AfterBoards Logo

CUET Accountancy 2022 PYQs15 July Shift 2. Free, no login required.

Q1:

Admission

Medium

Ram and Balram are partners in a firm sharing profit and losses in the ratio of 2:1.

An extract of Balance Sheet as of 31st March 2022

LiabilitiesRs.AssetsRs.
Furniture80,000

If the value of above furniture is overvalued by 3313%33\frac{1}{3}\%, choose the value of furniture to be shown in the new Balance Sheet out of the following:

Answer options
Option 2
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 1

Q2:

Ratios

Medium

Which of the following transaction will increase Current Ratio but will decrease Debt Equity Ratio?

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 2

Q3:

Analysis

Easy

The term Financial Analysis includes

Answer options
Option 3
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 3

Q4:

Admission

Medium

P, Q & R were partners sharing profit in the ratio 4:3:3. W was admitted to the partnership, bringing 1,00,000 capital and Rs. 24,000 as his share of Goodwill. Choose the correct entry for retaining of Goodwill brought in by W. W's share in profit was 14\frac{1}{4}th

Answer options
Option 3
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 4

Q5:

Accounting

Medium

Calculate manager's commission at 10% on Net profit, if the Divisible profit of a firm is Rs. 10,000, salary to partners is Rs. 3000 and Interest on drawings is Rs. 2000.

Answer options
Option 3
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 5

Q6:

Accounting

Easy

Identify a characteristics not applicable in partnership

Answer options
Option 3
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 6

Q7:

Accounting

Easy

When the fixed amount is withdrawn at the end of each quarter, interest on drawing will be calculated for _______

Answer options
Option 2
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 7

Q8:

Nature/Structure

Easy

Match List I with List II

List IList II
A. Intangible AssetsI. Provision for taxation
B. Short term provisionII. Trade creditor
C. Long term borrowingsIII. 10% debentures
D. Current liabilitiesIV. Goodwill

Choose the correct answer from the options given below:

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 8

Q9:

Ratios

Easy

The ratios calculated to measure the short term commitments of business is

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 9

Q10:

Admission

Easy

X and Y are partners in a firm sharing profits in the ratio of 4:1. Z is admitted in the firm for 15\frac{1}{5} share. On the admission of Z there was a balance of Rs. 20,000 in general reserve. What would be the journal entry for distributing the reserve.

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 10

Q11:

Admission

Medium

P, Q and R are partners sharing profits in the ratio of 3:1:1 S admits in the firm for 210\frac{2}{10} share in the future. The sacrificing ratio would be

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 11

Q13:

Dissolution

Medium

Identify the item credited to Realisation Account in the event of dissolution of a partnership firm.

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 13

Q14:

Accounting

Medium

Identify the treatment of Government Grant received from the government from following:

Answer options
Option 2
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 14

Q15:

Retirement/Death

Medium

Ram, Mohan and Roy are Partner in the ratio of 8:6:4 Ram retires, Mohan and Roy decided to share profits in the ratio of 10:6. Calculate gaining ratio.

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 15

Q16:

Dissolution

Medium

Court may not order for dissolution of a partnership firm out of which of the following grounds:

Answer options
Option 4
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 16

Q19:

Dissolution

Medium

Identify the correct sequence or order of application of assets including any sum contributed by the partners, in case of dissolution of partnership firm to makeup deficiencies of capital.

A. In paying each partner proportionately what is due to him form the firm for advances distinguished from capital

B. In paying to each partner proportionately what is due to him on account of capital

C. In paying the debts of the firm to the third parties

D. The residue, if any, shall be divided among the partners in their profit sharing ratio

Choose the correct answer from the options given below:

Answer options
Option 2
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 19

Q20:

Retirement/Death

Medium

A, B and C are partners in a firm sharing profits in the ratio 7:4:4. B retires and on the day of his retirement Goodwill existed in the books at 30,000. B's Capital A/c will be debited by

Answer options
Option 3
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 20

Q21:

Cash Flow

Easy

Identify the Cash Outflow from Financing Activity

Answer options
Option 4
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 21

Q23:

Debentures

Hard

Discount on Issue of Debentures

A. Is not a capital gain

B. Can be written off in any year

C. Can be written off from securities premium Reserve

D. Can be written off from General Reserve

Choose the correct answer from the options given below:

Answer options
Option 4
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 23

Q24:

Accounting

Easy

Outstanding Salaries for the current year is shown

A. In the Opening Balance Sheet, as an asset

B. In the Closing Balance Sheet, as an asset

C. In the Income and Expenditure A/c by adding to the expense 'salary'

D. In the Closing Balance Sheet, as a liability

Choose the correct answer form the options given below:

Answer options
Option 4
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 24

Q25:

Accounting

Easy

How will you show Bank overdraft while preparing the Income and Expenditure Account and Balance sheet of a club?

Answer options
Option 4
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 25

Q26:

Accounting

Medium

Lockers Rent Received during the year by a club is Rs. 17,050. Locker rent Rs. 3,050 outstanding for the previous year and Rs. 1500 outstanding for the current year.

The amount to be shown in Income and Expenditure is :

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 26

Q27:

Cash Flow

Medium

Cash Advance and Loan made to third party (other than made by financial enterprise) is

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 27

Q29:

Debentures

Easy

When the number of Debentures applied for is more than the number of debentures offered to public, the issue is said to be:

Answer options
Option 2
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 29

Q30:

Accounting

Medium

Show the following information in financial statements of a Non-Profit Organisation

DetailAmount (Rs.)
Match Fund20,000
Match Expenses30,000
Donation for match fund15,000
Sale of match ticket5,000
Answer options
Option 2
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 30

Q31:

Cash Flow

Easy

Purchase of goodwill is considered in _______ activity while making Cash Flow Statement.

Answer options
Option 2
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 31

Q32:

Cash Flow

Medium

Interest paid on debentures by a manufacturing company would be

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 32

Q33:

Cash Flow

Easy

Match List I with List II

List IList II
A. Operating ActivitiesI. Issue of shares
B. Investing ActivitiesII. Bank Balance
C. Financing ActivitiesIII. Sale and purchase of goods and services
D. Cash and cash equivalentIV. Buying of fixed assets

Choose the correct answer from the options given below:

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 33

Q34:

Retirement/Death

Easy

A, B and C are partners sharing profits in the ratio of 2:3:1. B retries, then new profit sharing ratio between A and C will be

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 34

Q35:

Accounting

Medium

Calculate the amount of subscription to be shown in Income and expenditure A/C for the year ending 31st March 2022

Subscription received during the year 2021-22 Rs. 100,000

Outstanding subscription for the year 2020-21 Rs. 10000

Outstanding subscription for the year 2021-22 Rs. 20000

Subscription received in advance in 2020-21 Rs. 5000

Subscription received in advance in 2021-22 Rs. 4000

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 35

Q36:

Dissolution

Easy

All assets (except Cash/Bank and fictitious assets) are transferred to the _______ side of _______ account.

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 36

Q39:

Overview

Easy

The term 'Field is applied to data base' table means:

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 39

Q41:

Share Capital

Easy

Hero Ltd, started a new venture of making casual shirts. The directors decided to issue 5,000,00 shares of Rs. 10 each at Rs. 12 each. The following assets were purchased by the company

A building of Rs. 10 lakhs

Furniture of Rs. 7 lakhs

Machinery of Rs. 2 lakhs

The company purchased cloth of Rs. 20 lakhs and paid wages Rs. 5,00,000 to the workers. The Directors also decided to buy 10,000 shares of TATA Ltd. of Rs. 10 each and at the end of the year Tata Ltd. Paid Rs. 10,000 as dividend

Security Premium Reserve can be used by Hero Ltd. for

Answer options
Option 3
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 41

Q42:

