CPT Mock Test – 3rd
Test Booklet No. – 110018
(1)
Date: - 05.10.2015
Ans. a
Explanation:
Cost =
(+) Invoice Price
(-) Trade Discount @ 5%
Duration : 2 Hours
Total Marks : 100
1000
100
1100
(55)
1045
(2)
Ans. b
Explanation:
Cost of goods sold = OP. Stock + purchases + direct expenses – Closing Stock.
15,00,000 = 6,00,000 + Purchases + 0 – 400000
Purchases = 13,00,000
(3)
Ans. b
Explanation:
Manager Commission:
Total Profit ×
Rate of Commission
5
 1000
= 20000 
100
100
(4)
Ans. d
Explanation:
Fixed Assets is a depreciable assets hence depreciation can be deducted from fixed
Assets.
(5)
Ans. c
Explanation:
Net opetating profit computed as follows:Sale
= 120000
Less: Cost of Sales
= 90000
= 30,000
Less: Operating Exp.
= 20,000
Net Operating Profit
= 10,000
(6)
Ans. b
Explanation:
Profit on sales = 80000 – 60000 = 20000
% profit on cost =
20000
1
 100  33 %
60000
3
Cost of remaining stock = 70000-60000 = 10000
Sales value of remaining stock
= 10000+ 33
(7)
1
%of 10000  13333
3
Ans. d
Explanation:
Stock Reserve Account is not opened in joint venture this A/c open in consignment
A/c
MITTAL COMMERCE CLASSES
1|Page
(8)
Ans. d
Explanation:
Goods Takes away by X then purchase account is debited.
(9)
Ans. a
Explanation:
If the expenses of joint venture are paid by a co-venture then joint venture A/c is
debited
(10)
Ans. a
Explanation:
Under memorandum joint venture method each partly opens only own A/c that is coventure A/c Nature of A/c is personal.
(11)
Ans. c
Explanation:
In the absence of partnership deed profit and losses share equally according to
partnership act.
(12)
Ans. a
Explanation:
On admission if there is any un recorded investment and un recorded liability will be
recorded in revaluation A./c
(13)
Ans. a
Explanation:
Goodwill =
Average Profit  Bu sin ess Purchases Year
= 34000  3 = 102000
Avg Profit
40, 000  (20, 000)  10, 000  60, 000  80, 000
 34000
5
(14)
Ans. a
Explanation:
Goodwill = Capitalised value of Average profit – Capitalised value of normal profit
= 720000–570000 = 150000
Capitalised value of normal profit = 970000-400000 = 570000
(15)
Ans. b
Explanation:
160000  120000  100000  80000  20000
 88000
5
Goodwill  88000  3  264000
Average profit
(16)

Ans. a
Explanation:
C’s Share =
1
th
4
Remaining Share
MITTAL COMMERCE CLASSES
3
th will be shared by A&B in OPSR
4
2|Page
3 3 9
 
4 4 16
3 1 3
B’ S Share =  
4 4 16
A’s Share =
C’s Share =
1
1 4 4
 base effect =  
4
4 4 16
NPSR = 9 : 3 : 4
(17)
Ans. b
Explanation:
Normal Profit = 1000000 × 15 % = 150000 Rs.
Super Profit = Avg. Profit – Normal Profit
= 200000 – 150000 = 50000
Goodwill = 50,000 × 3 = 150000 Rs.
(18)
Ans. c
Explanation:
VIJAY’S ANNUITY SUSPENSE ACCOUNT
Date
Particular
Amount
Date
Particular
31.3.2011
To Bank
10000
1.4.2010
By Balance B/d
31.3.2011
By Interest 12%
_____
By P & L (B/f)
10000
So P & L A/c Debited and Vijay’s annuity suspense account will be credited.
(19)
Ans. d
Explanation:
All of the above
(20)
Ans. a
Explanation:
Avg. Profit =
Amount
8000
960
1040
10000
29600 + 28700 +28900 + 24000 +26800
= 27600 Rs.
