in 5 equal installments. Due to this, (a) Total Assets will increase by Rs 55,000 (b) There will be no effect on Total Assets (c) Total Assets will increase by Rs 50,000 with increase in Total Liabilities by Rs 50,000 (d) Only Total Liabilities increase by Rs 50, If cash is collected from Debtors, the effect on Total Assets will be (a) Total Assets increase by the cash collected (c) There would be no change in Total Assets (b) Total Assets decrease by the cash collected (d) None of the above P a g e 4
5 19. If an individual asset is increased, there will be a corresponding (a) Increase of another asset or increase of capital (b) Decrease of liability or decrease of capital (c) Increase of drawings and liability (d) Decrease of another asset or increase of liability 20. Repayment of debentures results in (a) Increase in Asset (c) No change in Assets (b) Decrease in Asset (d) Increase in liability 21. Purchase of fixed asset for cash results in (a) Increase in Asset (c) No change in Total Assets (b) Decrease in Asset (d) No change in Total Liabilities 22. A trader started retail business. During the year he sold goods costing Rs. 60,000 for Rs. 1,20,000 out of which only Rs. 1,00,000 was collected during the year. He had a closing stock of Rs, 10,000. His other business expenses for the period were Rs. 20,000 out of which Rs. 5,000 was outstanding at year end. His total profits for the year as per accrual concept is a) Rs. 30,000 b) Rs. 40,000 c) Rs. 45,000 d) Rs. 20,000 P a g e 5
6 CHAPTER - INVENTORIES 23. When opening inventory is overstated to the extent of Rs 30,000 and closing inventory is overstated to the extent of Rs 20,000, the profits of the current year would be (a) Understated by Rs 10,000 (b) Understated by Rs 20,000 (c) Overstated by Rs 10,000 (d) Overstated by Rs 20, The following purchases and issues were made during March Opening Stock - 10 units at Rs 10 each Answer: FIFO Rs 60, LIFO Rs 50 March 1 - Purchase of 15 units at Rs 15 each S.Avg Rs 61.25, W.Avg Rs 64 March 2 - Sale of 5 units at Rs 20 each March 8 - Purchase of 5 units at Rs 12 each March 15 - Sale of 20 units at Rs 20 each Closing stock using FIFO method is Rs Closing stock using LIFO method is Rs Closing stock using Simple Average method is Rs Closing stock using Weighted Average method is Rs 25. When closing stock represents the latest purchased goods, then the method followed is (a) FIFO (b) LIFO (c) Specific identification (d) Weighted Average 26. During periods of inflation, which methods gives you the highest value of stock? (a) FIFO (b) LIFO (c) Specific identification (d) Weighted Average 27. The total cost of goods available for sale with the company is Rs 23,50,000 and the total sales are Rs 26,00,000. If the gross profit margin is 25%, what is the value of closing inventory? (a) Rs. 2,70,000 (b) Rs.5,50,000 (c) Rs.4,00,000 (d) Rs.4,70, Opening stock was Rs. 3,60,000 and closing stock was Rs 2,00,000. The company made purchases of Rs. 6,80,000 on credit in March. During March, the company paid Rs. 3,50,000 to its suppliers. The goods are sold at 25% above cost. The sales for the month of March were (a) Rs. 4,12,500 (b) Rs. 6,25,000 (c) Rs. 10,50,000 (d) Rs. 8,40,000 P a g e 6
7 29. Stock on 9th April, 2013 is Rs. 1,00,000. Purchases made between April 1st to 9th is Rs and sales during the same period is Rs. 24,000. Purchase returns is Rs Sales returns is Rs Gross profit on sales is 25%. Closing stock as on 31st March, 2013 will be: a) Rs. 1,50,000 b) Rs. 1,12,750 c) Rs. 1,20,000 d) Rs. 1,00, Stock on 25th March, 2013 is Rs. 25,000. Purchases made between 25th March and 31st March is Rs and sales during the same period is Rs. 6,000. Purchase returns is Rs 200. Sales returns is Rs Gross profit on sales is 25%. Closing stock as on 31st March, 2013 will be: a) Rs. 24,000 b) Rs c) Rs. 22,050 d) Rs. 20, You are given the following particulars: Opening Stock Rs 30,000 Closing Stock Rs 40,000 Purchases Rs 5,60,000 Return Outwards Rs 15,000 Return Inwards Rs 20,000 Carriage Inwards Rs 5,000 If the gross profit is 20% of net sales, the gross sales for the month of June 2014 is (a) Rs 6,95,000 (b) Rs 6,75,000 (c) Rs 5,40,000 (d) Rs 6,68, Average Stock = Rs. 18,000. Closing stock is Rs. 6,000 more than opening stock. The value of closing stock = (a) Rs 15,000 (b) Rs 18,000 (c) Rs 21,000 (d) Rs 13, Average Stock = Rs. 18,000. Opening stock is Rs. 6,000 more than closing stock. The value of closing stock = (a) Rs 15,000 (b) Rs 18,000 (c) Rs 21,000 (d) Rs 13, When closing inventory is overstated it will result in (a) Gross Profit to be overstated (c) Both a and b (b) Cost of Goods Sold to be understated (d) None of the above P a g e 7
8 CHAPTER - FINAL ACCOUNTS 35. Opening balance of debtors is Rs. 1,05,000. Cash received from debtors is Rs. 90,000. Cash sales is Rs 60,000 which is 20% of total sales. B/R received for Rs. 1,20,000 and discount allowed is 1% of cash collection. Find the closing debtors. a) Rs. 45,900 b) Rs. 1,34,100 c) Rs. 1,94,100 d) Rs. 1,07, Opening Debtors Rs 1,00,000. Cash collected from debtors Rs 50,000. Cash Sales is Rs 10,000 which is 10% of total sales. Bill Receivable accepted Rs 30,000. Discount given is 1% of cash collection. Further, Bills Payable accepted is Rs 20,000. Find the closing debtors. a) Rs 1,10,000 b) Rs 1,09,500 c) Rs 59,000 d) Rs 1,20, You are required to calculate the cash collected from debtors during the year from the following information. Opening balance of cash Rs 20,000, Bills Payable matured Rs 10,000, Bills Payable accepted Rs 30,000, Payment to creditors Rs 2,00,000, Expenses incurred Rs 20,000, Freight payable Rs 10,000, Drawings Rs 12,000 (Out of this, half related to purchased goods), Bills Receivable discounted Rs 1,60,000, Closing balance of cash Rs 10,000. a) Rs 10,000 b) Rs 46,000 c) Rs 66,000 d) Rs 56, Salaries paid in cash Rs. 12,00,000. It includes previous year s outstanding Rs. 30,000 and salary paid in advance for the next year Rs. 1,20,000. Salary outstanding for the year is Rs. 90,000. Salary of shall be debited in the profit and loss account. a) Rs. 11,40,000 b) Rs 12,00,000 c) Rs.12,30,000 d) Rs. 10,50, Opening balance in Prepaid Expenditure account is Rs 60,000. Total payments made during the current year Rs 3,03,000. Prepaid Expenditure account at the end of the year is Rs 1,80,000. What is the amount of expense to be debited in the current year? a) Rs 3,03,000 b) Rs 1,83,000 c) Rs 1,23,000 d) Rs 1,80, Mr X used to pay Rent each year on September 1 for one full year. Rent from September 1, 2011 to August 31, 2012 was Rs 1,20,000. From September 1, 2012 onwards, an increase of 10% was applied on the existing rent. What is the total expense to be debited to Rent A/c for 31/3/2013? a) Rs 1,20,000 b) Rs 1,27,000 c) Rs 1,32,000 d) Rs 2,52, Purchases Rs. 4,40,000, Return outward Rs. 40,000. Goods given away as charity Rs. 6,000. Goods distributed as sample Rs. 4,000. During the year, there was a fire in the factory due to which goods costing Rs 40,000 were destroyed. Insurance claim of Rs 20,000 was received. What is the amount of net purchases debited to Trading Account? a) Rs 3,50,000 b) Rs 3,30,000 c) Rs 3,70,000 d) Rs 3,90,000 P a g e 8
9 42. Opening Stock is Rs 1,50,000. Purchases is Rs 3,00,000. Sales is Rs 3,60,000. GP % is % on cost. Due to fire, goods costing Rs 45,000 were destroyed and an insurance claim of Rs 15,000 was received. Calculate the value of closing stock a) Rs 1,20,000 b) Rs 1,35,000 c) Rs 1,55,000 d) Rs 1,80, The gross profit for the year ending 31/03/2013 is Rs 1,00,000. Carriage inward is Rs 1,500, bad debts is Rs. 12,000, proprietors personal expenses is Rs 7,500, carriage outward is Rs 1,700 and salaries is Rs 20,000. The amount of net profit for the year will be a) Rs 60,000 b) Rs 57,300 c) Rs 64,800 d) Rs 66, Debtors balance is Rs 1,60,000. Bad Debts during the year Rs 10,000. Opening Provision was Rs 20,000. It is decided to create a provision for doubtful debts at 8%. The amount of such provision to be created during the current year is a) Rs 2,000 b) Rs 12,000 c) Rs 10,000 d) Rs 11,000 In the above problem, the total debit to P&L is Rs Answer: Rs 2, Debtors balance is Rs 3,20,000. Bad Debts during the year Rs 20,000. Opening provision for bad debts is Rs 12,000. It is decided to maintain a provision for bad debts on debtors at 5%. The amount of such provision to be created is a) Rs 15,400 b) Rs 16,000 c) Rs 15,000 d) Rs 12,000 In the above problem, the