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CUET Accountancy 2022 PYQs20 Aug Shift 2. Free, no login required.

Q1:

Debentures

Medium

Match List I with List II

List IList II
A. Excess of purchase consideration over value of net assetsI. Issue Debentures as collateral security
B. Excess of net assets over purchase considerationII. Goodwill
C. Debenture Suspense AccountIII. Issue of Debentures for consideration other than cash
D. Assets received against DebenturesIV. Capital Reserve

Choose the correct answer from the options given below:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 1

Q2:

Cash Flow

Medium

Which among the following are the non-cash items?

A. Deferred Tax

B. Goodwill write-off

C. Depreciation

D. Increase in Stock

Choose the correct answer from the options given below:

Answer options
Option 4
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 2

Q4:

Dissolution

Medium

Which among the following are the modes of dissolution?

A. Dissolution by Nature

B. Compulsory Dissolution

C. Dissolution by Agreement

D. Dissolution by Notice

Choose the correct answer from the options given below:

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 4

Q5:

Retirement/Death

Easy

In the absence of any information regarding the acquisition of share in the profit of retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in the:

Answer options
Option 4
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 5

Q6:

Accounting

Medium

Extract of Receipt and Payment Account for the year ended on March 31, 2021 is given.

Calculate the amount of Stationery to be shown in Income and Expenditure A/c.

Payments for Stationery: Rs. 23,000

Additional Information:

1 April, 202031 Mar 2021
Stock of Stationary4,0003,000
Creditors for stationery9,0002,500
Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 6

Q8:

Cash Flow

Easy

From the following information of I Ltd., calculate Net Increase / Decrease in cash and cash equivalents during the year 2021-22.

i) Cash flow from Operating Activities: Rs. 2,35,000

ii) Cash used in investing Activities: Rs. 4,35,000

iii) Cash flow from financing activities: Rs. 2,35,000

Answer options
Option 4
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 8

Q9:

Debentures

Medium

Blue Prints Ltd. purchased a building worth Rs. 1,50,000, Machinery worth Rs. 1,40,000 and Furniture worth Rs. 10,000 from XYZ Co. and took over its liabilities of Rs. 20,000 for a purchase consideration of Rs. 3,15,000.

Calculate the Goodwill/Capital Reserve to be recorded by Blue Print Ltd.

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 9

Q10:

Share Capital

Medium

The Directors of Tivoli Plastics Ltd. resolved that 200 equity shares of Rs. 100 each be Forfeited for non-payment of the second and final call of Rs. 30 per share. Out of these, 150 shares were reissued at Rs. 60 per share as fully paid-up. How much amount will be transferred to Capital Reserve Account?

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 10

Q11:

Dissolution

Easy

On 1/4/22, X and Y decided to dissolve their firm. On that date of dissolution, Goodwill appeared at Rs. 5,00,000 in the Balance Sheet. Goodwill will be:

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 11

Q12:

Accounting

Hard

From the following information, calculate interest on Capital of C, a partner for the year ended 31st March, 2022.

C's Capital on 31/3/2022: Rs. 12,00,000

Profit credited to C for the year ended 31/3/2022: Rs. 3,00,000

Drawings made during the year: Rs. 1,00,000

Additional Capital introduced on 1/10/21: Rs. 5,00,000

Rate of Interest = 12 % p.a.

Answer options
Option 3
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 12

Q13:

Accounting

Easy

If the total income earned by Saket Club, a Not-for-Profit organisation is Rs. 2,60,000 and surplus earned is Rs. 85,000, then total expenditure incurred will be:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 13

Q14:

Retirement/Death

Medium

If X share of profit was to be calculated on the basis of Average Profit of the last three years, which were Rs. 1,36,000 for 2018-19, Rs. 1,54,000 for 2019-20 and Rs. 1,00,000 for 2020-21. X share of profit for the period from April 01, 2020 to June 30, 2020 shall be calculated on the basis of Average Profit. The profit sharing ration is 4 : 5 : 1 between X, Y and Z.

His share of profit will be:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 14

Q15:

Share Capital

Medium

Correct sequence of issue of shares is -

A. Receipt of Application

B. Issue of Prospectus

C. Letter of Allotment of Shares

D. Letter of Regret

Choose the correct answer from the options given below:

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

Q16:

Admission

Medium

For computing Goodwill by capitalisation of Average Profit method, the following sequence would be followed:

A. Capitalise the average profit on the basis of Normal Rate of Return

B. Ascertain the firm's Capital - Total Assets - Outside Liabilities

C. Ascertain the average profits based on past years' performance

D. Compute the volume of Goodwill

Choose the correct answer from the options given below:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 16

Q18:

Cash Flow

Easy

Separate disclosure of cash flows from ________ activities is important because they represent the extent to which expenditure have been made for resources intended to generate future income and cash flows:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 18

Q19:

Analysis

Medium

In common size statement, if revenue from operations are Rs. 23,00,000 and other incomes are Rs. 3,00,000, then the percentage of 'Total Revenue from Operations' to 'Revenue from operations' will be:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 19

Q20:

Debentures

Medium

Which A/c is credited for transfer of interest on Debenture Redemption Fund Investment?

