Share your(questions) doubts - CPT exam - Students

Share your(questions) doubts - CPT exam

Page no : 7

harish ragav (student-IPCC) (407 Points)
Replied 18 December 2012

Originally posted by : PARUL
	act of a partner for acquiring an immovable property on behalf of firm is within provisions of —— —— authority under the Indian Partnership Act, 1932 (a) Implied (b) Semi-implied (c) Restricted (d) Expess

(a) Implied

PARUL (12TH) (86 Points)
Replied 18 December 2012

okk thankss

PARUL (12TH) (86 Points)
Replied 18 December 2012

(When the total expenditure by the consumer on commodity due to change in its price remains the

same; the elasticity of demand for the commodity wil

(a) 0 (b) 1 (c) >1 (d) <1

harish ragav (student-IPCC) (407 Points)
Replied 18 December 2012

Originally posted by : PARUL
	(When the total expenditure by the consumer on commodity due to change in its price remains the same; the elasticity of demand for the commodity wil (a) 0 (b) 1 (c) >1 (d) <1

i opted for (a)zero....but am not sure the ans is right or wrong.......

harish ragav (student-IPCC) (407 Points)
Replied 18 December 2012

Originally posted by : Gaurav Mohnani
	why no entry dude ??

ans is 100% correct but i couldn't explain why it is bcoz u didn't post the full question.....

Gaurav Mohnani (OWNER) (536 Points)
Replied 18 December 2012

dude the answer for total expenditure is 1

and for the salary question, how is it possible we wont record anything.....if B doesnt deposit cheque to bank, we have made our payment na. We record transaction on the basis of our company, not according to the creditor......

so the asnwer is Salary to O/s Salary

PARUL (12TH) (86 Points)
Replied 18 December 2012

Opening stock understated by 20,000 Closing stock overstated by 25,000. The net profit is

(a) Overstated by 5,000 (b) Overstated by 45,000

Aditya Mehta (Chartered Accountant) (63 Points)
Replied 18 December 2012

There was a question of finding Gross Purchases.. what's the answer?

Aditya Mehta (Chartered Accountant) (63 Points)
Replied 18 December 2012

Originally posted by : pratik singhal
	is physial delievry of goods is essential in sale of goods act?

No, Property in goods should pass to the buyer, physical delivery is not necessary!

harish ragav (student-IPCC) (407 Points)
Replied 18 December 2012

@ parul overstated by 5000

PARUL (12TH) (86 Points)
Replied 18 December 2012

A Machinery was purchased in Bihar. During the transit the machine was damaged and the cost of

repairs incurred is 20000. This expense is treated as

(a) Capital Expense (b) Revenue Expense

Aditya Mehta (Chartered Accountant) (63 Points)
Replied 18 December 2012

Originally posted by : Gaurav Mohnani
	when profit is less than int on capital, we distribute on the basis of capital ratio ?

Yes! :)

Shubham kumar (.) (620 Points)
Replied 18 December 2012

it'll be Capital expense

Aditya Mehta (Chartered Accountant) (63 Points)
Replied 18 December 2012

Originally posted by : PARUL
	A Machinery was purchased in Bihar. During the transit the machine was damaged and the cost of repairs incurred is 20000. This expense is treated as (a) Capital Expense (b) Revenue Expense (c) Deferred Revenue Expense (d) None I marked (a), not sure but as it was before put-to-use I marked (a)