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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Sales 8,00,000
Excess of closing stock over opening stock 80,000
Plant & Machinery 3,40,000
Rent received 1,10,000
Purchases 5,70,000
Sales commission paid 24,000
Additional information:
? Rent received in advance amounted to Rs.5,000.
? A credit purchase of Rs.30,000 was wrongly recorded in sales day book as Rs.1,02,000.
? The company has the practice of depreciating the Plant and Machinery at the rate of 15% per
annum on straight line method. The original cost of the Plant and Machinery was Rs.4,00,000.
? Sales commission was paid only to the extent of 2 thirds of the amount payable.
The net profit of the company for the period ended March 31, 2008 was
(a) Rs.2,59,000
(b) Rs.2,57,000
(c) Rs.1,87,000
(d) Rs.2,38,000
(e) Rs.2,69,000. (2marks)
Page seven of 30
27.Which of the subsequent is a liability of a firm?
(a) Debit balance of discount column of cash book
(b) Credit balance of bank pass book
(c) Debit balance of bank column of cash book
(d) Debit balance of cash column of cash book
(e) Credit balance of bank column of cash book. (1 mark)
28.The closing balance of Sundry Creditors’ of a firm is Rs.11,37,500. The opening balance of Reserve for
Discount receivable account of the firm is Rs.15,400 and discount received during the year is Rs.11,200.
If the company wants to keep its Reserve for Discount receivable @ 2% of Sundry Creditors, then the
amount credited to Profit and Loss account should be
(a) Rs.11,550
(b) Rs.15,000
(c) Rs.26,950
(d) Rs.18,550
(e) Rs.33,950. (2marks)
29.A trader who does not keep a complete set of books of accounts furnished the subsequent data as on March
31, 2008:
Particulars Rs.
Total of assets 7,10,000
Sundry creditors 90,000
Outstanding expenses 15,000
He had started his business on July 01, 2007. During the year, he had introduced further capital of
Rs.60,000 and made drawings of Rs.15,000 on the last day of every month. The opening capital was
(a) Rs.6,80,000
(b) Rs.5,30,000
(c) Rs.6,65,000
(d) Rs.5,45,000
(e) Rs.6,05,000. (1 mark)
30.The journal entry to record interest on drawings is
(a) Bank account Dr.
| Earning: Approval pending. |
