CUET Accountancy 2022 16 July Shift 2 PYQs

Arrange the following steps to calculate value of Goodwill by capitalization method of super profit in a proper sequence. A. Calculate normal profit on capital employed B. Actual Profits - Normal Profits = Super Profit C. $\frac{super\ profit \times 100}{Normal\ rate\ of\ returns}$ D. Calculate actual profits on capital employed Choose the correct answer from the given options

Amit, Dinesh and Gagan are partners sharing profits in the ratio of 5:3:2 Dinesh retires, Amit and Gagan decide to share the profits of the new firm in the ratio of 3:2. The Gaining ratio between Amit and Gagan will be:-

Revaluation Account is :-

In the absence of Partnership deed, partners share profits and losses :-

Identify the items not to be shown under Financing activities while making cash flow:- A. Payment of dividend and interest B. Interest paid by financial enterprise C. Redemption of debentures D. Proceeds from issue of equity shares E. Loss due to theft Choose the correct answer from the options given below:

If there are Fixed assets of Rs.10,00,00 Current assets of Rs.6,00,000, Current liabilities of Rs.3,00,000 and Net profit before Interest and Tax of Rs.2,60,000; then Return on Investment will be:

Make the right combination of the ratios that enables to find the short term liquidity A. Return on Equity B. Acid Test Ratio C. Sacrificing Ratio D. Inventory Turnover Ratio E. Current Ratio Choose the correct answer from the options given below:

Z Ltd issued 15,000, 12% Debentures of Rs.100 each at a premium of 2% redeemable at a premium of 5% In such case:

X Ltd. purchased assets from Y Ltd. for Rs.98,10,000. X Ltd. issued 12% Debentures of Rs.100 each at 10% discount against the payment. The number of debentures issued to Y Ltd. is:

Identify the correct sequence of steps in the process of Issue of Shares: A. Making allotment of shares B. Issue of Prospectus C. Forfeiture of shares D. Receiving applications for shares E. Making calls Choose the correct answer from the options given below:

A Club has Opening balance of Rs.8,50,000 in Match fund. Donation received for match during the current year amounted to Rs. 4,25,000. Sale of match tickets amounted to Rs. 1,15,000. Match expenses incurred were Rs.14,00,000 Balance in the Match fund at the year end will be:

Operating profit before working capital charges amounted to Rs.85,000. The following further information is given | | 31.3.2020 (Rs.) | 31.3.2019 (Rs.) | |---|---|---| | Cash | 36,000 | 30,000 | | Trade receivable | 18,000 | 12,000 | | Provision for tax | 9,000 | 8,000 | | Trade payables | 20,000 | 16,000 | | Bank over draft | 18,000 | - | The Net cash flow from operating activities after tax is.

At the time of dissolution of their firm, Ahmed and Subhash, who are partners of that firm, agreed that Ahmed will pay realization expenses for a fixed remuneration of Rs.12,000. The actual expenses were Rs. 16,000. The Journal entry to be passed is

A, B and C are partners with profit sharing ratio of 2:1 respectively. C died on 1 oct 2021. Journal entry to be passed to give C his share of profit immediately will be:-

Sunil and Ravi are partners in a firm sharing profits in the ratio of 3:1. Amar is admitted for 1/4 share. The Sacrificing ratio of Sunil and Ravi is

Match the following with regard to company's Balance Sheet. | List I | List II | |---|---| | A. Shareholders funds | I. Furniture and Fittings | | B. Current liabilities | II. Prepaid expenses | | C. Current Assets | III. Calls in Advance | | D. Non current assets | IV. Surplus of Balance on statement of P and L | Choose the correct answer from the options given below:

Securities Premium Reserve can be used to: A. Issue new shares to existing shareholders B. Write off Preliminary expenses C. Writing off of Goodwill D. Premium on Redemption of debentures E. Issue fully paid Bonus Shares Choose the correct answer from the options given below:

When the purchase consideration is more than net assets taken over, the difference will be debited to

Match the following with regard to partnership | List I | List II | |---|---| | A. When a new partner joins the partnership | I. Compulsory dissolution | | B. When an existing partner leaves the partnership | II. Admission of a partner | | C. When the business of firm becomes illegal | III. Prepared in the case of death of a partner | | D. Executor's Account | IV. Retirement of a Partner | Choose the correct answer from the options given below:

Match List I with List II | List I | List II | |---|---| | A. Mutual Agency | I. It can be oral or written | | B. Agreement | II. Written agreement | | C. Liability of partners | III. Partnership concern carried by all or any of them acting for all. | | D. Partnership deed | IV. Joint and unlimited | Choose the correct answer from the options given below:

Sometimes the value of Goodwill is not given at the time of admission/retirement of a partner. In such a situation, it has to be inferred from capital and profit sharing ratio. such Goodwill is called

A firm which maintains fixed capital had two partners Vimla and Kamla sharing profits in the ratio 1:1 The firm credited the partners with profit without interest on Capital which is allowed in the deed. Choose the correct option to pass a journal entry for the past adjustment if the Interest on capital Rs.2000 for Vimla Rs.3000 for Kamla

Operating Expenses include A. Rent paid B. Interest paid on loan C. Selling and Distribution Expenses D. Commission Received E. Salaries Paid Choose the correct answer from the options given below:

Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year. A. Capital Accounts B. Profit and Loss A/c C. Profit and Loss Adjustment A/c D. Balance Sheet Choose the correct answer from the options given below:

Match the following with regard to Cash Flow Statement | List I | List II | |---|---| | A. Operating activity | I. Raising of loan | | B. Investing activity | II. Current investment | | C. Financing activity | III. Selling of investment | | D. Cash and Cash equivalent | IV. Buying of raw material | Choose the correct answer from the options given below:

Which of the following ratios is not a profitability ratio?

Which of the following is an in flow of cash in financing activity?

Which amongst the following is not a ground for dissolution of partnership firm on happening of certain contingencies?

Receipt and Payment a/c for the year ending 31.3.22. | Locker Rent | Rs.17,050 | |---|---| Additional Information: Locker rent Rs.3,050 outstanding for the year 2020-21 and Rs.1,500 for 2021-22. Locker rent received on advance at the end of current year i.e on 31.3.22 is Rs.1,000. What amount of Locker Rent will be shown in Income and Expenditure A/c? Choose the correct option:

Soni, Moni and Toni are partners sharing profits in the ratio of 5:3:2. If Moni's share of profit at the end of the year amounted to Rs.1,50,000. What will be Soni's share of profits?

If the net profit earned during the year is Rs.50,000 and amount of Depreciation during the year is Rs.15,000, then the cash flow from operating activities will be equal to Rs. _______.

Anand, Bahadur and Chander are partners, sharing profit equally. On Chander's retirement, his share is acquired by Anand only. Gaining percentage of Anand will be.

There are 500 members in a Rotary club, who provide medical services to poor people in backward area. Each member pays 1,000 Rs. as subscription. During financial year 100 members paid partial subscription of Rs.80,000. 10 members left without giving yearly subscription. Amount received during current financial year will be

Identify from the following when goodwill is required to be calculated. Change in profit sharing ratio A. Change in profit sharing ratio B. Admission of a partner C. Dissolution of Partnership firm D. Amalgamation of partnership firms E. Preparation of Balance Sheet Choose the correct answer from the options given below:

Match List I with List II | List I | List II | |---|---| | A. Debt Equity Ratio | I. Primarily indicates the rate of external funds in financing assets. | | B. Total assets to Debt ratio | II. Higher proportion provides security to creditors | | C. Proprietary ratio | III. It reveals the efficiency of business in utilization of funds | | D. Return on Investment | IV. It measures degree of indebtness of an enterprise | Choose the correct answer from the options given below:

Vivek, Virat and Vineet were partners in a firm. Their capital accounts as on April 1, 2019 showed a balance of Rs.4,00,000, Rs.6,00,000 and Rs.8,00,000 respectively. On 1st July 2019 Virat introduced additional capital of Rs.1,00,000 while Vineet withdraw 50,000 on 31 Oct 2019 from their capitals. Interest on capital is allowed @8%. Calculate Interest on capital to be given to each partner.

From Which command tab is the font size for an axis in a chart changed?

Which of these purposes does not pertain to charts?

Excel automatically redraws the chart _______

Find the right sequence of appropriation of profits A. Profits transferred to P and L appropriation A/c. B. Interest on capital C. Profits distributed to partner after appropriation D. Interest on partner loan A/c Choose the correct answer from the options given below