Sample Paper Scheme II

Instruction:Maximum Marks: 100

Use HB Pencil to fill ovals for correct answer.Time : 2 Hours
Each question carry one mark.Date : 00.00.0000
Negative marking .25 marks
No negative marking for unattempted questions.

1.Rs. 1,200 spent on the repairs of machine is

(a) Capital expenditure;(b) Revenue expenditure;

2.Paper purchased for use as stationery is

(a) Capital expenditure;(b) Revenue expenditure;

3. A truck was purchased and after sometime, the name of the company was painted on it for advertisement purpose for Rs. 1,000/- this is:

(a) Capital Expenditure(b) Deferred Revenue Expenditure

4. It repairs of Rs. 100 are done on a machinery then which account will be debited?

(a) Machinery A/c(b) Repairs A/c

5.A second hand machinery is purchased for Rs. 10,000, the amount of Rs. 1,500 is spent on its transportation and Rs. 1,200 is paid for installation. The amount debited to machinery account will be

(a) Rs. 10,000(b) Rs. 10,500

6.If wages are paid for construction of business premises, ______A/c is credited and _____ A/c is debited.

(a) Wages, Cash(b) Premises, Cash

7. Value of goods draw by proprietor should be credited to :

(a) Capital Account(b) Sales Account

8."Machinery sold Rs. 30,000 on credit." In which subsidiary book this transaction will be recorded?

(a) Sales Register(b) Cash Book

9. If the debit and credit of a transaction are recorded in the Cash Book it is a:

(a) Contra entry(b) Simple entry

10. Small payments are recorded in a book called:

(a) Cash Book(b) Small payments book

11.Interest received of Rs. 100 was recorded as paid, the effect on cash balance?

(a) Cash will reduce by 100(b) Cash will increase by 100

12.Purchases day book records:

(a)All cash purchases(b)All credit purchases

(c)Credit purchases of goods in trade(d)None of the above

13.Journal Proper records

(a) Bills receivables(b) Bills payables

14.The trial balance checks

(a)Arithmetical accuracy of books(b) The honesty of the book keeper

15.Trial balance is a statement which shows the ______or the ______of all the accounts.

(a) Balances, Entries.

(b) Opening balances, Closing balances.

(d) Debit balance, Credit balance.

16.A new firm commenced business on 1st January, 2011 and purchased goods costing Rs. 90,000 during the year. A sum of Rs.6,000 was spent on freight inwards. At the end of the year the cost of goods still unsold was Rs.12,000. Sales during the year Rs. 1,20,000. What is the gross profit earned by the firm?

(a) Rs.36,000(b) Rs. 30,000

17.From the following figures ascertain the gross profit:

Rs.
Opening Inventory (1.1.2011) / 25000
Goods purchased during 2011 / 130000
Freight and packing on above / 5000
Closing Inventory (31.12.2011) / 15000
Sales / 190000
Selling expenses on sales / 9000

(a) Rs.36,000(b)Rs. 45,000

18.A Company wishes to earn a 20% profit margin on selling price. Which of the following is the profit mark up on cost, which will achieve the required profit margin?

(a) 33%(b) 25%

19. Goods costing Rs. 600 is supplied to Ram at the invoice of 10% above cost and a trade discount for 5%. The amount of sales will be

(a) Rs. 627. (b) Rs. 660.

20. Consider the following for Alpha Co. for the year 2009-10:

Cost of goods available for sale Rs.1,00,000

Total sales Rs. 80,000

Opening inventory of goods Rs. 20,000

Gross profit margin 25%

Closing inventory of goods for the year 2009-10 was

(a) Rs. 80,000(b) Rs. 60,000

21. Opening inventory of the year is Rs. 20,000, Goods purchased during the year is Rs. 1,00,000, Carriage Rs. 2,000 and Selling expenses Rs.2,000. Sales during the year is Rs. 1,50,000 and closing inventory is Rs. 25,000. The gross profit will be:

(a) Rs. 53,000. (b) Rs. 55,000.

22.Mr. Mohan started a cloth business by investing Rs. 50,000, bought merchandise worth Rs. 50,000. He sold merchandise for Rs. 60,000. Customers paid him Rs. 50,000 cash and assured him to pay Rs. 10,000 shortly. The amount of revenue earned by him is ______

(a) Rs. 50,000. (b) Rs. 60,000.

23. Goods purchased Rs. 1,00,000, Sales Rs. 90,000 and Margin is 20 % on sales. Closing inventory is

(a) Rs. 10,000. (b) Rs. 25,000.

24.Following figures have been taken from the trial balance of a trader

Cost of goods soldRs. 30,000

SalesRs. 40,000

Closing inventoryRs. 5,000

The amount of profit will be

(a) Rs. 10,000(b) Rs. 15,000

25.Following figures have been taken from the books of a trader Rs.

Purchases 60,000

Purchase returns 10,000

Sales 80,000

Sales Return 10,000

Carriage outwards 1,000

Office Rent 1,000

Amount of Gross Profit will be ______

(a) Rs. 20,000(b) Rs.10,000

26. A, B and C are equal partners. D is admitted to the firm for one-fourth share. D brings Rs. 20,000 capital and Rs. 5,000 being half of the premium for goodwill. The value of goodwill of the firm is

(a) Rs. 10,000(b) Rs. 40,000.

27.A and B are partners with capitals of Rs. 10,000 and Rs. 20,000 respectively and sharing profits equally. They admitted C as their third partner with one-fourth profits of the firm on the payment of Rs. 12,000. The amount of hidden goodwill is .

(a) 6,000. (b) 10,000.

28.Find the goodwill of the firm using capitalization method from the following information:

Total Capital Employed in the firm Rs. 8,00,000

Reasonable Rate of Return 15%

Profits for the year Rs. 12,00,000

(a) Rs. 82,00,000. (b) Rs. 12,00,000.

29.P and Q are partners sharing Profits in the ratio of 2:1. R is admitted to the partnership with effect from 1st April on the term that he will bring Rs. 20,000 as his capital for 1/4thshare and pays Rs. 9,000 for goodwill, half of which is to be withdrawn by P and Q. How much cash can P & Q withdraw from the firm (if any).

(a) Rs. 3,000: Rs. 1,500. (b) Rs. 6,000: Rs. 3,000.

30.X and Y are partners sharing profits in the ratio of 3 : 1. They admit Z as a partner who pays Rs. 4,000 as Goodwill the new profit sharing ratio being 2 : 1 : 1 among X, Y and Z respectively. The amount of goodwill will be credited to :

(a) X and Y as Rs. 3,000 and Rs. 1,000 respectively.

(b) X only

(d) None of the above.

31.General reserve at the time of admission of a new partner is transferred to ______.

(a) Profit and Loss adjustment Account

(b) Old partners’ capital accounts

(d) Memorandum revaluation account

32.X and Y are partners sharing profit and losses in the ratio of 2:1. On 1st January, 2009, Z is admitted with 1/4th share in profits with guaranteed amount of Rs. 25,000. The profits for the year ended 31st December, 2009 amounting to Rs. 76,000. The share of Y in the profits should be:

(a) Rs.19,000(b) Rs.38,000

33.A, B, and C are partners, sharing profits in the ratio of 4:3:2. D is admitted for 2/9 share of profits and brings Rs. 30,000 as his capital and Rs. 10,000 for his share of Goodwill. The new profit sharing ratio between A:B:C:D will be 3:2:2:2. The Goodwill amount brought by D will be shared by:

(a) A B & C(b) A & B

34.If the incoming partner brings any additional amount in cash other than his capital contribution, then it is termed as

(a) Capital(b) Reserves

35.A firm had an unrecorded investment of worth Rs. 5,000. Entry in the firms journal on admission of a partner will be

(a) Unrecorded Investment A/cDr. 5,000

To Revaluation A/c5,000

(b) Revaluation A/cDr. 5,000

To Unrecorded Investment5,000

(d) None of the three

36.Goodwill of a firm of Sanju and Manju is valued at Rs. 45,000. It is appearing in the books at Rs. 15,000. Anju is admitted for 1/4th share. The amount of goodwill, which she is supposed to bring will be

(a) Rs. 11,250(b) Rs. 15,000

37.A, B and C are partners sharing profits and losses in the ratio of 3:2:1. C retires on a decided date and Goodwill of the firm is to be valued at Rs. 60,000. Find the amount payable to retiring partner on account of goodwill.

(a) Rs. 30,000. (b) Rs. 20,000.

38.Ankit, Anu and Anurag are partners sharing profits in the ratio 4:3:2. On retirement of Anu, goodwill was valued Rs. 90,000. The contribution of Ankit and Anurag to compensate Anu will be

(a) Rs. 20,000 and Rs. 10,000(b) Rs. 10,000 and Rs. 20,000

39.Dividends are usually paid as a percentage of ______

(a) Authorized share capital(b) Net profit

40.The subscribed share capital of S Ltd. is Rs.80,00,000 of Rs.100 each. There were no calls in arrear till the final call was made. The final call made was paid on 77,500 shares. The calls in arrear amounted to Rs.62,500. The final call on each share will be______

(a) Rs. 25(b) Rs. 7.80

41.Issue of Bonus Share implies.

(a) Dividend payment (b) Raising of fixed capital

42.The authorized capital of M Ltd. consists of both cumulative preference shares and equity shares. Each 5% cumulative preference share has a par value Rs. 100. Each equity share has a par value Rs. 10. At the end of the year 2013-14 and 2014-15, the cumulative preference share capital balance was Rs. 2,00,000 and the equity share capital balance was Rs. 5,00,000.

If dividend declarations totalled Rs. 8,000 and Rs. 15,000 in the year 2013-14 and 2014-15 respectively, the dividends allocated to the equity share holders in the year 2014-15 = ?

(a) Rs. 3,000(b) Rs. 5,000

43.The following information pertains to Arjun Ltd.

(1) Equity share capital called up Rs. 1,00,000

(2) Calls in arrear Rs. 10,000

(3) Calls in advance Rs. 10,000

(4) Proposed dividend 15%

The amount of proposed dividend payable is

(a) Rs. 15,000(b) Rs. 13,500

44.If forfeited shares (which were originally issued at par) are reissued at a premium, the amount of such premium will be credited to ______.

(a) Share forfeiture account (b) Securities premium reserve

45.Z Ltd. issued 10,000 shares of Rs. 10 each. The called up value per share was Rs. 8. The company forfeited 200 shares of Mr. A for non-payment of 1st call money of Rs. 2 per share. He paid Rs. 6 for application and allotment money. On forfeiture, the share capital account will be______.

(a) Debited by Rs. 2,000(b) Debited by Rs. 1,600

46.B Ltd. issued shares of Rs. 10 each at par. Mr. C purchased 30 shares and paid Rs. 2 on application but did not pay the allotment money of Rs. 3. If the company forfeited his entire shares, the forfeiture account will be credited by ______.

(a) Rs. 90(b) Rs. 81

47.Pavan Ltd. invited application for 30,000 shares payable as under:

Rs. 3 per share on application;

Rs. 3 per share on allotment;

Rs. 2 per share on First call;

Rs. 2 per share on final call;

Ashok, who had been allotted 500 shares failed to pay both the calls. His shares were forfeited and reissued at Rs. 9 per share to Hari, as fully paid up. Amount transferred to capital Reserve will be ______

(a) Rs. 2,000(b) Rs. 2,500

48.A limited company forfeited 100 equity shares of the face value of Rs. 10 each, for non-payment of first call of Rs. 2 per share. The forfeited shares were subsequently reissued as fully paid @ 7 each. Amount transferred to capital reserve will be

(a) Rs. 500(b) Rs. 200

49.Interest on debentures is calculated on

(a) its face value (b) its issue price

50.Gama Ltd. issued 10,000, 10% debentures of Rs.100 each at a discount of 10%. The entire amount is payable on application. Application were received for 12,000 debentures. The allotment of debentures was made on 10th October, 2009. The amount which should be credited to the debentures account on 10th October, 2009 will be:

(a)Rs. 12,00,000.(b)Rs. 10,80,000.

(c)Rs. 9,00,000(d)Rs. 10,00,000

51. Direct payment to the third party on behalf of the account holder is entered in

(a) The cash-book when the amount is paid by the bank

(b) The cash-book when the entry is posted in the pass-book

(d) None of the above

52. / Credit balance in the cash book means ______.
(a) Overdraft as per passbook
(b) Favourable balance as per passbook
(c) Both (a) and (b)
(d) None of the above
53. / Bank reconciliation statement is prepared with the balance of
(a)Pass book(b)Cash book
(c)Either (a) or (b)(d)None of the above
54. / When money is withdrawn from the bank, the bank ______the account of the customer.
(a) Credits (b) Debits
(c) Either (a) or (b) (d) None of the three

55. Unfavorable bank balance means:

(a) Credit balance in Cash Book(b) Credit balance in Pass Book

56.The cash book showed an overdraft of Rs. 1,500, but the pass book made up to the same date showed that cheques of Rs. 100, Rs. 50 and Rs. 125 respectively had not been presented for payments; and the cheque of Rs. 400 paid into account had not been cleared. The balance as per the pass book will be:

(a) 1,100(b) 2,175

57. / Balance as per cash book is Rs. 5,000. Cheques issued but not presented for payment Rs. 2,000 and cheques sent for collection but not collected Rs. 1,500. The Bank had wrongly dibited the account of firm by Rs. 20. Balance as per pass book will be
(a) Rs. 5,500 (b) Rs. 5,480
(c) Rs. 5,700 (d) Rs. 8,300
58. / Bank overdraft as per cash bookRs. 13500
Cheque deposit but not creditedRs. 3000
Cheque issued but not presentedRs. 6000
Overdraft as per bank statement will be:
(a) Rs. 10500(b) Rs. 10000
(c) Rs. 11000(d) None of the three

59. Debit balance as per cash book Rs. 2,000

Cheques deposited but not cleared Rs. 100

Cheques issued but not presented Rs. 150

Bank allowed interest Rs. 50

Bank collected dividend Rs. 50

Balance as per Pass Book will be:

(a) Rs.2100(b) Rs. 1950

60. / Credit balance as per passbook on 31.3.2010 is Rs. 22000. Cheques deposited but not cleared amount to Rs. 2000 and cheques issued but not presented of Rs. 8000. Balance as per cash book should be
(a)Rs. 32,000(b)Rs. 16,000
(c)Rs. 28,000(d)Rs. 18,000
61. / Bank balance as per pass book Rs 20,000 Cheque issued but not presented Rs 7,000 Cheque deposited but not cleared Rs 5,000 Bank balance as per cash book will be -:
(a)Rs. 22,000(b)Rs. 32,000
(c)Rs. 18,000(d)Rs. 8,000

62.Balance as per pass book Rs. 20,000 Rs. 4,000 were directly deposited by a customer into the bank. Then the balance as per cash book is:

(a) Rs.24,000(b) Rs. 18,000

63.Amit Ltd. purchased a machine on 01.01.2011 for Rs. 1,20,000. Installation expenses were Rs. 10,000. Residual value after 5 years Rs. 5,000. On 01.07.2011, expenses for repairs were incurred to the extent of Rs. 2,000. Depreciation is provided under straight line method. Depreciation rate = 10%. Annual Depreciation = _____.

(a) Rs.13,000(b) Rs. 17,000

64.On August 01, 2008, K Travels Ltd. bought four Matador vans costing Rs. 1,20,000 each. The company expected to fetch a scrap value of 25% of the cost price of the vehicles after ten years. The vehicles were depreciated under the fixed installment method up to March 31, 2011. The rate of depreciation charged up to March 31, 2011 was

(a) 10.0%(b) 9.0%

65.Original cost = Rs. 1,26,000. Salvage value = 6,000. Useful Life = 6 years. Annual depreciationunder SLM =

(a) Rs.21,000(b) Rs. 20,000

66. / A company purchased plant for Rs. 5000. The useful life of the plant is 10 years and the residual value is Rs. 500. The management wants to depreciate it by straight line method. Rate of depreciation will be______
(a) 8%(b) 9%
(c) 10%(d)None of the three
67. / A trader purchased furniture on Jan. 1, 2007 for Rs. 5200. Its scrap value is 200 and life 10 years. Depreciate furniture according to fixed installment method. Balance of furniture a/c at the end of third year will be
(a) Rs. 3500(b) Rs. 3700
(c) Rs. 4000(d) Rs. 3400
68. / Machinery costing Rs. 1000000 was purchase on 1.4.2009. The installation charges amounting Rs. 100000 were incurred. The depreciation at 20% p.a. on straight line method for the year ended 31st March, 2010 will be
(a) Rs. 220000(b) Rs. 200000
(c) Rs. 210000(d) None of the above
69. / Machinery costing Rs. 500000 was purchased on 1.4.2008. The installation charges amounting Rs. 20000 were incurred. The depreciation at 10% per annum on straight line method for the year ended 31st March, 2010 will be
(a)Rs. 5,00,000(b)Rs. 50,000
(c)Rs. 52,000(d)Rs. 45,000
70. / A machinery is purchased for Rs. 60,000. Depreciation is to be provided annually on the basis of fixed installment method. Useful life of the asset is 8 years and the residual value is Rs. 10,000. Rate of depreciation will be
(a)10.416%(b)10%
(c)9.416%(d)11%
71. / Actual total cost of plant - Rs 1,50,000
Salvage value - Rs. 20,000
Useful Life - 10 years
Annual depreciation under Straight line method will be
(a)Rs. 13,000(b)Rs. 15,000
(c)Rs. 12,000 (d)Rs. 17,000
72. / A machinery purchased for Rs. 40,000 and paid Rs. 5,000 on its installation. The useful life of plant is 5 years and its estimated scrap value is Rs. 5,000. Annual depreciation under the fixed installment method would be:
(a) Rs. 6000(b)Rs. 11,000
(c) Rs. 8,000(d)Rs. 9,000
73. / A machinery was purchased for Rs. 50,000 on which depreciation was provided @ 15% by SLM method. The book value of the asset at the end of 2nd year will be
(a)Rs. 35,000(b)Rs. 36,125
(c)Rs. 42,500(d)Rs. 50,000

74.A machine was purchased for Rs. 50,000. Installation expenses amounted to Rs. 2,000 wages of Rs. 4,000 were paid on installation. The scrap value at the end of its useful life of 10 years is Rs. 6,000. Repairs of Rs. 6,000 was made after 6 months from the date of purchase. Calculate depreciation p.a.

(a) Rs. 5,600(b) Rs. 4,800

75. Amit Ltd. purchased a machine on 01.01.2008 for Rs. 1,20,000. Installation expenses were Rs. 10,000. Residual value after 5 years Rs. 5,000. On 01.07.2008, expenses for repairs were incurred to the extent of Rs. 2,000. Depreciation is provided @ 10% p.a. under written down value method. Depreciation for the 4th year = ______.

(a) Rs. 25,000(b) Rs. 13,000

76.Original cost = Rs. 1,26,000. Salvage value = 6,000. Depreciation for 2nd year @ 10% p.a. under WDV method =

(a) Rs. 10,800(b) Rs. 11,340

77.Depreciation at 5% on office furniture of Rs. 8000; at 10% on plant and machinery of Rs. 80000 and at 5% on factory building of Rs. 200000 have been charged by the entrepreneur during the year. Total amount of depreciation will be:

(a)Rs. 18400(b) Rs. 18000

78. / Under the diminishing balance method, depreciation
(a) Increases every year(b) Decreases every year
(c) Is constant every year(d) None of the above
79. / In case of reducing balance method of charging depreciation, depreciation is charged on the:
(a) Original Cost(b) Original Cost less Scrap value
(c) Market Value(d) Written Down value
80. / A boiler was purchased from abroad for Rs. 10,000, shipping and forwarding charges amounted to Rs. 2000, import duty Rs. 7000 and expenses of installation amounted to Rs. 1000. It was depreciated for three years @ 10% on diminishing balance method, balance of machinery a/c at the end of third year will be______
(a) Rs. 14580(b) Rs. 15000
(c) Rs. 14000(d) Rs. 15500
81. / Original cost = Rs. 2,52,000 Salvage value = 12000. Depreciation for 3rd year @ 5% p.a. under W.D.V method will be
(a)Rs. 12,600(b)Rs. 11,382
(c)Rs. 11,372(d)Rs. 11,970
82. / The original cost of furniture amounted to Rs. 80,000. It is decided to write off 10% on the diminishing balance of the asset each year. Balance of furniture account at the end of the fourth year will be:
(a) Rs. 52488(b) Rs. 52000
(c) Rs. 50000(d) Rs. 55000
83. / Original cost of an asset was Rs. 3,00,000. Salvage value was 40,000. Depreciation for 3rd year @15% p.a. under W.D.V method will be:
(a)Rs. 38,250(b)Rs. 45,000
(c)Rs. 1,35,000(d)Rs. 32,512.50
84. / Machinery costing Rs. 50,000 was purchased on 1st January 2009. The installation charges amounting Rs. 5,000 were incurred. The depreciation at 25% p.a. by written down value method for the year ended 31st Dec. 2009 will be
(a)Rs. 68,750(b)Rs. 13,750
(c)Rs. 41,250(d)Rs. 12,500

85.Original cost of an asset Rs. 2,52,000, salvage value Rs. 12,000. Depreciation for 2nd year @ 10% p.a. under W.D.V method will be:

(a) Rs. 21,600(b) Rs. 22,680

86.An asset was purchased for Rs. 12,500 and was depreciated under Reducing Balance Method at the rate of 20% pa. What is the value of the asset at the end of three years?

