CUET Accountancy 2022 16 July Shift 2 PYQs - Free Mock Test (No Login)

Arrange the following steps to calculate the value of Goodwill by the capitalization method of super profit in a proper sequence:A. Calculate normal profit on capital employedB. Actual Profits - Normal Profits = Super ProfitC. $\text{Value of Goodwill}=\frac{\text{Super Profit}\times 100}{\text{Normal Rate of Return}}$ D. Calculate actual profits on capital employedChoose the correct answer from the given options:

Amit, Dinesh, and Gagan are partners sharing profits in the ratio of $5:3:2$. Dinesh retires. Amit and Gagan decide to share the profits of the new firm in the ratio of $3:2$. The gaining ratio between Amit and Gagan will be:

Revaluation Account is a/an:

In the absence of a Partnership deed, partners share profits and losses in:

Identify the items not to be shown under Financing activities while making a cash flow statement:A. Payment of dividend and interestB. Interest paid by financial enterpriseC. Redemption of debenturesD. Proceeds from issue of equity sharesE. Loss due to theftChoose the correct answer from the options given below:

If there are Fixed assets of ₹10,00,000, Current assets of ₹6,00,000, Current liabilities of ₹3,00,000 and Net profit before Interest and Tax of ₹2,60,000; then Return on Investment will be:

Make the right combination of ratios that enables to find the short-term liquidity of a firm:A. Return on EquityB. Acid Test RatioC. Sacrificing RatioD. Inventory Turnover RatioE. Current RatioChoose the correct answer from the options given below:

Z Ltd. issued 15,000, 12% Debentures of ₹100 each at a premium of 2% redeemable at a premium of 5%. In such a case:

X Ltd. purchased assets from Y Ltd. for ₹98,10,000. X Ltd. issued 12% Debentures of ₹100 each at a 10% discount against the payment. The number of debentures issued to Y Ltd. is:

Identify the correct sequence of steps in the process of the Issue of Shares:A. Making allotment of sharesB. Issue of ProspectusC. Forfeiture of sharesD. Receiving applications for sharesE. Making callsChoose the correct answer from the options given below:

A club has an opening balance of ₹8,50,000 in the Match Fund. Donations received for matches during the current year amounted to ₹4,25,000. Sale of match tickets amounted to ₹1,15,000. Match expenses incurred were ₹14,00,000. The balance in the Match Fund at the year-end will be:

Operating profit before working capital changes amounted to ₹85,000. The following further information is given:Particulars31.3.2020 (₹)31.3.2019 (₹)Cash36,00030,000Trade receivable18,00012,000Provision for tax9,0008,000Trade payables20,00016,000Bank overdraft18,000-The Net cash flow from operating activities after tax is:

At the time of dissolution of their firm, Ahmed and Subhash, who are partners of that firm, agreed that Ahmed will pay realization expenses for a fixed remuneration of ₹12,000. The actual expenses were ₹16,000. The Journal entry to be passed is:

A, B and C are partners with a profit-sharing ratio of $2:1:1$ respectively. C died on 1st October 2021. The journal entry to be passed to give C his share of profit immediately will be:

Sunil and Ravi are partners in a firm sharing profits in the ratio of $3:1$. Amar is admitted for $\frac{1}{4}$ share. The sacrificing ratio of Sunil and Ravi is:

Match the items in List I with their appropriate classifications under Schedule III of the Companies Act, 2013 in List II:List I (Items)List II (Classification)A. Shareholders' fundsI. Furniture and FittingsB. Current liabilitiesII. Prepaid expensesC. Current AssetsIII. Calls in AdvanceD. Non-current assetsIV. Surplus of Balance on statement of P and LChoose the correct answer from the options given below:

Securities Premium Reserve can be used to:A. Issue new shares to existing shareholdersB. Write off Preliminary expensesC. Writing off of GoodwillD. Premium on Redemption of debenturesE. Issue fully paid Bonus SharesChoose the correct answer from the options given below:

