Q1:
23 Aug Shift 2
Partnership > Dissolution
Easy
On dissolution of a firm, bank overdraft is transferred to :
Correct Answer
Option 3
Correct Answer
CUET Accountancy 2022 23 Aug Shift 2 PYQs
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Q2:
23 Aug Shift 2
Financial Statements > Analysis
Easy
Rearrange the following items in a sequence while preparing common size statement. (A) Calculate percentage of the total as per common base (B) Prepare the format of Balance sheet and Profit and Loss A/c (C) List out absolute figures in rupees at two points of time (D) Choose a common base Choose the correct answer from the options given below :
Correct Answer
Option 1
Correct Answer
Q3:
23 Aug Shift 2
Company Accounts > Share Capital
Medium
All of them are shown under the sub-heading 'Reserve and Surplus' except :
Correct Answer
Option 3
Correct Answer
Q4:
23 Aug Shift 2
Company Accounts > Share Capital
Easy
An issue of shares made by the company to the public in general for subscription is called :
Correct Answer
Option 2
Correct Answer
Q5:
23 Aug Shift 2
Company Accounts > Share Capital
Easy
Forfeiture of shares results in the reduction of :
Correct Answer
Option 4
Correct Answer
Q6:
23 Aug Shift 2
Financial Statements > Nature/Structure
Easy
Which of the following is not included in Non-current liabilities, while preparing a Balance Sheet of a company :
Correct Answer
Option 4
Correct Answer
Q7:
23 Aug Shift 2
Financial Statements > Cash Flow
Medium
Which among the following are sources of cash inflow from Investing Activities ? (A) Dividend Received from investment (B) Cash Receipt from Disposal of shares (C) Cash Receipt from Disposal of Fixed Assets (D) Cash proceeds from issuing Shares and Debentures Choose the correct answer from the options given below :
Correct Answer
Option 2
Correct Answer
Q8:
23 Aug Shift 2
Financial Statements > Ratios
Easy
If there is Revenue from Operation Rs. 1,20,000 and gross profit is 20% of cost, then the amount of gross profit will be :
Correct Answer
Option 3
Correct Answer
Q9:
23 Aug Shift 2
Financial Statements > Ratios
Easy
The ideal Debt Equity Ratio is :
Correct Answer
Option 2
Correct Answer
Q10:
23 Aug Shift 2
Partnership > Retirement/Death
Easy
A, B and C are partner's sharing profits and losses in the ratio of $\frac{3}{8} : \frac{1}{2} : \frac{1}{8}$. If A dies, then the new ratio of B and C will be :
Correct Answer
Option 2
Correct Answer
Q11:
23 Aug Shift 2
Financial Statements > Nature/Structure
Medium
Which among the following items appear in the Receipt and Payment Account ? (A) Life membership fees (B) Depreciation of fixed assets (C) Provision of doubtful debts (D) Profit/loss on sale of fixed assets Choose the correct answer from the options given below :
Correct Answer
Option 4
Correct Answer
Q12:
23 Aug Shift 2
Financial Statements > Cash Flow
Easy
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Operating Activities | (I) Issue of equity shares | | (B) Investing Activities | (II) Purchase of Marketable securities | | (C) Financing Activities | (III) Cash sales | | (D) Cash Equivalent | (IV) Purchase of fixed assets | Choose the correct answer from the options given below :
Correct Answer
Option 2
Correct Answer
Q13:
23 Aug Shift 2
Financial Statements > Cash Flow
Hard
From the following information of X Ltd, calculate Cash Flow from Financing Activities. | | April 1, 2021 | March 31, 2022 | |---|---|---| | Long-term Loan | 2,00,000 | 2,60,000 | During the year, the company repaid a loan of Rs. 1,00,000. Long-term loan carried interest rate of 10%. The loan was repaid on 1st April 2021 and a fresh loan was taken on 31st March 2022.
