CPT-MODEL TEST PAPER SOLUTIONS VOL I &VOL II BY …capankajgoel.com/Download/Study_Material/910063111-MTP SOLUTIO… · cpt-model test paper solutions vol i &vol ii by pankaj sir

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CPT-MODEL TEST PAPER

SOLUTIONS VOL I &VOL II

BY PANKAJ SIR

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ACCOUNTS CLASSES BY PANKAJ SIR

9811860116 Page 2

TABLE OF CONTENTS

CPT-MODULE-VOLUME I-MODLE TEST PAPER 1 .............................................................................................................................. 3

MODEL TEST PAPER 2 ....................................................................................................................................................................... 5

MODEL TEST PAPER 3 ....................................................................................................................................................................... 7

MODEL TEST PAPER 4 ....................................................................................................................................................................... 9

MODEL TEST PAPER-5 ..................................................................................................................................................................... 10

MODEL TEST PAPER-6 ..................................................................................................................................................................... 12

MODEL TEST PAPER-7 ..................................................................................................................................................................... 13

MODEL TEST PAPER 8 ..................................................................................................................................................................... 15

MODEL TEST PAPER 9 ..................................................................................................................................................................... 17

MODEL TEST PAPER 10 ................................................................................................................................................................... 20

MODEL TEST PAPER – 11 ................................................................................................................................................................ 20

MODEL TEST PAPER – 12 ................................................................................................................................................................ 21

MODEL TEST PAPER 13 ................................................................................................................................................................... 23

MODEL TEST PAPER – 14 ................................................................................................................................................................ 24

MODEL TEST PAPER – 15 ................................................................................................................................................................ 28

MODEL TEST PAPER – 16 ................................................................................................................................................................ 33

MODEL TEST PAPER – 17 ................................................................................................................................................................ 36

MODEL TEST PAPER – 18 ................................................................................................................................................................ 40

MODEL TEST PAPER – 19 ................................................................................................................................................................ 43

MODEL TEST PAPER - 20 ................................................................................................................................................................. 48

VOLUME II ....................................................................................................................................................................................... 51

MODEL TEST PAPER 1 ..................................................................................................................................................................... 51

MODEL TEST PAPER 2 ..................................................................................................................................................................... 53

MODEL TEST PAPER 3 ..................................................................................................................................................................... 55

MODEL TEST PAPER 4 ..................................................................................................................................................................... 57

MODEL TEST PAPER 5 ..................................................................................................................................................................... 58

MODEL TEST PAPER 6 ..................................................................................................................................................................... 60

MODEL TEST PAPER 7 ..................................................................................................................................................................... 62

MODEL TEST PAPER 8 ..................................................................................................................................................................... 63

MODEL TEST PAPER-9 ..................................................................................................................................................................... 64

MODEL TEST PAPER 10 ................................................................................................................................................................... 66

All rights reserved with Author


9811860116 Page 3

CPT-MODULE-VOLUME I-MODLE TEST PAPER 1 Q 23:-COGS = O/STOCK+ PURCHASES+ DIRECT EXPENSES-C/STOCK;80,700 = 5,800+X-6,000;80,900/-(X = Purchases)

Q24:- SLM:Depreciation = (Cost-Salvage)/N = (126000-6000)/6 = 20000 PA

Q 25:-

TRADING A/C

PURCHASES

CARRIAGE INWARD

GP

90,000

6,000

36,000

SALES

C/S

120,000

12,000

132,000 132,000

Q 26 Abnormal Loss= (Cost of goods:300,000+ expenses:5,000)*1/10-3,000 = 30,500-3,000=27,500/-

Q 27 JV

A-10,000

A-1,000

V-1,000

Profit:5,000

15,000-V

2,000-V

Q 28 B/R 20,000 BANK 19,900

TO X 20,000 DISCOUNT100

TO B/R 20,000

DISHONOUR

X 20,000

TO BANK 20,000(ANS IS 20000)

Q 29 3500(CP)-800(CP)=2,700

Q30 Interest on Capital(IOC) A B PROFIT 7,800(Interest not subtracted as profit is after interest)

PROFIT 4680 3,120

3/5 2/5

Q 31

A B C

OR-OLD RATIO 5/8 3/8

NR-NEW RATIO 7/16 5/16 4/16

SR-SACRIFICING RATIO 3/16 1/16 3:1

Q 32 CASH BOOK( O/D) 500-100-50-125+400=1,625=PASS BOOK

(GOD)

Q33 AS PER COST CONCEPT *10000+1000+500+1200=12,700(second hand so, all expenses added)

Q34 CORRECT T/B WRONG

PURCHASE RETURN 84 SALES RETURN 84

SUPP 84 SUPP 84

168 DEBIT MORE THAN CREDIT

35 CORRECT TB

SALES

PURCHASE 10000

EXP 2500

*SALARIES 2500

15000

WRONG PLACING OF SALARIES A/C IS ANS

36 GW = 29600+28700+28900+24000+26800 X 3 = 82,800;D SHARE =4/16*82,800=20,700

5


9811860116 Page 4

37 Share Capital 2000X9= 18000(ANS IS D)

TO Share Forfeiture 2000X5

TO CALL IN ARREAR 2000X4

38 CAPITAL REDEMPTION RESERVE= FV OF PREF SHARE CAPITAL -NEW ISSUE =2000X100-1500X100= 50000

39 20000X10X20/100 = 40000 ; LOSS; N=5; LOSS =8000 PA = 40000/5 =8000/-

40 12500 = Abnormal Loss; Invoice Price X1/10 = 12500; Invoice Price = 125000

41 Purchase Consideration/issue Price=200000/80 = 2500 shares; Value =2500*100=2,50,000

42 Share Capital 30X6

TO Share Forfeiture 30X2

TO Share Allotment 30X3

TO DISCOUNT 30X1 30

43 (51000+20000+25000)*3/16 = 18000

44 A+B = 45000;45000 = X-1/5X;45000=4/5X ; X = 45000X5/4;X= 45000X5/4;X= 56250 X C SHARE;56250X1/5=11250

45 C 35000X1/3 11667

TO A 5833

TO B 5834

THUS, NO VALUE OF GW AS ADJUSTED THROUGH PARTNER CAPITAL A/CS

46

INTEREST ON LOAN 4800

To Profit to Partners1200

6000 By Profit

X Y Z

400 400 400

+ INTEREST ON LOAN + 4800

X Y Z

400 5200 400

47 STOCK (COST) 200X100-1/5=16000

48 35000 less 35000X2/100;34300;30000 through bill ,thus;4300 in CASH

49 STOCK(COST) 100000=100000+25%=125000(expenses not added as not old typewriter)

50

45000 LOSS(10%) 54000 =2/3 sold i.e. 36000 at 20% so, 36000+7200=43200

CP + 1/3(15000)=60000 6000

51 1.10.08 1200 1600

300 900 400 1200

31.12.10 30.9.09 30.9.10

31.12.09

1300/-

52 05-06,06-07,07-08,08-09,09-10, thus total five years, thus 1+2+3+4+5=15, so 1/15*300000=20000

53 average stock=(O/S+C/S)/2 = 12000;O/S+C/S = 24000; X+X+3000 = 24000 2X=21000;X=10500, C/S= 13500


9811860116 Page 5

54 C/S = 45-32=13;AS FIFO;13;

10 3

6 march 4 march

10X460+3X450 = 5950

55 CB PB

INSAAN GOD

1500 50+50

- 100 + 150= 1550 100 1650

57 expenses means which will be in P and L, so, 25000+5000 = 30000(extension and improvement not to be considered)

58 DEBTOR-MOHAN 3500,CASH 2100

TO MOHAN(a/C RECIVABLE) 2100

59 Share Capital 2000X9=18000

60 30000X4/5 = 6000X2 2/3 8000

= 12000

1/3 4000

MODEL TEST PAPER 2 23 (D) 20000810*20%=40000;40000/5 = 8000PA

24 (A) CAPITAL REDEMPTION RESERVE= FV OF PREF SHARE CAPITAL -NEW ISSUE = 2000X100-1500X100 = 50000

25 (A) 750000/100+25= 6000 SHARES

26 (D) (500000-40000)15% = 69000(Called Less Arrears)

27 (A) NO OF SHARES 80L/100 = 80000 SHARES, Amount PAID ON -77500, so,NOT PAID on2500 ,thus,62500/2500=25 per

share

28 (B) 20% PROFIT ON SALES=25% PROFIT ON COST

29 (C) 3/10X30000 = 9000

30 (A)

Loan account 70820 B/D 50000

RESERVE 15000X2/5 = 6000

GW = 30000X2/5 = 12000

Revaluation 7050X2/5 = 820

31 (C)

A B C

B/D

GR

50000

9000

30000

6000

59000 36000 25000

C= 25000X6= 150000;GW= 30000X1/6= 5000 ;

GW 5000

20000

25000

32 (A) P Q R

GW 9000

½ 4500

2/3 1/3

3000 1500

33 (D) OR A B C


9811860116 Page 6

5/8 3/8

SR 1/5 1/10

NR (25-8)/40 (30-8)/80 3/10

34:22:24 = 17:11:12

34 (B) 5000 GW; ½*1/4*total GW=5000;40,000

35 (A) A B C

10000 20000 12000 = 42000

C = 12000X4 = 48000

HIDDEN = 48000-42000=6000

36 (A) A B C

OR 5/8 3/8

NR 1/6 5/16 4/16

SR 3/16 1/16 3:1

37 (A)3/5 4680 (7800 is divided)

2/5 3120

38 (A) 200X100 – 1/5 = 16,000

39 (B) 16/6________30 DAYS_________16/7 +3 DAYS= 19/7 = 18 JULY

40 (A) 1.11.09________________15.11.09________________4/1 DISHONOURED 25000X50/100 = 12500

41 (A) 8000-4000 = 4000X12/100X3/12 = 120

42 (A) 35000-2%(700) = 34300-30000= 4300

43 (A) 50000X12/100X3/12 = 1500 = 48500/2 = 24250

44 © 1LX20% = 20000 ,3/5*20000=12000

45 (C)

R-100000

R-1000

R-5000

M-10000

PROFIT-80000

M-200000

M-5000

46 (A) JV

A_200000

82000

B-250000

B-32000

47 (B) 15000

48 (A) 2/100X70000+X = 1400+X;= 2833,X IS CALCULATED BELOW:

X= 20/100[70000-(1400+X)-3/5X100000]

X= 1/5(70000-1400-X-60000);5X = 8600-X;6X =8600;X = 1433

49 * TRADING

1000X100

BY GOODS SENT

50 (A) CONSIGNMENT

GOODS-200000

CONSIGNOR EXP-5000

CONSIGNEE EXP-2000

-COMMISION-3000

DEL CREDERE-2000

PROFIT-38000

CASH SALES-100000

CREDIT SALES-110000

STOCK-40000


9811860116 Page 7

51 (B) 500X200+5000=105000X1/5 = 21000

52 (B)

COGS 310000

GP 90000

400000-SALES

53 (C) SALES= 2000;SALES-GP= COGS;2000-1/5X2000 = 1600

54 (A) (120000+10000)X10%= 13000

55 (B) - MACHINERY

1.4.2009 B/D 60000 31.3.10 BY DEPRECIATION 12000

1.4.2010 48000 BY DEP 4800(6)

BY BANK 30000

BY P/L 13200

56 (C)

COGS 1200000

GP 325000

¼

SALES 1300000

C/S 225000

57 (B)

B/D 180000

PURCHASES 330000

COGS = 420000+25%=

525000 SALES

C/D = 90000

MODEL TEST PAPER 3 6 (D) ASSETS = LIABILITIES +CAPITAL

5L-1L 4L

Assets AND Liability INCREASE BY 4L

23 (B) 90000+115000+265000+100000+200000 = 770000

24 (D) 6

___________ X126000 = 12/42X126000 = 2X18000 = 36000/-

6(6+1)/2

25 (B) SALES-COGS = 90000

26 (C)

100000

GP 25% of sales=20000

80000

40000(bal)

27

20000

40000

60000

28 40% OF 50000 = 20000

29 (D) 12000 = (O/S+C/S)/2 = O/S+C/S = 24000=X+X+3000 = 24000;2X = 21000, X= 10500, C/S = 13500

30 (C) 12L/15%-8L = 80,00,000 – 8,00,0000=72L

31 (A) A B C

OR 5/8 3/8

NR 7/16 5/16 4/16

SR 3/16 1/16 3:1

32 (C) OD Cash Book 1500-275+400 = 1625

33 (D) 12700 ( 10000+1500+1200) COST CONCEPT

34 (C)

22000

110000

25000


9811860116 Page 8

COGS = 107000; SALES = 107000+107000*¼=133750

36 (B) 85000+90000+70000+100000+80000 X 3 =255000

5

37 (A)

38 (D)

Stock 20000

purchases85800

carriage 2300

GP 50600

Sales 140700

Stock 18000

39 7,50,000/125 = 6000 SHARES

40 (B) 12500X10 = 125000

41 (B) 4L/(100-20) = 5L

42 (C) 5000X100X20% = 1L/10 = 10000/-

43 (C) 4500X6 = 27000

44 (B) (42000+39000+45000)/3X2= 84000

45 (A) 280000X3/12 = 70000

46 (A)

Purchases 200000

Commission on purchases 2000

Commission on sales 12500

PROFIT 35500

Sales 250000

47 (D) (130000-5000)/5 = 25000

48 35000-30000-2% *35000=4300

49 STOCK = (1000X200+2000+3000)*1/5

50 (A) 55000X2 = 110000

51 (C) 3_____________________9________________________3

1.10.08

2400 1800 800

31.12.08 1.10.09 31.12.09

320

2600

52 (B) 2L+1/5*200000 = 240000

53 (B) 240000X3/12X4/16 = 24000/16 = 1500

54 (A) _____________________________________________

2L 4/5 160000- SOLD 176000

2% OF 160000 + 10% 16000(176000-160000)

3200+1600 = 4800

55 (D) CB 1500 BANK (GOD)

-100 50

+150 50

Stock 80000

Purchases 160000

GP 50000

Sales 200000

30000-LOSS

60000 C/S

290000 290000


9811860116 Page 9

1550 100

1650

57 (C) 6L

3L 180000 120000

58 (A) B/R 15100

CASH 5000

TO L 20000

TOINT 100

60 (B) 12000(30000X2/5)

8000 4000

MODEL TEST PAPER 4 23 (D) NIL AS BUSINESS STARTED

24 (B) DEBTORS 55200-200 = 55000*5%= 2750

25 (C) 40000X.230975 = 9239

26 (A) 72900/72.9X100 = 100000 (s=c(1-d)^n);72900=c(1-.1)^3

27 (D) 280000X11/12 = 256,667

29 (D) 420X10000/14000 = 300 ALLOTED SHARES

30 (B) SC 8X200 = 1600-CALLED UP

31 (B) R J D

7/16 5/16 4/16

24000X4/12X3/12 = 1500

32 (A) 55000X2 = 110000

33 (D) 12700

34 (C) 12000+20 = 12020

35 (A) 40000(CP)________________50000(SP) = 10000/40000 = ¼ OF COST

2500(LEFT)+1/4625 = 3125

36 (B) 200X5.5X5/100 = 55

37 (C) M S

5/8 3/8

GW = 1.5 X (18000-8500+30000+16500) / 4 = 21000

38 (C) SF- 100X6 = 600

39 (B) BAL AS PER CB(INSAAN) 5000+2000-1500-20 = 5480

40 (C) 6%/100X30000 = 1800X3/12=450

41 (B) DR -30000-3000=27000

10%-----------------2700

42 (B) ___________________________

A B

1000 500

= 1500X6.5X10% = 975

43 (B) A B

3/5 2/5

IOC 2000

A-1250

B-650

Profit 3900


9811860116 Page 10

45 (A) 8000-2000 = 6000X18%X3/12 = 270 ; =6270

46 (B) (56000-6000)/10 = 5000/-

47 (C) 6/10X120 = 720

48 (C) A B

40000 50000

10% 4000/2 5000/2; 4500

49 (A) GW = SP-AP;= 60000-12.5/100X4L; = (6000-50000)X2 = 20000

50 (B) 1 JAN 2009-2,00,000-20%*200000=160000-20%*160000*6/12=144000;SALE 160000;PROFIT 16000

51(C) A = L + C

50000 50000

20000 20000

-3000

+3600 600

_______

70600 20000 + 50600

52 (C) 31/3___________________________15/4;3L+ 80000-50000-330000

SELLS(1L-20%)

53 (D)

RADIO-1L

EXPENSES 5000

PROFIT 20250

SALES 120000

STOCK 5250(105000/100*5)

55 (A) _________________________________________________

4/3 900 900X5

5/3 600X5 300X5

10/3 400 300X5 + 400X5.5

12/3 400X5.5

300x5=1500

56 (C) 10000+1/4=12500 AS OLD NOT WRITTEN SO EXP ARE NOT ADDED

57 (B) 1L-5000 = 95000

MODEL TEST PAPER-5 23 (D) (5L-40000)15% = 69000;

24 (D) ALLOTED SHARES = 420X14000/10000 = 300

25 (A) 60%*2000X(100+45) = 174000

26 (A) CB(CORRECT)

B/D

10000

CASH/BANK

1870

(CB)WRONG INCREASE BY 90

27 * 1000X275/100 = 2750+5% =2887.5+50; 2937.5/-,FOR 1 PIECE;2937.5/1000=2.9375

28 (B) CP 50000-30% 18000;IP 60000-70% 42000

_____________________________

5% 2% 3%

3000 360 300 = 3660

B/D

10000

BANK

1780

8220


9811860116 Page 11

29 (D) 2000+1000+5000+9000/12+27000/6 = 13250

30 (D) 10000+NC = 10200;

31 (A) 120000-80000= 40000X100/125 = 32000

32 (B) A B C

IT HAS TO BE EQUAL,SO 50000 EACH

33 2L+25000+5000+2000 = 232000

34 (C) A Y P

100000 75000 50000 PROFIT 250000; 6% ON 20000 = 1200

35 (A) 240000 -160000=80000 LEFT + ½;PROFIT = (240000-160000)/160000= ½ ;THUS 80000+40000= 120000

36 (B) FV-APPLICATION-ALLOTMENT-FIRST CALL-DISCOUNT;10-2-4-1-1=2 RS PER SHARE

37 (D) 75000/3X3/12 = 6250

38 (D) AS PREMIUM RECEIVED AT THE TIME OF ALLOTMENT;SO NOTHING WILL BE DEBITED

39 (C) 6%

40(A) 25000X10 = 250000

41 (B) 5L/80 = 6250X100

42 (C) PROFIT= AMOUNT RECIVED LESS LOSS ON REISSUE=3000-1X2000 = 1000

43 (A) SLM WDV

2000 2000

2000 1600

4000 3600 ;SO, 400 EXCESS

44 (D) 25000-3000-440(2%*22000)-215.6 1%*(22000-440) = 21344.4

45 (b) 2/10 = 20000

46 (c)

2000x12

36000

60000

12000 12000 12000

+24000

47 (D) (10000X100)/(100-5) = 1L/95 = 10526

48 (C) 30000X1/2 = 15000

49 (B) 120000 = 120000+1/4 = 150000(EXP ADDED ONLY IF OLD TYPEWRITER)

50 (B) 5000X10 = 50000(DEBENTURE PREMIUM SEC 78)

51 CRR = FY-NI;= 100000-0;= 1L

52 (D) I CALL; 25000X2 LESS ADVANCE BY ARCHIT= 50000-1000X2 = 48000

53 (D) 20000 1200 ____10%/6 MONTH----- 60[1140+500 = 1640-82 =1558

18800 – 1880 = 16920+1558=18478

55 CB PB

(INSAAN) (GOD)

1500-100+150 = 1550 50+50 = 100

1650

57 (C)


9811860116 Page 12

COST OF GOODS AVAILBLE

FOR SALE 12L

GP 325000;1/4

13L

225000

58 (B) 7000-1800-200-2850-150 = 2000;(1800/90% = 2000-1800 = 200 DISCOUNT);2850/95% = 3000

59 (C) PROFIT 44000/(100+10) = 40000;COMM4000

MODEL TEST PAPER-6 23(B) A B C

OR 3/5 2/5

SR 2/10 1/10

NR 4/10 3/10 3/10 = 4:3:3

24 (B) (40000+50000+60000+50000)/4X3 = 150000

25 (D) 75000/15 = 5000

26 (C) A B

3/5 22/5 150000X1/6 = 25000

27 (A)

30000-5000 =

10000

40000-5000

28 (B)- FURNITURE

1.4 10000

1.10 5000

1000 1000

5000X6/12*10% = 250

1000+250=1250

29 (B) 100X100 + 1000 X 10 = 1100

100

30 (C) SHARE FORFEITURE = 1000X3.5 = 3500

31 (C) 60 LAKHS/120 = 5000

32 (C) 1LX100 X (4%+6%) = 10L

33 (B)

O J J

OR

NR

GR

5/10

3/10

½

2/10

2/10

½

3/10

2/10X25000 3/10X25000; 10000 15000

34 11 October

35 (C) 07-08-10000;08-09-10000;09-10;5000;SALE-89000;WDV;100000-25000=75000;SO PRFOIT IS 14000

36 (B) 400*10+300*9=6700

42 (D) 10000 MACHINE 10%------------ 250

20000 FURNITURE 5%--------------- 250

30000 500

44 (C) 480000X125/100 = 6L, 120000

45 (C) (150+75)X500; = 225X500 = 112500

46 (D)

75000 90000


9811860116 Page 13

10950

6750

2700

47 (B) (10000-4000)X1/12X15/100 = 60000X1/4X15/100 = 15X15 = 225

48 (D) 23/12/09__________________________25/1

AS 26 JAN PUBLIC HOLIDAY

49 (C) DISCOUNT = 20000X2/12X15/100 = 500

50 (C) X Y Z(NEW)

2/3 1/3 ¼

76000-25000=51000 AMONG X AND Y IN 2:1

51000

34000 17000 25000

51 (A) D G DEEPAK

5L 5L ¼

HIDDEN = 8LX4-8L-5L-5L; = 14L

52 (D) 20000X10X20%= 40000

54 (D) 10000X100 = 10L

55 (C) CRR = 9000X10-NIX9;=10000

56 (C) 15000___________________sold ________________BAL (35000-30000)X10 = 50000

1/4 +20000 30000 5000 = OLD

12/-

57 (D) 50000+2000+1000+1000+500+200+400+100 = 55200

58 (C) 100000X12/100 = 12000

59 (B) 120000X1/4 = 30000 LOADING

60 (D) PROV

500

1100

1600

MODEL TEST PAPER-7 A 5/10 ---------300000

23 (A) 600000 B 3/10 --------180000

C2/10-----------120000

24 (B) 40000 allotted AS SUBSCRIBED

25 (C) 5000X100 = 5L FV

26 (B) CRR = PSC-NI = 1L-50000 = 50000

27 (d) 4000X100X9/100X10/12 = 30000

28 (A) EX 300000-15000 = 20%*285000 =57000

29 (D) Share Forfeiture-LOSS on reissue-= 5000/3000*1800(3000)-1800 = 1200

30(C) allotted-1000,applied 1200, so excess money 200*2=400,so, allotment due 100083=30000 less already

paid 400 so, 2600 NOT PEND

31 (C) 300000 (TOTAL)X2/10 = 60000


9811860116 Page 14

32 (A) 18000X3/6 12000X1/2 = 6000 3/6 2/6 1/6

9000 6000X1/2 = 3000 2/3 1/3

__________ 2/6 1/6

33 (B) Amit Rohit Sumit-RETIRE

OR 5/12 4/12 3/12 1/7+5/12 = A-----47/84

GR 4/7X1/4 3/7X1/4 3/28+4/12 = R 37/84

47:37

34 (C) 1:1:1

35 (D) 12/15%=80,00,000-80,00,000 = NIL

36 (C) MODULE SALE OF GOOD

37 (A) 5000 6000--------------------1/2 WILL be sent 3000

4850 5700

½ ½ ½ ½

38 (B) 70% OF 10000 = 7000

39 23750, exp will not be added in cost as units not given

40 (D) GODOWN + SELLS EXP = 1300

41 (D) NO INTEREST

42 (A)

20000

100000

2000

GP 53000

150000

25000

43 SUSPENSE

150 Undercast

1000 overcast so reverse

1500

44(B)

CAPITAL

COMPUTER 25000

AC 1L

FD 2L

SALARY 3L

FEES EXP 150000

RENT 240000

CASH 80000

O/D

4L

12L

95000

45 (A) HC NRV

1000X3.25 = 3250 (4.25-.35)X1000 = 3900

46 (D) 500000/300000X11L = 183333


9811860116 Page 15

120000 CONSIGNEE so not in our books

48 (D) 280000

25000 has value 5000/

135000

So, total stock is 135000+5000=140000

49 (A) 1LX.282012 = 28201

51 (B) 160000/80% = 2L, ORIGINAL = 2L/80% = 250000

52 (C) 120000X1/5 = 24000

53 (B)

III-----------HOME

II------------OFFICE 80000X3/4 = 60000

I-------------OFFICE

GF----------STORE

54 (C) + SALES250000 + 500000-150000 = 230000 -1/5(50000)

55 (C) (6%+5%)1,40,00,000*100 = 15,40,00,000

56 (A) 12000-10000 = 2000X90 = 180000

57 (D) CRR = 10000X100-NI;1L/10 = 10000;NIL

59 NIL AS CALLS IN ARREARS

MODEL TEST PAPER 8 23(B) CB BALANCE = 100000-10000 = 90000

24 SALES-GP = 125000-10000 = 25000

25(B) JV

20000

40000

50000

65000

22000

39000

2000

2000 (LOSS)

26 (C) {2000-6/100X2000X3/12}X1/2 = 1790X1/2 = 985/-

27 10000 AS IT IS COST

28 (C) P&L APPROPRIATION

2000

4000

6000

S R

40000 80000

S

R

DR

3000

3000

CR

2000

4000

DR CR

1000 1000 S-1000

29 (A) A B C

3/6 2/6 1/6

A B C D

6/15 4/15 1/6 1/6


9811860116 Page 16

12:8:5:5

1-C-D = 1-1/6-1/6 = 2/3 A-2/3X3/6

B-2/6X2/3

31 (A) A-L = 1100000-100000 = 1000000;PROFIT/10% = 110000/10% =1100000

11L 10L

1L GW

32 (C)- ______________________________10/4

1/4/10 120000-PUR10000+1000+10000COG = 121000

33 (B) 10 OR 11, 5/4, 2/2;10X2+4X10 + 2X2 = 64

34 (C) 2008 40000-5000 = 35000

2009 50000+10000= 60000; 95000/2 = 47500

35 (C) 100000X2/12/100X3/12 = 3000

36 (D) NIDHI

5000

14000

43000

45000

2000

15000

37 DEDUCTED AS DRAWING

38 (C)

To Bad debts 10000

20000c/d

15000 b/d

15000

39 (B) P&L

16000+1000 =

17000

SALARY A/C DR

TO EMPLOYEE PF

40 (A) (50000+6000-6000)/10 = 5000

41 (D) 364800/12 = 30400X10 = 304000

42 (C) SF-LOSS = 2.5X200 – 100 (5X200-900) = 400

43 (C) 5X1000 = 5000

44 (A) 1600-1/5X1600 = 1280; CLAIM-50% 1640

45 (B) 22000/11 = 2000, SO O/S FOR 1 MONTH IS 2000

46 (A) 50000X10/100X1 = 5000

47 (A) OD CASHBOOK (GOOD) 50000+20000+500 = 70500

49 (B)

1020000-20000 =

10L

SALES 10L X 25/100 = 250000-10000

50 (D) TB

20000 10000

10000 SUPSENSE

SUSPANCE

RO

TO SUSPANCE

10000

100

= 10100

51 (B) 3L+50000-24000+20000 = 346000

52 (A) 10000+25% = 125000

53 (B) A BC = 4000X6/12X2/4 = 6000


9811860116 Page 17

54 (D) A = L+C

5L-1L = 4L

55 (D)

1000

2000

200

3200

56 (B) CP = 10000_______10%_______IP; 11000-5% = 10450

57(D) CASH A/C DR

TO BAD DEBTS RECOVERED

58 10000X12 = SALARY = PREPAID SALARY A/C SHOULD BE DEBITED

MODEL TEST PAPER 9

5 (A) 10/8___________SEPT____ OCT________MAR + 3 = 13/4

23 (D) CASH A/C

10000

5000

35000 FROM DRS

10000 PURCHASE

15000 CR

3000

2400

900

4000

1000

8000

NONE

50000-5000 = 45000

100000 OS

35000 FROM DR

24 SALES-COGS = 5L-310000 = 190000

25 (C) B/R ARUN B/R

TO ARON TO B/P B/P

TO ARUN

26 (A) 5200-(4000-500)-420-150 = 1130

28 (D) 600-1/6X600 = 500 COST

29 (A) 48000-6000 = 42000X5/105 = 2000

30 5/100X42000 = 2100 (A)

31 (A) 16000-16000X60/160 = 16000+6000X3/8 = 10000

32 (A) ¼ ON SALE = 1/(4-1) = 1/3 ON COST

33 (A) 40000+1/4 = 50000

COMMISSION = 5/100X5000 = 2500

34 (A) TRADING

16500

46850

-110

250

850

GP 14670

63500+-450

18210

P/L


9811860116 Page 18

200

1110

190

3710

800

8660

4670 GP

35 (A) 200000+2000-3000-12750 = 6250 LOSS

36 ODCB (GOD) 4500+6225-10250 = 475

37 25000-2500 = 22500

38 (A) TB

2983

733

1200

2155

829

10923

330

314

2520

2418

1175

200

1654

4591

1637

252

16882

364

25580 25580

39 274-730+477

500 IN CASH+15

40 (B) 1000----900

1.10.04 500+12/100X500X3/12

500-------60% = 300

41 (A) (1000X80+1000X45)/1000X1000 = 8104.50

42 (B) (200X300+500+200+100)X50/200 = 15200

43 (D) JY

EXP 4500

80000

43500

2000

250

7500

3750

1500

2500

6850

188500

44 (A) 40000X1/10 = 4000 C SHARE

5000 GUARANTEED


9811860116 Page 19

DEFICIENCY 1000

A B

500 500

45 (A) 1%

R

R

M

DR

1200

900

600

CR

900

900

900

DR CR

300 300

46 (A) A B C D

3/6 2/6 1/6 1/6

(A) REMAINING 1-1/6 = 5/6

3/6X5/6 2/6X5/6 1/6X5/6

15:10:5:6

47 (A) A 4/5 B1/5 OR

4/5X1/4 1/5X1/2 SR

4/20:1/10 = 4:2 = 2:1

48 (40000+10000+60000+80000-20000)X3/5 = 34000X3 = 102000

49 (A) 72000/10%-570000

720000-570000 = 150000

50 (B) A B C

4/9 3/9 2/9 OR

2/8 2/8 2/8 NR

32-18/72 24-18/72 16-18/72

_________________

A AND B

51 (A) A+B = 24000+16000 = 40000X5/4 = 50000

C—1/5X50000 = 10000

52 (A) 120000 54000

X Y

3/5 2/5 NEW CAPITAL -75000X3 = 225000

90000

60000 750000

X

30000

C/D

90000

120000

53 (A) PROFIT-LOSS = 400X8-0 = 3200


9811860116 Page 20

54 (A) 800X3X500/800 – 500X0 = 1500

55 (D) 90000/90 = 10000

56 (4L-130000)/90 = 270000/90 = 3000 DEB

57 (A) LOSS =( 21+5%) X 2000X100 = 14000

58 (10L-10000)X15/100 = 148500

59 P&L APPN

PREFDIV 18000

ED 40000X7.5

40000X.5

GR 5000

BAL 10000

B/D 31000

NP 52000

60 , 7500 AT COST PRICE

MODEL TEST PAPER 10 1 (A)- 20000 CASH

50000/-

30000 O/S

23 (B)

CAPITAL ; 7L-5000=695000 MACHINERY 500000

CASH 200000-5000= 195000

24

PURCHASE 50000 SALES 60000 (B) revenue

25 (A) SALES-COGS = 4L-310000 = 90000

26 CB(INSAAN) + 3500(5000-1500) (D)

27

30000

30000

60000

28 40000 (40 % OF 100000)

MODEL TEST PAPER – 11 23 COGS = 20800 + 3700 – 2500 = 22000

24 240010

1000 25000

25 CB assured 10,000 – 1050 = 8950;PB 10,000 – 1050 – 1050 = 7900so add in PB

26 50,000 – 6000 – 5800 + 4000 = 44200(Apprentice premium is income)

27 TB

Sales 70,000

Pur 50,000

Creditors. 15,000

Debtors . 25,000

Exp. 17,000

Machine 10,000

Supplier for machine 2000

Cash 5,000

Stock 11,000

118,000

28 16900+5800-2000-15200=4500 profit


9811860116 Page 21

29 Sales – profit = 90,000- 5

1 × 90,000 = 72,000;72,000 = Purchase – C/S;72,000 = 1,00,000 – cls, cls = 28,000

30 Cash to bad deht recovered, so mohan a/c will not be used

31 Drawing a/c dr.

To cash

32 60,000 + 5,000 + 5,000, so, repair NiL as old machine

33 20,000 + 10,000 – 5,000 = 25,000

34 45 – 32 = 13 units, so 10 × 460 + 3 × 450 = 5950

47. 15000+1000+500+1200 = 17700/-

48. (102000+73000) = 5

4* x;175000* 5/4 = x => 175000 ×

4

5 ×

5

1= 43750/-

49. 15000-660+2150 = 16490/-; (Insaan)

50. 3000+ 1/5 = 33000+6600 =39600

52. BOOK QUESTION OF JV

53. A B 12500 Profit

50000 30000 - 4800 IOC

3000 1800 7700

2500 385

Profit = 4339 2926 7315

54. A B C

OR 8

5

8

3

SR 10

1

10

1

NR 80

42

80

22

5

1

42 : 22 : 16; 21 : 11 : 8

MODEL TEST PAPER – 12 23 O/S + purchases + direct expenses – C/S

8500 + 30700 + 4800 – 9000 = 35000

24 01/01/07 01/01/10 => 147390 × 61.41

100

Cost 3 Years 147390 240000/-;147390=C(1-15%)^3

25 Trading

19500 25000

400 12000

1000

GP 16100

26 TB

Dr. Cr.

COGS 150000

Stock 40000

Debtor 60000

FA 50000

Exp 20000

Sales 200000

Capital 90000

Cr ______ 30000

320000 320000


9811860116 Page 22

28 40000 + 1000 – 2400 – 53600 = 41000 – 56000

O/B C/B = 15000 Profit

29 Sales – G.P = 80000 – 20% = 64000 COGS; Purchases = 100000;C/S = 100000 – 64000 = 36000

31 5%(460000 – 7500) = DIVIDEND = 22625

33 125

900000 = 7200 Shares

34 Share Capital => Called Up => (3+2+2)*100= 700/-

35 CR = Paid Up – Loss On Reissue;= 500 × 6 – 500 × 1; = 2500

Share Forfeited With Paid Up; 5×600 = 3000

38 10

5005000 = 450 => 100

5000

450 ; = 9%

39 16000×160

100 = 10000

40 34200×7500

100= 45600

41 CP = 40000

SP = 40000×80

100 = 50000

Commission 100

5× 50000 = 2500

42 105

5×(48000-6000) =

21

1×42000 = 2000

45 4200-(3000-400)+420+30

= 4200-(3050) = 1150

46 Purchase = COGS+C/S-O/S

= 158600+25400-44000

= 140000

47 Capital A/C

550 5000

650 2770

120 500

6950

48 Trading

9600 24900

11850 3500

200

6750

49 Provision For Balance

To Bad Debt 2500

1870 370

1000

51 Consignment

7500 10500

600 186020

100

12006007500

1200

775

2285

52 400000 – 310000 = 90000


9811860116 Page 23

53 10950 – 4950 = 3

6000 Balance;= 2000 Instalment

6000 + 360 – 2000 + 360 = 4000;LAst Will be 2000 + 120 = 2120

54 A B C D

OR 6

3

6

2

6

1

SR 12

4

12

8

NR 12

5

12

4

12

2

12

1

A : B : C 1:0:0

56 Trading

1200000 1300000

225000

G.P 325000

57 DR.

10200 30400 +28400

37900 2700 Cash sales

Credit 1200 +37900

Sales 13800 66300

58 20% on Sales => 25% on Cost

59 110

9900000 = 9000000; Premium =990000-900000= 900000

60 100

10×5000×100 = 50000/-

MODEL TEST PAPER 13 20 © 700000+100000-15000×2 = 770000 21 © 140000 CPIL => Above Cost 40000 capital; WDV 40000;60000 Revenue;Profit Of 100000 25 TB Cash 3180 Bank 6900 Purchases 725 Rent 150

(a) 10955 26 Statement Showing Diff © Dr Cr Dr Cr A 1200 A 7200 6000 1200 B 1200 B 7200 6000 1200 To C 2400 C 3600 6000 2400 2:2:1 1:1:1 Wrong Correct 27 B/S 5000 Stock 2400 B/P 400 Cash 1800 Cr 800 Plant 1000 Loan 1500 Drs 500 Investments 2000 32 4000+2000 = 24000, 30000+3000 = 33000 Sales C/S = 9000 Profit (a)


9811860116 Page 24

33 Credit Sales60000 -25000= 35000 (a) 34 2430+1390+260-1710 PB Insaan= 2370

MODEL TEST PAPER – 14 23. Bill drawn for 45 days

Date of drawing 25th Jan. 2011

+ Days 45 days

11th March 2011

+ 3 days of grace 3 days

14th March 2011

Hence Ans. (a)

24. Amt. = 5000;Renew for = 1 month NTM: So int will be charged for 1 month always calculate the int for the period for which bill is renewed

New amount will be = initial amount + interest for 1 month;= 5000 + 5000 × 12

1×

100

12= 5000 + 50 = 5050 Ans (b)

25. Date of acceptance = 05.02.2010 (DOA);Date of retirement = 13.03.2010 (DOR) No of day for which Rebate will be calculated = 90 day – (DOR - DOA)

= 90 – (13.03.2010 – 05.02.2010)= 90 – (36) = 54 days

Rebate = 360

54 ×

100

12× 10,000 = 180

NTM: Here ignore no of days of grace

26. Dr. Consignment Account To goods sent (WN1) 80,000 By Consignee A/c (Sales) 1,50,000

on consignment

To Consignee’s A/c 40,000 By Stock at cost (WN1) 8,000

To Profit 38,000 .

1,58,000 1,58,000

WNI NTM: Important table for exam

IP = 1,00,000 (Invoice price) 100% on cost = 50% on IP

Profit = 25% on cost = 20% on IP 50% on cost = 33.33% on IP

Cost price = IP – profit 33.33% on cost = 25% on IP

1,00,000 – 20y (1,00,000) 25% on cost = 20% on IP

1,00,000 – 20,000 = 80,000 20% on cost = 16.66% on IP

Similarly (WN2)

IP = 10,000


9811860116 Page 25

IP = IP – Profit = 10,000 – 20% (10,000) = 8,000

NTm: Just remove profit from op bal, purchase and closing stock.

27. Cost of 1000 pkts @ 300` = 30,000

+ freight & insurance for 100 pkts 500

Total lost for 100 pkts 30500

Costly damage = lost of 15 kpts =30,500 × 100

15 = 4575`

28. 30000+500/100*30+1300/85*30, SO ANS NONE OF THE ABOVE 29. Good supplied + expense Total

By large 2500 + 200 2700

By elder 2000 + 150 2150

Total 4850

+ Commission (6000 × 5%) 300

Cost 5150

Profit of venture = SP – cost; = 6000 – 5150 = 850

30. Share capital A/c Dr by 100 × 10 (FV); = 1000 since all Money is called up 31. Contract price 2,00,000

Add value of cl stock 6,000

Less paid wages (60,000)

Less (1,62,000) = 16,000 loss

32. Old Ratio of J and R = ||;Loan = Premium for good will = 8,000 Which is to be credited to J and R in the ratio of their sacrifice ie

2

1 -

2

1

4

3

2

1 -

2

1

4

3 = ||

ie 4,000 and 4,000

entry will be u a/c 8,000

TOJ 4,000

TOR 4,000

33. Anil, Rohit and Sumit old Ratio = 543 Amit Rohit

Old share 12

5

12

4

+ Share gained +

7

4

12

3 +

7

3

12

3

New share 84

47

84

37 = 4737

34. Old Sac Gain New


9811860116 Page 26

Rachna 2

1

2

1 ×

3

1

3

1

Sapna 2

1

2

1 ×

3

1

3

1

Ashana 0 0 3

1

3

1

111

35. Good will = Return of Rate

yeardoing Profits × 10 – Capital

= 15%

12,00,000 - 8,00,000 = Nil

36. Profit = Sales – Lost of Goods sold = (40,000 – 30,000) = 10,000

NTM: Closing stock, opening stock and purchases are adjusted in cost of good sold

37. Balance os per cash book (13,500) Less: cheque deposit but not cr. (3,000)

Add cheque issued but not presented 6,000

Overdraft as per bank statement (10,500)

38. Sundry Creditors A/c Dr. 50,000 in liability dr.

To P & L A/c 50,000 in income cr.

39. Salary A/c dr. 50,000 To cash 45,000

To income tax 1,000

To professional tax 200

To EPF 2000

To Recovery of loon 1700

To Staff welfare fund 100

40. Cash A/c dr. 9,200 TDS A/c dr. 800

To dividend income A/c 10,000

41. A’s capital A/c Dr. 20,000 (share of)

B’s capital A/c Dr. 20,000 (profit s)

(‘s capital A/c Dr. 20,000 (So capital s)

To sundry creditor A/c 60,000 (Liability a)

42. Because concerned with daily to day recurring expenses to be revenue. 43. Suspense a/c dr. 720

To opening stock 720


9811860116 Page 27

44. GW = Aug profits × No. of years of purchase

=

4

50,000 60,000 50,000 40,000 × 3 = 1,50,000

45. No of share issued = price Issue

ionconsiderat Purchase=

5) (10

1,50,000

= 10,000 shares

46. Cost 10,000 Less dep. for 1

st year (2,500)

@ 25 7,500

Less dep. for 2nd

year 1875

5,625

Less dep. for 3rd

year 1,406.25

4,218.75

Less sale 1000

3,218.75

47. Let lost on 01.01.2006 be 100x Less dep. for 2006 @ 15% p.a. (15x)

85x

Less dep. for 2007 @ 15% p.a. (12.75x)

72.25

Less dep. for 2008 @ 15% p.a. (10,8375)

61.4125

Less dep. for 2009 @ 15% p.a. (9.211875)

52.200625

By following unitary method.

Loss on 04.01.2006 = 1,47,390 = 2,82,352.94

Ans. Given in module is incorrect.

48. Commission = NP be for change comm. × Rate 100

Rate

= 22,000 ×

10 100

10

= 2,000

49. Loss on issue of debenture= Discount on issue of debt. + premium redemption = 6% + 4% = 10% on (100 × 1,00,000)= 10,00,000

50. Product method 51. 3,00,000 × 6% = 18,000 52. (5% × 8,000) + (10% × 80,000) + (5 × 2,00,000) = 18,400 54. Misprint in module = Final in place of first

Called up FV = 10 Entry will be (i) SC 1000

Less non paid call 8

2 To forfeited shares 800

To call in arrears 200


9811860116 Page 28

Less discount 5

7)-(10

On reissue per share to be transferred to capital reserves.;On 100 share @ 5 = 500 Rs. + CR.

Discount on issue of debtors 15,000

55. Entry – Plant & Machinery Rs. 2,00,000 To cash 65,000

To 6% debtors 1,50,000

Discount = No of debentures issued × discount per debentures= 100)-(1000

65,000) - (2,00,000 × 100 = 15,000

56. Unrecorded investment A/c Rs. 5,000 (in asset Dr.)

To revaluation a/c A/c 5,000 (in income Cr.)

NTM: Revaluation is income/nominal account

57. Discount = Discount × Amt o/s at 5th years sum of amount o/s at all the years

To be written Amount

= 100

6 × 1,00,000 ×

1,00,000 80,000 60,000 40,000 20,000

20,000= 400

58. Amount forfeited on = 250 × (10 – 3 - 4)= 750 Amount to of CR = Share forfeited – Discount on reissue750 – (250 × 10 - 2000) = 250

59. Loss on issue of debentures = Discount on issue of deb+ Premium on red of debentures = 5% × (2,00,000) + 10% × (2,00,000) = 30,000

60. Liability dr 10,000 ( in liability of firm)

To A’s capital 10,000 ( in capital of a)

MODEL TEST PAPER – 15 23. Cost of consignment 1,00,000

Add: packing and loading 5,000

Add: transportation 10,000

Add: insurance 5,000

T cost 1,20,000

Abnormal loss = 10

1 of total cost of consignment=

10

1 (1,20,000) = 12,000

24. BOOK QUESTION DONE IN CLASS

25. Depreciation = l ife Useful

value Salvage - cost Original=

6

6,000 - 26,000 = 20,000

32. Balance Sheet Liabilities Amount Assets Amount

Capital (bal fig) 1,85,000 Cash in hand 10,00

Owing to 2 ltd. 3750 Cash at bank 5,000

Interest received 250 Stock 20,000


9811860116 Page 29

In advance Land and building 1,00,000

Plant & Machinery` 50,000

Owing prom max 12,500

Prepaid incomes 500

1,89,000 1,89,000

33. Corrected Trial Balance Dr. Cr.

Sen Gupta’s capital 1,556

Sen Gupta’s drawings 564

Tea bold dermises 750

Sale 2,750

Dues from customers 530

Purchases 264

Loan from bank 256

Godless 528

34. Trade expenses 700 Cash at bank 226

Bills payable 100

Salaries and wages 600

Opening stock 264

Rent and tanes 463

Sales Return 98

5,454 5,454

35. NIL 36. BIR A/c Dr. 10,000 in the book of ritesh.

To Rajesh 10,000

Dinesh Dr. 10,500

To BIR 10,000

To discount received 500

39. Cost of goods sold = opening stock + purchases + Direct expenses – Closing stock 80,700 = 5,800 + purchases + 0 – 6,000;80,900 = purchases

NTM: Adjusted purchase = op stock + purchase – closing stock

40. Cogs = op stock + purchases + direct expenses – close stock= 8,500 + 30,700 + 4,800 – 9,000 = 35,000 41. GP=Sales–Cogs=1,30,200–70,800=59,400

42. Dr. Trading Acc Cr.

Opening stock 2,400 Sales 20,860


9811860116 Page 30

Purchases 15,205 Less return inward 860 20,000

Less return outward 185 15,020

Carriage inward 524

Manufacturing wages 2,800 Closing stock 3,840

Manufacturing wages o/s 96 Add. Loss due to fire 1,000 4,840

UP 4,000 (Abnormal loss)

24,840 24,840

43. Cr. B/s Dr. Liabilities Amount Assets Amount

Capital + NP (26 + 96,000) 2,06,000 Cash in hand 1,24,000

Accounts payable 68,000 Prepaid expenses 2,000

Long tern loan 30,000 Cash at bank 2,90,000

Wages payable 1,20,000 Inventories 16,000

Investments 2,000

Bills Receivables 80,000

5,14,000 5,14,000

44. Cost 58,000 Less acc dep. 11,600

BV at begin 46,400

Less dep @ (9280)

20% 37,120

(46,400 × 10

20) = 9,280

45. Opening provisions for baddebts = 1250 Cr. Less bad debts = (300) Dr.

Less provision to be maintained = (500) Dr.

500

100

510,000 Amount of provision gendered to p & L = 450 Cr.

46. Annual = Life Useful During Production Total

AmounteDepreciabl × Annual Production Unit During 1-3

Depreciation for 1-3 years= 30,00,000

11,00,000 × 5,00,000 = 183333.332

47. Sale 2,50,000 Less cost (2,02,000)

(2,00,000 + 2,000)


9811860116 Page 31

Less Discounting charges (5,000)

Less selling expenses (3,000)

Less commission to B (25,000)

Less into capital (12,000)

`

3,000

48. 49. 50. Negative balance as per pass book (10,000) (00)

Less chaques drawn but not record in cash book (100)

Less cheques drawer out not pressured for payment (6,000)

Less bank charges recorded tense in cash book (30)

Overdraft (Negative) balance as per cash book (16,130)

51. Profit before interest and capital 8,848 Less: out on capital (WNI) (2,000)

Less: salary to Karan 250 × 12 (3,000)

Add: Inton drawings wn2 (64 + 88) 152

Divisible profit 4,000

WNI

Int to Ratan (15,000 × 8%) 1,200

Int to Karan (10,000 × 8%) 800

2,000

WN2 Amount Mouths Product

Date Ratan Karan Ratan Karan Ratan Karan

June 30 600 800 9 9 5,400 7,200

Sept. 30 500 700 6 6 3,000 4,200

Dec. 31 400 600 3 3 1,200 1,800

Total 9,600 13,200

Ratan Karan

Lat 9,600 × 12

1 × 8% 13,200 ×

12

1 × 8%

64 88

52. Old Gain Sacrifice New

X 8

5

8

5


9811860116 Page 32

Y 8

3

8

1

8

2

C 8

1

8

1

521

53. Total capital to be employed = 14,000 ÷ 5

1 = 70,000

Hidden G.W. = Total capital to be employed – total capital actually employed by all purchases.

70,000 – (18,000 + 12,000 + 14,000) = 26,000

54. (Old – New) Old Gain Corifice New

A 9

4

9

1

9

3

B 9

3

9

1

9

2

C 9

2 0

9

2

D 9

2

9

2

Sacrifice Ratio of A, B and C = 110

So A and B equally

55. Old New Sacrifice Gain

X 9

5 0

9

5

Y 9

3

2

1

18

3

Z 9

2

2

1

18

7

Gaining Ratio = 37

56. (6% × 10)` = 0.6 paisa

57. ESC 100 × 100 = 10,000 To discount (bal fig) 10,000

To share forefeet ace (40 × 100) 4,000

To call in arrears (50 × 100) 5,000

58.

59. debehture of term of yearsof No

Discount Total =

5

2000 = 400


9811860116 Page 33

60. NTM: Proposed dividend if nothing mention is given on only paid up share capital. Call up 4,60,000

Less call in arrears 7500

Proposed 4,52,500

Dividend @ 5% = 4,52,000 × 5% = 22625

MODEL TEST PAPER – 16 24. Cash sales 50,000

Add: cash collected from Drs. 1,30,000

Add: Bad debts doing year 5,000

Less debtors at beginning (10,000)

Sales 1,75,000

25. Depreciation per year as per SLM = yearslife useful of No

ValueeDepreciabl=

Yearslife Useful of No.

ValueResidual Lost=

10

5,000 - 25,000

= 2,000 per years;Rate of depreciation = 25,000

2,000 × 100 = ie

Cost

yearsper Ref × 100 = 8%

26. TRADING ACCOUNT

Opening stock 5,570 Sales 15,248

Purchases 13,816 Less SR 524 14,724

Less Purchase (390) 13,426 Closing stock 8,880

Import changes 1650

Gross profit 2958

23,604 23,604

27. Salary 7,500 To Purchases 7,500

NTM: Goods taken up by employer is not considered as sales.

28. COGS = OPENING STOCK + PURCHASES – CLOSING STOCK;1,00,000 = 5,000 + Purchases – 10,000

Purchases = 1,05,000

29. Rent paid= 55,000;O/s rent for month of march = 11

55,000 × 1=5000/

30. Opening capital 3,00,000 Add additional capital 50,000

Less drawings 2,000 × 12 (24,000)

Add profit 20,000

Less int on drawing

12 × 2,000 × 12

6.5 ×

100

5 -

3,45,350

(650)

32. Sales 50,000 Add: Good to taken over A 4,000


9811860116 Page 34

Less Cost of good (42,500)

Profit 11,500

33. Cost of march in 1,35,000 Less Residual value 5,000

Depreciable value 1,30,000;Useful life-10;Depreciation per year = 13,000

Depreciation for 1st to 5

th years = 13,000 × 5 = 65,000

Depreciable value after = 1,30,000 – 65,000 = 65,000

l ife useful Revised

65,000 =

8

65,000 = 8125

34. Mohan Krishana Ram

Old 2

1

2

1 0

Sacrifice 2

1 ×

4

1

2

1 ×

4

1

Gain

New 8

3

8

3

8

2 = 3 : 3 : 2

35. Indirect expenses will be excluded. Godown rent 800

Selling expenses 1,000

18,00

36. OLD NEW

A 9

4

8

5

72

13

B 9

3 0

9

3

C 9

2

8

3

72

11

37. Loss on reissue = paid up value – Received amount on reissue;= 60 – 45 = 15 per share; Amount transfer to CR = no of shares reissued ×(amount received – loss on reissue per share)

= 20 × (20 - 15) = 100`

38. Let his commission be = x + 25 per unit of sale.Gross sale proceeds per unit = 450

73,800 = 164 per unit

His commission per unit= 4

1 (Gross proceeds prunit rate of 125` - Commissioner)

= 4

1 (164 – 125 – x - 25) x = 2.8


9811860116 Page 35

X = 2.8 commission per unit = 25 + 2.8 = 27.8 ;So his total commission = 27.8 × 450 = 12,510

40. Loss ou issue of debentures = Discount on issue + Previon on redemption

(5% + 10%) of 1,00,000 = 15,000`

42. Amount received on 250 shares which were reissued = 250 × 3 = 750

Loss on reissue = 250 × 10 – 2,000 = 500` ;Amount transfer to capital reserve = 750 – 500 = 250`

43. Discount on issue of debentures = 1,00,000 × 100

6 = 6,000

Discount to be written off fifth years;= amount standing out the all of some

yearfifth in standing out Amount × Discount + Amount

In all the years ie from 1st to fifth year;=

20,000) 40,000 60,000 80,000 (1,00,000

20,000

× 6,000 = 400`

44. NTM: If nothing mention about future profit share ratio, gaining and Sacrificing ration, then old ratio will become the sacrificing ratio become all the partners will sacrifice in their old ratio.

47. Profit for the year 1,60,000 Less interest on partners capital

(3,00,000 + 2,00,000 + 1,50,000) × 5% 32,500

1,27,500

Share of profit to A B C

Ratio 4 3 3

51,000 38,250 38,250

Guaranteed profit 40,000

To C by A

Less profit Distributed 38,250

Sacrifice made by A to C 1750

48. Old New Sacrifice

A 10

6

10

5

10

1

B 10

4

10

3

10

1

1 : 1

49. JE on forfeiter Share capital (100 × 100) 10,000

To share forfeited bal fig 6,500

To discount on issue 10 × 100 1,000

To call in arrears 25 × 100 2,500

50. Answer already given in question. Acquiring ratio is the gaining ratio ic 6 : 4 or 3 : 2 52. Dr. balance as per cash book 3,000


9811860116 Page 36

Add cheque issued but not presented 500

Add int collected by bank 400

Add direct depositing by customer 250

Balance as per pass book 4,150

53. GW = Avg profit × No. of years of purchase;= 5

5,000) - 2,000 - 9,000 18,000 (2,000 × 1.5= 12,000

54. Opening 10,0000 Add cash sale 5,000

Add Collection from dr. 35,000

(Cr. Sales – Drs alter and)(45,000 – 10,000)

Cash bal at end 50,000

55. Depreciation on furniture

8,000

100

5 400

Depreciation on plant & machinery

8,000

10

10 8,000

Depreciation on building

2,00,000

100

5 10,000

Total dep. 18,400

56. Book yalue of machine = exchange value of march= loss on exchange = 5,000 – 800 = 4,200`

57. Sales value = 600 Less profit 20% on cost ie 16.66% on sales = (100)

(16.66% on 600) 500

Closing stock will increase by 500 NTM: always take opening and closing stock at cost ie logs values.

MODEL TEST PAPER – 17

23. l ife usefull

ValueResidual - Cost = Depreciation per year

10

500 - 5,000 = 450`Rate =

Cost

yearper onDepreciati × 100

= 5000

450 × 100 = 9%

24. Gross profit 51,000 Less carriage outwards (5,800)

Less rent paid (6,400)

Less bad debts (2,600)

Add apprentice prem 1500

Less Printing & stationery (1000)

Net profit 36,700

25. Cash account To capital 10,000 By purchase 1,10,000


9811860116 Page 37

To sales 5,000 By expenses 19,300

To Debtors 35,000 By creditors 15,000

By bal cld. 5,700

26. Interest on capital = 2000 × 12 × 12

6.5 × 10% = 1300

28. Cost of goods 7,500 25% on sale = 33.33% on cost Add profit 33.33% on cost 2,500

Sales 10,000

29. Dr. TRADING A/C Cr. Purchases Amount Purchases Amount

To opening stock 80,000 Sales 4,10,000

Purchase 3,00,000 2,94,000 Less sales return (10,000) 4,00,000

Less purchase return (6,000) Closing stock 60,000

Carriage & freight 12,000

Duty & clearing charge 4,000

Wages 8,000

Gross profit 62,000

4,60,000 4,60,000

30. Dr. Cr. Purchase 60,000

Reserve fund 20,000

Sales 1,00,000

Purchase return 1,000

Sale return 2,000

Opening stock 30,000

Sanding expenses 20,000

O/s exp. 2,000

Cash at bank 5,000

Fixed assets 50,000

Debtors 80,000

Creditor 30,000

Capital 94,000

2,47,000 2,47,000

31. Over draft as per cash book (2,500) Less cheque deposit but not cleared (1,000)


9811860116 Page 38

Add cheque issued but not cashed 1,400

Over draft balance as per bank statement 2,100

33. Dr. Balance Sheet Cr. Liabilities Amount Assets Amount

Capital 70,000 Cash 3,000

Less drawings (12,000) Stock 40,000

Add net profit + 18,000 76,000 Debtors 40,000

Bills payable 3,000 Cash at bank 8,000

Depreciation provision 4,000 Bill Receivable 5,000

Liability for expenses 3,000 Machinery 20,000

Creditors 30,000 .

1,16,000 1,16,000

37. Amount paid on Share forfeit per share = 20`;Loss on reissue per share = 60-45 = 15

Amount transfer to CR = No of share reissued × (Paid per share – loss ion reissue per share)= 30 × (20 - 15) = 150`

38. Equity share capital called up 10,00,000 Less calls in arrear 40,000

Equity share capital paid up 9,60,000

Proposed dividend 5% on 9,60,000 = 48,000

NTM: Dividend is paid on paid up capital excluding calls in advance.

40. Discount on reissue = 200 × 1 = 200`

41. Depreciation as per WDV: Cost 20,000

Less depreciation for 2006 3000

17,000

Less depreciation for 2007 2,550

14,450

Less depreciation for 2008 2,167.5

12,282.5

Depreciation as per WDV = 3000 + 22,550 + 2,167.5 = 7,717.5

Depreciation as per installment = 3,000 × 3 = 9,000

Less depreciation as per WDV 7,717.5

= unabsorbed depreciation 1,282.5

42. Debtors 1,95,000 Less bad debts written off 4,200

1,90,800


9811860116 Page 39

Provision on debtors @ 4.5 = 1,90,800 × 100

4 = 7,632

Less provision of the beginning (6,500)

Add bad debts 4,200

Amount of net provision debited to p & l A/c 5,332

43. Dr. TRADING A/C Cr.

Particulars Amount Particulars Amount

To purchases 60,000 Sales 80,000

Less purchase return 10,000 50,000 Less sales return (10,000) 70,000

To gross profit 20,000 .

70,000 70,000

44. Goodwill = Avg. profit × No. of years of purchases; Goodwill = 4

50,000 60,000 50,000 40,000 × 3 = 1,50,000

46. Interest on loan 10,000 × 100

6 = 600

Less Int dr. 300

interest payable & outstanding 300

47. Cost 20,000

Less: Depreciation for 32

1 years @ 10% ie from 1 july 2006 + 31 Dec. 2009 (7,000)

(20,000 × 3.5 × 100

10) by = 13,000

Sales consideration 15,000

Less BV 13,000

Profit on sale 2,000

48. Cost price of machine 10,000 Add Forwarding 2000

Add import Duty 7,000

Add installation expenses 1,000

BV as on start of 1st year 20,000

Less dep @ 10% (2,000)

BV as on end of 1st year 18,000

Less dep @ 10% (1,800)

BV as at end of 2nd

year 16,200

Less dep. @ 10% 1620

BV as at end of 3rd

year 14,580


9811860116 Page 40

52. No of shares = price Issue

chequeby Payment - Purchase=

10.5

10,000 - 1,15,000 = 10,000 shares

Securities premium = (10.5 - 10) × 10,000 = 5,000`

53. Let the commission be = x + 500

Commission per television =

4

500 - x - 12,500 - 15,000X + 500 =

4

x- 2000X = 400

Commission per television = 400 + 500 = 900;Total commission on 50 + television = 900 × 50 = 45,000

55. Sale 1,12,000 Less material purchased (65,000)

Less wages paid (6,000)

Less Admin expenses (3,000)

Less selling exp. (6,170)

Less expenses by A (1,630)

Add closing stock 6,200

Profit 36,400

57. Closing capital 16,900 Less opening capital (15,200)

Add drawing 4,800

Less additional capital introduced (2,000)

= Net profit during the year 4,500

MODEL TEST PAPER – 18 23. Let the cost of machine on jan. 2007 be 100 x

Less depreciation for 2007 (10x)

90x


81x


Balance as on 1 Jan 2010 72.9x

By following unitary method; Cost of machine on1 jan. 2007 = 72.9

1,45,800 × 100= 2,00,000`

24. Dr. TRADING ACCOUNT Cr.

Particular Amount Particular Amount

To opening stock 80,000 By sales 4,10,000

To purchases 3,00,000 Less SR (10,000) 4,00,000

Less purchase returns (6,000) 2,94,000 Closing stock 60,000


9811860116 Page 41

Carriage amount 12,000

To Gross profit 62,000 .

4,60,000 4,60,000

25. Trial Balance Particular Dr. Cr.

Cash 5,700

Expenses 19,300

Furniture 2,000

Debtors 10,000

Creditors 5,000

Sales 50,000

Purchases 30,000

Capital . 12,000

67,000 67,000

27. Cost price 10,000 Add repairing expenses 1,000

Add miscellaneous expenses 500

Total cost 11,5000

Add profit 20% on SP

i.e 25% on cost 2,875

(11,500 × 25%) 14,375

30. Purchase cost 10,000 Add repairs 1,000

Add legal expenses 500

Add commission to broker 1,200

Amount debit to car A/c 12,700

NTM: Repairs on second hand assets to get than ready for use are to capitalized ie added in lost of accusation.

31. Apply Product method 33. Total expenses

Freight 3,000

Add int on loan of 50,000 @ 18% 750

Add int on loan of 1,50,000 @ 18% 4500

Add selling expenses 5,000

Total 13,250

34. Purchases cost 10,000


9811860116 Page 42

Shipping charges 2,000

Import duty 7,000

Amount dr. boiler a/c 19,000

35. Call of value of closing stock Closing stock uni is (300 - 200) = 100 mt.

Cost @ 250 75,000

Carriage & freight 1,500

Transit Insurance 900

Unloading charges 400

Octroi 600

Carriage 800

Total cost of 300 units 79,200;

Cost of 100 units of closing stock = 300

79,200 × 100 = 26,400

36. Original cost 80,000 Less depreciation for 1

st year (8,000)

72,000

Less dep. for 2nd

years (7,200)

64,800

Less dep. for 3rd

years 8,480

58,320

Less dep for 4th years (5,832) = 52,488

39. Cost of goods sold 7,500 Profit 32.33% on loss

(7,500 × 33.33%) 10,000

2,500

40. Date of acceptance ie sight = 2nd

after 2010;Date of maturity = 2nd

after 2010 + 1 month + 3 days of grace = 5

th may 2010.

42. Old New Sacrifice

A 5

3

10

5

10

1

B 5

2

10

3

10

1 ie 1 : 1

43. PSR = 4 : 2 : 1 Profit = 31,500 A B C

Profit as per ratio 18,000 9,000 4,500


9811860116 Page 43

Sacrifice by A to C (3,000) 3,000

15,000 9,000 75,000

44. Good will of C = 60,000 × 5

1 = 12,000

45. Good will = Return of Rate

proift Normal - profit Actoal=

10%

10%) (1,50,000 - 20,000 = 50,000

49. Discount is written off: 5 : 4 : 3 : 2 : 1 Because initially the amount of loan O/S is grater and then reduces by equal amount.

52. Forfeited amount per share = 20;Loss on reissue given = (paid up – received on reissue)= (60 - 45) = 15 per share Amount transferred to Cr. = no of shares reissue × (forfeited amount – Loss on reissue)= 15 × (20 – 15) = 75

53. No of debentures issued = price Issue

65,000 - 2,00,000

10%) - (1,000

1,35,000 = 150 Debentures

Discount amount = Discount per debenture × No of debentures issue= 100 × 150 = 15,000

54. Loss on issue of departures = Discount on issue + premium on redemption = (5% + 10%) of 1,00,000 = 15,000 55. Dr. DEBTORS Cr.

To bal bld 20,000 By cash 20,000

To sales (cr.) 70,000 By bad debts 3,000

By return inward 1,000

By bills receivable 10,000

By bal cld 56,000

90,000 90,000

56. Invoice value = cost + 25%= 10,00,000 + 25% = 12,50,000 58. Salaries = (10 × 1,000) + 20% = 12,000 59. Purchase cost 10,00,000

Add installation charger 1,00,000

11,00,000

Less depreciation @ 20% on SLM 2,20,000

60. Under sum of digits method. Depreciation for four the year= 12345 6

3

× 12,60,000= 18,000

MODEL TEST PAPER – 19 23. Dr. Cash Account Cr.


