222

$show=home

Founder of Accounting Education

Online Accounting Course 

Achieve one of the highest distinctions in the accounting management profession: Become a Online Accountant. As an Online Accountant, you will have the knowledge and the skills to thrive in the competitive accounting industry.

The Online Accounting course gives you expertise and real-world skills in accounting analysis. Join more than 100,000 professionals who have been recognized globally for their commitment to ethics and professionalism.











$show=home

Welcome to Accounting Education

The Accounting University with 3400+ Accounting contents as study material which can watch, read and learn anyone, anywhere.

Start your studies

$show=home

Latest $type=blogging$count=10$author=hide$comment=hide$label=hide$show=home$date=hide

CPT Accounting Questions and Answers - Part 4

In the 4rd part of CA-CPT accounting questions and answers, we will cover questions from 31st to 35th and explain the reasons why we have written the correct answer. It will increase your understanding to choose correct answer fastly.





31. The following information pertains to X Ltd.: Equity share capital called up ` 5,00,000
Calls in arrear ` 40,000 Calls in advance ` 25,000 Proposed dividend 15% The amount of dividend payable will be (a) ` 75,000 (b) ` 72,750 (c) ` 71,250 (d) ` 69,000 

Correct Answer : (d)

Reason Behind This : Proposed dividend is calculated on paid up capital

Called up capital = {Rs. 5,00,000 - 40,000} X 15% = 69000

32 Goods purchased ` 1,00,000, sales ` 90,000 Margin 20% on sales. Closing stock is
(a) ` 10,000 (b) ` 25,000 (c) ` 28,000 (d) None of the above

Correct Answer : (C)

Reason Behind This : Gross profit = Sale - Cost of Goods Sold

Cost of Goods Sold = Sale - Gross profit

Opening stock + purchase + Direct expenses - Closing Stock = Sale - GP

Nil + 1,00,000 + Nil - Closing Stock = 90,000 - 18000
100000 - Closing Stock = 72000

100000 -72000 = Closing Stock

28000 = Closing Stock

33. Net salary paid to employees ` 45,000 in cash after deducting income tax ` 1,000, professional tax ` 200, employees provident fund ` 2,000, staff welfare fund ` 100 and recovery of loan ` 1,700. Salary A/c will be debited with

(a) ` 50,000 (b) ` 45,000 (c) ` 48,000 (d) None of the three

Correct Answer : (b)

Reason Behind This : Actually, it should be salary payable account which is paid to employee.

First entry will be

basic salary account Dr. 50,000

Income tax Cr.1000
professional tax Cr. 200
EPF Cr. 2000
SWF Cr.100
Recovery of Loan Cr. 1700
Salary payable account Cr. 45,000

Now when we pay the balance salary to employee

Salary payable account Dr. 45000
Bank account Cr. 45000

For more detail see payroll entries.

34. Dr. balance as per cash book is ` 3000. Cheque issued but not presented for payment `500, Interest collected by Bank ` 400, Deposit by a Customer direct into his bank ` 250. Bank reconciliation statement will show balance as per Pass Book (a) ` 4,150 (b) ` 4,000 (c) ` 4,500 (d) None of the above 

Correct Answer : (a)

Reason Behind This :

Debit balance as per cash book = 3000

+ Cheque issued but not presented for payment = 500
+ Interest collected by Bank = 400
+ Deposit by a Customer direct into his bank = 250
------------------------------------------------------------------------
Balance as per pass book = 4150

35. Bills payable is
(a) Real A/c (b) Nominal A/c (c) Personal A/c (d) Both (a) and (b) 

Correct Answer : (a)

Reason Behind This : Real account represent the assets and liabilities accounts.

