MCQ Weekly Question- Feb2015- CPT Exam, CS Foundation Exam, CMS Foundation Exam

1.Ram earned a profit of Rs.1,40,000 for the year 2008-09. But at the time of, audit, the auditor found that Ram purchased a scooter on 1.4.08 for Rs.20,000 and charged it as revenue expenses. The auditor advised him to rectify the error now and to charge depreciation @ 15% on scooter. The correct profit after rectification will be:

(a) Rs.1,57,000
(b) Rs.1,60,000
(c) Rs.1,40,000
(d) Rs.1,17,000.

2.A trial balance will not balance if

(a) A correct entry is posted twice
(b) Rs.5,000 received from Harish is posted in the credit side of Hari
(c) Sales on credit basis is credited to sales account and debited in cash account.
(d) Goods of Rs.2,500 returned to Ram is added into the purchases

3.A new machine was purchased for 1,00,000 but the amount was wrongly posted to Furniture account as 10,000 and cash received from debtors 11,200 was omitted to be posted to ledger. The difference in Trial balance due to such error will be:

(a) 90,000
(b) 78,800
(c) 1,01,200
(d) 1,11,200

4.Goods worth 750 were purchased from S & Co. but while posting wrong debit was given to R & Co. The total of credit side of the trial balance was 43,750. Assuming that this is the only error, the total of the debit side of the trial balance was

(a) 43,750
(b) 44,500
(c) 43,000
(d) 45,250

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Answer:1a,2d,3b,4d