When the purchase consideration is more than the value of net assets taken over, the difference will be debited to:

Match the concepts in List I with the events in List II:List IList IIA. When a new partner joins the partnershipI. Compulsory dissolutionB. When an existing partner leaves the partnershipII. Admission of a partnerC. When the business of a firm becomes illegalIII. Prepared in the case of death of a partnerD. Executor's AccountIV. Retirement of a PartnerChoose the correct answer from the options given below:

Match List I with List II:List IList IIA. Mutual AgencyI. It can be oral or writtenB. AgreementII. Written agreementC. Liability of partnersIII. Partnership concern carried by all or any of them acting for all.D. Partnership deedIV. Joint and unlimitedChoose the correct answer from the options given below:

Sometimes the value of Goodwill is not given directly at the time of admission/retirement of a partner. In such a situation, it has to be inferred from the total capital structure and profit-sharing ratio. Such Goodwill is called:

A firm which maintains fixed capital accounts had two partners, Vimla and Kamla, sharing profits in the ratio $1:1$. The firm credited the partners with profit without allowing interest on Capital, which is allowed in the deed. Choose the correct option to pass a journal entry for the past adjustment if the Interest on capital is ₹2,000 for Vimla and ₹3,000 for Kamla.

Operating Expenses include:A. Rent paidB. Interest paid on loanC. Selling and Distribution ExpensesD. Commission ReceivedE. Salaries PaidChoose the correct answer from the options given below:

Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year:A. Capital AccountsB. Profit and Loss A/cC. Profit and Loss Appropriation A/c (Adjustment A/c)D. Balance SheetChoose the correct answer from the options given below:

Match the activities in List I with their correct corresponding examples in List II with regard to Cash Flow Statement:List IList IIA. Operating activityI. Raising of loanB. Investing activityII. Current investmentC. Financing activityIII. Selling of investmentD. Cash and Cash equivalentIV. Buying of raw materialChoose the correct answer from the options given below:

Which of the following ratios is not a profitability ratio?

Which of the following is an inflow of cash in financing activities?

Which amongst the following is not a ground for dissolution of a partnership firm on the happening of certain contingencies?

From the Receipts and Payments account for the year ending 31.3.22, Locker Rent received is ₹17,050.Additional Information:Locker rent outstanding for the year 2020-21 was ₹3,050.Locker rent outstanding for the year 2021-22 is ₹1,500.Locker rent received in advance at the end of the current year (i.e., on 31.3.22) is ₹1,000.What amount of Locker Rent will be shown in the Income and Expenditure A/c?

Soni, Moni, and Toni are partners sharing profits in the ratio of $5:3:2$. If Moni's share of profit at the end of the year amounted to ₹1,50,000, what will be Soni's share of profits?

If the net profit earned during the year is ₹50,000 and the amount of depreciation charged during the year is ₹15,000, then the cash flow from operating activities (assuming no working capital adjustments) will be equal to ₹ _______.

Anand, Bahadur, and Chander are partners sharing profits equally ($\frac{1}{3}$ each). On Chander's retirement, his entire share is acquired by Anand alone. The gaining percentage of Anand will be:

There are 500 members in a Rotary club, each paying ₹1,000 as an annual subscription. During the current financial year, 100 members paid only a partial subscription amounting to ₹80,000 in total. 10 members left without giving any subscription for the year. The actual amount of subscription cash received during the current financial year will be:

Identify from the following scenarios when the valuation of goodwill is required:A. Change in profit-sharing ratio among existing partnersB. Admission of a new partnerC. Dissolution of a Partnership firm (sale of business as a going concern)D. Amalgamation of partnership firmsE. Regular yearly preparation of a Balance SheetChoose the correct answer from the options given below:

Match List I with List II regarding accounting ratios and their descriptions:List I (Ratios)List II (Descriptions)A. Debt-Equity RatioI. Primarily indicates the rate of external funds in financing assets.B. Total assets to Debt ratioII. Higher proportion provides security to creditors.C. Proprietary ratioIII. It reveals the efficiency of business in utilization of funds.D. Return on InvestmentIV. It measures the degree of indebtedness of an enterprise.Choose the correct answer from the options given below:

Vivek, Virat, and Vineet were partners in a firm. Their capital accounts as on April 1, 2019, showed balances of ₹4,00,000, ₹6,00,000, and ₹8,00,000 respectively. On 1st July 2019, Virat introduced additional capital of ₹1,00,000, while Vineet withdrew ₹50,000 from his capital on 31st October 2019. Interest on capital is allowed @ 8% p.a. Calculate the interest on capital to be given to each partner at the end of the financial year (31st March 2020).

From which command tab in spreadsheet software (like MS Excel) is the font size for an axis in a chart changed?

Which of these purposes does not pertain to the usage of charts?

Excel automatically redraws a chart:

Find the right chronological sequence of the appropriation of profits in a partnership firm:A. Profits transferred to P and L appropriation A/c.B. Interest on capitalC. Profits distributed to partners after appropriationD. Interest on partner's loan A/cChoose the correct answer from the options given below:

Case Study Information (Questions 41-45):Pragya Madan, an ex-Indian hockey player, decided to start a hockey academy named "Bright Hockey Academy" on 1st April 2022 to train young girls.Her neighbor, Ishwar, died and willed his land to start the academy.Her father, Ramkumar, spent ₹20,00,000 for the construction of a pavilion.100 young girls joined the academy and paid an annual subscription of ₹1,000 each.10 members paid a single amount of ₹25,000 each to obtain life membership.Hockey sticks and balls purchased during the year amounted to ₹27,000. Closing stock of these items is nil.Question: The land donated by the deceased neighbor Ishwar under his will is classified as:

Case Study Information:Pragya Madan, an ex-Indian hockey player, decided to start a hockey academy named "Bright Hockey Academy" on 1st April 2022 to train young girls.Her neighbor, Ishwar, died and willed his land to start the academy.Her father, Ramkumar, spent ₹20,00,000 for the construction of a pavilion.100 young girls joined the academy and paid an annual subscription of ₹1,000 each.10 members paid a single amount of ₹25,000 each to obtain life membership.Hockey sticks and balls purchased during the year amounted to ₹27,000. Closing stock of these items is nil.Question: The accounting treatment for the expenditure incurred on the construction of the pavilion (₹20,00,000) is:

Case Study Information:Pragya Madan, an ex-Indian hockey player, decided to start a hockey academy named "Bright Hockey Academy" on 1st April 2022 to train young girls.Her neighbor, Ishwar, died and willed his land to start the academy.Her father, Ramkumar, spent ₹20,00,000 for the construction of a pavilion.100 young girls joined the academy and paid an annual subscription of ₹1,000 each.10 members paid a single amount of ₹25,000 each to obtain life membership.Hockey sticks and balls purchased during the year amounted to ₹27,000. Closing stock of these items is nil.Question: The Life Membership fees received from the 10 members is:

Case Study Information:Pragya Madan, an ex-Indian hockey player, decided to start a hockey academy named "Bright Hockey Academy" on 1st April 2022 to train young girls.Her neighbor, Ishwar, died and willed his land to start the academy.Her father, Ramkumar, spent ₹20,00,000 for the construction of a pavilion.100 young girls joined the academy and paid an annual subscription of ₹1,000 each.10 members paid a single amount of ₹25,000 each to obtain life membership.Hockey sticks and balls purchased during the year amounted to ₹27,000. Closing stock of these items is nil.Question: The amount of recurring subscription revenue credited to the Income and Expenditure Account during the year will be:

Case Study Information:Pragya Madan, an ex-Indian hockey player, decided to start a hockey academy named "Bright Hockey Academy" on 1st April 2022 to train young girls.Her neighbor, Ishwar, died and willed his land to start the academy.Her father, Ramkumar, spent ₹20,00,000 for the construction of a pavilion.100 young girls joined the academy and paid an annual subscription of ₹1,000 each.10 members paid a single amount of ₹25,000 each to obtain life membership.Hockey sticks and balls purchased during the year amounted to ₹27,000. Closing stock of these items is nil.Question: Sports material consumed during the financial year 2022-2023 will be:

