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T Ltd. has issued 14% debentures of Rs. 20,00,000 at a d iscount of 10% on April 01,
2013 and the company pays interest half-yearly on June 30, and December 31 every
year. On March 31, 2015, the amount shown under interest accrued but not due in the
Balance Sheet will be
(a) Rs. 70,000
(b) Rs. 2,10,000
(c) Rs. 1,40,000
(d) Rs. 2,80,000
2.
The profits of last three years are Rs. 84,000, Rs. 78,000 and Rs. 90,000. Find out the
goodwill at two years purchase.
(a) Rs. 84,000
(b) Rs. 1,68,000
(c) Rs. 2,52,000
(d) Rs. 72,000
3.
Goods purchased from A for Rs. 2000 passed through the sales book. The rectification of
this error will result in
(a) Decrease in Gross profit
(b) No effect on Gross profit
(c) Increase in Gross profit
(d) Increase in Sundry debtors
4.
5.
Sona of Kanpur sent 400 chairs @ Rs. 300 per chair to Tom of Delhi. Sona paid freight of
Rs. 1,000 and Rs. 400 as insurance in transit. Tom paid Rs. 200 as cartage and Rs. 600
as godown rent. At the end of the year, 300 chairs were sold. The selling price of each
chair in Delhi was Rs. 350. Value of stock unsold will be
(a) Rs. 30,000
(b) Rs. 30,400
(c) Rs. 32,000
(d) None of the three.
6.
7.
The plant and machinery account of a firm had a debit balance of Rs. 4,37,400 on
January 1, 2015. It was purchased on January 1, 2 012. Firm has been following the
practice of charging full years depreciation every year @ 10% on diminishing balance.
The cost of machinery in 2012 will be:
(a) Rs. 6,00,000
(b) Rs. 6,75,000
(c) Rs. 5,70,000
(d) Rs. 7,50,000.
8.
F Ltd. purchased Machinery from G Company for a book value of Rs. 4,00,000. The
consideration was paid by issue of 10% debentures of Rs. 100 each at a premium of
25%. The debenture account was credited with_____________.
(a) Rs. 4,00,000
(b) Rs. 5,00,000
(c) Rs. 3,20,000
(d) Rs. 4,80,000
9.
10. Aditya and Nidhi entered into a joint venture and agreed to share profits and losses in the
ratio of 3:2. A Joint Bank A/c was opened wherein Aditya contributed Rs. 1,25,000 and
Nidhi contributed Rs. 50,000. Their transactions were as follows:
Rs.
Material Purchased
Wages paid
Administrative expenses paid by Nidhi
Selling expenses
Expenses paid by Aditya
Sales
1,62,500
15,000
7,500
15,425
4,075
2,80,000
Remaining stock was taken by Aditya for Rs. 15,500. Joint venture profit will be
(a) Rs. 90,000
(b) Rs. 91,000
(c) Rs. 87,500
(d) Rs. 91,250.
11. Consider the following information pertaining to E Ltd.
On September 4, 2014, the company issued 12,000 7% Debentures having a face value
of Rs. 100 each at a discount of 2.5%. On September 12, the company issued 25,000,
8% Preference Shares of Rs. 100 each. On September 29, the company redeemed
30,000, 6% Preference shares of Rs. 100 each at a premium of 5% together with one
month dividend thereon. Bank balance as on August 31, 2014 was Rs. 29,25,000.
After effecting the above transactions, the Bank balance as on September 30, 2014=?
(a) Rs. 33,15,000
(b) Rs. 33,30,000
(c) Rs. 33,45,000
(d) Rs. 34,30,000
12. On 1st January, 2014, Vimal sold goods worth Rs.20,000 to Renu and drew a bill on Renu for
3 months. Renu accepted the bill and returned it to Vimal who discounted the bill with bank on
4th February, 2014 @ 15% per annum. The discounting charges will be:
(a) Rs. 3,000
(b) Rs. 750
(c) According to Table F, interest on calls-in-advance is paid at the rate of 12% p.a.
(d) Payment of interest on calls-in-advance is at the discretion of the company.
22. A started business with Rs.20,000 cash and Rs.11,000 stock. Cash sales & cash purchases
were Rs.10,000 & Rs. 5,000. Total sales and purchases amounted to Rs. 70,000 & Rs.
50,000. Outstanding creditors were Rs.15,000 and Debtors Rs. 25,000. Expenses paid
Rs.17,000. Machine was purchased for Rs. 10,000 out of which Rs.8000 has been paid. Cash
in hand at the end of the year was Rs. 5,000. Total of Trial Balance at the end of the
year will be
(a) Rs. 1,18,000
(b) Rs. 1,20,000
(c) Rs. 1,25,000
(d) Rs. 1,40,000
23. Kaju and Pista entered into partnership on April 1, 2 014. They invested capital Rs.
30,000 and Rs. 20,000 respectively. It was agreed that 8% p.a. interest will be calculated
both on capital and drawings. Drawings were made as follows:
Kaju
Pista
June 30
1,200
1,600
September 30
1,000
1,400
December 31
800
1,200
25. If a purchase return of Rs.1,000 has been wrongly posted to the debit of the sales returns
account, but has been correctly entered in the suppliers account, the total of the
(a) trial balance would show the debit side to be Rs.1,000 more than the credit
(b) trial balance would show the credit side to be Rs.1,000 more than the debit
(c) the debit side of the trial balance will be Rs.2,000 more than the credit side
(d) the credit side of the trial balance will be Rs.2,000 more than the debit side
26. The purpose of accommodation bill is
(a) To finance actual purchase or sale of goods
(b) To facilitate trade transmission
(c) To provide funds to both the needed parties.
(d) None of the three.
27. Gaurav has to pay Rs. 10,000 to Saurabh on account of Bill accepted by him for
credit purchases. Due to financial crisis, Gaurav was unable to pay the bill and was
declared insolvent and his estate realized only 30 paisa in a rupee. The amount to be
debited to bad debts account of Saurabh will be
(a) Rs. 3,000
(b) Rs. 7,000
(c) Rs. 10,000
(d) Rs. None of the above
28. Capital reserves are credited out of
(a) Balance in profit and loss account
(b) Capital profits
(c) Reserve profits
(d) Provisions
29. A, B and C are the partners sharing profits and losses in the ratio of 5:3:2, took a joint life
policy of Rs. 30,000. On the death of B what amount will be payable to each partner?
(a) A Rs. 22,000 and B Rs. 8,000
(b) A Rs. 14,000 and B Rs. 16,000
(c) A Rs. 15,000, B Rs. 9,000 and C Rs. 6,000
(d) A Rs. 10,000, B Rs. 8,000 and C Rs. 10,000
30. Consider the following for Alpha Co. for the year 2014-15:
Cost of goods available for sale
Rs.1,00,000
Total sales
Rs. 80,000
Rs. 20,000
25%
Rs. 8,00,000
15%
Rs. 12,00,000
80,000
Purchases
1,60,000
Sales
2,00,000
It is noticed that goods worth Rs. 30,000 were destroyed due to fire. Against this, the
insurance company accepted a claim of Rs. 20,000. The company sells goods at cost
plus 331/3 %. The value of closing inventory, after taking into account the above
transaction
(a) Rs. 10,000
(b) Rs. 30,000
(c) Rs. 1,00,000
(d) Rs. 60,000
34. X sent out certain goods to Y of Delhi. 1/10 of the goods were lost in transit. Invoice
value of goods lost Rs. 12,500. Invoice value of goods sent out on consignment will be:
(a) Rs. 1,20,000
(b) Rs. 1,40,000
(c) Rs. 1,25,000
(d) Rs. 1,00,000
35. Somesh and Ramesh are equal partners.Their capitals are Rs.40,000 and Rs.80,000
respectively. The profits for the year before charging interest on capital was Rs.6,000.
The accounts of the year were closed before providing interest @ 5% per annum as per
partnership agreement. To rectify this mistake they decided to pass an adjustment entry
between the partners. Therefore, Someshs account needs to be debited by
(a) Rs. 2,000
(b) Rs. 1,000
(c) nil
(d) none of the above
36. Original cost = Rs. 1,26,000. Salvage value = 6,000. Useful Life = 6 years. Annual
depreciation under SLM will be
(a) Rs.21,000
(b) Rs.20,000
(c) Rs.15,000
(d) Rs.14,000
37. A new firm commenced business on 1st January, 2014 and purchased goods costing Rs.
90,000 during the year. A sum of Rs. 6,000 was spent on freight inwards. At the end of
the year the cost of goods still unsold was Rs.12,000. Sales during the year Rs.1,20,000.
What is the gross profit earned by the firm?
(a) Rs. 36,000
(b) Rs. 30,000
(c)
Rs. 42,000
(c) Cost
(d) Periodicity
52. When preparing a Bank Reconciliation Statement if you start with balance as per Pass
Book, then cheques paid by bank recorded twice in Pass Book Rs. 1050 will be
(a) Added
(b) Deducted
(c) Not required to be adjusted
(d) None of the three
53. At the time of forfeiture of shares which were originally issued at a premium (which was
not received) the accounting entry involves_____________________.
I. A debit to Share Capital account with the called-up value of shares forfeited
II.
A credit to Share forfeiture account with the amount received on forfeited shares
III. A Debit to Securities Premium with the amount of premium on forfeited shares
IV. A credit to Calls-in-arrears with the amount due but not paid on forfeited shares
(a) Both (I) and (IV) above
(b) Both (IV) and (III) above
(c) Both (I) and (II) above
(d) (I), (II), (III) and (IV) above
54. Loan A/c credit balance on Dec. 31, 2014
Loan paid on June 30, 2014
Rs. 45,000
Rs. 12,000
Rs. 15,000
56
X Ltd. purchased the business of Y Ltd. for Rs. 99,000 payable in fully paid shares of Rs. 10
each at a premium of 10%. No. of shares given to vendors will be
(a) 9,000 shares
(b) 8,000 shares
(c) 7,000 shares
(d) 10,000 shares.
57. Bill payable discounted in cash by creditor. This transaction will be recorded in
(a) Journal
(b) Ledger
(c) Bank book
(d) No entry required to be made
58. Net profit before charging managers commission is Rs. 12,000 and the manager is to be
allowed a commission of 20% on the profit after charging such commission. Commission
amount will be
(a) Rs. 2,000
(b) Rs. 2,400
(c) Rs. 2222.22
(d) None of the above.
59. On 1st January 2014, Loose Tools A/c showed the balance of Rs. 8,640. On 31st
December 2014 closing balance of loose tools were Rs. 9,360. During the year loose
tools were purchased for Rs. 2,880. Depreciation on loose tools will be
(a) Rs. 2,160
(b) Rs. 2,400
(c) Rs. 2,000
(d) None of the three.
60. The total of Discount allowed column in the Cash book for the month of July, 2014
amounting to Rs. 20,000 was not posted. Rectifying entry for the same will be
(a) Discount A/c Dr. Rs. 20,000 To Suspense A/c Rs. 20,000
(b) Suspense A/c Dr. Rs. 20,000 To Discount A/c Rs. 20,000
(c) Customer A/c Dr. Rs. 20,000 To Discount A/c Rs. 20,000
(d) None of the above.
(d). Voidable
67. For a contingent contract the event must be(a). Certain
(b). Uncertain
(c). Uncertain and collateral
(d). Independent
68. Quasi contracts are(a). Not contracts in the real sense of words
(b). Relations which create certain obligations resembling those created by a contract
(c). Implied contracts
(d). Unenforceable contracts
69. If neither the debtor nor the creditor appropriates the payment, the payment will be
appropriated(a). As per desire of the promisor
(b). As per the desire of the promise
(c). In order of time
(d). None of the above
70. In case of remote and indirect loss or damage sustained by reason of breach of contract,
the aggrieved party is entitled to(a). Ordinary damages
(b). Special damages
(c). No damages
(d). Exemplary damages
71. A stipulation for increased interest from the date of default is known as(a). Compensation
(b). Penalty
(c). Liquidated damages
(d). Damage
72. Damages awarded with a view to punish the party who commits the breach of contract
are known as(a). Liquidated damages
The agent
86. When the goods have been sold on credit and the credit period-------lien can be
exercised(a). has not expired
(b). has expired
(c). has not been extended
(d). has been extended
87. In pretended bidding, sale is(a). Voidable at the option of the seller
(b). Valid
(c). Voidable at the option of the buyer
(d). Illegal
88. A club is the form of:
(a) Association not for profit
(b) Partnership
(c) Sole proprietorship
(d) Company
89. The ceiling on maximum number of partners in a firm is laid down in(a) The Indian Partnership Act, 1932
(b) The Indian Contract Act, 1872
(c) Central Government notification
(d) The Companies Act, 2013
90. For which of the following purpose is partnership is formed(a) political purpose
(b). 0.6
(c). 0.66
(d). - 0.66
107. The price of fresh chicken increases and people buy frozen chicken. You infer that fresh
chicken and frozen chicken are
(a). normal goods
(b). complements
(c). substitutes
(d). inferior goods
108. Find Average fixed Cost of 5 units from the following data:
Output (units):
120
165
204
240
270
305
345
(a). Rs.61
(b). Rs.24
(c). Rs. 120
(d). Rs. 30
109. The economic system in which all the means of production are owned and controlled by
private individuals for profit is called
(a). socialism
(b). mixed economy
(c). communism
(d). capitalism
110. A graph that shows different rates of production of two goods that an individual or group
can efficiently produce with limited productive resources is called:
(a). demand curve
(b). supply curve
(c). transformation curve
(d). indifference curve
111. Which of the following curve cannot have u-shape?
(a). Average cost curve
(b). Average variable cost curve
117. A firm has average variable cost of Rs. 125 at 5 units of output. If fixed costs are Rs.
400, what will be the average total cost at 5 units of output?
