CUET Accountancy 2022 PYQs20 July Shift 1. Free, no login required.

A firm earns a profit in last three years as follows :

2020 - 21 Rs. 75,000

2019 - 20 Rs. 1,20,000

2018 - 19 Rs. 50,000

Additional Information :-

Closing stock of 2020 - 21 was undervalued by Rs. 10,000.

Calculate the Average Profit.

Identify the right combination of type of Account in making Final Accounts of Partnership Firm.

(a) Profit and Loss A/C

(b) Profit and Loss Suspence A/C

(c) Profit and Loss Appropriation A/C

(d) Profit and Loss Adjustment A/C

(e) Partners' Capital A/Cs

Choose the correct answer from the options given below :

Interest on drawings of a partner has been calculated Rs. 3,000 @ 8% p.a. who has drawn equal amount in each quater; commencing from end of the first quarter throughout the year. The amount of drawing of partner per quarter would be :

Match List - I with List - II.

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If average capital employed in a firm is Rs. 15,00,000 and fair rate of return in the same industry was 8%. Goodwill was valued at Rs. 90,000 on the basis of three times of super profit. The Average Profit of the firm is ?

A and B are partners sharing profits in the ratio of 5 : 4. C is admitted as a partner and he acquires 25% of his share from A. B surrenders $\frac{1}{4}$ th from his share in favour of C. Calculate C's share in profit.

From the following information, identify when goodwill is required to be calculated.

(a) Admission of a Partner

(b) Amalgamation of partnership firms

(c) Dissolution of partnership firm

(d) Retirement and Death of any partner

(e) Preparation of Balance sheet

Choose the correct answer from the options given below :

At the time of admission of a partner, if nothing is specified then new partner acquires his share from old partners.

Identify the statement that is/are not true from the following.

(a) Shares can be forfeited for non payment of call money.

(b) The profit on forfieted shares is transferred to capital reserve.

(c) Balance of share forfeiture account is shown is the balance sheet under reserves and surplus.

(d) Application money should be at least 10% of the face value of the share.

Choose the correct answer from the options given below :

PQR Ltd. issued 40,000 Equity shares of Rs. 10 each at par payable Rs. 3 on application, Rs. 4 on allotment and balance on first and final call. Applications were received for 1,10,000 shares. Applications for 20,000 shares were refused and allotment was made prorata to remaining applicants. Amount received on allotment is :

Arrange the following steps as per the procedure of issue of shares :

(a) Receipt of applications

(b) Allotment of shares

(c) Reissue of forfeited shares

(d) Issue of prospectus

(e) Forfeiture of shares

Choose the correct answer from the options given below :

Match List - I with List - II

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MNO Ltd. forfeited 1,000 shares of Rs. 10 each on which shareholders had paid only application money of Rs. 3 per share. Out of these, 400 equity shares were reissued as fully paid for Rs. 9 per share. The gain on reissue of shares transferred to Capital reserve is :

Identify the items NOT be shown under Investing Activities while making Cah Flow statement.

(a) Proposed Dividend

(b) Purchase of non-current Investments

(c) Interest paid on long term borrowings

(d) Sale of machinery

(e) Marketable securities

Choose the most appropriate answer from the options given below :

Match List - I with List - II

Choose the correct answer from the options given below :

Calculate Current Ratio from the following given information.

Liquid Ratio 0.75 : 1

Current Liabilities Rs. 1,80,000

Prepaid Expenses Rs. 20,000

Inventory Rs. 47,250

Payment made for stationary during the year 2021 - 22 is Rs. 46,000.

Stock of stationary as on 1-4-2021 Rs. 8,000

Stock of stationary as on 31-3-2022 Rs. 6,000

Advance for stationary as on 1-4-2021 Rs. 18,000

Advance for stationary as on 31-3-2022 Rs. 5,000

What will be the amount of stationary consumed during the year 2021 - 22 ?

The closing balance of Receipts and Payments Account depicts _________.

Income ad Expenditure Account is prepared on (a)_________ basis, while Receipts and Payments Account is prepared on (b)_________ basis.

Match List - I with List - II

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The Receipts and Payments Account of Lead Sports Club showed payment for sports materials as Rs. 46,000 for the year ended 31st March 2022.

Additional Information provided is as follows :

Calculate the amount of Sports Materials consumed during the year ended 31st March 2022.

A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. C died on 1st August, 2022 and his share of profit from the begining of the accounting year upto the date of death amounted to Rs. 70,000. C's share of profit will be debited to :

At the time of retirement of a Partner if retiring Partner's whole amount is treated as loan, then the total amount is Debited in :

Monu, Sonu and Golu are partners in a firm sharing profits in the ratio of 2 : 2 : 1. Golu died on 5th November 2021. Under the partnership deed, the executors of the deceased partner are entitled to his share of profit to the date of death, calculated on the basis of last year's profit. Profit for the year ended 31st March 2022 was Rs. 3,00,000. Golu's share of profit will be :

On the death of a partner, his share in the loss of the firm till the date of his death is transfered to :

In the balance sheet Total Debtors appear at Rs. 1,50,000 and provision for doubtful debts appear at Rs. 1,500. How much amount will be realised from debtors, if bad debts amounted to Rs. 20,000 and remaining debtors realised at a discount of 15% ?

A firm may not be dissolved by court in the following condition :

On the dissolution of the partnership firm the amount realised from sale of assets shall be applied in following order.

(a) Distributing the amount left among the partners in their profit sharing ratio

(b) Paying amount due to partner on account of loan advanced by him

(c) Paying amount due to the creditors

(d) Paying partners' capital account balances

Choose the correct answer from the options given below :

The following journal entry is recorded in the books of RST Ltd. on issue of debentures :

Bank a/c Dr 18,00,000

Loss on issue of Debentures a/c Dr 6,00,000

To 14% Debentures 20,00,000

To Premium on Redemption of Debentunes 4,00,000

Debentures have been issued at a discount of :

If a share of Rs. 100 on which Rs. 45 has been paid is forfeited at what minimum price can it be reissued :

Make the right combination of the ratios that enables to find the short term liquidity.

(a) Return on Equity

(b) Acid Test Ratio

(c) Current Ratio

(d) Sacrificing Ratio

(e) Inventory Turnover Ratio

Choose the most appropriate answer from the options given below :

On 1st April 2020, the balance of furniture of ABC Ltd. was Rs. 20,000. During the year furniture costing Rs. 4,000 was sold at a gain of Rs. 3,000. Depreciation was charged on it Rs. 5,000. The balance of furniture on 31.3.21 was Rs. 28,000. The amount of furniture purchased was :

X Ltd. sold machinery having a book value of Rs. 25,000 (on which accumulated depreciation of Rs. 5,000 had been charged) at a profit of Rs. 3,000. The cash flow from investing activities will be :

Arrange the following items to be in order while making Cash Flow Statement as per AS.3

(a) Income Tax paid

(b) Purchase of Furniture

(c) Good will written off

(d) Debentures issued

(e) Shares purchased

Choose the correct answer from the options given below :

Calculate the amount of cash generated from operations from the following information :

Arrange the following into correct sequence while computing cash flow from operating activies.

(a) Compute Net Profit before tax after making necessary adjustments.

(b) Compute operating profit before working capital changes by making adjustment for non-cash and non-operating activities.

(c) Calculate the difference between opening and closing balance in statment of profit and loss.

(d) Compute operating profit by making adjustment for working capital changes.

(e) Calculate cash generated/cash used from operating activities by deducting tax paid from operating profit.

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Identify the chart element that details the data values and categories below the chart.

The best way to get started in Excel 2007 was to click the :

Which key combination callapses the ribbon ?

'DBMS' stands for :