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 20

Q21:

Share Capital

Medium

The directors of a company forfeited 400 equity shares of Rs. 10 each fully called up on which Rs. 1,600 had been paid. All the forfeited shares were reissued upon payment of Rs. 3,000. Calculate the amount transferred to Capital Reserve

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 21

Q22:

Dissolution

Medium

Raman and Naman were in partnership sharing profit and losses as 3 : 2. Their partnership firm was dissolved on 31 March 2022. On the date of dissolution, Naman's loan was Rs. 20,000. Naman agreed to take stock (already transferred to Realisation A/c) of Rs. 15,000 at Rs. 18,000 and balance in cash for the settlement of loan. Journal Entry for above transaction is:

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 22

Q23:

Admission

Hard

Calculate the amount of adjusted profit for the year ended 31 March 2021 for the purpose of valuation of Goodwill from the following information:

Profit for the year ended 31 March 2021: Rs. 80,000

On 1 July, 2020, a major plant repair was undertaken for Rs. 10,000 which was charged to Revenue. The said sum is to be capitalised for Goodwill valuation subject to adjustment of depreciation @ 10 % p.a. on reducing balance method.

Answer options
Option 4
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 23

Q24:

Accounting

Medium

Match List I with List II

List IList II
A. Partner's SalaryI. P & L A/c Dr.
B. Manager's SalaryII. P & L Appropriation A/c Dr.
C. Distribution of LossIII. P & L A/c Cr.
D. Commission ReceivedIV. P & L Appropriation A/c Cr.

Choose the correct answer from the options given below:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 24

Q25:

Accounting

Hard

How will you deal with the following items while preparing for the Bombay Women Cricket Club, its Income and Expenditure Account for the year ending 31st March 2021, and its Balance Sheet, on the same date : Donation for the Pavilion construction Rs. 12,25,000, Expenditure incurred Rs. 10,80,000, Total estimate Rs. 25,00,000.

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 25

Q26:

Ratios

Medium

X Ltd. has a Current Ration of 3.5 : 1 and Quick Ratio of 2 : 1. If excess of current assets over quick assets represented by inventories is Rs. 24,000. Calculate current liabilities.

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 26

Q28:

Debentures

Medium

The company purchased plant with a book value of Rs. 1,90,000 from National Victory Company and agreed to pay via issuing 2000, 10% Debentures of Rs. 100 each at a discount of 5%.

Amount that will be credited to 10% Debenture A/c will be:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 28

Q29:

Admission

Medium

Valuation of Goodwill takes place on which of the following occasions:

A. Incorporation of a new business

B. Change in profit sharing ratio

C. Amalgamation of partnership firm

D. Admission of a partner

E. Dissolution of firm or closure of business

Choose the correct answer from the options given below:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 29

Q30:

Cash Flow

Medium

Following items are categorised under Operating Activities:

A. Purchase of Goodwill

B. Transfer to General Reserve

C. Issue of fresh shares

D. Gain on sale of machinery

Choose the correct answer from the options given below:

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 30

Q31:

Ratios

Easy

Match List I with List II

List IList II
A. Liquidity RatioI. Proprietary Ratio
B. Solvency RatioII. Current Ratio
C. Activity RatioIII. Earning per Share
D. Profitability ratioIV. Current assets turnover ratio

Choose the correct answer from the options given below:

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 31

Q33:

Retirement/Death

Medium

What will be the share of deceased partner, whose ratio was 14\frac{1}{4}, if the turnover in year of death till the date of death was Rs. 8,00,000 and in previous year was Rs. 20,00,000? Profit in previous year was Rs. 4,00,000

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 33

Q34:

Accounting

Medium

If Amit, a partner, withdrew Rs. 10,000 per month in the end, what will be the amount of interest on drawing if it is calculated @ 8 % p.a.?

Answer options
Option 4
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 34

Q35:

Share Capital

Medium

Match List I with List II

List IList II
A. Share forfeitureI. Reserve Capital
B. Uncalled CapitalII. Pro-rata allotment
C. Over-subscriptionIII. Capital Reserve
D. Discount on issue of sharesIV. Reissue of shares

Choose the correct answer from the options given below:

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 35

Q36:

Dissolution

Medium

X, Y, Z are partners who decided to dissolve their firm. Realisation expenses were to be borne by Y for which he was to be given remuneration of Rs. 10,000. Actual expenses were Rs. 12,000. How much amount will be transferred to Y's Capital A/c for it?

Answer options
Option 4
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 36

Q38:

Spreadsheet

Easy

Which of the following statement is not correct?

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 38

Q39:

Spreadsheet

Medium

The data that is entered in a cell may be either:

A. Numeric

B. Alpha-Numeric

C. Date

D. Label

Choose the correct answer from the options given below:

Answer options
Option 4
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 39

Q40:

Overview

Easy

The computerised Accounting System refers to:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 40

Q41:

Cash Flow

Hard

Read the following information to answer.

On the basis of case study given below, answer the question which follows:

"Mikku on alumni of IIT Delhi, initiated his start-up "Gajanan Ltd.," in the year 2016. His profit in the year 2020-21 after all appropriation was Rs. 6,25,000. This profit was arrived after taking following items into consideration:

| Loss on Sale of fixed Assets | Rs. 5,00,000 | | Goodwill written off | Rs. 3,80,000 | | Transfer to reserve | Rs. 3,55,000 | | Provision for tax | Rs. 2,70,000 | | Interest on Debentures paid | Rs. 1,65,000 |

Other Details are:

| Particulars | 2020 (in Rs.) | 2021 (in Rs.) | | Prepaid Expenses | 25,000 | 10,000 | | Accrued interest | 40,000 | 68,000 | | Trade payables | 7,00,000 | 4,00,000 | | Inventories | 6,50,000 | 5,50,000 |

Net profit before tax will be Rs. ________

Answer options
Option 3
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 41

Q42:

Cash Flow

Hard

Read the following information to answer.

On the basis of case study given below, answer the question which follows:

"Mikku on alumni of IIT Delhi, initiated his start-up "Gajanan Ltd.," in the year 2016. His profit in the year 2020-21 after all appropriation was Rs. 6,25,000. This profit was arrived after taking following items into consideration:

| Loss on Sale of fixed Assets | Rs. 5,00,000 | | Goodwill written off | Rs. 3,80,000 | | Transfer to reserve | Rs. 3,55,000 | | Provision for tax | Rs. 2,70,000 | | Interest on Debentures paid | Rs. 1,65,000 |

Other Details are:

| Particulars | 2020 (in Rs.) | 2021 (in Rs.) | | Prepaid Expenses | 25,000 | 10,000 | | Accrued interest | 40,000 | 68,000 | | Trade payables | 7,00,000 | 4,00,000 | | Inventories | 6,50,000 | 5,50,000 |

Operating Profit before working capital changes will be Rs. ________

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 42

Q43:

Cash Flow

Hard

Read the following information to answer.

On the basis of case study given below, answer the question which follows:

"Mikku on alumni of IIT Delhi, initiated his start-up "Gajanan Ltd.," in the year 2016. His profit in the year 2020-21 after all appropriation was Rs. 6,25,000. This profit was arrived after taking following items into consideration:

| Loss on Sale of fixed Assets | Rs. 5,00,000 | | Goodwill written off | Rs. 3,80,000 | | Transfer to reserve | Rs. 3,55,000 | | Provision for tax | Rs. 2,70,000 | | Interest on Debentures paid | Rs. 1,65,000 |

Other Details are:

| Particulars | 2020 (in Rs.) | 2021 (in Rs.) | | Prepaid Expenses | 25,000 | 10,000 | | Accrued interest | 40,000 | 68,000 | | Trade payables | 7,00,000 | 4,00,000 | | Inventories | 6,50,000 | 5,50,000 |

From among the following, choose the item which would be mentioned in financing activity also:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 43

Q44:

Cash Flow

Hard

Read the following information to answer.

On the basis of case study given below, answer the question which follows:

"Mikku on alumni of IIT Delhi, initiated his start-up "Gajanan Ltd.," in the year 2016. His profit in the year 2020-21 after all appropriation was Rs. 6,25,000. This profit was arrived after taking following items into consideration:

| Loss on Sale of fixed Assets | Rs. 5,00,000 | | Goodwill written off | Rs. 3,80,000 | | Transfer to reserve | Rs. 3,55,000 | | Provision for tax | Rs. 2,70,000 | | Interest on Debentures paid | Rs. 1,65,000 |

Other Details are:

| Particulars | 2020 (in Rs.) | 2021 (in Rs.) | | Prepaid Expenses | 25,000 | 10,000 | | Accrued interest | 40,000 | 68,000 | | Trade payables | 7,00,000 | 4,00,000 | | Inventories | 6,50,000 | 5,50,000 |

Cash from operating activities before tax will be Rs. ________

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 44

Q45:

Cash Flow

Hard

Read the following information to answer.

On the basis of case study given below, answer the question which follows:

"Mikku on alumni of IIT Delhi, initiated his start-up "Gajanan Ltd.," in the year 2016. His profit in the year 2020-21 after all appropriation was Rs. 6,25,000. This profit was arrived after taking following items into consideration:

| Loss on Sale of fixed Assets | Rs. 5,00,000 | | Goodwill written off | Rs. 3,80,000 | | Transfer to reserve | Rs. 3,55,000 | | Provision for tax | Rs. 2,70,000 | | Interest on Debentures paid | Rs. 1,65,000 |

Other Details are:

| Particulars | 2020 (in Rs.) | 2021 (in Rs.) | | Prepaid Expenses | 25,000 | 10,000 | | Accrued interest | 40,000 | 68,000 | | Trade payables | 7,00,000 | 4,00,000 | | Inventories | 6,50,000 | 5,50,000 |

Cash flow from Operating Activities will be Rs. ________

Answer options
Option 4
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 45

Q46:

Admission

Medium

Case Study

Read the following information to answer.

Arun and Ram are partners in a restaurant business sharing profits and losses in capital ratio. Their fixed capital from the beginning of the firm was Rs. 2,00,000 and Rs. 1,50,000 respectively.

The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. 2,20,000. Ram is allowed a salary of Rs. 2,000 per quarter. Interest on capital is allowed to all partners @ 10 % p.a.

Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for 15\frac{1}{5} share in profits. It was agreed that Sanjeev will bring Rs. 1,00,000 as capital and Rs. 50,000 as his share of Goodwill. It was decided that he will give Rs. 1,00,000 as loan to the firm for 3 years.

The amount of salary to be shown in the Dr. side of P & L Appropriation A/C will be:

Answer options
Option 2
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 46

Q47:

Admission

Medium

Case Study

Read the following information to answer.

Arun and Ram are partners in a restaurant business sharing profits and losses in capital ratio. Their fixed capital from the beginning of the firm was Rs. 2,00,000 and Rs. 1,50,000 respectively.

The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. 2,20,000. Ram is allowed a salary of Rs. 2,000 per quarter. Interest on capital is allowed to all partners @ 10 % p.a.

Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for 15\frac{1}{5} share in profits. It was agreed that Sanjeev will bring Rs. 1,00,000 as capital and Rs. 50,000 as his share of Goodwill. It was decided that he will give Rs. 1,00,000 as loan to the firm for 3 years.

Interest on capital will be shown on the Dr. side of Profit and Loss Appropriation A/c and ________ side of Partner's ________ A/c.

Answer options
Option 3
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 47

Q48:

Admission

Medium

Case Study

Read the following information to answer.

Arun and Ram are partners in a restaurant business sharing profits and losses in capital ratio. Their fixed capital from the beginning of the firm was Rs. 2,00,000 and Rs. 1,50,000 respectively.

The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. 2,20,000. Ram is allowed a salary of Rs. 2,000 per quarter. Interest on capital is allowed to all partners @ 10 % p.a.

Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for 15\frac{1}{5} share in profits. It was agreed that Sanjeev will bring Rs. 1,00,000 as capital and Rs. 50,000 as his share of Goodwill. It was decided that he will give Rs. 1,00,000 as loan to the firm for 3 years.

Rate of Interest on loan given by Sanjeev will be:

Answer options
Option 4
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 48

Q49:

Admission

Medium

Case Study

Read the following information to answer.

Arun and Ram are partners in a restaurant business sharing profits and losses in capital ratio. Their fixed capital from the beginning of the firm was Rs. 2,00,000 and Rs. 1,50,000 respectively.

The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. 2,20,000. Ram is allowed a salary of Rs. 2,000 per quarter. Interest on capital is allowed to all partners @ 10 % p.a.

Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for 15\frac{1}{5} share in profits. It was agreed that Sanjeev will bring Rs. 1,00,000 as capital and Rs. 50,000 as his share of Goodwill. It was decided that he will give Rs. 1,00,000 as loan to the firm for 3 years.

The amount of distributed profits of both the partner's will be:

Answer options
Option 1
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 49

Q50:

Admission

Medium

Case Study

Read the following information to answer.

Arun and Ram are partners in a restaurant business sharing profits and losses in capital ratio. Their fixed capital from the beginning of the firm was Rs. 2,00,000 and Rs. 1,50,000 respectively.

The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. 2,20,000. Ram is allowed a salary of Rs. 2,000 per quarter. Interest on capital is allowed to all partners @ 10 % p.a.

Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for 15\frac{1}{5} share in profits. It was agreed that Sanjeev will bring Rs. 1,00,000 as capital and Rs. 50,000 as his share of Goodwill. It was decided that he will give Rs. 1,00,000 as loan to the firm for 3 years.

The new profit sharing ratio of Arun, Ram and Sanjeev will be:

Answer options
Option 3
Correct Answer
Explanation for 2022: 20 Aug Shift 2 ACC question 50

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