CPT ACCOUNT TEST 6. 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. 7. The total of “Discount allowed” column in the Cash book for the month of July, 2012 amounting to ` 20,000 was not posted. Rectifying entry for the same will be (a) Discount A/c Dr. ` 20,000 To Suspense A/c ` 20,000 (b) Suspense A/c Dr. ` 20,000 To Discount A/c ` 20,000 (c) Customer A/c Dr. ` 20,000 To Discount A/c ` 20,000 (d) None of the above. 8. Loan A/c credit balance on Dec. 31, 2012 ` 45,000 Loan paid on June 30, 2012 ` 12,000 Loan paid on Sept. 30, 2012 ` 15,000 Interest on loan is to be charged 9% p.a. Interest amount for the year 2012 will be (a) ` 5,602.5 (b) ` 5,400 (c) ` 6,000 (d) None of the three 9. As per trial balance ` January 1, 2012 Provision for doubtful debts A/c 1,980 December 31, 2012 Bad Debts 3,700 December 3rd, 2012 Debtors 60,000 Information (i) Make a provision for bad debts 5% on debtors. (ii) Make a provision for discount on debtors 2%. Provision for discount on debtors will be (a) `v1,140 (b) ` 1,000 (c) ` 1,500 (d) None of the three. 10. Credit balance in the ledger will be (a) A revenue or an asset (b) A revenue or a liability (c) An expense or an asset (d) None of the above.
Posted on: Wed, 04 Sep 2013 07:01:30 +0000
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