total debit to P&L is Rs Answer: Rs 23, Debtors balance is Rs 40,000. Bad Debts during the year Rs 1,500. Opening provision for bad debts is Rs 4,000. It is decided to create a provision for discount on debtors at 2%. The amount of such provision is a) Rs 800 b) Rs 700 c) Rs 750 d) Rs A decrease in the provision for doubtful debts would result in a) an increase in liabilities b) a decrease in working capital c) a decrease in net profit d) an increase in net profit 48. Bad debt recovered of Rs. 2,000, which was previously written off as bed debts will be credited to a) Bad debt a/c b) Debtor a/c c) Bad debt recovered A/c d) Suspense A/c 49. Prime Cost = a) Raw Materials consumed + Labour + Overheads + Selling and Distribution expenses b) Raw Materials consumed + Labour + Overheads c) Raw Materials consumed + Direct Wages + Direct Expenses d) Total cost of raw materials + Direct Wages + Direct Expenses P a g e 9
10 50. If sales revenues are Rs. 4,00,000, purchases is Rs 3,50,000, freight is Rs 10,000, closing stock is Rs 50,000, carriage outwards is Rs 5,000 and other operating expenses are Rs.60,000, the gross profit is a) 30,000 b) 90,000 c) 3,40,000 d) None of the above 51. The following details are available from the books of a sole trader: Particulars As on As On Opening stock 60,000 70,000 Purchases 6,50,000 8,40,000 Sales 8,00,000 10,00,000 If the gross profit ratio remains unchanged, the closing stock as on will be a) 70,000 b) 1,00,000 c) 1,10,000 d) 1,20, Opening stock Rs 4,000. Purchases and sales during the year is Rs 36,000 and Rs 35,000. Profit was earned at 20% on sales consistently during the year. 50% of the closing stock was found to be obsolete and could fetch only 40% of its cost. Closing stock is a) Rs 12,000 b) Rs 8,400 c) Rs 9,000 d) Rs 5, Mr A forgot to record outstanding rent Rs 10,000, prepaid salary Rs 1,000 and interest receivable Rs 1,500. Net effect on profit after rectifying these items would be a) Increase by Rs 10,500 b) Decrease by Rs 10,500 c) Decrease by Rs 7,500 d) Decrease by Rs 12, Opening balance in machinery account was Rs 10,000 was sold during the year for Rs 7,000. New machinery purchased for Rs 30,000 on 30/6/2012. Depreciation rate is 10%. Closing value of machinery account is (Year ending 31st March) a) Rs 33,000 b) Rs 30,750 c) Rs 27,750 d) Rs 40, The value of furniture on 1st April, 2012 is Rs. 80,000. Furniture purchased during the year was Rs. 40,000. During the year some furniture was sold at Rs. 15,000 and a loss of Rs. 5,000 occurred. The value of furniture on 31st March 2013 was Rs. 70,000. Depreciation charged for the year will be: a) Rs. 50,000 b) Rs. 20,000 c) Rs. 30,000 d) Rs. 40,000 P a g e 10
11 CHAPTER - DEPRECIATION 56. The main objective of providing depreciation is to: a) Reduce tax burden b) Provide funds for replacement of fixed asset c) Show true financial position in the balance sheet d) Comply with legal requirements 57. Depreciation starts on a machine from the date: a) It is purchased b) It is put to use c) It is installed d) It is ready to use Note: For back up machinery, UPS, generators it is from date of ready to use 58. Useful life of an asset can be described as: a) The period over which a depreciable asset is expected to be used by the enterprise b) The number of production or similar units expected to be obtained from the use of the asset by the enterprise c) 10 years d) Both (a) and (b) 59. An asset was purchased for Rs 12,500 and was depreciated under reducing balance method at the rate of 20% p.a. What is the value of the asset at the end of three years? a) Rs 8,000 b) Rs 7,500 c) Rs 6,400 d) Rs 5, The W.D.V of asset after three years of depreciation on the reducing balance 10% p.a. is Rs. 36,450. What was its original value? a) Rs. 40,000 b) Rs. 50,000 c) Rs. 45,000 d) Rs. 70, Original cost = Rs. 1,26,000, salvage value =Rs. 6,000 and useful life = 6 years. What will be the book value of the asset as at the beginning of fifth year. (under sum of year s digits method) a) Rs. 1,03,143 b) Rs. 40,286 c) Rs. 45,987 d) Rs. 23, A machine was acquired on April 1, 2010 at a cost of Rs 14,400 and expenses of installation were Rs 1,600. It is expected that its total useful life will be 8,000 hours. During the year it worked for 2,500 hours. The depreciation for the year ending 31st March 2011 will be: a) Rs 3,200 b) Rs 4,500 c) Rs 5,000 d) Rs 6, Price of the computer = Rs. 52,000, residual value = Rs. 10,000. Hours worked are as follows: Year 1-2 = 6,000 hrs each Year 3-5 = 3,000 hrs each P a g e 11