Related Resource : CPT Learning Program

COMMENTS

$hide=home

Name

access,2,account,87,accountant,93,Accounting,680,accounting definitions,99,accounting ebook,3,Accounting education,85,accounting procedure,2,accounting process outsourcing,2,Accounting Software,54,advance,3,advertising,6,africa,7,Amalgamation,6,amendments,16,announcements,62,Annuity,2,assets,52,audit,46,auditing,41,Australia,2,B.Com.,22,balance sheet,84,bank,111,Bank reconciliation,12,banking,33,basic accounting,110,BBA,1,benefits,13,best,50,bill,12,black money,3,blog,12,bloggers,7,book keeping,4,bookkeeping,2,Branch Accounting - full tutorial,8,budget,35,Budget variance,13,business,65,businessman,9,CA,30,calculator,4,canada,3,capital,72,capital budgeting,27,career,20,cash,40,cash book,8,cash flow statement,11,Chiense,1,children,13,china,6,class,3,coaching,2,coins,2,college,6,commerce,10,commerce students,7,company,36,computer,9,computer accounting,1,conference,4,Contact vinod kumar,1,Control Your Spending,27,corporate accounting,69,cost,159,cost accounting,194,cost center,8,cost centre,1,CPA,2,credit,18,credit card,11,cs,10,currency,35,data,11,Debit and credit,17,debit cards,1,debt,62,debtor,21,degree,6,depletion,2,depreciation,38,Diwali Messages,12,documents,4,dollar,5,domain,3,Downloads,3,Dubai,1,e-accounting,17,earning,17,education,247,Education Loans,6,email,15,employee,4,EPF,2,ERP,7,euromoney,1,examination,7,excel,17,excise duty,6,expenses,65,facebook,7,factor of loan,1,fans,2,feature,32,fifo,5,FII,4,fiji,1,finacle,1,finance,823,Finance Journal Entries,4,Financial,134,financial accounting,144,Financial Statements,1,fire insurance,3,flickr,2,flow,4,forensic,4,forex,21,formula,8,france,1,fraud,6,free,2,fun,34,function,1,fund,48,GAAP,36,GDP,1,gdr,5,germany,1,gold,7,goodwill,4,goodwill accounting,3,google,34,google apps,3,google apps,1,google base,1,google buzz,1,google calendar,1,Google docs,38,google finance,3,google fusion tables,1,google talk,5,govt.,5,GST,33,guide,85,health,6,Hindi,2,Hindi Language,3,history,3,holding company,3,How to treat FBT in Tally 9,1,HRA,3,ICAI,11,ICAWI,3,ICICI Bank,1,IFRS,10,income,17,income statement,17,Income Tax,7,India,57,indian railway,1,Indonesia,1,inflation,4,inflation accounting,3,infographics,8,information,7,inspiration,176,insurance,14,insurance accounting,2,Intangible,3,interest,26,international,7,Internet,41,Introduction of Tally 9,1,inventory,41,investment,135,investment in Shares,6,invoice,3,IT,1,Japan,1,Job costing,4,journal entries,138,Journal Entries eBook Help,4,Kalculate,1,keyboard,3,kuwait,2,laptop,2,law,4,LBT,1,learning,36,lease,5,lecture,11,ledger,15,leducation,1,Leverage Analysis,7,liabilities,16,lifo,3,linkedin,1,loan,74,logical point,1,loss,5,loss of profit,1,M.Com.,5,m.phil,2,malaysia,3,management accounting,129,manual accounting,4,manufacturing account,1,market,11,marketing,3,mastercard,2,material,13,MBA,14,MCA,1,media,4,migration,2,mobile,9,money,61,ms word,3,ms. excel,14,multi currency in tally 9,1,Multicurrency Accounting,3,mutual fund,30,national security,1,new and sacrifice ratio,1,new york times,1,new zealand,1,news,1,NGO,5,nonprofit-accounting,6,North Georgia Mountains,1,Notification,1,NPV,17,NSE,1,odbc,2,office,10,oman,1,online application,2,online accounting,11,Online Accounting Course,5,otcei,1,pakistan,3,parents,3,Partnership,1,pay pal,3,pdf,4,Personal Finance,6,pie chart,1,pie chart of income,2,pnb,5,podcast,1,ppf,1,presentation,10,price,7,privacy policy,2,prof. vinod kumar,13,profit,24,profit and loss account,12,project management,11,provision,13,purchase,9,puzzles,2,quickbooks,2,Quote,22,quotes,42,quotes of svtuition,1,rating agency,2,ratio analysis,34,RBI,7,readers,13,real estate,13,rectification of errors,11,remote control,2,reports,10,reserves,8,responsibility accounting,4,retirement,2,revenue,3,Revenue reserves,2,review,7,risk,11,rupees,9,salary,5,sale,12,saudi arabia,1,saving,19,sbi,9,scholarship,2,school,1,SEBI,13,security,30,service tax,23,share,20,share trading,15,Shares,16,shri lanka,3,singapore,2,sms,6,social accounting,7,society,5,solution,215,South Africa,1,stock,24,stock exchange,22,structure,6,student,39,students,70,study,21,subsidiary company,2,svtuition,14,swiss bank,2,tally,99,tally 9,8,Tally 7.2,8,Tally 9,42,Tally.ERP 9,59,tanzania,2,tax,94,Tax Accounting,30,TDS,15,teacher,62,teaching,112,technology,33,test,40,testimonial,15,testimonials,15,thailand,1,tips,60,trading,5,trading on equity,2,transaction,7,trend,12,trial balance,14,truthfulness,1,tuition,3,twitter,10,UAE,5,UGC - NET Commerce,13,UK,11,United Arab Emirates,1,university,9,usa,25,valuation,8,VAT,22,Video,35,Voucher and vouching,4,Wealth,8,wikipedia,25,working capital,29,youtube,14,
ltr
item
Accounting Education: CPT Accounting Questions and Answers - Part 4
CPT Accounting Questions and Answers - Part 4
http://2.bp.blogspot.com/-X9OMS2Lnoxs/UxQGA8tKv7I/AAAAAAAANFU/egWrul0Z1PI/s1600/cpt+questions+answer.PNG
http://2.bp.blogspot.com/-X9OMS2Lnoxs/UxQGA8tKv7I/AAAAAAAANFU/egWrul0Z1PI/s72-c/cpt+questions+answer.PNG
Accounting Education
https://www.svtuition.org/2014/03/cpt-accounting-questions-and-answers.html
https://www.svtuition.org/
https://www.svtuition.org/
https://www.svtuition.org/2014/03/cpt-accounting-questions-and-answers.html
true
2410664366776677676
UTF-8
Loaded All Posts Not found any posts VIEW ALL Reply Cancel reply Delete By Home PAGES Contents View All RELATED CONTENTS FOR YOUR LEARNING Topic ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy