CUET Accountancy 2023 PYQs29 May Shift 2. Free, no login required.

Complete the sequence where interest on capital has to be provided as per partnership deed, but available profits are not sufficient to provide full amount of Interest on capital.

A. If it is appropriation, calculate interest on capital for all partners at given rate

B. Divide the available amount in the capital ratio among the partners

C. Calculate ratio between capital of partners

D. Consider the partnership deed and decide whether interest on capital is a charge or an appropriation

E. Consider the available profit

Choose the correct answer from the options given below:

Which of the following will be shown on the credit side of Deceased Partner A/C?

A. Revaluation Gain Share

B. Goodwill written off

C. Share of profit till date of death

D. Drawings till date of death

E. Interest on capital till date of death

Choose the correct answer from the options given below:

Arrange following in a sequence in which amount realised from Assets will be utilised to pay.

A. Partner's Loan

B. Partner's Capital

C. Secured debts of the firm

D. Unsecured debts of the firm

E. Residue to partners

Choose the correct answer from the options given below:

How many blank worksheet(s) are shown, by default when a new workbook is created?

Out of the following when will the need for valuation of goodwill does not arise:

Every company analyse its earning capacity of the business which is outcome of utilisation of resources employed in the business. To analyse profitability company can use:

A. Dividend Payout Ratio

B. Return on Net Worth

C. Gross Profit Ratio

D. Quick Ratio

E. Inventory Turnover Ratio

Choose the choose answer from the option given below:

Select the sub-head under which loose tools will be shown in the Balance Sheet of a company -

In a partnership firm, partners share profit and loss in the ratio of 3:2. If the firm incurred a loss of Rs. 10,000 during the year then calculate the amount of loss to be shared by partners.

Read the following facts about admission of a partner.

A. A new partner acquires his share from the old partners that reduces the old partners share in profits.

B. The partner's capital must be adjusted so as to be proportionate to their new profit sharing ratio.

C. Assets and Liabilities may be revalued and reassessed on admission of a partner.

D. Adjustment for Reserves and Accumulated profits/loss is done.

E. Profit sharing ratio of existing partners may change on admission of a new partner.

Choose the correct answer from the options given below:

Identify the term that is used to show the amount received as per the will of a deceased person.

Which of the following will be added to operating profit before working capital changes, while preparing Cash Flow statement from indirect method?

From the following identify the items which are payable to retiring partner, if mentioned in deed:

A. Credit balance of his/her Capital/Current Account

B. Share of goodwill

C. Goodwill of the firm

D. Share in revaluation gain/loss

E. Share in accumulated profits (Reserves)

Choose the correct answer from the options given below:

C Ltd made a profit of Rs. 10,000 after charging depreciation of Rs. 2,000 on Assets, transfer to General Reserve Rs. 3,000, Written off Goodwill Rs. 700, Profit on sale of Asset Rs. 300, increase in Debtors Rs. 300, increase in creditors Rs. 600, increase in prepaid expenses Rs. 20 and decrease in outstanding expenses Rs. 200. What will be the cash from operating activities?

Identify the salient features of Income and Expenditure account from the following:

A. It is prepared on accrual basis.

B. It includes both revenue as well as capital items.

C. It is prepared after taking into account the additional information regarding outstanding/prepaid expenses and depreciation etc.

D. Its result is surplus or deficit.

E. It is prepared with the help of Receipts and Payments Account.

Choose the correct answer from the options given below:

Which command reverse the last action performed in the worksheet?

Match List I with List II

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What is the correct sequence to prepare company's Balance Sheet as per the standard format given according to schedule III of Companies Act 2013?

A. Non Current Liability

B. Non Current Assets

C. Shareholder's Fund

D. Current Assets

E. Current Liability

Choose the correct answer from the options given below:

On R's retirement, the amount payable to him after all adjustments, work out to be Rs. 60,000 but the remaining partners P and Q agreed to pay him Rs. 75,000 in full settlement of his claim. Identify the term which represent Rs. 15,000 extra, that is paid to R.

Identify the correct sequence where new partner is to bring proportionate capital.

A. Calculation of Capital Balance of old partners

B. Preparation of Revaluation A/c

C. Determination of Revaluation gain/loss

D. Presentation of Treatment of Goodwill

E. Calculation of Capital to be brought in by the new partner

Choose the correct answer from the options given below:

Find out cash form financing Activities from the following information.

Select out of the following that leads to the need of codification.

Identify that account to which share of profit of a deceased partner is debited from the date of the last Balance Sheet to the date of his/her death

In which of the following case, claim is valid if the partnership agreement is silent?

A company can buy its own shares when-

On 1st July/22, Centaur Ltd. issued Rs. 25,00,000 8% debentures of Rs. 100 each as collateral security to first Level Bank against loan dues of Rs. 20,00,000. How much amount will be shown in the Balance sheet?

A part of fixed Assets costing Rs. 2,00,000 (Book value Rs. 1,50,000) was sold at a gain of Rs. 10,000. How it will affect the cash flow statement?

Match List I with List II

Choose the correct answer from the options given below:

Separate disclosure of cash flow arising from Financial Activities is important because

Match List I with List II

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W Ltd has given you following information

During the year, a machine costing Rs. 25,000 with accumulated depreciation of Rs. 15,000 was sold for Rs. 13,000. Calculate Cash Flow from Investing Activity

Trade payables to be settled beyond 12 months from the date of Balance sheet or beyond the operating cycle are classified under:

Match List I with List II

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Capital gain tax paid on sale of fixed assets should be classified as _______

A, B, and C are partners with equal profit sharing ratio. Their fixed capitals are Rs. 30,000, Rs. 25,000 and Rs. 30,000 respectively. C decided to take retirement. A and B decided to continue the partnership firm and change their profit sharing ratio into Capital Ratio. What is the gaining Ratio of A and B?

Identify the key that allows the access to the system.

When a company issues shares in open market and the amount is payable in instalments. What is the sequence of amount demanded by the company?

A. Money received on calls

B. Money due on calls

C. Allotment money received

D. Application money transferred to Share Capital A/c

E. Allotment money due.

Choose the correct answer from the options given below:

Identify the ratio which is not computed for evaluating solvency of the business.

Match List I with List II

Choose the correct answer from the options given below:

Identify the term that indicate excess of Expenditure over Income, in case of a Not-for-profit Organisation.

Identify those debentures on which no interest will be paid/provided.