Case Study Information (Questions 46-50):Moonrise Co. is authorized with a Share Capital of ₹5,00,000. It issued 10,000 equity shares of ₹12 each (Face Value ₹10 + Premium ₹2).The money was payable as:₹4 on Application₹4 on Allotment (including premium of ₹2)₹4 on 1st and final callApplications were received for 12,000 shares and the directors decided to make a pro-rata allotment. Mr. Rashidi, an applicant for 120 shares, failed to pay the allotment and call money. Mr. Shantanu, a holder of 200 shares, failed to pay the call money. All these shares were forfeited. Out of the forfeited shares, 150 shares (including all of Rashidi's shares) were reissued at ₹8 per share.Question: The Balance Sheet of the company will show the authorized capital of the company as:

Case Study Information:Moonrise Co. is authorized with a Share Capital of ₹5,00,000. It issued 10,000 equity shares of ₹12 each (Face Value ₹10 + Premium ₹2).The money was payable as:₹4 on Application₹4 on Allotment (including premium of ₹2)₹4 on 1st and final callApplications were received for 12,000 shares and the directors decided to make a pro-rata allotment. Mr. Rashidi, an applicant for 120 shares, failed to pay the allotment and call money. Mr. Shantanu, a holder of 200 shares, failed to pay the call money. All these shares were forfeited. Out of the forfeited shares, 150 shares (including all of Rashidi's shares) were reissued at ₹8 per share.Question: The amount of Securities Premium Reserve to be debited at the time of forfeiture of shares will be:

Case Study Information:Moonrise Co. is authorized with a Share Capital of ₹5,00,000. It issued 10,000 equity shares of ₹12 each (Face Value ₹10 + Premium ₹2).The money was payable as:₹4 on Application₹4 on Allotment (including premium of ₹2)₹4 on 1st and final callApplications were received for 12,000 shares and the directors decided to make a pro-rata allotment. Mr. Rashidi, an applicant for 120 shares, failed to pay the allotment and call money. Mr. Shantanu, a holder of 200 shares, failed to pay the call money. All these shares were forfeited. Out of the forfeited shares, 150 shares (including all of Rashidi's shares) were reissued at ₹8 per share.Question: The total amount of Securities Premium Reserve credited at the time of the allotment of shares will be:

Case Study Information:Moonrise Co. is authorized with a Share Capital of ₹5,00,000. It issued 10,000 equity shares of ₹12 each (Face Value ₹10 + Premium ₹2).The money was payable as:₹4 on Application₹4 on Allotment (including premium of ₹2)₹4 on 1st and final callApplications were received for 12,000 shares and the directors decided to make a pro-rata allotment. Mr. Rashidi, an applicant for 120 shares, failed to pay the allotment and call money. Mr. Shantanu, a holder of 200 shares, failed to pay the call money. All these shares were forfeited. Out of the forfeited shares, 150 shares (including all of Rashidi's shares) were reissued at ₹8 per share.Question: The amount transferred to the Capital Reserve Account will be:

Case Study Information:Moonrise Co. is authorized with a Share Capital of ₹5,00,000. It issued 10,000 equity shares of ₹12 each (Face Value ₹10 + Premium ₹2).The money was payable as:₹4 on Application₹4 on Allotment (including premium of ₹2)₹4 on 1st and final callApplications were received for 12,000 shares and the directors decided to make a pro-rata allotment. Mr. Rashidi, an applicant for 120 shares, failed to pay the allotment and call money. Mr. Shantanu, a holder of 200 shares, failed to pay the call money. All these shares were forfeited. Out of the forfeited shares, 150 shares (including all of Rashidi's shares) were reissued at ₹8 per share.Question: The shares are reissued at a: