Q1:
11 June Shift 3
Financial Statements > Ratios
Easy
Identify the other name by which Liquid ratio is known :
Correct Answer
Option 3
Correct Answer
CUET Accountancy 2023 11 June Shift 3 PYQs
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Q2:
11 June Shift 3
Partnership > Admission
Medium
Hidden Goodwill is :
Correct Answer
Option 2
Correct Answer
Q3:
11 June Shift 3
Partnership > Accounting
Medium
__________ is/are not true with regard to Limited liability partnership. (A) Separate Legal entity (B) Unlimited liability for one partner (C) Indian Partnership Act, 1932 is applicable (D) Perpetual Succession (E) Unlimited liability of partners Choose the correct answer from the options given below :
Correct Answer
Option 2
Correct Answer
Q4:
11 June Shift 3
Partnership > Accounting
Easy
Which of the following facts are related to modes of reconstitution of a partnership firm. (A) Admission of a new partner (B) Dissolution of a partnership firm (C) Death of a partner (D) Change in the profit sharing ratio among the existing partners (E) Retirement of a partner Choose the correct answer from the options given below :
Correct Answer
Option 2
Correct Answer
Q5:
11 June Shift 3
Financial Statements > Nature/Structure
Medium
Calculate subscription of current year to be credited to Income and Expenditure account from the following information : Subscription Received Rs. 80,000, Subscription Received in Advance Last year Rs. 10,000, Subscription Received in Advance during this year Rs. 2,000 and Accrued Subscription at the end of current year Rs. 5,000 :
Correct Answer
Option 2
Correct Answer
Q6:
11 June Shift 3
Financial Statements > Nature/Structure
Medium
Arrange the following items of statement of profit and Loss in a sequence. (A) Total Revenue (B) Revenue from Operations (C) Other Income (D) Expenses (E) Profit Before Tax Choose the correct answer from the options given below :
Correct Answer
Option 4
Correct Answer
Q7:
11 June Shift 3
Computerised Accounting > Overview
Medium
Where are amounts owed by customers for credit purchases found :
Correct Answer
Option 4
Correct Answer
Q8:
11 June Shift 3
Financial Statements > Nature/Structure
Easy
Non-Cash transactions will be excluded from :
Correct Answer
Option 1
Correct Answer
Q9:
11 June Shift 3
Computerised Accounting > Overview
Easy
A __________ code consists of alphabets or abbreviations as symbols to codify a piece of information.
Correct Answer
Option 2
Correct Answer
Q10:
11 June Shift 3
Partnership > Admission
Easy
At the time of admission, credit balance of Profit and Loss account appearing in books will be transferred to :
Correct Answer
Option 3
Correct Answer
Q11:
11 June Shift 3
Financial Statements > Ratios
Medium
What will be Interest Coverage Ratio, when 20% Long term Debt is Rs. 10,00,000, Tax Rate 40% and Net profit After Tax is Rs. 6,00,000.
Correct Answer
Option 3
Correct Answer
Q12:
11 June Shift 3
Financial Statements > Cash Flow
Medium
Cave Ltd. made a profit of Rs. 1,50,000 after charging depreciation of Rs. 30,000 on assets and a transfer to general reserve of Rs. 30,000. The Goodwill amortised was Rs. 9,000 and gain on sale of machinery was Rs. 5,000. Operating profit before working capital changes will be :
Correct Answer
Option 3
Correct Answer
Q13:
11 June Shift 3
Partnership > Accounting
Easy
In the absence of a partnership deed which of the following are correct. (A) Profit sharing ratio will be on the basis of capital contributed by the partners (B) No interest on capital will be provided (C) No interest on Drawing will be charged (D) 6% p.a. interest on partner's loan will be provided (E) Partner will get salary for extra time devoted for the firm Choose the correct answer from the options given below :
Correct Answer
Option 4
Correct Answer
Q14:
11 June Shift 3
Partnership > Dissolution
Medium
Select the entry that is to be made when a creditor accepts an asset in full and final settlement of his account.
Correct Answer
Option 4
Correct Answer
Q15:
11 June Shift 3
Financial Statements > Cash Flow
Hard
Calculate cash flow from financing Activities of X Ltd. which is a financing company. Issue of shares Rs. 1,00,000 Issue of Bonus shares Rs. 50,000 Dividend paid Rs. 10,000 Interest paid Rs. 5,000
Correct Answer
Option 1
Correct Answer
Q16:
11 June Shift 3
Computerised Accounting > Usage
Medium
Match List - I with List - II. | List - I (System) | List - II (Applications) | |---|---| | (A) AIS | (I) Communicate the accounting information sub category of Accounting system | | (B) DBMS | (II) Grouping of accounts in logical structure | | (C) CAS | (III) Loan Repayment Scheduling, and Payroll Accounting | | (D) Spreadsheet | (IV) Storing, capturing, processing and retrieval of data | Choose the correct answer from the options given below :
Correct Answer
Option 3
Correct Answer
Q17:
11 June Shift 3
Financial Statements > Nature/Structure
Easy
Intangible assets should be recognised by fulfilling the criteria as recognised under :
Correct Answer
Option 2
Correct Answer
Q18:
11 June Shift 3
Financial Statements > Nature/Structure
Hard
Identify the correct sequence of different items to be shown in a Balance-Sheet of a company. (A) Trade payable (B) Non-Current Investments (C) Deferred tax Liabilities (D) Intangible Assets (E) Long term borrowing Choose the correct answer from the options given below :
Correct Answer
Option 1
Correct Answer
Q19:
11 June Shift 3
Company Accounts > Share Capital
Medium
Calculate the amount of Dividend paid during the year 2022 from the following information : Balance of Proposed Dividend as on 31st March, 2021 was Rs. 40,000 and on 31st March, 2022 Rs. 60,000. Interim Dividend was paid @20% on share capital. Share capital was Rs. 4,00,000.
Correct Answer
Option 2
Correct Answer
Q20:
11 June Shift 3
Company Accounts > Share Capital
Medium
State the correct order of categories of Share Capital as shown in 'Notes to Accounts' of Balance Sheet of a company. (A) Subscribed and Fully paid up Capital (B) Issued Capital (C) Subscribed but not fully paid up Capital (D) Authorised Capital (E) Share forfeited Account Choose the correct answer from the options given below :
Correct Answer
Option 1
Correct Answer
Q21:
11 June Shift 3
Partnership > Dissolution
Easy
Realisation A/c is debited with __________ on the dissolution of firm.
Correct Answer
Option 1
Correct Answer
Q22:
11 June Shift 3
Company Accounts > Debentures
Medium
Read the following facts about shares and debentures. (A) Both shares and debentures can be issued by a company for raising long term funds. (B) Both shares and debentures can be issued for consideration other than cash. (C) Both shares and debentures can be issued at premium (D) Debentures can be converted into shares and shares can be converted into debentures (E) Dividend is paid on shares and debentures both Choose the correct answer from the options given below :
Correct Answer
Option 1
Correct Answer
Q23:
11 June Shift 3
Partnership > Dissolution
Medium
Select the way by which provisions appearing in the Balance Sheet of a partnership firm are closed at the time of firm's dissolution.
Correct Answer
Option 3
Correct Answer
Q24:
11 June Shift 3
Partnership > Dissolution
Medium
Mukund's Loan of Rs. 50,000 to the firm, was settled at Rs. 55,000 at the time of firm's dissolution, where Mukund was one of the partner. What entry will be passed ?
Correct Answer
Option 2
Correct Answer
Q25:
11 June Shift 3
Financial Statements > Nature/Structure
Medium
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Share Capital | (I) 10% debenture | | (B) Reserve and Surplus | (II) Interest accrued and due | | (C) Non-current Liability | (III) Share forfeited account | | (D) Current Liability | (IV) Capital Redemption Reserve | Choose the correct answer from the options given below :
Correct Answer
Option 3
Correct Answer
Q26:
11 June Shift 3
Financial Statements > Cash Flow
Easy
Calculate the amount of cash from sale of machinery from the following items : A machine costing Rs. 20,000 having book value of Rs. 15,000 is sold for Rs. 12,000 and depreciation charged during the year was Rs. 8,000. The opening and closing balance in machinery account was Rs. 1,80,000 and Rs. 1,72,000 respectively.
Correct Answer
Option 1
Correct Answer
Q27:
11 June Shift 3
Partnership > Admission
Medium
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Increase in Furniture Value | (I) Credit side of Partner's Capital A/c | | (B) Depreciation on Machinery | (II) Debit side of Partner's Capital A/c | | (C) General Reserve | (III) Credit side of Revaluation A/c | | (D) Goodwill appearing in Books | (IV) Debit side of Revaluation A/c | Choose the correct answer from the options given below :
Correct Answer
Option 2
Correct Answer
Q28:
11 June Shift 3
Financial Statements > Cash Flow
Hard
Tax paid on capital gains by the company is shown in Cash Flow Statement as :
Correct Answer
Option 2
Correct Answer
Q29:
11 June Shift 3
Financial Statements > Nature/Structure
Medium
If the credit side of Receipt and Payment A/c is more than the debit side then the difference will be shown as :
Correct Answer
Option 1
Correct Answer
Q30:
11 June Shift 3
Partnership > Dissolution
Medium
Which of the following will not be shown in Realisation Account ?
Correct Answer
Option 3
Correct Answer
Q31:
11 June Shift 3
Computerised Accounting > Spreadsheet
Easy
Which among the following is not a COUNT function in Excel :
Correct Answer
Option 4
Correct Answer
Q32:
11 June Shift 3
Partnership > Admission
Medium
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Profits of firm after admission of partner | (I) Sacrificing Ratio | | (B) Goodwill brought in by new partner | (II) Old Ratio | | (C) Profit on revaluation | (III) Gaining Ratio | | (D) Retiring Partner's Share of Goodwill | (IV) New Ratio | Choose the correct answer from the options given below :
Correct Answer
Option 1
Correct Answer
Q33:
11 June Shift 3
Computerised Accounting > Overview
Easy
The components of Computerised Accounting system are :
Correct Answer
Option 2
Correct Answer
Q34:
11 June Shift 3
Financial Statements > Nature/Structure
Easy
Subscription Received in Advance is a :
Correct Answer
Option 1
Correct Answer
Q35:
11 June Shift 3
Company Accounts > Share Capital
Easy
Arrange the following steps in correct sequence with regard to Shares of a company. (A) Making Calls (B) Forfeiture of Shares (C) Issue of Prospectus (D) Calls in Arrears (E) Reissue of Shares Choose the correct answer from the options given below :
Correct Answer
Option 2
Correct Answer
Q36:
11 June Shift 3
Company Accounts > Share Capital
Medium
The paid up share capital of "One Person Company" cannot be more than :
Correct Answer
Option 1
Correct Answer
Q37:
11 June Shift 3
Partnership > Accounting
Medium
Arrange the following in sequence of the final Accounts for a Partnership firm. (A) Profit and Loss Account (B) Partner's Capital Account (C) Trading Account (D) Balance Sheet (E) Profit and Loss Appropriation Account Choose the correct answer from the options given below :
Correct Answer
Option 1
Correct Answer
Q38:
11 June Shift 3
Company Accounts > Debentures
Medium
Redemption of Debenture can be done by many ways. Identify the wrong option.
Correct Answer
Option 2
Correct Answer
Q39:
11 June Shift 3
Financial Statements > Nature/Structure
Easy
What will be the accounting treatment of outstanding expenses in the Income and Expenditure A/c. (A) Added in main or concerned head (B) Subtracted from main head (C) Shown in Balance-Sheet as Liability (D) Will not be shown in Income and Expenditure A/c (E) Shown in Receipt and Payment A/c only Choose the correct answer from the options given below :
Correct Answer
Option 1
Correct Answer
Q40:
11 June Shift 3
Company Accounts > Share Capital
Medium
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Equity Share | (I) Fixed Dividend | | (B) Preference Share | (II) No hold over Assets | | (C) Secured Loan | (III) Hold over Assets | | (D) Unsecured Loan | (IV) Voting Right | Choose the correct answer from the options given below :
Correct Answer
Option 3
Correct Answer
Q41:
11 June Shift 3
Partnership > Retirement/Death
Medium
Deepali, Nimisha and Sonam were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Nimisha retired and the new profit sharing ratio between Deepali and Sonam was 2 : 3, On Nimisha's retirement, the goodwill of the firm was valued at Rs. 1,20,000.
From the above information, calculate share of Deepali's sacrifice or gain :
Correct Answer
Option 1
Correct Answer
Q42:
11 June Shift 3
Partnership > Retirement/Death
Medium
Deepali, Nimisha and Sonam were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Nimisha retired and the new profit sharing ratio between Deepali and Sonam was 2 : 3, On Nimisha's retirement, the goodwill of the firm was valued at Rs. 1,20,000.
From the information provided in the case study, calculate Sonam's sacrifice or gain :
Correct Answer
Option 4
Correct Answer
Q43:
11 June Shift 3
Partnership > Retirement/Death
Medium
Deepali, Nimisha and Sonam were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Nimisha retired and the new profit sharing ratio between Deepali and Sonam was 2 : 3, On Nimisha's retirement, the goodwill of the firm was valued at Rs. 1,20,000.
Using the information given in the case study, calculate Deepali's amount of sacrifice or gain in Goodwill.
Correct Answer
Option 1
Correct Answer
Q44:
11 June Shift 3
Partnership > Retirement/Death
Easy
Deepali, Nimisha and Sonam were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Nimisha retired and the new profit sharing ratio between Deepali and Sonam was 2 : 3, On Nimisha's retirement, the goodwill of the firm was valued at Rs. 1,20,000.
Using the information given in above case study, Nimisha's sacrifice of goodwill will be :
Correct Answer
Option 3
Correct Answer
Q45:
11 June Shift 3
Partnership > Retirement/Death
Medium
Deepali, Nimisha and Sonam were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Nimisha retired and the new profit sharing ratio between Deepali and Sonam was 2 : 3, On Nimisha's retirement, the goodwill of the firm was valued at Rs. 1,20,000.
If information provided in the case study is used, the sacrifice or gain of Sonam share of goodwill will be :
Correct Answer
Option 4
Correct Answer
Q46:
11 June Shift 3
Company Accounts > Debentures
Medium
Rancho Ltd. was running successfully since last 8 years. Post covid there were some financial problems faced by firm, like many industries were facing. Due to their past reputation they could manage the permission from SEBI for issuing of shares on 1 Aug, 2022. They also decided to issue 12% Debentures of Rs. 100 each at 10% Discount and were to be redeemed at 25% premium in such a way that they could arrange fund of Rs. 45,00,000. At the time of issue of Debenture they also issued equity Share of Rs. 30,00,000 at 20% premium.
Determine the number of Debentures to be issued.
Correct Answer
Option 3
Correct Answer
Q47:
11 June Shift 3
Company Accounts > Debentures
Medium
Rancho Ltd. was running successfully since last 8 years. Post covid there were some financial problems faced by firm, like many industries were facing. Due to their past reputation they could manage the permission from SEBI for issuing of shares on 1 Aug, 2022. They also decided to issue 12% Debentures of Rs. 100 each at 10% Discount and were to be redeemed at 25% premium in such a way that they could arrange fund of Rs. 45,00,000. At the time of issue of Debenture they also issued equity Share of Rs. 30,00,000 at 20% premium.
What will be the amount of premium on Redemption of Debentures.
Correct Answer
Option 3
Correct Answer
Q48:
11 June Shift 3
Company Accounts > Debentures
Hard
Rancho Ltd. was running successfully since last 8 years. Post covid there were some financial problems faced by firm, like many industries were facing. Due to their past reputation they could manage the permission from SEBI for issuing of shares on 1 Aug, 2022. They also decided to issue 12% Debentures of Rs. 100 each at 10% Discount and were to be redeemed at 25% premium in such a way that they could arrange fund of Rs. 45,00,000. At the time of issue of Debenture they also issued equity Share of Rs. 30,00,000 at 20% premium.
How much amount is to be debited in statement of profit and Loss to write off loss on Issue of Debentures ?
Correct Answer
Option 4
Correct Answer
Q49:
11 June Shift 3
Company Accounts > Debentures
Easy
Rancho Ltd. was running successfully since last 8 years. Post covid there were some financial problems faced by firm, like many industries were facing. Due to their past reputation they could manage the permission from SEBI for issuing of shares on 1 Aug, 2022. They also decided to issue 12% Debentures of Rs. 100 each at 10% Discount and were to be redeemed at 25% premium in such a way that they could arrange fund of Rs. 45,00,000. At the time of issue of Debenture they also issued equity Share of Rs. 30,00,000 at 20% premium.
Debentures that will be redeemed only at the time of winding up of the company are known as :
Correct Answer
Option 2
Correct Answer
Q50:
11 June Shift 3
Company Accounts > Debentures
Medium
Rancho Ltd. was running successfully since last 8 years. Post covid there were some financial problems faced by firm, like many industries were facing. Due to their past reputation they could manage the permission from SEBI for issuing of shares on 1 Aug, 2022. They also decided to issue 12% Debentures of Rs. 100 each at 10% Discount and were to be redeemed at 25% premium in such a way that they could arrange fund of Rs. 45,00,000. At the time of issue of Debenture they also issued equity Share of Rs. 30,00,000 at 20% premium.
Interest payable on the Debentures issued for the year ended Mar, 31st 2023 will be :
Correct Answer
Option 1
Correct Answer
CUET Accountancy 2023 11 June Shift 3 - Past Year Questions
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