5
Goodwill = 27600 × 3 = 82800 Rs.
D’s Share =
82800
 4 = 20700 Rs.
16
(21)
Ans. a
Explanation:
A company pays dividend to the share holders in the proportion to their paid up
capital
(22)
Ans. d
Explanation:
For being a legal company it is not necessary that it must have a share capital of Rs.
50,00,000.
(23)
Ans. d
Explanation:
At the time of forfeiture following entry is passed
Share capital A/c
Dr. ( No of Share forfieted × Called up capital ) i.e 2000
× 9 = 18,000
To calls in arrear
To Share Forfeiture A/c
MITTAL COMMERCE CLASSES
3|Page
So Rs. 18000 shall be debited at the time of forfeiture.
(24)
Ans. a
Explanation:
Total amount of purchase Consideration = 7, 50,000
Issued price per share ( 100 + 25 ) = 125
So , No of Share issued =
(25)
7,50, 000
 6000 Shares.
125
Ans. d
Explanation:
Applicants of 14000 Share were allotted = 10,000 shares.
So applicant of 420 shares allotted =
10, 000
 420 = 300 Shares.
14, 000
And excess money received on Application = (420 – 300 ) × 2 = 240 Rs.
(26)
Ans. b
Explanation:
Total payable purchases consideration = 55,00,000 Rs.
(–) Amount paid in cash
= 10,00,000
Remaining amount payable
= 45,00,000
Amount received on issue of per share = (100 + 20) = 120
So total number of debenture issued = 45,00,000 ÷ 120 = 37500
(27)
Ans. a
Explanation:
Total payable purchases consideration = 4,00,000
Amount received on issue of per debenture = (100 – 20) = 80
So Number of debenture issued = 4,00,000 ÷ 80 = 5000
So debentures Account shall be credited = 5000 × 100 = 5,00,000
(28)
Ans. b
Explanation:
Total premium payable on redemption of Debentures = 5,00,000 × 20 % = 1,00,000
Life of Debentures is 10 years so
Amount of loss on redemption of debentures to be written off every year = 1,00,000
÷ 10 = 10,000
(29)
Ans. d
Explanation:
Any amount with drawn from free Reserve for the Redemption of preference share is
transferred to capital Redemption Reserve A/c. Amount Withdrawn from free Reserve
(3,00,000 – 120,000) = 1,80,000 Rs.
(30)
Ans. a
Explanation:
Amount Received from shares issued = 40,000 share capital
Redeemable amount of preferences share capital = 75000
So balance amount (75000 – 40,000) = 35000 transfer of capital redemption reserve
(31)
Ans. c
MITTAL COMMERCE CLASSES
4|Page
Explanation: According to Explanation 2 of Section 25, an agreement to which the
consent of the promisor is freely given is not void merely because the consideration
is inadequate; but the inadequacy of the consideration may be taken into account by
the Court in determining the question whether the consent of the promisor was
freely given.
(32)
Ans. b
Explanation: Because consideration can be inadequate.
(33)
Ans. b
Explanation: Certain agreement have been expressly declared void by the Contract
Act. These are void-ab-initio and do not give rise to any legal consequences. Some of
them are A. Agreement by incompetent parties
B. Consideration unlawful in part
C. Wagering agreement
D. Agreement - the meaning of which is uncertain.
E. Agreement made under a mutual mistake of fact, etc
Therefore, we can conclude that except agreement to pay time barred debt, all other
are expressly declared void. On the other hand agreement to pay time barred debt is
valid under the exemptions to the rule - 'No Consideration No Contract.'
(34)
Ans. a
Explanation: Because price is not certain therefore contract is void because of
uncertainty.
(35)
Ans. c
Explanation: Communication of an acceptance is complete as against the acceptor,
when it comes to the knowledge of the proposer.