12 Estimated life of computer = 21,000 hrs. Calculate the amount of depreciation for Year 3 a) Rs. 12,000 b) Rs. 6,000 c) Rs. 42,000 d) Rs. 9, A purchased a computer on for Rs. 60,000. He purchased another computer on for Rs. 40,000. He charges 20% p.a. on straight line method. What will be closing balance of computers as on ? a) Rs 40,000 b) Rs 64,000 c) Rs 52,000 d) Rs 48, Ram traders purchased car on for Rs 3,00,000. They are charging depreciation on written down value method. On they sold the car for Rs 1,65,000 and incurred a loss of Rs 78,000. The rate of depreciation p.a. is: a) 10% b) 15% c) 20% d) 25% 66. If the rate of depreciation is same, then the amount of depreciation under straight line method vis-à-vis written down value method will be: a) Equal in all years b) Equal in first year but higher in subsequent years c) Equal in the first year but lower in subsequent years d) Lower in the first year but equal in subsequent years 67. Price of the computer = Rs. 50,000, residual value = Rs. 10,000. Depreciation is charged on SLM basis for 3 years. Useful life is 5 years. The computer is sold for Rs 20,000. Profit/ Loss is a) Profit Rs 6,000 b) Profit Rs 4,000 c) Loss Rs 20,000 d) Loss Rs 6, Price of the computer = Rs. 50,000, residual value = Rs. 10,000. Depreciation is charged on WDV basis for 3 years, rate being 30%. The computer is sold for Rs 15,000. Profit/ Loss is a) Profit Rs 2,150 b) Profit Rs 1,280 c) Loss Rs 2,150 d) Loss Rs 1, According to the Income Tax Act, which method of charging depreciation is provided? a) WDV b) Sinking fund c) Annuity method d) Straight line method P a g e 12
13 CHAPTER - BRS 70. A debit balance in the depositor s Cash Book will be shown as a) A debit balance in the Bank Statement b) A credit balance in the Bank Statement c) An overdrawn balance in the Bank Statement d) None of the above 71. Which of the following are not detected during bank reconciliation a) Cash embezzlement by cashier b) Cheques deposited but not credited by bank c) Casting mistakes in bank column of cash book d) Interest or commission charged by the bank not accounted in cash book 72. Which of the following is not the salient feature of bank reconciliation statement? a) Any undue delay in the clearance of cheques will be shown up by the reconciliation b) Reconciliation statement will help in finding the person doing any fraud c) Reconciliation is done by the bankers d) It helps in finding out the actual position of the bank balance. 73. BRS is prepared by a) Bank b) RBI c) Customer d) Any of the above 74. If cash book is the starting point, how will these be treated in BRS? a. Direct deposits by customers Add b. Interest allowed by Bank Add c. Cheque deposited but not cleared Less d. Dividend collected by Bank directly Add e. Cheques issued but not presented Add f. Direct payment by bank Less P a g e 13
14 75. If pass book is the starting point, how will these be treated in BRS? a. Bank charges not recorded in cash book Add b. Cheque deposited but not cleared Add c. Interest allowed by Bank Less d. Cheques issued but not presented Less e. Bill dishonour recorded by Bank Add 76. Debit balance as per Cash Book of M/s ABC Enterprises as on is Rs. 3,000. Cheques deposited but not cleared amounts to Rs. 200 and Cheques issued but not presented of Rs The bank allowed interest amounting Rs. 75 and collected dividend Rs. 125 on behalf of M/s ABC Enterprises. Balance as per pass book should be a) Rs. 3,200 b) Rs. 2,900 c) Rs. 3,700 d) Rs. 3, The cash book showed an overdraft of Rs. 3,000, but the pass book made up to the same date showed that cheques of Rs. 200, Rs. 100 and Rs. 250 respectively had not been presented for payments; and the cheque of Rs. 800 paid into account had not been cleared. The balance as per the pass book will be a) Rs. 2,200 b) Rs. 4,350 c) Rs. 3,250 d) Rs. 2,750 P a g e 14
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