CUET Accountancy 2023 28 May Shift 1 PYQs

Under which Sub head we show the Security Premium in Balance Sheet ?

Lisa, Monika and Nisha are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their capital A/c stood as Rs. 50,000, Rs. 50,000 and Rs. 25,000 respectively. Monika died and balance in the reserve on that date was Rs. 15,000. If goodwill of the firm is Rs. 30,000 and profit on revaluation is Rs. 7,050. What amount will be transferred to Monika's Executors Account ?

The key combination which collapses the ribbon is :

Cash equivalents refers to : (A) Demand deposits with Bank (B) Bills receivables (C) Treasury bill (D) Commercial Paper (E) Marketable Securities Choose the correct answer from the options given below :

Match List - I with List - II. | List - I | List - II | |----------|-----------| | (A) Current Ratio | (I) Solvency Ratios | | (B) Inventory Turnover Ratio | (II) Liquidity Ratios | | (C) Return on Investment | (III) Profitability Ratios | | (D) Proprietory Ratio | (IV) Activity Ratios | Choose the correct answer from the options given below :

Find the correct sequence of procedure of issue of shares : (A) Receipt of Applications (B) Issue of prospectus (C) Allotment of Shares (D) Making call money due (E) Receiving Call money Choose the correct answer from the options given below :

According to Indian Partnership Act, 1932, when the firm is dissolved, cash received on sale of assets are applied in following order : (A) Paying to each partner proportionately what is due to him/her on account of capital (B) In paying the secured debts of the firm to the third parties (C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (D) The residue, if any shall be divided among the partner's in their profit sharing ratio (E) In paying unsecured debt of firm to third parties Choose the correct answer from the options given below :

Match List - I with List - II. | List - I | List - II | |----------|-----------| | (A) Over Subscription | (I) Minimum amount that must be raised by issue of shares | | (B) Minimum subscription | (II) Application received is more than shares issued | | (C) Under Subscription | (III) Allotment of shares without issue of prospectus | | (D) Private Placement | (IV) Application received is less than shares issued | Choose the correct answer from the options given below :

If there appears a Tournament Fund, then the expenses incurred on Tournament activities will be shown :

On Dissolution of partnership firm out of total debtors of Rs. 2,50,000, Rs. 10,000 became bad and the rest realised 70%. In the given case Bank A/c will be debited by :

Match List - I with List - II. | List - I | List - II | |----------|-----------| | (A) Authorised Capital | (I) A portion of uncalled share capital will be called at the time of winding up | | (B) Reserve Capital | (II) Maximum amount of share capital a company could raise during its life time | | (C) Issued Capital | (III) Capital issued to public for subscription | | (D) Subscribed but not fully paid capital | (IV) Amount called up and received but not fully | Choose the correct answer from the options given below :

Partnership deed should be drafted and prepared as per :

On retirement, the retiring partner's capital account will be credited with : (A) His/Her Capital Balance (B) His/Her share of goodwill (C) Share of goodwill of remaining partners (D) his/her share of Reserve (E) his/her drawings Choose the correct answer from the options given below :

Legend can be repositioned on the chart :

Identify the cash transaction from the following :

Other income is Rs. 5,00,000 which is 25% of Revenue from operations. Employees benefit Expenses are 30% of the Revenue from operation. Tax rate is 40%. Net profit after tax will be :

Amount received from the sale of furniture for Rs. 7000 (Book value Rs. 10,000). The amount to be shown in receipts and payments account will be :

While calculating Goodwill under super profit method, the sequence followed is : (A) Calculation of Super profit (B) Calculation of Capital Employed (C) Calculation of Normal profit (D) Calculation of Average profit (E) Calculation of Goodwill Choose the correct answer from the options given below :

Aradya Ltd. had debt equity ratio of 2.5 : 1. State which of the following transaction will not effect the Debt Equity Ratio :

Common Size Statements are also known as :

A, B & C were sharing profits & losses in the ratio of 3 : 2 : 1. They decided to share profits & losses equally in future. General reserve was appearing in their books at Rs. 60,000. Goodwill was valued at Rs. 1,20,000. The partners do not want to disturb the general reserve. The adjusting entry will be :

On dissolution of partnership, goodwill account is transferred to :

Find out cost of medicine consumed during 2020-21. | Particulars | Amount (Rs.) | |-------------|--------------| | Payment to creditors of medicines | 3,70,000 | | Creditors for medicines purchased on 1.04.2020 | 25,000 | | Creditors for medicines purchased on 31.03.2021 | 17,000 | | Stock of Medicines on 1.04.2020 | 62,000 | | Stock of Medicines on 31.03.2021 | 54,000 | | Advance to suppliers on 1.04.2020 | 11,000 | | Advance to suppliers on 31.03.2021 | 18,000 |

Pick the odd one out while Calculating Cash Flow from Financing Activities :

Calculate and state the nature of activity under cash flow statement : Acquired Machinery for Rs. 5,00,000 paying 50% by cheque and executing a bond for the balance payable :

Match List - I with List - II. | List - I | List - II | |----------|-----------| | (A) The Accounting basis for Cash Flow Statement is | (I) Investment in shares | | (B) Dividend paid on Equity and Preference capital comes under | (II) Cash Basis | | (C) It can not be considered as cash and cash equivalents | (III) Treasury bills | | (D) It can be classified as cash and cash equivalents | (IV) Cash outflow from Financing Activities | Choose the correct answer from the options given below :

Shweta, Shreya and Shaniya were partners sharing profits in the ratio of 3 : 2 : 1. Shaniya retired from the firm and her capital, after making adjustments for reserves and gain of revaluation amounted to Rs. 4,50,000. Shaniya took 25% of the furniture, accepted bill of exchange for Rs. 52,000. Finally Rs. 2,75,000 was transferred to her loan account. The total value of furniture was :

Net Capital Employed is equal to : (A) Fixed Assets + Current Assets - Long term liabilities (B) Non current Assets + Current Assets - Current liabilities (C) Fixed Assets + Current Assets - Equity (D) Equity + Debt (E) Current Assets - Current liabilities Choose the correct answer from the options given below :

The common fields used in a relationship between tables are called :

Current liabilities include : (A) Trade receivables (B) Unclaimed dividend (C) Interest accrued but not due on loan (D) Acceptances (E) 12% debentures redeemable after four years Choose the correct answer from the options given below :

The steps in the Process of Preparing Profit and Loss Appropriation account are : (A) Transfer the net profit to the credit side of P & L Appropriation A/c (B) Divide the Profit among partners in the Profit Sharing ratio (C) Ascertain net profit after providing for all charges (D) Debit the P & L Appropriation A/c with all appropriations like partners salary etc. (E) Credit the P & L Appropriation A/c with interest on drawing and deficiency on account of partner's guarantee of earnings to the firm. Choose the correct answer from the options given below :

Match List - I with List - II. | List - I | List - II | |----------|-----------| | (A) Application money should be at least ____% of the face value of the share | (I) 25% | | (B) The amount of Call should not exceed ____% of the face value of the share | (II) 90% | | (C) Minimum subscription of capital cannot be less than ____ of the issued amount according to SEBI guidelines | (III) 10% | | (D) Interest charged on call-in-arrears is @ ______ p.a. | (IV) 5% | Choose the correct answer from the options given below :

The need of codification is :

An annual report is furnished by a company to its :

Identify the correct sequence to be followed at the time of Retirement of a Partner : (A) New Balance Sheet after Retirement (B) Transferring balance to Retiring partner's Loan Account (C) Calculation Gaining/Sacrificing Ratio (D) Partners' Capital Account (E) Preparation of Revaluation Account Choose the correct answer from the options given below :

On retirement/death of a partner, the remaining partners who have gained due to change in profit sharing ratio should compensate the :

If Average Capital Employed in a firm is Rs. 9,00,000 ; Average Profits Rs. 2,80,000 and Normal rate of return is 20%, then value of goodwill as per capitalisation of super profits is :

Debentures issued for consideration other than cash includes, debentures : (A) Issued to bank as additional security (B) Issued to vendor (C) Issued to Public (D) Issued to creditor (E) Issued for cash Choose the correct answer from the options given below :

AB&Co. purchased assets worth Rs. 28,80,000 from vendor. It issued debentures of Rs. 100 each at a discount of 4% in full satisfaction of the purchase consideration. The number of debentures issued to vendor is :

Rohit a partner paid the realisation expenses of Rs. 10,000 and he was to get a remuneration of Rs. 12,000 for completing the dissolution process and realisation expenses were borne by Rohit. The amount transferred to his capital A/c will be :