Cash Flow

Easy

Hero Ltd, started a new venture of making casual shirts. The directors decided to issue 5,000,00 shares of Rs. 10 each at Rs. 12 each. The following assets were purchased by the company

A building of Rs. 10 lakhs

Furniture of Rs. 7 lakhs

Machinery of Rs. 2 lakhs

The company purchased cloth of Rs. 20 lakhs and paid wages Rs. 5,00,000 to the workers. The Directors also decided to buy 10,000 shares of TATA Ltd. of Rs. 10 each and at the end of the year Tata Ltd. Paid Rs. 10,000 as dividend

Dividend received by Hero Ltd. would be _______ activity

Answer options
Option 2
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 42

Q43:

Cash Flow

Medium

Hero Ltd, started a new venture of making casual shirts. The directors decided to issue 5,000,00 shares of Rs. 10 each at Rs. 12 each. The following assets were purchased by the company

A building of Rs. 10 lakhs

Furniture of Rs. 7 lakhs

Machinery of Rs. 2 lakhs

The company purchased cloth of Rs. 20 lakhs and paid wages Rs. 5,00,000 to the workers. The Directors also decided to buy 10,000 shares of TATA Ltd. of Rs. 10 each and at the end of the year Tata Ltd. Paid Rs. 10,000 as dividend

Amount of Security Premium Reserve will be shown in

Answer options
Option 3
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 43

Q44:

Cash Flow

Easy

Hero Ltd, started a new venture of making casual shirts. The directors decided to issue 5,000,00 shares of Rs. 10 each at Rs. 12 each. The following assets were purchased by the company

A building of Rs. 10 lakhs

Furniture of Rs. 7 lakhs

Machinery of Rs. 2 lakhs

The company purchased cloth of Rs. 20 lakhs and paid wages Rs. 5,00,000 to the workers. The Directors also decided to buy 10,000 shares of TATA Ltd. of Rs. 10 each and at the end of the year Tata Ltd. Paid Rs. 10,000 as dividend

Dividend paid by TATA Ltd. is which activity for the company?

Answer options
Option 3
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 44

Q45:

Cash Flow

Hard

Hero Ltd, started a new venture of making casual shirts. The directors decided to issue 5,000,00 shares of Rs. 10 each at Rs. 12 each. The following assets were purchased by the company

A building of Rs. 10 lakhs

Furniture of Rs. 7 lakhs

Machinery of Rs. 2 lakhs

The company purchased cloth of Rs. 20 lakhs and paid wages Rs. 5,00,000 to the workers. The Directors also decided to buy 10,000 shares of TATA Ltd. of Rs. 10 each and at the end of the year Tata Ltd. Paid Rs. 10,000 as dividend

What is the Cash flow from investing activities?

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 45

Q46:

Share Capital

Hard

Mona Ltd. has Rs. 5 crores capital divided into equity shares of Rs. 10 each. It decided to setup a new plant in Bihar. For this purpose the company issued 10,000 shares of Rs. 10 each at Rs. 11 per share. The money was payable as follows

Rs. 3 on application

Rs. 4 on allotment - (including premium)

Rs. 4 on first and final call

Applications were received for 12000 shares & the directors made pro-rata allotment Mr. Sharma an applicant for 120 shares could not pay the allotment and call money and Mr. Verma, a holder of 200 shares, failed to pay the call money. All these shares were forfeited out of the forfeited shares, 150 shares (the whole of Mr. Sharma's shares being included) were issued at Rs. 8 per share. Answer the following questions:-

The amount received on allotment was

Answer options
Option 4
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 46

Q47:

Share Capital

Hard

Mona Ltd. has Rs. 5 crores capital divided into equity shares of Rs. 10 each. It decided to setup a new plant in Bihar. For this purpose the company issued 10,000 shares of Rs. 10 each at Rs. 11 per share. The money was payable as follows

Rs. 3 on application

Rs. 4 on allotment - (including premium)

Rs. 4 on first and final call

Applications were received for 12000 shares & the directors made pro-rata allotment Mr. Sharma an applicant for 120 shares could not pay the allotment and call money and Mr. Verma, a holder of 200 shares, failed to pay the call money. All these shares were forfeited out of the forfeited shares, 150 shares (the whole of Mr. Sharma's shares being included) were issued at Rs. 8 per share. Answer the following questions:-

The amount transferred to Capital Reserve would be

Answer options
Option 3
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 47

Q48:

Share Capital

Medium

Mona Ltd. has Rs. 5 crores capital divided into equity shares of Rs. 10 each. It decided to setup a new plant in Bihar. For this purpose the company issued 10,000 shares of Rs. 10 each at Rs. 11 per share. The money was payable as follows

Rs. 3 on application

Rs. 4 on allotment - (including premium)

Rs. 4 on first and final call

Applications were received for 12000 shares & the directors made pro-rata allotment Mr. Sharma an applicant for 120 shares could not pay the allotment and call money and Mr. Verma, a holder of 200 shares, failed to pay the call money. All these shares were forfeited out of the forfeited shares, 150 shares (the whole of Mr. Sharma's shares being included) were issued at Rs. 8 per share. Answer the following questions:-

The amount received on First and Final call is

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 48

Q49:

Share Capital

Hard

Mona Ltd. has Rs. 5 crores capital divided into equity shares of Rs. 10 each. It decided to setup a new plant in Bihar. For this purpose the company issued 10,000 shares of Rs. 10 each at Rs. 11 per share. The money was payable as follows

Rs. 3 on application

Rs. 4 on allotment - (including premium)

Rs. 4 on first and final call

Applications were received for 12000 shares & the directors made pro-rata allotment Mr. Sharma an applicant for 120 shares could not pay the allotment and call money and Mr. Verma, a holder of 200 shares, failed to pay the call money. All these shares were forfeited out of the forfeited shares, 150 shares (the whole of Mr. Sharma's shares being included) were issued at Rs. 8 per share. Answer the following questions:-

The amount of forfeiture left over after reissue will be

Answer options
Option 1
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 49

Q50:

Share Capital

Hard

Mona Ltd. has Rs. 5 crores capital divided into equity shares of Rs. 10 each. It decided to setup a new plant in Bihar. For this purpose the company issued 10,000 shares of Rs. 10 each at Rs. 11 per share. The money was payable as follows

Rs. 3 on application

Rs. 4 on allotment - (including premium)

Rs. 4 on first and final call

Applications were received for 12000 shares & the directors made pro-rata allotment Mr. Sharma an applicant for 120 shares could not pay the allotment and call money and Mr. Verma, a holder of 200 shares, failed to pay the call money. All these shares were forfeited out of the forfeited shares, 150 shares (the whole of Mr. Sharma's shares being included) were issued at Rs. 8 per share. Answer the following questions:-

At the time of forfeiture security premium reserve a/c will be debited for _______ shares.

Answer options
Option 4
Correct Answer
Explanation for 2022: 15 July Shift 2 ACC question 50

CUET Accountancy 2022 15 July Shift 2 Past Year Question Paper

Every question from the CUET Accountancy 2022 15 July Shift 2 paper is here in full, with the correct answer and a step by step solution for each one. It is completely free, there is no login and no paywall, and you can read the whole paper online or download it to revise offline.

You can also attempt it instead of only reading it. Take the paper as a full length mock under exam conditions, or filter it by topic and attempt just that topic as a topic test. Both are free, and you get a breakdown of your accuracy, your timing and your weak areas once you submit.

CUET Accountancy past year questions (PYQs) are the closest thing to the real exam, so working through them is the quickest way to learn the paper pattern, the marking scheme and the level of difficulty to expect on the day.

CUET Accountancy Past Year Questions (Topic-Wise)