(a). Rs 205.
(b). Rs 525
(c). Rs 25
(d). Rs 80
118. When a perfectly competitive firm makes a decision to shut down, it is most likely that:
(a). price is below the minimum of average variable cost.
(b). fixed costs exceed variable costs.
(c). average fixed costs are rising.
(d). marginal cost is above average variable cost.
119. You find that in a market there are 5 producers selling similar products. They advertise
vigorously to promote their products. You conclude that the market is:
(a). Perfectly competitive
(b). Monopolistically competitive
(c). Oligopolistically competitive
(d). Monopolist
120. Increasing marginal returns for the first four units of a variable input is exhibited by the
total product sequence:
(a). 50,50,50,50
(b). 50,110,180,260
(c). 50, 100, 150, 200
(d). 50, 90, 120, 140
121. Suppose a firm is producing a level of output such that MR > MC. What should be firm do
to maximize its profits?
(a). The firm should do nothing.
(b). The firm should hire less labour.
(c). The firm should increase output.
(d). The firm should decrease output.
122. A market and all its firms are earning normal profits in the long run and the output is
being produced most efficiently and there is no excess capacity in the market. We may
say that the market is -------.
(c). 63%
(d). Insufficient data
140. In which of the following FDI is prohibited in India?
(a). Insurance.
(b). Banking.
(c). Defence.
(d). Nidhi company.
141. Which of the following statements is correct?
(a). Indias population is the second largest in the world.
(b). The per capita income of India is one of the highest in the world.
(c). There is no sector now in India in which FDI is prohibited.
(d). India imposed quantitative restrictions on almost all the trade items as part of the
economic reforms.
142. When the government tries to meet the gap between public expenditure and public
revenue through borrowing from the banking system, it is called:
(a). a . deficit financing.
(b). b. debt financing.
(c). c. bank financing.
(d). d. credit financing.
143. At present, 100 per cent FDI is allowed in
(a). a . defence.
(b). b. Gambling.
(c). c. banks.
(d). d. None of the above.
144. Which of the following is the watchdog of international trade?
(a). IMF
(b). World Bank
(c). USA
(d). WTO
145. Obtaining of industrial license is compulsory for all of the below sectors except:
(a). Clothes.
(b)
2/3, 2
(c) 2, 2/3
(d) 2, 2/3
157. If f(x) = x2+2, then the given function is
(a) odd function
(b) even function
(c) Neither odd nor even function
(d) None of these
158. "Is greater than" over the set of real number s is
(a) Transitive relation
(b) Symmetric relation
(c) Reflexive relation
(d) Equivalence relation
159. A sum of money placed at compound interest double itself in 3 years. In how many years
will it amount to four times itself?
(a) 5 years
(b) 6 years
(c) 8 years
(d) 7 years
160. The 4 arithmetic means between 2 and 23 are
(a) 3, 13, 8, 18
(b) 18, 3, 8, 13
(c) 3, 8, 13, 18
(d) None of these.
161. A person has 8 friends. The number of ways in which he may invite one or more of them
to a dinner are
(a) 250
(b) 255
(c) 200
(d) 254
162. If
18
(a) 0
(b) -2
(c) 8
(d) none of the above
163. Find f o g for the functions f (x) = x8, g(x) = 2x2+1
(a) x8 (2x2+1)
(b) x8
(c) 2x2+1
(d) (2x2+1)8
164. In how many different ways 3 l etters can be f ormed using the letters of the word
SPECIAL?
(a) 210
(b) 6
(c) 840
(d) 450
2
7
165. For what values of x, the number , x , are in G.P.?
7
2
(a) + 1
(b) + 3
(c) + 2
(d) none of these
166. Evaluate Lim
xa
( x + 2) 5 / 3 (a + 2) 5 / 3
is
xa
(a) 5/2(a+2)2/3
(b) 5/3(a+2)2/3
(c) 5/3(a+2)3/2
(d) none of these
ux + v x + w x 3
is is equal to
x
167. Lim
x 0
(a) 3uvw
(b) 1/3(u+v+w)
(c) loge(uvw)
(d) 0
168. The slope of the tangent to the curve y= x 2-x at the point where the line y= 2 cuts the
curve in the 1st quadrant is
(a) 3
(b) 4
(c) 1/3
(d) 1/4
169. The derivative of
logex
x 2
x +2
at x=1 is
(a) 1
(b) 1/4
(c) 0
(d) 1/2
170.
logx
dx =?
x
x2
+k
2
(a)
(logx)2-
(b)
(l og x )2
+k
2
(c) (logx)2 + c
(d) log(logx)-logx+k
171.
x.e dx =
x
(a) 0
(b) 1
(c) -1
(d) e
172.
xe x
(1+x)2 dx=
(a) xex+k
(b)
ex
+k
1+x
(c)
xe x
+k
1+x
(d)
-e x
+k
1+x
173. The equation of the curve passing through (1,3) and having the slope 4x-3 at any point
(x,y)
(a) y =2x2-3x+1
(b) y =2x2-3x+4
(c) y =x2-x+1
(d) y=2x2+3x+2
174.
[ f(x)+f(-x)]dx is
0
(a) 0
a
(b) 2 f ( x )dx
0
(c) a
(d)
f ( x )dx
175.
x
x+ 2-x
dx =
(a) 0
(b) 2
(c)
(d)
1/2
7
the odds against solving a problem
12
(a) 5:7
(b) 4:7
(c) 5:8
(d) 4:5
178. The critical value of test statistic Z at 5% level of significance for one tailed test is __
(a) 1.96
(b) 2.85
(c) 2.33
(d) 1.645
179. When p = 0.5, the
(a) Asymmetrical.
(b) Symmetrical.
(c) Both of above.
(d) None of above
180. Equations of two lines of regression are 4x+3y+7 = 0 and 3x+ 4y + 8 = 0, the mean of x
and y are
(a) 5/7 and 6/7
(b) 4/7 and 11/7
(c) 2 and 4
(d) None of these
181. Correlation Co-efficient is _______ of the units of measurements
(a) Independent
(b) Dependent
(c) Both
(d) none of these
182. In a normal distribution skewness is ___
(a) 0
(b) >3
(c) <3
(d) <1
183. If mean and standard deviation of a binomial distribution is 10 and 3 respectively; q will
be ___
(a) 0.3
(b) 0.33
(c) 30
(d) 0.9
184. Which one is not a condition of Poisson model
(a) the probability of having failures in a small time interval is constant
(b) the probability of having success more than one in a small time interval is very small
(c) the probability of having success in this time interval is independent of time t as
well as earlier success
(d) the probability of having success in a small time interval (t, t+td) is Kt for a positive
constant k.
185. For any two numbers Standard Deviation is always
(a) Twice the range.
(b) Half of the range
(c) Square of the range.
(d) Constant
186. The third decile for the numbers 15, 10, 20, 25, 18, 11, 9, 12 is
(a) 13
(b) 10.70
(c) 11
(d) 11.50
187. Stub of a table is the _________ part of the table describing the _________.
(a) Left, Columns
(b) Right, Columns
(c) Right, Rows
(d) Left, Rows
188. If with rise of 10% in prices the wages are increased by 20%. Find the percentage of real
wage increase
(a) 109.29%
(b) 9.09%
(c) 9.29%
(d) none of these
189. A price relative is
(a) Another name for the base year
(b) Another name for a Laspeyres index
(c) Another name for a Passches indeed
(d) The ratio of the price in the current year to the price in the base year
190. If two letters are taken at random from the word HOME, what is the Probability that none
of the letters would be vowels?
(a) 1/6
(b) 1/2
(c) 1/3
(d)
191. The number of possible samples of size n out of N population units without replacement
is
(a) NCn
(b) (N)n
(c) N2
(d) n !
192. Finite population correction is
(a)
(N n)
(N 1)
(b)
(N 1)
(N n)
(c)
(N n)
(n 1)
2
respectively, the value of ab would be
3
(a) 5
(b) 6
(c) 11
(d) 3
198. The correlation coefficient between x and y is 0.8, the correlation coefficient between u
and v are 2u+x+4=0 and 4v+16x+11=0
(a) r = 0.8
(b) r = -0.8
(c) r = 0
(d) r = +1
199. What is the coefficient of variation of x, characterized by the following probability density
- ( x-10 )
1
e
function f(x)=
4 2
32
(a) 50
(b) 60
(c) 40
(d) 30
200. If the mean deviation of a normal variable is 16, what is the Quartile Deviation?
(a) 10.00
(b) 13.50
(c) 15.00
(d) 12.05