Therefore, communication of acceptance shall be complete against Bheem when
Amar receives the letter of acceptance.
(36)
Ans. c
Explanation: According to Section 25 (3)., where a promise in writing is signed by
the person making it i.e. debtor or his authorized agent, is made to pay a debt
barred by limitation it is valid without consideration.
(37)
Ans. d
Explanation : Because past consideration must move at the previous request.
(38)
Ans. a
Explanation: Where there is a right there is a remedy.
(39)
Ans. b
Explanation: Not Avoided.
(40)
Ans. c
Explanation:
According to sec 7 of Indian partnership act 1932, when no provision is made by
parties for duration of their partnership, or termination of their partnership, than
partnership is “partnership at will”
MITTAL COMMERCE CLASSES
5|Page
(41)
Ans. c
Explanation:
Every partner is liable jointly and severally for acts of Firm.
(42)
Ans. b
Explanation: The Partnership Act, 1932 came into force on 1st day of October 1932.
(43)
Ans. d
Explanation: According to the Partnership Act, the term "Business" includes trade,
occupation and profession.
(44)
Ans. a
Explanation: The ratio in which partners share profits and losses are based on
agreement. And in absence of any information in the agreement, such are shared
equally.
(45)
Ans. d
Explanation: To form a partnership, the partners should share profits and losses. But
some partners may get a share only in the profits subject to the provision inserted in
the partnership deed.
(46)
Ans. b
Explanation: As there is no maximum number limit on membership in HUF.
(47)
Ans. a
Explanation: While forming partnership, partners may mutually decides the terms
and conditions of it in the partnership deed and if the provisions of such deed is
lawful, then such are valid and enforceable. So, if there is a contract that the partner
shall not carry on the business other than that of the firm while he is a partner, such
contract is valid.
(48)
Ans. c
Explanation: As per section – 34, ordinarily but not invariably, the insolvency of a
partner results in dissolution of a firm, but the partners are competent to agree
among themselves that the adjudication of a partner as an insolvent will not give rise
to dissolution of the firm. Secondly, on insolvency of a partner, his estate ceases to
be liable for any act of the firm done after the date of the order, and the firm also is
not liable for any act of such a partner after such date.
(49)
Ans. a
Explanation: A company
(50)
Ans. b
Explanation: Nudum Pactum
(51)
Ans. d
Explanation: Since the industrial sector faced the process of retrogression and
deceleration during 1965-1980.
MITTAL COMMERCE CLASSES
6|Page
(52)
Ans. b
Explanation: BPO stands for Business Process Outsourcing.
(53)
Ans. a
Explanation: Per capita national income means NNP ÷ population.
(54)
Ans. a
Explanation: Since Personal income tax is a direct tax among the above.
(55)
Ans. b
Explanation: Nationalisation of banks aimed at all of the following except provision of
credit to big industries only.
(56)
Ans. b
Explanation: In terms of deposit mobilisation Maharashtra leads other states
(57)
Ans. a
Explanation: At present, SLR is 22 per cent. (September, 2014)
(58)
Ans. b
Explanation: In order to control credit in the country, the RBI may sell securities in
the open market.
(59)
Ans. a
Explanation: During depression, it is advisable to Lower Bank Rate and purchase
securities in the market.
(60)
Ans. c
Explanation:
At the zero level of output, the values of TC and TFC are equal to each other.
(61)
Ans. b
Explanation:
Law of returns to a factor is also known as “Law of variable proportions”.
(62)
Ans. a
Explanation:
MR = AR×
(i)
(ii)
(iii)
e-1
e
e = 1 ; MR = 0
e > 1 ;MR = Positive
e < 1 ; MR = Negative
(63)
Ans. a
Explanation:
When Supply > Demand then market price will decrease.
(64)
Ans. a
Explanation:
The elasticity of demand curve above the point of price-rigidity will be e > 1 (Highly
Elastic)
MITTAL COMMERCE CLASSES
7|Page
(65)
Ans. c
Explanation:
HDI is generally used which is the composite of three basic indications of humandevelopment-longevity, knowledge and standard of living.
(66)
Ans. c
Explanation:
Value of second hand car which is sold or purchased because the value of second
hand car has been already calculated in that year in which it was produced.
(67)
Ans. b
Explanation:
Income method may be most suitable for developed economies where people file
their income tax returns properly.
(68)
Ans. b
Explanation:
Government announced the nationalization of 14 commercial banks in 1969 and 6
more banks were nationalised in 1980. Two banks were merged in 1993.So at
present there are 19 nationalised banks.
(69)
Ans. c
Explanation:
The RBI is the apex monetary institution of highest authority in India. Consequently,
it plays an important role in strengthening, developing and diversifying the country’s
economic and financial structure.
(70)
Ans. b
Explanation: Periods of less than full employment correspond to points inside the
PPF.
(71)
Ans. d
Explanation: Choice is created by the scarcity of resources.
(72)
Ans. b
Explanation: The economic system in which all the means of production are owned
and controlled by private individuals for profit is called capitalism.
(73)
Ans. a
Explanation: Scarcity is a situation in which wants exceed the resources available to
satisfy them.
(74)
Ans. d
Explanation: Production Possibilities curve is also known as transformation curve.
(75)
Ans. c
Explanation: Since in monopoly there is restriction in entry of a new firm.
(76)
Ans: (a)
Explanation:
n(A − B) = n(A) − n(A ∩ B)
47 = 115 − n(A ∩ B)
MITTAL COMMERCE CLASSES
8|Page
n(A ∩ B) = 68
n(A ∪ B) = n(A) + n(B) − n(A ∩ B)
= 115 + 326 - 68 = 373
(77)
Ans: (d)
Explanation:
(a, a), (b, b), (c, c) ℇ R
So R is a reflexive relation
But (𝑎, 𝑏)ℇ R and (b, a) ∉ R
Thus, R is not a symmetric relation.
Also, (a, b), (b, c) ℇ R ⇒ (a, c) ∉ R
Hence R is not a transitive relation
(78)
Ans: (a)
Explanation:
S = 9 + 99 + 999+ --= (10 − 1) + (102 − 1) + (103 − 1) +--(10 + 102 + 103 + − − +10100 ) − (1 + 1 + 1 + − − +100 times)
=
=
10(10100 −1)
10
9
10−1
(10100
−100
− 1) −100
(79) Ans:
(b)
Explanation:
Number of ways when one specified book is included = 9c4 = m
m = 126
and number of ways when one specified book is excluded = 9c5 = n
n = 126
m=n
(80) Ans:
(d)
Explanation:
2x + 3y = 17 → (i)
2x+2 − 3y+1 = 5
4.2x − 3. 3y = 5 → (ii)
From equations (i) and (ii)
2𝑥 = 8, 3y = 9
⇒ 𝑥 = 3 and 𝑦 = 2
(81)
Ans: (b)
Explanation:
2 1
2
a: b = : = 2: 3, b: c = :