Correct Answer
Option 3
Correct Answer
Q14:
23 Aug Shift 2
Company Accounts > Share Capital
Medium
Securities Premium Reserve as per section 52(2) of the companies Act 2013 can be used : (A) To write-off preliminary expenses of the company (B) To issue fully paid bonus shares to the extent not exceeding unissued share capital of the company (C) To pay premium on the redemption of preference shares or debentures (D) To write off discount allowed on the goods sold on credit Choose the correct answer from the options given below :
Correct Answer
Option 4
Correct Answer
Q15:
23 Aug Shift 2
Company Accounts > Share Capital
Easy
Uncalled capital that can be called up only in event of winding up of the company is called :
Correct Answer
Option 3
Correct Answer
Q16:
23 Aug Shift 2
Financial Statements > Ratios
Easy
For calculating EPS, the following order will be followed. (A) Calculate number of equity shares (B) Calculate earning available for equity share holders (C) Compute profit after tax (D) Compute EPS Choose the correct answer from the options given below :
Correct Answer
Option 1
Correct Answer
Q17:
23 Aug Shift 2
Partnership > Dissolution
Medium
On 1st April 2022, A, B and C decided to dissolve their firm On the date of dissolution, Sundry debtors appeared in Balance Sheet at Rs. 6,00,000 and Provision for doubtful debt at Rs. 30,000 Debtors to extent of Rs. 60,000 were bad. In journal entry for realisation of debtors.
Correct Answer
Option 2
Correct Answer
Q18:
23 Aug Shift 2
Financial Statements > Cash Flow
Medium
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Bank overdraft | (I) Non cash item | | (B) Dividend received | (II) Financing activity | | (C) Provision for doubtful debts | (III) Operating activity | | (D) Cash received from sale of goods | (IV) Investing activity | Choose the correct answer from the options given below :
Correct Answer
Option 2
Correct Answer
Q19:
23 Aug Shift 2
Financial Statements > Cash Flow
Hard
Nitin Ltd. provides you the following information. | Particulars | 1 April 2021 | 31 March 2022 | |---|---|---| | Machinery | 2,40,000 | 3,50,000 | | Accumulated Depreciation | 50,000 | 45,000 | During the year, a machine costing Rs. 90,000 with accumulated depreciation of Rs. 31,500 was sold for Rs. 52,000. Calculate Cash Flow from Investing Activities on the basis of the above information.
Correct Answer
Option 3
Correct Answer
Q20:
23 Aug Shift 2
Financial Statements > Cash Flow
Medium
Identify the correct sequence in calculation of Cash Flow from Operating Activities. (A) Addition and subtraction of Non cash/Non operating items (B) Payment of income tax (C) Calculation of operating profit before working capital changes. (D) Calculation of net profit/loss before tax and extraordinary items Choose the correct answer from the options given below :
Correct Answer
Option 1
Correct Answer
Q21:
23 Aug Shift 2
Company Accounts > Share Capital
Medium
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Share forfeiture | (I) Cr. share capital | | (B) Shares reissued | (II) Dr. share capital | | (C) Excess application money refunded | (III) Dr. Bank A/c | | (D) Calls money received | (IV) Cr. Bank A/c | Choose the correct answer from the options given below :
Correct Answer
Option 2
Correct Answer
Q22:
23 Aug Shift 2
Company Accounts > Share Capital
Easy
If a share of Rs. 10 on which Rs. 7 has been paid is forfeited, at what minimum price can it be reissued ?
Correct Answer
Option 3
Correct Answer
Q23:
23 Aug Shift 2
Partnership > Accounting
Medium
Calculate net profit as per P & L A/c for the year ending 31 March, 2022 from the following information : share of profit transferred to Capital A/c's of partners : Ram Rs. 7,000 Shyam Rs. 3,500 Interest on capital : Ram Rs. 1,500 Shyam Rs. 500 Interest on Drawings : Ram Rs. 300 Shyam Rs. 200 Ram's salary Rs. 1,000
Correct Answer
Option 1
Correct Answer
Q24:
23 Aug Shift 2
Partnership > Accounting
Hard
M and R are partners sharing profits and losses in the ratio of 3 : 2. Their capital A/c's showed the balance of Rs. 4,00,000 and Rs. 3,00,000 respectively on 1 April, 2021. M introduced additional capital on 1 August, 2021. Interest on capital is allowed @ 6% p.a. Total interest on capital of both the partners is Rs. 50,000. Calculate additional capital introduced by M on 1 August, 2021 and interest on capital earned on additional capital. Books are closed on 31 March.
Correct Answer
Option 3
Correct Answer
Q25:
23 Aug Shift 2
Financial Statements > Nature/Structure
Easy
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Receipts and Payment A/c | (I) Special fund | | (B) Capital receipt | (II) Life membership fees | | (C) Match fund | (III) Accrual basis | | (D) Income and Expenditure A/c | (IV) Cash basis | Choose the correct answer from the options given below :
Correct Answer
Option 3
Correct Answer
Q26:
23 Aug Shift 2
Financial Statements > Nature/Structure
Hard
Value of 12% government securities as at 31 March 2021 was Rs. 85,000 which were purchased at that date at par. Additional 12% securities worth Rs. 50,000 were purchased on 31 March, 2022. Total interest debited to receipts and payments A/c during the year on the above securities is Rs. 9,000 calculate Accrued interest on 31 March, 2022.
Correct Answer
Option 1
Correct Answer
Q27:
23 Aug Shift 2
Financial Statements > Nature/Structure
Medium
From the following information calculate how much amount of depreciation will be shown in the Income and Expenditure A/c for the year 2021-22 : | | As on 31 March, 2021 | As on 31 March, 2022 | |---|---|---| | Furniture | Rs. 1,80,000 | Rs. 1,60,250 | Furniture worth Rs. 8,000 was sold for Rs. 10,000 on 1 April, 2021.
Correct Answer
Option 2
Correct Answer
Q28:
23 Aug Shift 2
Financial Statements > Nature/Structure
Hard
Calculate subscription received during the year 2021-22 from the following information : Amount of subscription credited to Income and Expenditure A/c for the year ended 2021-22 Rs. 1,05,000 Subscription received in advances as on 31 March, 2022 Rs. 10,000 Subscription received in advances as on 31 March, 2021 Rs. 7000 Subscription outstanding as on 31 March, 2021 Rs. 10,500 Subscription outstanding as on 31 March, 2022 Rs. 20,500
Correct Answer
Option 3
Correct Answer
Q29:
23 Aug Shift 2
Financial Statements > Nature/Structure
Medium
Calculate prize fund expenses incurred during the year 2021-22 from the following information Prize fund as on 1 April, 2021 Rs. 80,000 Donation received for Prize Fund Rs. 15,000 10% Prize Fund Investment Rs. 80,000 Interest Received Rs. 5,000 Interest Accrued Rs. 3,000 Prize fund as on 31 March, 2022 Rs. 70,000
Correct Answer
Option 1
Correct Answer
Q30:
23 Aug Shift 2
Partnership > Accounting
Easy
Sudhir and Vimal came into partnership with profit sharing ratio of 3 : 2. Due to paucity of time, Sudhir was unable to give time to business so Vimal acted as principle and took all financial and operational decisions. Due to break down of Covid 19, business suffered a loss of 4,00,000. State the amount of loss to be borne by Sudhir.
Correct Answer
Option 2
Correct Answer
Q31:
23 Aug Shift 2
Partnership > Accounting
Medium
Gitansh withdrew Rs. 5000 pm at the end of every month for ten months. Interest on drawing is charged @ 10% p.a. Gitansh's interest on drawings is :
Correct Answer
Option 1
Correct Answer
Q32:
23 Aug Shift 2
Partnership > Accounting
Medium
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Interest on loan | (I) Current Account | | (B) Fixed capital | (II) Charge Against Profit | | (C) Fluctuating capital | (III) Capital Account | | (D) Interest on capital | (IV) Appropriation of Profit | Choose the correct answer from the options given below :
Correct Answer
Option 2
Correct Answer
Q33:
23 Aug Shift 2
Company Accounts > Debentures
Medium
Identify the methods of Redemption of Debenture from the following. (A) By conversion into shares or new debenture (B) Purchase in open market (C) Sinking fund (D) Payment in instalments (E) Payment in lump-sum Choose the correct answer from the options given below :
Correct Answer
Option 3
Correct Answer
Q34:
23 Aug Shift 2
Partnership > Accounting
Easy
The central government has prescribed the maximum number of partners in a firm to be _________ under Rule 10 of the companies (Miscellaneous) Rules, 2014.
Correct Answer
Option 4
Correct Answer
Q35:
23 Aug Shift 2
Partnership > Retirement/Death
Medium
Which of the following statement is true ?
Correct Answer
Option 3
Correct Answer
Q36:
23 Aug Shift 2
Financial Statements > Analysis
Easy
The commonly used Techniques of financial Statements Analysis includes : (A) Common size statements (B) Ratio Analysis (C) Trend Analysis (D) Capital Budgeting Statement Choose the correct answer from the options given below :
Correct Answer
Option 3
Correct Answer
Q37:
23 Aug Shift 2
Computerised Accounting > Overview
Easy
Modern Accounting is based on :
Correct Answer
Option 3
Correct Answer
Q38:
23 Aug Shift 2
Computerised Accounting > Overview
Easy
"A system of letter or figure with arbitrary meaning for brevity and for machine processing of information". Above statement refers to the term :
Correct Answer
Option 3
Correct Answer
Q39:
23 Aug Shift 2
Computerised Accounting > Spreadsheet
Easy
A _________ is a special key word which can be entered into a cell in order to perform and process the data which is appended within brackets.
Correct Answer
Option 2
Correct Answer
Q40:
23 Aug Shift 2
Computerised Accounting > Overview
Easy
The CAS should be :
Correct Answer
Option 2
Correct Answer
Q41:
23 Aug Shift 2
Partnership > Admission
Hard
A, B and C were partner's in a firm sharing profit and losses in the Ratio of 5 : 3 : 2. They admitted D into partnership for 1/5 share of profit which he takes equally from A and B. D brought sufficient amount of goodwill in cash Capital brought in by is Rs. 50,000. On the date of admission the Balance Sheet of A, B and C was as follows :
Balance Sheet as on 31st March, 2021
| Liability | Rs. | Assets | Rs. |
|---|---|---|---|
| Capital | | Building and Furniture | 1,50,000 |
| A 1,00,000 | | Debtors 55,000 | |
| B 60,000 | | Provision 5,000 | 50,000 |
| C 40,000 | 2,00,000 | Cash | 20,000 |
| Creditors | 50,000 | Profit and Loss (2020-21) | 30,000 |
| | 2,50,000 | | 2,50,000 |
Goodwill is to be valued at 3 years purchase of average profit of last 4 years which were Rs. 60,000 (2017-18), Rs. 60,000 (18-19), Rs. 30,000 (19-20). On revaluation it was found that all debtors are good.
From the above calculate amount of Goodwill :
Correct Answer
Option 4
Correct Answer
Q42:
23 Aug Shift 2
Partnership > Admission
Medium
A, B and C were partner's in a firm sharing profit and losses in the Ratio of 5 : 3 : 2. They admitted D into partnership for 1/5 share of profit which he takes equally from A and B. D brought sufficient amount of goodwill in cash Capital brought in by is Rs. 50,000. On the date of admission the Balance Sheet of A, B and C was as follows :
Balance Sheet as on 31st March, 2021
| Liability | Rs. | Assets | Rs. |
|---|---|---|---|
| Capital | | Building and Furniture | 1,50,000 |
| A 1,00,000 | | Debtors 55,000 | |
| B 60,000 | | Provision 5,000 | 50,000 |
| C 40,000 | 2,00,000 | Cash | 20,000 |
| Creditors | 50,000 | Profit and Loss (2020-21) | 30,000 |
| | 2,50,000 | | 2,50,000 |
Goodwill is to be valued at 3 years purchase of average profit of last 4 years which were Rs. 60,000 (2017-18), Rs. 60,000 (18-19), Rs. 30,000 (19-20). On revaluation it was found that all debtors are good.
Calculate the total amount brought in by new partner D including Goodwill share :
Correct Answer
Option 2
Correct Answer
Q43:
23 Aug Shift 2
Partnership > Admission
Hard
A, B and C were partner's in a firm sharing profit and losses in the Ratio of 5 : 3 : 2. They admitted D into partnership for 1/5 share of profit which he takes equally from A and B. D brought sufficient amount of goodwill in cash Capital brought in by is Rs. 50,000. On the date of admission the Balance Sheet of A, B and C was as follows :
Balance Sheet as on 31st March, 2021
| Liability | Rs. | Assets | Rs. |
|---|---|---|---|
| Capital | | Building and Furniture | 1,50,000 |
| A 1,00,000 | | Debtors 55,000 | |
| B 60,000 | | Provision 5,000 | 50,000 |
| C 40,000 | 2,00,000 | Cash | 20,000 |
| Creditors | 50,000 | Profit and Loss (2020-21) | 30,000 |
| | 2,50,000 | | 2,50,000 |
Goodwill is to be valued at 3 years purchase of average profit of last 4 years which were Rs. 60,000 (2017-18), Rs. 60,000 (18-19), Rs. 30,000 (19-20). On revaluation it was found that all debtors are good.
What would be the new Profit Sharing Ratio :
Correct Answer
Option 1
Correct Answer
Q44:
23 Aug Shift 2
Partnership > Admission
Medium
A, B and C were partner's in a firm sharing profit and losses in the Ratio of 5 : 3 : 2. They admitted D into partnership for 1/5 share of profit which he takes equally from A and B. D brought sufficient amount of goodwill in cash Capital brought in by is Rs. 50,000. On the date of admission the Balance Sheet of A, B and C was as follows :
Balance Sheet as on 31st March, 2021
| Liability | Rs. | Assets | Rs. |
|---|---|---|---|
| Capital | | Building and Furniture | 1,50,000 |
| A 1,00,000 | | Debtors 55,000 | |
| B 60,000 | | Provision 5,000 | 50,000 |
| C 40,000 | 2,00,000 | Cash | 20,000 |
| Creditors | 50,000 | Profit and Loss (2020-21) | 30,000 |
| | 2,50,000 | | 2,50,000 |
Goodwill is to be valued at 3 years purchase of average profit of last 4 years which were Rs. 60,000 (2017-18), Rs. 60,000 (18-19), Rs. 30,000 (19-20). On revaluation it was found that all debtors are good.
What would be the effect of the line "All Debtors are good.
Correct Answer
Option 4
Correct Answer
Q45:
23 Aug Shift 2
Partnership > Admission
Medium
A, B and C were partner's in a firm sharing profit and losses in the Ratio of 5 : 3 : 2. They admitted D into partnership for 1/5 share of profit which he takes equally from A and B. D brought sufficient amount of goodwill in cash Capital brought in by is Rs. 50,000. On the date of admission the Balance Sheet of A, B and C was as follows :
Balance Sheet as on 31st March, 2021
| Liability | Rs. | Assets | Rs. |
|---|---|---|---|
| Capital | | Building and Furniture | 1,50,000 |
| A 1,00,000 | | Debtors 55,000 | |
| B 60,000 | | Provision 5,000 | 50,000 |
| C 40,000 | 2,00,000 | Cash | 20,000 |
| Creditors | 50,000 | Profit and Loss (2020-21) | 30,000 |
| | 2,50,000 | | 2,50,000 |
Goodwill is to be valued at 3 years purchase of average profit of last 4 years which were Rs. 60,000 (2017-18), Rs. 60,000 (18-19), Rs. 30,000 (19-20). On revaluation it was found that all debtors are good.
Goodwill brought in by new partners would be _________.
Correct Answer
Option 3
Correct Answer
Q46:
23 Aug Shift 2
Company Accounts > Share Capital
Medium
Raj Ltd. was registered with 70,000 equity shares. They issued 40,000 equity shares @ 10 each payable as follow :
On Application Rs. 4 per share
On Application Rs. 3 per share
and Balance on 2 calls
The issue was over subscribed by 50,000 shares. The directors decided upon making prorata allotment to 60,000 shares while remaining were returned.
Total applications received are for :
Correct Answer
Option 1
Correct Answer
Q47:
23 Aug Shift 2
Company Accounts > Share Capital
Medium
Raj Ltd. was registered with 70,000 equity shares. They issued 40,000 equity shares @ 10 each payable as follow :
On Application Rs. 4 per share
On Application Rs. 3 per share
and Balance on 2 calls
The issue was over subscribed by 50,000 shares. The directors decided upon making prorata allotment to 60,000 shares while remaining were returned.
Amount to be returned to the applicants due to non-allotment of shares will be :
Correct Answer
Option 3
Correct Answer
Q48:
23 Aug Shift 2
Company Accounts > Share Capital
Medium
Raj Ltd. was registered with 70,000 equity shares. They issued 40,000 equity shares @ 10 each payable as follow :
On Application Rs. 4 per share
On Application Rs. 3 per share
and Balance on 2 calls
The issue was over subscribed by 50,000 shares. The directors decided upon making prorata allotment to 60,000 shares while remaining were returned.
The portion of capital which the company does not issue to the public is known as :
Correct Answer
Option 4
Correct Answer
Q49:
23 Aug Shift 2
Company Accounts > Share Capital
Medium
Raj Ltd. was registered with 70,000 equity shares. They issued 40,000 equity shares @ 10 each payable as follow :
On Application Rs. 4 per share
On Application Rs. 3 per share
and Balance on 2 calls
The issue was over subscribed by 50,000 shares. The directors decided upon making prorata allotment to 60,000 shares while remaining were returned.
The maximum amount that can be called up on the first call by the company is :
Correct Answer
Option 3
Correct Answer
Q50:
23 Aug Shift 2
Company Accounts > Share Capital
Medium
Raj Ltd. was registered with 70,000 equity shares. They issued 40,000 equity shares @ 10 each payable as follow :
On Application Rs. 4 per share
On Application Rs. 3 per share
and Balance on 2 calls
The issue was over subscribed by 50,000 shares. The directors decided upon making prorata allotment to 60,000 shares while remaining were returned.
The amount to be adjusted with the call of allotment will be :
Correct Answer
Option 2
Correct Answer
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