To capital 10,000 By purchases 10,000

To sales 5,000 By creditor 15,000

To debtors 35,000 By salaries 3,000

By rent 2,400

By stationery 900

By Drawings 4,000

By miscellaneous exp. 1,000


9811860116 Page 44

By machine 8,000

. By bal cld. 5,700

57,000 50,000

Wrong amount in nodule

24. Gross profit = Sales revenue – cost of goods sold = 5,00,000 – 3,10,000 = 1,90,000 26. Sale consideration 5,200

Less B.V. of machinery (3,500)

(4,000 - 500)

Less commission paid (420)

Less Charges to remove cash (150)

Profit on sale of machinery 1130

28. Invoice value of good and on approval = 600Less margins 600

100 Note: 20% on cost = 16.66% on sale

29. Net profit before commission = Gross profit – Expense (indirect)= 48,000 – 6,000 = 42,000

Commission = 100 rate

Commission Before Profit Net

=

5% 100

42,000

× 5% = 2,000

30. Commission = NP × Rate= (48,000 – 6,000) × 5%;42,000 × 5% = 2,100

31. Let cost be x;Sale = cost + 60%= x + 60% of x= 106x = 16,000X = 1.6

16,000 = 10,000 = cost

32. Let sale be x;Profit = 25% of x;= 0.25x;Cost=x – 0.25x =0.75;% of profit on cost = Cost

Profit × 100 =

0.75x

0.25x× 100 = 33.33%

33. Profit = 20% on sales ie 25% on cost;= 25% of 40,000 = 10,000;Sales = cost + profit = 40,000 + 10,000 = 50,000;Commission = 5% of 50,000 = 2,500

34. Dr. TRADING AND P & L A/C Cr.


To opening stock 16,500 Sales 63,500

Purchases 46,850 Sales returns 450 63,050

Less returns (110) 46,740 Closing stock 18,210

Carriage inward 850

Wages 2,500

To CP 14,670 .

81,260 81,260

General expenses 800 By GP 14,670

Rent paid 3,710

Electric charges 190

Salaries 140

Discount allowed 2,000


9811860116 Page 45

To net profit 8,660 .

14,670 14,670

35. Closing capital 12,750 Less capital in the beginning 20,000

Less additional capital 2,000

Add. drawing 250 × 12 3,000

Loss during year 6,250

36. Overdraft as per cash book 4,500 Less cheque sent for collection but not credited by bank 6,225

Add cheque drawn but not presented 10,250

Overdraft as pass book 475

38. Dr. Cr. Provision for doubt full debtor 200

Bank over draft 1,654

Capital 4,591

Creditors 1,637

Debtors 2,983

Discount received 252

Discount allowed 733

Drawings 1,200

Office furniture 2,155

General expenses 829

Purchases 10,923

Return inward 330

Rat and Rates 314

Salaries 2,520

Sales 10,882

Stock 2,418

Stationery 1,175

Provision for depreciation . 364

Total 25,580 25,580

39. Balance as per cash book 274 Add cheque issued, not presented 730

Less cheque deposited but balance nt collected (477)


9811860116 Page 46

Balance as per pass book 527

40. Amount receivable was 1,000 Less cash paid (500)

Balance of B/R 500

Less 40% received (200)

Bad debts 300

41. Cost @ 80 (80 × 1,000) 80,000 Add freight 1,000

Add cartage 45

81,045

Abnormal loss = 1,000

81,045 × 100 = 81,045

42. Cost @ 300 60,000 Freight 500

Insurance 200

Cartage 100

60,800

Closing stock = 50 units (200 - 150);Value of closing stock = 200

60,800 × 50 = 15,200

43. Sale 1,88,500 Less purchase cost 80,000

Less reconditioning exp. 43,500

Commissions @ 2% 2,000

Miscellaneous exp. 250

Freight 75,000

Octroi 3,750

Insurance 1,500

Garage Rent 2,500

Brokerage 6,850

Other expenses 4,500

Profit 36,150

44. A B C Profit as per ratio 20,000 16,000 4,000

Guaranteed profit to c (500) 500 1,000

19,500 15,500 5,000


9811860116 Page 47

500 each

46. New profit share ratio

A =

6

1 1 ×

6

3 =

36

15

B =

6

1 1 ×

6

2 =

36

10

C =

6

1 1 ×

6

1 =

36

5

D = 6

1 ×

6

6 =

36

6

15 : 10 : 5 : 6

47. A’s sacrifice 5

4 ×

4

1 =

5

1 ×

2

1 =

10

2;B’s sacrifice

5

1 ×

2

1 =

10

1;2 : 1

48. G.W. = Average profit × No. of years purchase

= 5

80,000 60,000 10,000 20,000 40,000 × 3= 1,02,000

49. Good will = return of rate Normal

profit Normal - profit Actual × 100=

10%

4,00,000) - (9,70,000 10% - 72,000 = 2,5000

NTM: Normal profit = Net assets × Normal rate of return

51. Capital of A and B = 24,000 + 16,000= 40,000 for 4th

share for 5

1th

share of C capital be brought by c – 40,000 4

5 ×

5

1

= 10,000

52. Initial capital of A B 1,20,000 54,000

Z bring 75,000,so, total capital shall be; 75000 ÷ 3

1;= 2,25,000;X’s adjusted capital =

3

1 1 ×

5

3 × 2,25,000 = 90,000

Cash paid to x will be = 1,20,000 – 90,000 = 30,000

53. Share forfeited amount per share = (10-1) = 8 ; no loss is given on reissue there fore all the amount of forfeiture is transferred to CR.;CR = 8 × 400 = 3200

54. Amount transfer to CR = 3 × 500 = 15,000

55. No of share issued = price issue

90,000;=

10%-10

90,000 = 10,000 shares

56. Discount on issue of debentures=

price Issue

1,30,000 - 2,70,000 × Discount per share=

90

2,70,000 × 10 = 30,000

57. Loss on issue of debentures = Discount on issue premium on redemption.= (2% + 5%) of 2,000 × 100 = 14,000 58. Called up capital 1,00,000 × 10 = 10,00,000

Less call in Arrear 10,000

Paid up 9,90,000

Dividend is paid on paid U/o capital;= 9,90,000 × 15% = 1,48,500

60. Cost price 7,500


9811860116 Page 48

(+) loading @ 25% on sales 2,500

ie. 33.33% on cost 10,000

Amount transferred to general trading A/c

MODEL TEST PAPER - 20 23. BALANCE SHEET

Liabilities Amount Assets Amount

Creditors 45,000 Good will 70,000

Capital 1,55,000 Pant & machinery 60,000

Less drawing 12,000 Investments 25,000

Add NP 22,000 1,65,000

Bank old 15,000 Stock 25,000

Bills payable 10,000 Debtors 35,000

O/s expenses 5,000 Furniture 10,000

Bills receivable 9,000

. Cash 6,000

2,40,000 2,40,000

24. Gross profit = Sales – Cogs = 30,000 – 19,000 = 11,000

25. Dr. P&L Acc Cr. To salaries 4,000 By gross profit 35,000

To intone overdraft 200 By commission received 4,000

To office expenses 5,000

To rent paid 2,000

To general expenses 5,100

To advertisement 5,000

To net profit (bal) 17,700 .

39,000 39,000

26. 50000-10000-1600=38400 27. Debtors 30,000

Less provision 1,500

For baddebts 28,500

Less provision for discount (28,500) × 100

2 = 570

29. Loan @% 10,000 Interest 900

Less int 600


9811860116 Page 49

o/s inton loan 300

30. stock on approval – sale on approval – profit margin5,000 – 20% on 5,000 = 5,000 – 1,000 = 4,000

31. Dr. Loose Tools A/c Cr. To Bal b/d 4,320 By depriciation 70,800

To Bank 1,440 By bal c/d 4,680

5,760 5,760

32. Int on loan @ 9%;From 1st January 9 – June 30;=

100

9 (15,000 + 4,000 + 5,000) ×

12

6 1,080

+ from 1st July – 30 sep.

= 100

9 (15,000 + 5,000) ×

12

3 + 450

+ 15th October – 31

st December

= 100

9 (15,000) ×

12

3 = 337.5

1,867.5

36. Profit after interest on capital = 7,800 i.e distributable in 3 : 2

Sita 7,800 × 5

3 = 4,680

Gita 7,800 × 5

2 = 3,120

37. Balance as per cash book 10,000 Add cheque issue but not presented 2,300

Less cheque sent to bank bal not credited 2,000

Less BIP paid by bank not entered in cash book 800

Balance as per pass book 96,00

38. Bank overdraft as per cash book 10,500 Less cheque sent for collection not collected 8,250

Add cheque issued not presented for payment 12,000

Balance as per puss book over draft per unit 6,750

39. Let his commission be = n + 25;Sale proceeds per units = 450

73,800 = 164

Commission per unit = (164 – 125 – 25 - x) × 4

1 + 25;X = 2.8

Total commission = (2.8 + 25) × 450 = 12,510

40. Cost = 1,35,000 Residual value = 5,000


9811860116 Page 50

Useful life 10 yrs.;Balance at the

Beginning of 6th year = 1,35,000 -

10

5,000 - 1,35,000 × 5

Depreciation for 6th year = (70,000 - 5000) ×

8

1 = 8,125

44. Sale consideration 2,50,000 Less purchase cost 2,00,000

Less commission to A 2,000

Less commission to B 12,500

Profit 35,500

45. Closing capital 16,430 Less opening capital 12,000

Less addition capital 4,000

Add drawings 3,000

Profit 3,430

46. Old – sacrifice + gain = New

A 8

5

10

1 =

40

21

B 8

3

10

1 =

40

11

C 0 5

1 ×

8

8 =

40

8

47. Old - Sacrifice + gain = New

A 5

3

5

3 ×

5

1

25

12

B 5

2

5

3 ×

5

2

25

6

C 0 0 + 25

3 +

25

4

25

7

48. Weight A of profit = 5 4 3 2 1

85,000 5 65,000 4 52,000 3 50,000 2 43,000 1

= 65,000

Good will = 2 × 6,65,000 = 131,200

49. Capital amount of mohan will be = (1,02,900 + 73,500) × 4

5 ×

5

1 = 44,100

50. Sales = 2,70,000 Less profit = 54,000

Cost of goods sold= 2,16,000;Closing stock purchases – Cost of goods sold;3,00,000 – 2,16,000 = 84,000


9811860116 Page 51

51. Amount of new bill = old bill – cash payment + int;2,500 – 1,000 + 50 = 1,550 52. Excess amount = salary paid + cost price of goods – salary

= 6,000 + 6,000 – 10,000 = 2,000

53. Discount = 30,000 × 100

12 ×

12

2 = 600.

54. Cash Book To Application (25 × 14,000) 3,50,000

To allotment (35 × 14,000) 4,90,000

To 1st call (35 × 13,800) 4,83,000

To . By bal. C/d 13,23,000

13,23,000 13,23,000

55. Share capital A/c will be Dr. by(2.5 + 1 + 2.5 + 2) × 100 = 800 56. Amount transferred to capital reserve;= 500 (10 - 2) – (10 - 8) = 3000

57. PC = 3,30,000;No of debentures = price Issue

PC =

110

3,30,000= 30,000 deb.

