CUET Accountancy 2023 11 June Shift 3 PYQs - Free Mock Test (No Login)

Identify the other name by which Liquid ratio is known:

Hidden Goodwill is:

__________ 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 partnersChoose the correct answer from the options given below:

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 partnerChoose the correct answer from the options given below:

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. $5,000$:

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 TaxChoose the correct answer from the options given below:

Where are amounts owed by customers for credit purchases found:

Non-Cash transactions will be excluded from:

A __________ code consists of alphabets or abbreviations as symbols to codify a piece of information.

At the time of admission, credit balance of Profit and Loss account appearing in books will be transferred to:

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. $6,00,000$.

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:

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 firmChoose the correct answer from the options given below:

Select the entry that is to be made when a creditor accepts an asset in full and final settlement of his account.

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. $5,000$

Match List - I with List - II.
$$\begin{array}{ll}\text{List - I (System)}& \text{List - II (Applications)}\\ \text{(A) AIS}& \text{(I) Communicate the accounting information sub category of Accounting system}\\ \text{(B) DBMS}& \text{(II) Grouping of accounts in logical structure}\\ \text{(C) CAS}& \text{(III) Loan Repayment Scheduling, and Payroll Accounting}\\ \text{(D) Spreadsheet}& \text{(IV) Storing, capturing, processing and retrieval of data}\end{array}$$
Choose the correct answer from the options given below:

Intangible assets should be recognised by fulfilling the criteria as recognised under:

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 borrowingChoose the correct answer from the options given below:

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. $4,00,000$.

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 AccountChoose the correct answer from the options given below:

Realisation A/c is debited with __________ on the dissolution of firm.

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 bothChoose the correct answer from the options given below:

Select the way by which provisions appearing in the Balance Sheet of a partnership firm are closed at the time of firm's dissolution.

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?

Match List - I with List - II.
\begin{array}{l|l} \textbf{List - I} & \textbf{List - II} \\ \hline \text{(A) Share Capital} & \text{(I) 10% debenture} \\ \text{(B) Reserve and Surplus} & \text{(II) Interest accrued and due} \\ \text{(C) Non-current Liability} & \text{(III) Share forfeited account} \\ \text{(D) Current Liability} & \text{(IV) Capital Redemption Reserve} \end{array}
Choose the correct answer from the options given below:

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. $1,80,000andRs.$ 1,72,000$ respectively.

Match List - I with List - II.
$$\begin{array}{ll}\text{List - I}& \text{List - II}\\ \text{(A) Increase in Furniture Value}& \text{(I) Credit side of Partner’s Capital A/c}\\ \text{(B) Depreciation on Machinery}& \text{(II) Debit side of Partner’s Capital A/c}\\ \text{(C) General Reserve}& \text{(III) Credit side of Revaluation A/c}\\ \text{(D) Goodwill appearing in Books}& \text{(IV) Debit side of Revaluation A/c}\end{array}$$
Choose the correct answer from the options given below:

Tax paid on capital gains by the company is shown in Cash Flow Statement as:

If the credit side of Receipt and Payment A/c is more than the debit side then the difference will be shown as:

Which of the following will not be shown in Realisation Account?

Which among the following is not a COUNT function in Excel:

Match List - I with List - II.
$$\begin{array}{ll}\text{List - I}& \text{List - II}\\ \text{(A) Profits of firm after admission of partner}& \text{(I) Sacrificing Ratio}\\ \text{(B) Goodwill brought in by new partner}& \text{(II) Old Ratio}\\ \text{(C) Profit on revaluation}& \text{(III) Gaining Ratio}\\ \text{(D) Retiring Partner’s Share of Goodwill}& \text{(IV) New Ratio}\end{array}$$
Choose the correct answer from the options given below:

The components of Computerised Accounting system are:

Subscription Received in Advance is a:

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 SharesChoose the correct answer from the options given below:

The paid up share capital of "One Person Company" cannot be more than:

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 AccountChoose the correct answer from the options given below:

Redemption of Debenture can be done by many ways. Identify the wrong option.

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 onlyChoose the correct answer from the options given below:

Match List - I with List - II.
$$\begin{array}{ll}\text{List - I}& \text{List - II}\\ \text{(A) Equity Share}& \text{(I) Fixed Dividend}\\ \text{(B) Preference Share}& \text{(II) No hold over Assets}\\ \text{(C) Secured Loan}& \text{(III) Hold over Assets}\\ \text{(D) Unsecured Loan}& \text{(IV) Voting Right}\end{array}$$
Choose the correct answer from the options given below:

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:

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:

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.

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:

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:

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.

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.

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?

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:

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: