CUET Accountancy 2024 Slot 1 Past Year Paper with Solutions

Q1:

Not-for-Profit

>

Accounting

Easy

Libraries run by charitable trusts are an example of:

Partnership

Not for profit organisation

Companies

Cooperatives

Correct Answer

Option 2

Correct Answer

Explanation

Q2:

Not-for-Profit

>

Accounting

Easy

The main source of revenue for 'not for profit' organisation is:

Sale of goods

Sale of periodicals

Subscription from members

Sale of assets

Correct Answer

Option 3

Correct Answer

Explanation

Q3:

Company Accounts

>

Share Capital

Easy

List-I	List-II
(A) Share capital	(I) Will be called at the time of winding up
(B) Reserves and surplus	(II) Calls in advance
(C) Reserve capital	(III) Subscribed but not fully paid
(D) Current liabilities	(IV) Sinking fund

Match List-I with List-II

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 4

Correct Answer

Explanation

Q4:

Partnership

>

Accounting

Easy

Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?

Increase in assets

Drawings against capital

Interest on capital

Partner's salary

Correct Answer

Option 1

Correct Answer

Explanation

Q5:

Partnership

>

Accounting

Easy

Identify the correct sequence to be followed while preparing the final account of a partnership firm:

(A) Profit and Loss Appropriation Account
(B) Profit and Loss Account
(C) Trading Account
(D) Balance Sheet

(C), (B), (A), (D)

(A), (C), (B), (D)

(B), (A), (D), (C)

(C), (B), (D), (A)

Correct Answer

Option 1

Correct Answer

Explanation

Q6:

Financial Statements

>

Nature/Structure

Easy

Window dressing is a practice

to manipulate the accounts to show a better picture of the financial position than the actual one

to show excessive depreciation

to avoid tax

to reduce tax

Correct Answer

Option 1

Correct Answer

Explanation

Q7:

Partnership

>

Accounting

Easy

List-I	List-II
(A) Salary to partner	(I) Credit side of Partner's Capital Account
(B) Interest on partner's loan	(II) Debit side of Partner's Current Account
(C) Interest on partner's drawings	(III) Debit side of Profit and Loss Account
(D) Additional capital introduced	(IV) Credit side of Partner's Current Account

Match List-I with List-II

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (IV), (B) - (III), (C) - (II), (D) - (I)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 3

Correct Answer

Explanation

Q8:

Partnership

>

Admission

Easy

(A) Increase in assets
(B) Drawings against capital
(C) Recording of unrecorded assets
(D) Decrease in liabilities

Which of the following would affect the Revaluation Account at the time of admission of a partner?

(A), (B) and (C) only

(A), (B) and (D) only

(A), (C) and (D) only

(B), (C) and (D) only

Correct Answer

Option 3

Correct Answer

Explanation

Q9:

Financial Statements

>

Cash Flow

Easy

List-I (Items of cash flow)	List-II (Type of activity)
(A) Purchase of tangible assets	(I) Operating activity
(B) Issue of shares	(II) Cash and cash equivalents
(C) Increase in current assets	(III) Investing activity
(D) Marketable securities	(IV) Financing activity

Match List-I with List-II

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 4

Correct Answer

Explanation

Q10:

Financial Statements

>

Analysis

Easy

(A) Expressed as a percentage on revenue from operation
(B) Horizontal analysis
(C) Vertical analysis
(D) Expressed as a percentage on total assets

Which one of the following are correct in connection with the Common Size Statement?

(A), (B) and (D) only

(A), (B) and (C) only

(A), (C) and (D) only

(B), (C) and (D) only

Correct Answer

Option 3

Correct Answer

Explanation

Q11:

Financial Statements

>

Cash Flow

Easy

Calculate the resulting cash flow and state the nature of cash flow from the following information: Acquired machinery for ₹ 3,50,000 by issuing cheque.

Investing activity and outflow ₹ 3,50,000

Investing activity and inflow ₹ 3,50,000

Investing activity and no flow

Operating activity and outflow ₹ 3,50,000

Correct Answer

Option 1

Correct Answer

Explanation

Q12:

Financial Statements

>

Cash Flow

Easy

(A) Net cash flow from operating activities
(B) Cash flow from financing activities
(C) Cash flow from investing activities
(D) Calculate net profit before tax and extraordinary items in working note

Arrange the following in proper sequence while preparing Cash Flow Statement:

(A), (B), (C), (D)

(D), (A), (C), (B)

(B), (A), (D), (C)

(C), (B), (D), (A)

Correct Answer

Option 2

Correct Answer

Explanation

Q13:

Partnership

>

Accounting

Medium

(A) reduction from concerned year's profit.
(B) reduction from next year's profit.
(C) addition to next year's profit.
(D) addition to previous year's profit.

The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is

(A), (B) and (D) only

(A) and (C) only

(A) and (D) only

(B), (C) and (D) only

Correct Answer

Option 2

Correct Answer

Explanation

Q14:

Company Accounts

>

Share Capital

Easy

Oversubscription is a situation where the

number of shares applied for is equal to the number of shares issued

number of shares applied for is more than the number of shares issued

number of shares applied for is less than the number of shares issued

face value of the share is less than the issue price of the share

Correct Answer

Option 2

Correct Answer

Explanation

Q15:

Company Accounts

>

Share Capital

Medium

400 shares of ₹ 50 each issued at par were forfeited for non-payment of final call of ₹ 10 per share. These shares were reissued at ₹ 45 per share as fully paid-up. The amount transferred to capital reserve is:

₹ 15,000

₹ 14,000

₹ 16,000

₹ 13,000

Correct Answer

Option 2

Correct Answer

Explanation

Q16:

Company Accounts

>

Debentures

Medium

(A) Discount on issue of debentures account is credited

(B) Loss on issue of debentures account is debited

(C) Security premium account is credited

(D) Premium on redemption of debentures account is credited

When debentures are issued at premium and redeemed at premium, the journal entry will have the following combination:

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 4

Correct Answer

Explanation

Q17:

Company Accounts

>

Share Capital

Medium

List-I (Name of account to be debited or credited, when shares are forfeited)	List-II (Amount to be debited or credited)
(A) Share Capital Account	(I) Debited with amount not received
(B) Share Forfeited Account	(II) Credited with amount not received
(C) Calls-in-arrears Account	(III) Credited with amount received towards share capital
(D) Securities Premium Account	(IV) Debited with amount called up

Match List-I with List-II

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (IV), (B) - (III), (C) - (II), (D) - (I)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 2

Correct Answer

Explanation

Q18:

Company Accounts

>

Debentures

Medium

(A) Payment to debenture-holders
(B) Creation of DRR
(C) Issue of debentures
(D) Redemption becomes due

Arrange the following in the correct sequence in the context of debenture.

(A), (B), (C), (D)

(A), (C), (B), (D)

(B), (A), (D), (C)

(C), (B), (D), (A)

Correct Answer

Option 4

Correct Answer

Explanation

Q19:

Company Accounts

>

Share Capital

Hard

If a delay occurs beyond 8 days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of:

15%

12%

6%

Prevailing in State Bank of India

Correct Answer

Option 1

Correct Answer

Explanation

Q20:

Company Accounts

>

Share Capital

Easy

A company can accept calls in advance, if authorised by:

Shareholders

Board of Directors

Articles of Association

Memorandum of Association

Correct Answer

Option 3

Correct Answer

Explanation

Q21:

Partnership

>

Retirement/Death

Easy

A, B and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹ 1,75,000 to the firm. To give effect to the above:

Profit and Loss Account will be debited

Profit and Loss Appropriation Account will be debited

Profit and Loss Account will be credited

Profit and Loss Appropriation Account will be credited

Correct Answer

Option 2

Correct Answer

Explanation

Q22:

Partnership

>

Admission

Medium

On the date of admission of a partner there was a balance of ₹ 45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at:

₹ 49,500

₹ 50,000

₹ 40,000

₹ 40,500

Correct Answer

Option 2

Correct Answer

Explanation

Q23:

Financial Statements

>

Cash Flow

Easy

Dividend received is

Operating activity

Financing activity

Investing activity

Cash and cash equivalents

Correct Answer

Option 3

Correct Answer

Explanation

Q24:

Partnership

>

Accounting

Hard

A partnership can have maximum 50 partners. This limit has been set by the:

Indian Partnership Act, 1932

State Government

Indian Contract Act, 1872

Central Government

Correct Answer

Option 4

Correct Answer

Explanation

Q25:

Computerised Accounting

>

Overview

Medium

Which of the following is an example of sequential code?

Using Code 'CL001' for 'Accounts of XYZ Ltd'

Using Code '100-199' for 'Dealers of Small Pumps'

Using Code 'SJ' for 'Sales Journals'

Using Code 'HQ' for 'Headquarters'

Correct Answer

Option 2

Correct Answer

Explanation

Q26:

Partnership

>

Admission

Easy

If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner.

debited to old partners' capital account

credited to all partners' capital accounts

credited to old partners' capital accounts

debited to all partners' capital accounts

Correct Answer

Option 3

Correct Answer

Explanation

Q27:

Partnership

>

Accounting

Easy

A, B and C are partners sharing profits in the ratio of 3:3:4. They decide to share the future profits equally. The sacrifice or gain of partners are:

A gains 1/30; B gains 1/30; C sacrifices 2/30

A gains 2/30; B gains 1/30; C sacrifices 3/30

A sacrifices 1/30; B gains 3/30; C sacrifices 2/30

A gains 2/30; B gains 3/30; C sacrifices 5/30

Correct Answer

Option 1

Correct Answer

Explanation

Q28:

Partnership

>

Accounting

Medium

List-I (Equal amount of drawings made)	List-II (Number of month for which interest calculated)
(A) At the end of each half year	(I) 4.5 months
(B) At the beginning of each quarter	(II) 6.5 months
(C) At the beginning of each month	(III) 7.5 months
(D) At the end of each quarter	(IV) 3 months

Match List-I with List-II

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (IV), (B) - (III), (C) - (I), (D) - (III)

(A) - (IV), (B) - (III), (C) - (II), (D) - (I)

Correct Answer

Option 4

Correct Answer

Explanation

Q29:

Partnership

>

Admission

Medium

Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in profits with a guaranteed amount of ₹ 25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹ 76,000 for the year 2022-23. The deficiency borne by Kavita is:

₹ 4,000

₹ 2,000

₹ 6,000

₹ 4,500

Correct Answer

Option 1

Correct Answer

Explanation

Q30:

Partnership

>

Admission

Easy

Anshu and Nitu are partners, sharing profits in the ratio of 3:2. They admitted Jyoti as a new partner for 3/10 share which she acquired 2/10 from Anshu and 1/10 from Nitu. Calculate the new profit sharing ratio of Anshu, Nitu and Jyoti.

4:3:3

3:4:3

3:3:4

3:2:1

Correct Answer

Option 1

Correct Answer

Explanation

Q31:

Partnership

>

Admission

Easy

(A) Gaining Partner’s Capital Account is debited
(B) Premium for Goodwill Account is debited
(C) Sacrificing Partner’s Capital Account is credited
(D) Gaining Partner’s Capital Account is credited

The journal entry for treatment of goodwill, when a new partner brings his share of goodwill in cash and one of the old partners gains, involves the following:

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 2

Correct Answer

Explanation

Q32:

Financial Statements

>

Cash Flow

Easy

While preparing Cash Flow Statement, purchase of goodwill is treated as:

Operating activity

Financing activity

Investing activity

Extraordinary item

Correct Answer

Option 3

Correct Answer

Explanation

Q33:

Computerised Accounting

>

Overview

Easy

The components of Computerised Accounting System are:

Data, Report, Ledger, Hardware, Software

Data, People, Procedure, Hardware, Software

People, Procedure, Ledger, Data, Chart of Accounts

Data, Coding, Procedure, Rules, Output

Correct Answer

Option 2

Correct Answer

Explanation

Q34:

Computerised Accounting

>

Usage

Easy

The Sales and Accounts Receivable Subsystems deals with:

the recording of Sales, maintaining of Sales Ledger and Receivables

the preparation of Budget for the coming financial year

the preparation of Profit and Loss Account, Balance Sheet and Cash Flow Statement

the purchase and payment to creditors

Correct Answer

Option 1

Correct Answer

Explanation

Q35:

Computerised Accounting

>

Overview

Easy

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

Joint fields

Main fields

Table fields

Key fields

Correct Answer

Option 4

Correct Answer

Explanation

Q36:

Partnership

>

Dissolution

Medium

On dissolution of a firm, bank overdraft is transferred to:

Bank Account

Realisation Account

Partners' Capital Account

Partners' Loan Account

Correct Answer

Option 2

Correct Answer

Explanation

Q37:

Financial Statements

>

Nature/Structure

Medium

(A) Commencement of Business
(B) Incorporation
(C) Promotion
(D) Floatation

Arrange the following steps in the correct sequence of the life of a company:

(A), (B), (C), (D)

(A), (C), (B), (D)

(B), (A), (D), (C)

(C), (B), (D), (A)

Correct Answer

Option 4

Correct Answer

Explanation

Q38:

Company Accounts

>

Share Capital

Easy

(A) Subscribed Capital
(B) Issued Capital
(C) Authorised Capital
(D) Paid-up Capital
(E) Called-up Capital

Arrange the following in the correct order:

(C), (B), (A), (D), (E)

(B), (C), (A), (D), (E)

(C), (B), (A), (E), (D)

(B), (C), (A), (E), (D)

Correct Answer

Option 3

Correct Answer

Explanation

Q39:

Partnership

>

Retirement/Death

Medium

(A) Opening balance of his capital
(B) His share of profit/loss till the date of death
(C) His share of General Reserve
(D) His drawings till the date of death
(E) Amount paid to his executors

The Deceased Partner's Capital Account includes the following amount/balances:

(A), (B), (D) and (E) only

(A), (B), (C) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (E) only

Correct Answer

Option 2

Correct Answer

Explanation

Q40:

Financial Statements

>

Cash Flow

Easy

(A) Operating profit before working capital changes
(B) Cash generated from operations
(C) Income tax paid
(D) Net cash flow from operating activities
(E) Goodwill amortised

Identify the correct sequence of the following steps involved in calculating cash flows from operating activities of a company:

(E), (C), (D), (A), (B)

(E), (A), (D), (B), (C)

(E), (A), (B), (C), (D)

(A), (B), (C), (D), (E)

Correct Answer

Option 3

Correct Answer

Explanation

Q41:

Financial Statements

>

Ratios

Easy

Particulars	₹
Revenue from Operations	8,75,000
Creditors	90,000
Bills Receivable	48,000
Bills Payable	52,000
Purchases	4,20,000
Trade Debtors	59,000

Calculate Trade Receivables Turnover Ratio.

8.18 times

8.23 : 1

8.18%

8.81 : 1

Correct Answer

Option 1

Correct Answer

Explanation

Q42:

Financial Statements

>

Ratios

Easy

Particulars	₹
Revenue from Operations	8,75,000
Creditors	90,000
Bills Receivable	48,000
Bills Payable	52,000
Purchases	4,20,000
Trade Debtors	59,000

Calculate Average Collection Period.

30 days

60 days

45 days

15 days

Correct Answer

Option 3

Correct Answer

Explanation

Q43:

Financial Statements

>

Ratios

Easy

Particulars	₹
Revenue from Operations	8,75,000
Creditors	90,000
Bills Receivable	48,000
Bills Payable	52,000
Purchases	4,20,000
Trade Debtors	59,000

Calculate Trade Payables Turnover Ratio.

29.6 times

2.96 times

29.60%

2.69 : 1

Correct Answer

Option 2

Correct Answer

Explanation

Q44:

Financial Statements

>

Ratios

Easy

Particulars	₹
Revenue from Operations	8,75,000
Creditors	90,000
Bills Receivable	48,000
Bills Payable	52,000
Purchases	4,20,000
Trade Debtors	59,000

Calculate Average Payment Period.

123 days

121 days

132 days

133 days

Correct Answer

Option 1

Correct Answer

Explanation

Q45:

Financial Statements

>

Ratios

Easy

Particulars	₹
Revenue from Operations	8,75,000
Creditors	90,000
Bills Receivable	48,000
Bills Payable	52,000
Purchases	4,20,000
Trade Debtors	59,000

Trade Receivables Turnover Ratio and Trade Payables Turnover Ratio are categorised as:

Liquidity Ratio

Solvency Ratio

Activity Ratio

Profitability Ratio

Correct Answer

Option 3

Correct Answer

Explanation

Q46:

Partnership

>

Dissolution

Easy

G, K and B were partners running a partnership for last 10 years, sharing profit and loss in the ratio of 5 : 3 : 2. Post Covid, their firm was affected badly and started incurring losses. On 31st March, 2023 they all decided to dissolve the firm due to continuous losses. Their capital balances were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively. Firm had liabilities ₹ 80,000, Cash balance ₹ 40,000, other Sundry Assets ₹ 8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹ 50,000 which was settled at ₹ 40,000. Realisation expenses amounted to ₹ 30,000, being paid by G on behalf of the firm.

What is the mode of dissolution of the firm followed by G, K and B?

Dissolution by Agreement

On the happening of certain contingencies

Dissolution by Notice

Compulsory Dissolution

Correct Answer

Option 1

Correct Answer

Explanation

Q47:

Partnership

>

Dissolution

Medium

G, K and B were partners running a partnership for last 10 years, sharing profit and loss in the ratio of 5 : 3 : 2. Post Covid, their firm was affected badly and started incurring losses. On 31st March, 2023 they all decided to dissolve the firm due to continuous losses. Their capital balances were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively. Firm had liabilities ₹ 80,000, Cash balance ₹ 40,000, other Sundry Assets ₹ 8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹ 50,000 which was settled at ₹ 40,000. Realisation expenses amounted to ₹ 30,000, being paid by G on behalf of the firm.

Determine the amount of Profit and Loss Account.

(Cr.) ₹ 90,000

(Dr.) ₹ 90,000

(Cr.) ₹ 1,30,000

(Dr.) ₹ 1,30,000

Correct Answer

Option 2

Correct Answer

Explanation

Q48:

Partnership

>

Dissolution

Medium

G, K and B were partners running a partnership for last 10 years, sharing profit and loss in the ratio of 5 : 3 : 2. Post Covid, their firm was affected badly and started incurring losses. On 31st March, 2023 they all decided to dissolve the firm due to continuous losses. Their capital balances were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively. Firm had liabilities ₹ 80,000, Cash balance ₹ 40,000, other Sundry Assets ₹ 8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹ 50,000 which was settled at ₹ 40,000. Realisation expenses amounted to ₹ 30,000, being paid by G on behalf of the firm.

Determine Gain/Loss on Realisation.

Loss ₹ 2,40,000

Gain ₹ 24,000

Loss ₹ 1,70,000

Loss ₹ 2,10,000

Correct Answer

Option 1

Correct Answer

Explanation

Q49:

Partnership

>

Dissolution

Easy

G, K and B were partners running a partnership for last 10 years, sharing profit and loss in the ratio of 5 : 3 : 2. Post Covid, their firm was affected badly and started incurring losses. On 31st March, 2023 they all decided to dissolve the firm due to continuous losses. Their capital balances were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively. Firm had liabilities ₹ 80,000, Cash balance ₹ 40,000, other Sundry Assets ₹ 8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹ 50,000 which was settled at ₹ 40,000. Realisation expenses amounted to ₹ 30,000, being paid by G on behalf of the firm.

The entry for realisation expenses in above case study will be:

Realisation A/c Dr.

To Cash A/c

Realisation A/c Dr.

To G's Capital A/c

G's Capital A/c Dr.

To Realisation A/c

Cash A/c Dr.

To Realisation A/c

Correct Answer

Option 2

Correct Answer

Explanation

Q50:

Partnership

>

Dissolution

Easy

G, K and B were partners running a partnership for last 10 years, sharing profit and loss in the ratio of 5 : 3 : 2. Post Covid, their firm was affected badly and started incurring losses. On 31st March, 2023 they all decided to dissolve the firm due to continuous losses. Their capital balances were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively. Firm had liabilities ₹ 80,000, Cash balance ₹ 40,000, other Sundry Assets ₹ 8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹ 50,000 which was settled at ₹ 40,000. Realisation expenses amounted to ₹ 30,000, being paid by G on behalf of the firm.

Existing Profit and Loss Account in the books of the firm will be shared/borne by partners in the ratio:

5 : 3 : 2

Equal Ratio

4 : 3 : 2

Ratio of closing capital claims

Correct Answer

Option 1

Correct Answer

Explanation

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CUET Accountancy 2024 Past Year Question Paper

CUET Accountancy Past Year Questions (Topic-Wise)