9 3
3 7
c: d = :
a
b
(82)
b
c
d
= 4: 5
= 6: 7
5 10
c
2
x x =
5
7 14
3
x
4
5
6
16
7
35
x =
Ans: (c)
Explanation:
20
(P + Q)x
= (P − Q) x
100
= 16: 35
50
100
2P + 2Q = 5P − 5Q
7Q = 3P
P: Q = 7: 3
MITTAL COMMERCE CLASSES
9|Page
(83)
Ans: (d)
Explanation:
√a−1 b x b −1 c x c −1 a = 1
(84) Ans:
(b)
Explanation:
Number of diagonals in polygon = nc2 − n
=
=
(85)
n(n−1)
2
n(n−3)
−n
2
Ans: (c)
Explanation:
Tn = 3n + 7
Sn = ∑ Tn = ∑(3n + 7)
3∑n + 7∑1
=
3n(n+1)
+ 7n
2
3n+3+14
= n[
Sn = n [
]
2
3 x 50+17
S50 = 50 [
(86)
]
2
3n+17
2
] = 4175
Ans. a
Explanation :
xy (x – y) = 0
x2y – xy2 = 0
Differentiating both sides wrt x
dy
 2 dy
 

 y2x    x 2y
 y 2  1  0
x
dx
dx

 

x2
dy
dy
 2xy  2xy
 y2  0
dx
dx


dy 2
x  2xy  y2  2xy
dx
dy
y 2  2xy
 2
dx
x  2xy
dy 2 xy  y 2

dx 2 xy  x 2
dy y 2 x  y 

dx x 2 y  x 
(87)
Ans. c
Explanation:
lim
n
=
n 2  n  6  3n 2  6
2n  5
1 3
2
MITTAL COMMERCE CLASSES
10 | P a g e
(88)
Ans. a
Explanation:
𝑥2
5−
f(x) =
5
0
5−
LHL :
𝐿𝑡
𝐿𝑡
𝑥>5
𝑥2
5−
𝑥 →5+
𝑥=5
53
5−
𝑥 →5−
RHL :
, 0<𝑥<5
𝑥2
5
53
𝑥2
=5-
25
=5-
125
5
= 5−5= 0
25
=5−5 =0
f (5) = 0
Since LHL = RHL = f (5), therefore f(x) is continuous at x = 5
(89)
Ans. b
Explanation:
(90)
Ans. b
Explanation :
Angle Corresponding to North America
11 .7
 66
=
82
= 9.4 km2
(91)
Ans: b
Explanation:
6th No. = 11 x 30 – 5 x 25 – 5 x 28 = 65
(92)
Ans: c
Explanation
A = 2, n = 50 ∑ d = 10, ∑ d2 = 180
10
x = 2 + 50 = 2.5
∑ d2
σ=√
n
180
= √ 50 = 1.897
Coef. of variation =
σ
x
x
100 = 86.24%
(93)
Ans: a
Explanation:
The revised salary = 50 x 5850 – 8600 – 5400 – 6800 – 4500 = 289800
289800
The revised average salary =
= 5796
50
(94)
Ans: c
(95)
Ans: b
Explanation:
𝑟 2 = 𝑏𝑦𝑥 x 𝑏𝑥𝑦
MITTAL COMMERCE CLASSES
11 | P a g e
r2
bxy = b
(96)
yx
=
(0.8)2
= 0.53
1.2
Ans: b
Explanation:
r=
∑ dxdy
n.σx.σy
∵ 𝜎𝑥 = √
∑ 𝑑𝑥 2
𝑛
120
0.5 =
90
8
𝑛
𝑛.√
n = 10
(97)
Ans. b
Explanation : Given
P(x=2)
P(x=3)
10p2 q3
10p3 q2
=
=
0.4362
0.2181
0.4362
0.2181
q = 2p
p + 2p = 1
p=
(98)
1
3
Ans. d
Explanation : m=np=500 x 0.001 = 0.5
P(x ≥ 2) = 1 − [P(x = 0) + P(x = 1)]
=1−|
e−0.5 (0.5)0
0!
+
e−0.5 (0.5)1
1!
|
= 1 − 0.9097
= 0.0902
Hence, the approx, number
bottles.
125 x 0.0902=11, approx.
(99)
of
boxes
containing
atleast
2
defective
Ans. a
Explanation : P (
=
X ≤60
X>50
)=
p(0<𝑍<1)
1−Φ(0)
p(x ≤60) ∩p(x >50)
p(x >50)
=
Φ(1)−Φ(0)
1−Φ(0)
=
0.8413−0.5
1−0.5
= 0.6826
(100) Ans. b
Explanation:
MITTAL COMMERCE CLASSES
12 | P a g e