(a)Rs. 8,000(b)Rs. 7,500

(c)Rs. 6,400(d)Rs. 5,000

87.A machine was purchased on 1st April, 2007 for Rs. 5,00,000 and 1 October, 2007 for Rs. 2,00,000. Calculate depreciation @ 20% p.a on written down value method for the year ending 31 March, 2008.

(a) Rs. 1,00,000 (b) Rs. 1,40,000

88. / A purchase of Rs. 1,870 by cheques has been wrongly posted in the cashbook as Rs. 1,780. This has the effect of
(a) Increasing the bank balance by Rs.90
(b) Decreasing the bank balance by Rs.90
(c) Increasing the bank balance by Rs.180
(d) Decreasing the bank balance by Rs.180
89. / Which of the following errors will affect the trial balance?
(a) Repairs to building wrongly debited to Building A/c
(b) Total of Purchase Journal cast short by Rs.1,000.
(c) Freight paid on new machinery debited to Freight A/c
(d) None of the three.
90. / Rs.1,000 paid as rent to Krishna, the landlord, was debited to Krishna’s personal account. This error will
(a) Affect the trial balance(b) Not affect the trial balance
(c) Affect the suspense account(d) None of the three
91. / All of the following errors do not affect the trial balance, except
(a) Compensating errors. (b) Errors of complete omission.
(c) Errors of partial omission. (d)Errors of principle.
92. / Cheque of Rs. 700 received from Hariram in settlement of a debt of Rs. 720, was dishonoured and returned. Entry for dishonour will be ______
(a) Hari Ram Dr. 700
To Bank 700
(b) Bank Dr. 700
Discount Dr. 20
To Hari Ram 720
(c) Hari Ram Dr. 720
To Bank 700
To Discount 20
(d) None of the above.
93. / P shows a profit of Rs. 7,00,000 for the year ended 31.3.08. The figure has been arrived at after charging following against revenue:

Purchase of Car on 28.3.08 for use in business Rs. 1,00,000 and treated as vehicle expenses.
Omitting to record unpaid electricity bills for Feb. and March, 2008 of Rs. 15,000 per month.

The correct profit for the year ended 31st March, 2008 is
(a) Rs. 6,30,000(b) Rs. 7,00,000
(c) Rs. 7,70,000(d) Rs. 8,30,000
94. / Suspense account debit balance Rs. 2000 in trial balance, will be recorded in the _____
(a) Liability side of Balance Sheet(b) Asset side of Balance Sheet
(c) Profit & Loss account Cr side (d) None of the three
95. / Errors are
(a) Undetected mistakes(b) Intentional mistakes
(c) Frauds(d) Unintentional mistakes
96. / An amount of Rs. 5,000 received from Pankaj credited to Pooja would affect
(a) Pooja’s A/c(b) Pankaj’s A/c
(c) Pankaj’s A/c and Pooja’s A/c(d) Cash A/c and Pooja’s A/c
97. / The opening Inventory of the current year is over stated by Rs. 10,000. and closing inventory is over stated by 17,000. These errors will lead the net income for the current year to be
(a) Rs. 7,000 understated(b) Rs. 17,000 overstated
(c) Rs. 7,000 overstated(d) Rs. 17,000 understated
98. / Sales to Ranjan Rs. 600 was not recorded in the book. This will affect
(a) Ranjan A/c(b) Sales A/c
(c) Neither (a) nor (b)(d) Both (a) and (b)
99. / Goods purchased from Mohan for Rs. 4,000 passed through the Sales books. The rectification of this error will result in
(a) Increase in Trade receivables(b) Increase in gross profit
(c) Decrease in gross profit(d) None of the above.

100.On 31.3.2011, the books of Ajit shows a net profit of Rs.84,000, later in it is discovered that the closing stock was overvalued by Rs.4,000 and the discount received of Rs.1500 was treated as an expense. What was the correct net profit of Ajit.