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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

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

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

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

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
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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)

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

Related Resource : CPT Learning Program

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Accounting Education: CPT Accounting Questions and Answers - Part 4
CPT Accounting Questions and Answers - Part 4