Institute of Chartered Financial Analysts of India (ICFAI) University 2007 Certification Finance Financial Accounting (CFA510):2009 - Question Paper
Monday, 17 June 2013 10:55Web
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(a) Supplier’s account Dr. 270
To Purchases account 270
(b) Purchases account Dr. 5,283
Sales account Dr. 3,528
To Suspense account 8,811
(c) Purchases account Dr. 5,283
Sales account Dr. 3,528
To Supplier’s account 270
To Suspense account 8,541
(d) Purchases account Dr. 5,283
Sales account Dr. 3,528
To Supplier’s account 1,485
To Suspense account 7,326
(e) Purchases account Dr. 5,283
Sales account Dr. 3,528
To Supplier’s account 1,755
To Suspense account 7,056. (2marks)
15.Which of the subsequent statements is false?
(a) An fault in casting the subsidiary books is an fault of commission
(b) An fault in wrong casting of the sales day book will not affect the personal accounts of debtors
(c) Mistake in transferring the balance of an account to the trial balance will not affect the
agreement of the trial balance
(d) The mistake of treating a liability as an income or vice versa will not affect the agreement of a
trial balance
(e) The mistake of treating rent expense as salary will not affect the agreement of a trial balance. (1 mark)
16.A trader purchased goods worth Rs.50,000 and paid Rs.1,000 as carriage for bringing them to his
premises. He sold the goods for Rs.65,000 and incurred Rs.1,000 as free-delivery expenses. He also
incurred Rs.9,000 towards other business expenditure. The gross profit of the trader is
(a) Rs.15,000
(b) Rs. 6,000
(c) Rs.14,000
(d) Rs.13,000
(e) Rs. 4,000. (1 mark)
17.Which of the subsequent shows the accurate effect on the net profit after rectification of the under
mentioned errors?
(a) A credit sale wrongly passed through purchase book – reduces the net profit
(b) Cartage for the newly purchased furniture wrongly posted to cartage a/c – reduces the net
profit
(c) Goods sold for Rs.500 entered in the sales book as Rs.5,000 – increases the net profit
(d) Last year’s salary advance not carried forward to this year – reduces the net profit
(e) Return outward wrongly entered in return inward book – reduces the net profit. (1 mark)
18.Which of the subsequent transactions is recorded in the wrong subsidiary book?
(a) Goods purchased on credit - Purchase Book
| Earning: Approval pending. |