58. Loss on issue of debentures = discount + premium ;= (0 + 5%) × 2,000 × 100 = 1,000

59. Amount of discount to be written off = 1,00,000 × 6% × 5

1 = 1,200

60. Discount written off in 5th years;=

1 2 3 4 5

6 1,00,000

× 1 = 400

VOLUME II MODEL TEST PAPER 1

22 (C) AS BEFORE DUE DATE

23 (B) (160000-20000+120000+100000+80000)/5 = 4,40,000/5 = 88,000 *3 = 2,64,000

24 (C) 800*8 = 6400

25 (A) 250*4 = 1000

26 (B) 3750 is cost so cost shall be trasnferred

27 (B) P AND L A/C

16000

NP 42000

GP 58000

COMMISSION = 5/105 *42000 = 2000( AFTER )

28 (D)

SALARY 4000

INT on loan 5000

BAD DEBT 1200

NET PROFIT 16000

GP 25000

INTEREST on investment 1200

26200

29 CLOSING BAL = 10000+3000+2200-1600 = 13600

30

PURCHASES 100000

GP @20% 18000

SALES 90000

C/S (BAL FIGURE) 28000

31 WAGES ONE SIDE ERROR

TO SUSPENSE

32 (C)

ANU AKSHAY ANUP

OR 5/8 3/8 X


9811860116 Page 52

SR 1/5

5/8-1/5

17/40

1/8

3/8-1/10

22/80

3/10

SO, 34:22:24=17:11:12

33 250000*50/100 = 125000

34 (A) C SHARE = 72000*3/12*2/9 = 72000*6/108 = 4000

35 12/6__________________12/8 + = 15/8-1 = 14/8

36 (D) CP = 240000+LOAD ¼ =I.E60000 = IP = 300000

38 (C) LOSS = 40000*20/100*10 = 8000X10/8 = 10000

39 (B)

O/S 40000

PURCHASES 80000

GP ¼ 25000

SALES 100000

C/S 45000(BAL)

LEFT = 45000-30000 = 15000

40 (A) RIYA = 1000X6.5X10/100 = 650; PIYA = 500X6.5X10/100 = 325; 975

41 (B) 100000X12/100X3/12 = 3000

97000

50% 50% 48500

42 (B)

R S A

OR

NR

½

1/2X2/3

½

1/2X2/3

X

1/3

1/3 1/3 1/3

=1:1:1

43 (C) GATTU

150000

5000

127500

100000 PUR

10000 FREIGHT

17500 PROFIT

JV

1L

10000

5000

35000

150000

17500

17500

44 (A) (10000X100+8000)/(10000-1000)X1000 = 1008000/9000X1000 = 112000

45 (C) 500000+20000X10/100 = 52000

46 (B) 22000+2000-8000 = 16000

47 (D) 3+5 (8)X2000 = 16000

48 (A) RAJ 5200

TO B/R 5000

TO DISC 200

49 5000 = CP+50%; IP = 7500;LESS-TRADE DISCOUNT 15% (1125)

= 6375

50 750000X100X10/100 = 75,00,000

51 (C) 200000/(100-20) = 200000/80 = 2500X100


9811860116 Page 53

52 (A) ISSUE 20000

APPLIED24000 -----FOR EVERY 24 20 SHARES

6 SHARES ----5 SHARES

53 (B) P&L APPN

INT

A-2000

B-1250

PROFIT 1750

875 875

PROFIT 5000

54 (A)

PURCHASE 60000

RETURNS 5000

DUTY 6000

GP 32000

SALES 100000

RETURNS-7000

SALES TAX- 12000

56 (A) (C-S)/60000X5000 = (63000-3000)/60000X5000 = 60000/12 = 5000

MODEL TEST PAPER 2 Q 23 CP 200000; IP = 200000+1/4 = 250000 (D)

Q 24 25% ON SP = ¼ ON SP; SO, ON COST = 1/(4-1) = 1/3 = 33.33 (A)

Q 25 TOTAL COMMISSION = 2/100X70000+X = 1400+X

X = 20/100[70000-(1400+X)-60000]; NOTE – 3/5X 100000 = 60000

X = 1/5(10000-1400-X); 5X = 8000-X = 6X = 8600, X = 1433

SO, 1400+1433 = 2833 (C)

Q 26 (B) INTEREST 10000X15/100X2/12 = 100X15/6 = 250

27 PURCHASE BOOK

29 (D) JV

200000+82000

Profit 82000

250000

STOCK

(200000X1/5-20%)32000

30 10/100(240000+20000) = 26000;NOTE :- AS RATE GIVEN, SCRAP NOT RELEVANT

31 (C) L = 1/6X60000 = 10000

J K L

30000 20000 10000

33 (B) 500X100-40000 = 10000 discount

34 (A) SC 400X16 = 6400

TO SF 400X12

TO CALLS 400X4

35

new provision, 10% OF 100000 =

10000

4000 B/D

To P and L 6000

Wrong Ans in Module

37 5/105X84000 = 4000 (C)

38 (D)

100000

6000

SALES 100000


9811860116 Page 54

2000

10000

6000

COMM 2000

3500

C/S

(100000+6000+2000+10000)/1000X250

39 (C) 25000-2/1000X25000 = 24500

40 (A) (I) 200000 (II) 350000 (III) 320000 (IV) 6L (V) 7L = 25,10,000

1200X2050

41 (A) SALES

650X2300

1850 UNITS COMMISSION = 300X1850 = 555000

42 (B) VIMAl VISHAL

2/3 1/3

76000

-25000

51000 2/3

1/3

VIMAL34000

VISHAL

17000

YASH 25000

76000

43 (D)

100000

10000

10000

50000

150000

20000

44 (C) GW =( 58000+55000+61000-50000)X3

3

= (58000-50000 ) X3 = 24000

46 (C) DIVIDEND ON PAID UP CAPITAL; 12/100X(1000000-110000) = 106800

50 (A) 700X25 – 10000 = 7500 (35000-25000) = 10000

51 (C) 6/100X7000X100 + 5/100X7000X100 = 7000

52 (A) TRADING

6000

120000

300000

OR, SALES-COGS = GP; 300000-220000 = 80000


9811860116 Page 55

53 (D) NOT RECOVERED = 70/100X(100000+1000); = 70700

54 (B)

M

N

O

P

OR

3/6

2/6

1/6

SR

1/10

1/10

NR

24/60

14/60

1/6

2/10

24:14:10:12; 12:7:5:6

55 (C) S = C(1-D)N NOTE- “N” IS POWER, HENCE APPYING IN EACH STAGE OF

ANSWER, AS “3” IS ALSO A POWER.

= 250000(1-.05)^3; = 216058

DEPRECIATION FOR 3 YEARS = 252000-216058 = 35941

FOR 3RD YEAR = S(N-1)-S(N); = S(3-1)-S(N) = S2-S3 = 252000(1-.05)2 – 216058 = 241794-216058

56 (A) 400000/(100-20) = 5000X100 = 5L

57 (B) 50000 + 5000

CASH 5000+5000

TO SALES 50000+5000

TO ST 5000

58 (D) JY

6000

4000

SHYAM

180000

20000

4000

196000

MODEL TEST PAPER 3

Q21 (B) A 50000 VINEET

S 45000

TO CASH

12000

C/D 30000

B/D 39000

PROFIT

18000X1/6

V 30000

22 (A) {20000X10X20/100}/5 = 40000/5 = 80000

23 (C)

OR NR SR

R

S

M

5/8

3/8

7/16

5/16

4/16

3/16

1/16

3:1

200000

10000

180000

20000

10000


9811860116 Page 56

24 (D) 45000_____________6000______________54000

+ 1/3 15000 1/10 LOST 2/3 SOLD 36000+20% 7200 = 43200

= 60000

25 (A) BAL AS PER CB = 1500-100+150+50+50 = 1650

27 (A) 2000*9=18000

28 (D) GW = (18000-8500+30000+16500)X1.5/4 = 56000/4X1.5 = 21000

29 (B) Correct Entry-----RATNESH

TO BANK

Wrong Entry----SALES RETURN

TO BANK

Rectifying Entry-----RATNESH

TO SALES RETURN

30 (B) GP = SALES-COGS = 300000-200000 = 100000

32 (A) (8000-2000) + 6000X18/100X3/12 = 6000+60X4.5 = 6270

33 (C) CB CORRECT

B/D 10000

ASSUMED

BANK

-1870

8130

WRONG

10000 BANK 1780

8220

INCREASE IN BANK BALANCE BY 90(8220-8130)

34 (A) JLP = 100000X4/10 = 40000;rohan=100000*20%=20000

35 (A) 1200-DEP 60+500 = 1640-DEP10/100X6/12 = 1640-82 = 1558

20000

18800 – 1880 = 16920

16920+1558 = 18478(done in class)

36 (C)

37 (D) CRR = FV-NEW ISSUE, 0=9000X10-9XN; 90000/9 = N = 10000

38 (A) CP = 200000X1/4 = 50000

39 (C) 100000X.282012 = 28201

40 (A) 200000/(100-20) = 2500X100 = 250000

41 (B) 15000-1000+2000 = 16000

42 (C) SALES-COGS = GP;110000-1/4X110000 = COGS; = 825000;O/S + PUR-C/S = 82500

200000-C/S = 82500;C/S = 117500

43 (C)

44 400000X5% = 20000-5000 = 15000

45 (C) JV

60000

6000

16000

3000

6000

29000

12000

ALOK

60000


9811860116 Page 57

6000

17400

83400

46 (B) (150000 + 100000 + 500000)X3/10 = 90000

49 (D) (O/S + C/S)/2 = 20000; O/S + C/S = 40000;X+X+4000 = 40000

X= 18000, C/S = 18000+4000 = 22000

50 (B) SALES-GP = 10000-1/5X10000 = 8000

51 (B) COMMISSION = 2/100X150000+X = 3000+X

X = 10/100(15000-(3200+X)-120000);10X = 27000-X;11X = 27000;X = 2454, 3000+2454 = 5454

52 (A) 90000X2/3X3/9 = ANKIT = 20000;90000X1/3X3/9 = ANURAG = 10000

53 (B) 800000/(100-20) = 10000

54 (B)

24000

1500

1500

1/3 GP 9000

36000 SALES

55 (D) 500X6.5X5/100 = 5X5X6.5 = 162.5

56 (B) 75X200 BUT Rei SUED 150;SO, 150X25-150X10 = 2250

57 (D) 100000-20000 = 80000X12/100X2/12 = 1600

58 O/S + PUR + DE –CS = COGS;12000+30000+5000-14000 = COGS = 33000

SALES-COGS = 40000-33000 = 7000/-

MODEL TEST PAPER 4 23 1500000/15 = 100000 2006-1L

2007- 1L

2008-1L

BV 2009 = 1500000-300000 = 1200000; (1200000/300000)/(15-3) = 1500000/12 = 125000 (C)

24 (A) ________________________________________

1/10X = 12500; X = 125000

25 (C) 50000-50000X12/100X3/12

½ 24250

50000-1500 = 48500

½ 24250

26 (A) COGS = 2000- 1/5X2000 = 2000-400 = 1600

27 (D) (42000+39000+45000)X2/3 = 84000

28 (B) CORRECT - TB

SUPPOSE 1000 Purchase Return 1000

WRONG TB

Sales Return 1000

SUB 100

29 10000X2 = 20000

30 (D) NR

R

P

ASH

½

½

2/3X1/2

2/3X1/2

1/3

1/3

1/3

1/3


9811860116 Page 58

31 (C) (120000+10000-5000)/5 = 25000

32 SP =AP-NP = 6000-125/100X400000 = (60000-50000)X2 = 20000

33 (C) 240000-160000 = 80000 BALANCE + ½ = 12000

RATE OF PROFIT = 80000/160000 = ½

34 (A) 18/100X100000-150000 = 3000

35 (D) 30000X1/2 = 15000

36 GP = SR-COGS = 4000000-310000 = 90000

37 (D) (O/S+C/S)/2 = 12000; O/S+C/S = 24000;X+3000+X = 24000; 2X = 21000

X= 10500, C/S = 13500

38 (C) 200000+1/4 = 250000

39 (B) CRR = FV-NEW ISSUE; 300000 = 500000-9XN; 200000/9 = N = 22223 SHARES

40 20000X80/100 = 16000

41 380000/12.5 = 30400, 30400X10 = 304000

42 (C) A =L+C; 500000-100000 = 400000+C

43 (A) OD+1500-100-50-125+400 = 1625

44 (A) 250000+19000 = 269000

45 (C) 35000-700 = 34300-30000 = 4300

46 20000X10X20/100 = 40000/5 = 8000

47 12500X10 = 125000

48 (B)

100X20

200

300

90X22

10X25

BAL

COST = (2000+200+300)/100 = 2500/100 = 25

49 (B) 15000

50 (B) 20000X12/100X2/12 = 400

51 (A) 1/3/09_______________8/8/09_________________7/9+3 = 10/9

______30 DAYS__________

52 (C)

53 (B) (5000X100X20/100)/10 = 10000

55 CRR = 200000-100000 = 100000

57 (WRONG ANSWER) 12500 = X*10/100

X = 125000

75% SOLD________________100000_________________BAL 6250

93750

10 % = 9375 + 25/100X6250 =

58 (B)

45000

13500

5200

28500

85000

7200

59 (A) 100000X12/100 = 12000

60 (B) (1000X8X+925)/(1000-150) = 8925/850 = 10.50

MODEL TEST PAPER 5 18 (C)

P&L

Subscription =1800-400


9811860116 Page 59

B/S

PREPAID 400

19 (C) TRAVELLING CORRECT

PURCHASE 10000-2000

GP 72000

SALES 80000

TRAVELLING WRONG

PURCAHSE 10000

68500

SALES 80000-

1500 = 78500

GP WILL DECREASE BY 3500

21 COST CONCEPT

24 (B) O/D AS PER CASH BOOK;DEDUCTED BY 1500

29 (A) REPAIR + WHITEWASHES, 35000

30 (B) SR

TO RAJESH 5200

SR

TO RAJESH 2500

SUSPENSE 2700

TO RAJESH 2700

31 (C) DEBTOR 4000

TO B/R 4000

WRONG

DEBTOR

TO B/R 400

- B/R SHOULD BE CREDITED BY 3600 33

20000

150000

GP1/4 35000

SALES 140000

C/S 65000

COGS = 140000-35000 = 105000

34 (D) 300000X15/100 = 45000;255000X15/100 = 38250;216750X15/100 = 32512

35 (a)

20000

50000

10000

20000

Rate on cost = 1/(7-1) = 1/6;Cost = 20000+50000+10000-20000

Profit = 60000x1/6 = 10000; Sales = 70000

36 (c)

2l

5000

3000

25000

Sales[ 4/5x(16000 + 32000 + 200000) + 1/5]

Stock 1/5x(200000+5000) = 41000

37 (B)

60000

20000

80000


9811860116 Page 60

38 (C) 3X(30000+150000-20000-5000)/4 = 15000

39 (C)

OR NR

M

N

O

2/3

1/3

3/4X2/3

3/4X1/3

¼

½

¼

1/4

2:1:1

41 (B) Share Capital 50X3

TO SF 5X50

TO Share ALLotment 3X50

42 (D) CRR = 300000-120000 = 180000

43 45000X1/4 = 11250

44 (A) 5000X125X10/100 = 500X125 = 62500

46 (C)

OR NR SR

O

P

¾

¼

5/8

3/8

1/8

-1/8

P

TO O

51 (A) 50000-50000X15/100X2;= 50000-500X30;= 35000

52 (D)

PUR 80000

GP 1/6X60000

SALES 60000

30000

54 CP_____________BY______________SP = 10000 (B)

30000 18000 40000

55 (C)

15000

25000

5000

10000

COGS = 15000+25000+5000-10000 = 35000

56 (C) (40000+5000-5000)/5 = 8000

57 (B) CRR = 50000-25000 = 25000

58 (B) A=L+C, 200000-160000 = 40000

MODEL TEST PAPER 6 Q 23 BAL AS PER PB = 60000+ 20000 = 80000 (D)

Q 26 (B) 4X100 = 400

Q 28 180000 = COGS;GP = ¼ ON SALES = 1/3 ON COST;180000X1/3 = 60000

29 (A) 4/[4(4+1)]/2X(200000-20000); 2/5X180000 = 72000

30 S = C(1-D)^N

24 = 100(1-D)^4;24 = (1-D)^4; 4.24 = 1-D;.70 = 1-D

D = 0.3; (B) 30 %

33 PROVISION

C/D 10000

B/D 4000

BY P&L 6000

BAD DEBT


9811860116 Page 61

TO DEBTORS 6000 BY P&L 6000

12000 (C)

34 TB

15% LOAN 30000

INT 3000

P&L

INT 3000+1500 = 4500

15% OF 30000 = 4500

35 CORRECT

O/S 1L

GP 2L

C/S 3L

WRONG

O/S 110000

175000

C/S 285000

25000 UNDER

36 (A) JV

20000

20000

30000

15000

35000

5000

Y

35000

5000

40000

3000

7500

29500

60000-------8000—PROFIT = 20000-------1/3 ON COST

37 (B) 70000

BAL 10000+1/3 = 13333

39 (C) 20000X5.5X10/100 = 200X5.5 = 1100

42 (A) S1 + G1 = 6000+3000 = 9000

R1 CAPITAL = 9000X5/4X1/5 = 2250

45 (D) AMOUNT RECEIVED = 200-DISCOUNT – FINAL CALL = 200-20-50 = 130

46 (C) SHARE CAPITAL CALLED = 40

47 (C) 60000-4000/2 = 58000 AS ONLY FULLY PAID

49 (A) CRR = 75000-40000 = 35000

50 (A) 1.1.08______________31.3.08____30 SEPT_______31 DEC_______31.3.09

200000 @15% = 30000; AS NOTHING MENTIONED = ANY OCT+NOV+DEC = O/S

30000X3/12 = 7500

53 (60000-12000)/8 = 48000/8 = 61000 (B)


9811860116 Page 62

55 (A) RENT 11000

TO SUSPENSE

57 (D) 300X3/5 = 180

59 (C) 50X500 = 250000 +1/5 5000 = 30000

60 (A)

20000

60000

40000

30000

90000 (A)

MODEL TEST PAPER 7 23 SALARY DR 15000

TO PURCHASES 15000

24 COGS = O/S+PUR+DE-C/S;20000 = 6000+PUR-8000;PURCHASES= 22000 (C)

25 DEBTOR

B/D 15000

166000

BY CASH 160000

BY BAD 14000

7000 C/D

CASH SALES+CREDIT SALES = 20000+166000 = 186000 (D)

26 (A) BANK O/D CB 15000+4000-6000 = 13000

27 (C) BANK BAL PB = 20000-7000+5000 = 18000

31 (B) 40000X1/5 = 8000

34 SALES = 15000+1/3 = 20000

36 29.1.10______________2 MONTH_______29/3 + 3 = 1.4.10 (A)

37 (B) 15X2000 = 30000___________+25%_______ = 37500

31.3.09

40 (B) 50000+5000+ = 55000X25/100 = 13750

41 (D) (15000-0)X3[5(5+1)/2] = 150000X6/(5X6) = 30000

42 (C) 50000/100X10/100 = 5000

CASH 6500

43 (D) 20000

13500/(100-10) = 13500/90 = 150X10 = 1500

44 DEBTORS

B/D 150000

TO CREDIT SALES (50000-15000)

BY CASH 30000

BY RETURNS 3000

BY BAD DEBTS 7000

BY B/R 15000

C/D 130000 (B)

45 IP = 300000+1/4 = 375000 (A)

46 SALE = 80000+1/4 = 100000/-; COMMISSION = 10/100X100000 = 10000 (C)

48 GP = 70000;NP = 70000-12000;= 58000X10/100

= 58000X10/110;= 58000X1/11; = 5272272 (A)

49 C/S = 25000-1/5 5000 = 20000 (B)

50 BALANCE AS PER PB 27400-73000+4447700 = 2100 (C)

51 (B) OD AP PER PB = 450+105-300 = 255

52 GP = SALES – COGS = 70000-24000 = 46000 (C)

53 (C) PAID UP = 50000X100-50000 = 4950000X20/100 = 99000

55 (B) 12/100X170000 = 20400-700 = 1340 (B)


9811860116 Page 63

56

1500

4000

C/D

24500

B/D

30000

(B)

57 10000-2000 = 8000+3000 = 8300 (B)

58 (A) 500000X10/100X1/5 = 10000

59 CR = 1000X(10-9)-1000X(10-6) = 6000-4000 =2000 (C)

MODEL TEST PAPER 8 23 (C) COGS = O/S + PURCHASE – C/S = 10000+30000-5000 = 35000

24 (A) (500000-5000)/9 = 5000 PA (A)

25 P&L

RENT 10000

SALARIES 8000

NP 64000(D)

GP 70000

APP PREMIUM 12000

27 COGS = O/S + PURCHASE – C/S

SALES-GP = COGS;160000-1/5 160000 = 148000

148000 = 200000-C/S; C/S = 52000

28 CASH DR

TO BAD DEBTS RECOVERED-----------NIL (D)

29 DRAWING DR

TO PETTY CASH 20000 (C)

30 (D) REPAIR NIL AS AMOUNT WILL BE CAPITALISED

31 (B)

50000

C/D 250000

200000 B/D

100000 PROFIT

32 (D)

100000

20000

120000

6 4

70 70

12000 800

33 (C) CP = 20000+20%X20000; = 24000-10% = 21600

34 (5/100+5/100)X100X10000/100 = 1000

35 (B)

OR SR NR

X

Y

Z

7/10

3/10

1/7X7/10

1/3X3/10

6/10

2/10

1/10+1/10

6:2: = 3:1:1

36 CP = 40000+1/4X40000 = 50000

37 COMMISSION = 2/100 X INVOICE + X;= 2/100X16000+ X

= 320 + X = 320+160 = 480 (D); X = 10/100(17600-16000) = 10/100(1600) = 160

39 200000-1/3X200000 = 133333 (C)

40 (D) CP = 45000+1/3X45000 = 60000


9811860116 Page 64

41 (B)

2500

DRAWINGS 10000

IO 300

C/D 13450

15000 B/D

1500 NP

750 IOC

42 (C) 150000 = 20000+PUR-40000; PUR = 170000

43

OR SR NR

M

S

SHYAM

5/8

3/8

1/10

1/10

42/80

22/80

1/5

42:22:16 = 21:11:8

44 (D) 15/100(500000-20000); 480000X15/100 = 72000

48 (150000-20000)/10 = 13000 (A)

51 (D) 60000 AS INSURANCE CLAIM CAN NOT EXCEED INSURED VALUE

53 (B) 8000 = 2500+PUR+1000-3000; 7500 = PUR (B)

54 80000 = PUR-C/S(30000);PUR 110000; SALES-COGS = 160000-80000 = 80000 (C)

56 (D) (80000-12000)X30/100 = 20400

57

OR SR NR

RAM

RANIM

RAHMAN

4/7

3/7

1/7

4/7

2/7

1/7

4:2:1 (B)

58 8/100X100 = 8(A)

59 P&L

SALARY 72000

O/S 72000/9X3 =

24000

B/S

24000 (C)

MODEL TEST PAPER-9 23 (B) CASH SALES+CREDIT SALES = 70000+193000 = 263000

B/D 30000

193000

TO CREDIT SALES

200000 BY CASH

7000 BY BAD DEBT

C/D 16000

25 (B) JV

52500

17500

60000

10000

26 (C)

OR SR NR

K

L

½

½

1/4X1/2

1/4X1/2

3/8

3/8


9811860116 Page 65

M 1/4

3:3:2

27

OR GR NR

X

Y

Z

4/9

3/9

2/9

13/72

X

11/72

5/8

3/8

13:11 (C)

28 (60000-10000)/8 = 6250

RATE = 6250/60000X100 = 10.416% (A)

31

OR SR NR

R

S

M

SOHAN

4/9

3/9

2/9

1/3X4/9

1/3X3/9

1/3X2/9

4/27:3/27:2/27 = 4:3:2 (B)

32 (B)

OR SR NE

Y

Z

X

3/5

2/5

1/10

1/10

5/10

3/10

2/10

1:1

34 (D)

OR NR SR

M

N

O

1/3

1/3

1/3

1/3X3/5

1/3X2/5

3/15:2/15 = 3:2

35 GW = 1.5X(30000+20000+20000-5000-5000-3000-2000)/6 = 1.5X10000 = 15000 (B)

36 CASH

TO X 100000

TO SALES 50000

TO DRS 350000

C/D 500000 (C)

TO SALES 450000 BY CASH 35000

C/D 10000

37 CHAIR __________OUT

-------------- NEW

10000 – 2000 = 8000 (C)

30000X20/100 = 5000 PROFIT


9811860116 Page 66

CP = 125000(A)

41 10000/4 = 2500

43 (C) CAPITAL A/C

TO CASH 5000

C/D 25000

B/D 20000

BY CASH 6000

4000 PROFIT (C)

44 DUE DATE---------FACE VALUE OF BILL = 100000X1/2 = 50000 (D)

49 5000X10/100X6/12 = 250 (C)

51 10/100X70000 = 7000-3500 = O/S 3500(A)

52 _______1.10.08_______31.3.09_________31.3.10

40000 38000 BY 34000 BY SOLD FOR 36000

PROFIT 36000-34000 = 200 (D)

53 TRADING A/C

100000-9000

61000 (B)

160000-8000 = 152000

54 (D) 3X(10000+15000+20000+15000)/4; 3X15000 = 45000

60 5000X6.5X20/100 = 1000X6.5 = 6500 (C)

59 30000+25/(100-25)X30000 = 40000 (D)

MODEL TEST PAPER 10 23 10000X12/100X(90-36)/360 = 180 (C)

26 DEBTOR

TO CREDIT 100000-20000 BY CASH 50000 (B)

C/D 30000

27 150000 = 60000+PUR-40000; PURCHASES = 130000 (A)

29 3/10X(50000+100000+150000); 300000X3/10 = 90000 (A)

30 (500000-50000)/15 = 30000;RATE = 300000/500000X100 = 6%

31 (C) (10%+5%)X20000 = 3000 (C)

32 (20000-6500)/(100-10) = 13500/90X10/100X100 = 1500

150X100X10/100 = 1500 (B)

35 600000X12/100 = 72000 (B)

36 10/100X10000X100 = 100000 (C)

38 SHARE CAPITAL ALWAYS BY CALled SO, BY 18 (B)

39 (C) SALARY DR 560000

TO CASH 500000

TO TAX 50000

TO PROFESIONAL TAX 10000

40 (B)

OR NR

RAM

MOHAN

SOHAN

½

½

2/3X1/2

2/3X1/2

1/3

1/3

1/3

1/3

1:1:1

41 (D)

OR GR NR

A

B

5/12

4/12

3/10X4/7

3/10X4/7

5/12+12/70 =

(350+144)/840


9811860116 Page 67

C

3/12 (280+144)/840

494:424 = 47:37 (D)

42 (A) SALES-COGS; 60000-45000 = 15000 (A)

43 (A) 1.1.07_(I)___20000___(II)___16000____(III)____12800____________

100000 80000 64000 31000

LOSS = 100000(20000+16000+12800+31000)

= 100000-79800 = 20200 (A)

44 (A) 24000X20/(100+20) = 4000 (A)

46

OR NR SR

M

N

O

D

3/6

2/6

1/6

5/12

4/12

2/12

1/12

1/12

0

X

X (C)

47 SHARE FORFEITED ALWAYS WITH PAID UP AMOUNT = 100X7 = 700 (C)

48 15/100 (100000-10000) = 13500 (B)

49 900000/(100+25) = 900000/125 = 7200SHARE (A)\

55 (B) COGS = O/S+PUR-C/S; SALES-GP = COGS

160000-1/5X160000 = X+200000-C/S; C/S = 72000 (B)

58 SALES-GP = COGS;21000-40/140X21000 = COGS;21000-6000 = 15000 (B)

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CPT-MODEL TEST PAPER SOLUTIONS VOL I &VOL II BY …capankajgoel.com/Download/Study_Material/910063111-MTP SOLUTIO… · cpt-model test paper solutions vol i &vol ii by pankaj sir