CUET Accountancy 2023 28 May Shift 1 PYQs - Free Mock Test (No Login)

Under which Sub-head do we show the Securities Premium in the Balance Sheet of a company?

Lisa, Monika and Nisha are partners in a firm sharing profits and losses in the ratio of $2:2:1$. Their capital accounts stood at $\text{Rs. }50,000$, $\text{Rs. }50,000$ and $\text{Rs. }25,000$ respectively. Monika died and the balance in the general reserve on that date was $\text{Rs. }15,000$. If the goodwill of the firm is valued at $\text{Rs. }30,000$ and the profit on revaluation is $\text{Rs. }7,050$, what amount will be transferred to Monika's Executors Account?

In MS Excel spreadsheet software, the shortcut key combination that toggles (collapses or expands) the ribbon is:

Cash equivalents refer to short-term, highly liquid investments that are readily convertible into known amounts of cash. From the elements given below, identify which components are categorized under Cash Equivalents as per AS-3:(A) Demand deposits with Bank(B) Bills receivables(C) Treasury bill(D) Commercial Paper(E) Marketable SecuritiesChoose the correct answer from the options given below:

Match List - I with List - II.

Choose the correct answer from the options given below:

Find the correct sequential operational procedure for the public issue of shares by a joint-stock company:(A) Receipt of Applications(B) Issue of prospectus(C) Allotment of Shares(D) Making call money due(E) Receiving Call moneyChoose the correct answer from the options given below:

Pursuant to Section 48 of the Indian Partnership Act, 1932, when a firm undergoes dissolution, cash assets realized from the disposal of firm assets are applied sequentially in the following order:(A) Paying to each partner proportionately what is due to him/her on account of capital(B) In paying the secured debts of the firm to the third parties(C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital(D) The residue, if any shall be divided among the partners in their profit sharing ratio(E) In paying unsecured debts of the firm to third parties Choose the correct answer from the options given below:

Match List - I with List - II.
\begin{array}{|l|l|}\hline\textbf{List - I} & \textbf{List - II} \ \hline\text{(A) Over-Subscription} & \text{(I) Minimum amount that must be raised by issue of shares} \\text{(B) Minimum subscription} & \text{(II) Application received is more than shares issued} \\text{(C) Under-Subscription} & \text{(III) Allotment of shares without issue of prospectus} \\text{(D) Private Placement} & \text{(IV) Application received is less than shares issued} \ \hline\end{array}
Choose the correct answer from the options given below:

If a designated Fund balance such as a "Tournament Fund" exists in the books of a Non-Profit Organisation (NPO), then the explicit expenses incurred on executing such tournament activities must be shown:

On the dissolution of a partnership firm, the total book value of debtors stood at $\text{Rs. }2,50,000$. Out of these, $\text{Rs. }10,000$ became completely bad and unrecoverable, while the remaining balance realized $70\%$. In this scenario, by what amount will the Bank Account be debited?

Match List - I with List - II.

Choose the correct answer from the options given below:

A Partnership Deed must be systematically structured, drafted, and prepared in absolute accordance with the legal provisions of:

Upon the retirement of an existing partner from a firm, the retiring partner's Capital Account will be credited with which of the following elements?(A) His/Her Capital Balance(B) His/Her share of premium for goodwill(C) Share of goodwill of remaining partners(D) His/Her share of accumulated reserves(E) His/Her drawingsChoose the correct answer from the options given below:

In data visualization tools and chart utilities within spreadsheet software, the "Legend" block can be repositioned:

Identify the transaction from the options below that involves an actual inflow or outflow of cash/cash equivalents:

Other income of a corporate entity is $\text{Rs. }5,00,000$, which constitutes $25\%$ of its Revenue from Operations. Employees Benefit Expenses are valued at $30\%$ of the Revenue from Operations. Assuming a tax rate of $40\%$, find the Net Profit After Tax (PAT).

An old piece of furniture with a book value of $\text{Rs. }10,000$ is sold for $\text{Rs. }7,000$. What amount will be recorded, and on which side, in the Receipts and Payments Account of an NPO?

Arrange the steps in the correct chronological sequence for calculating goodwill using the Super Profit Method:(A) Calculation of Super Profit(B) Calculation of Capital Employed(C) Calculation of Normal Profit(D) Calculation of Average Profit(E) Calculation of GoodwillChoose the correct answer from the options given below:

Aradya Ltd. maintains a Debt-Equity ratio of $2.5:1$. Which of the following transactions will not affect its Debt-Equity Ratio?

Common-Size Statements, which analyze financial statements by converting each line item into a percentage of a common base item, are also known as:

A, B, and C share profits and losses in the ratio of $3:2:1$. They decide to share profits and losses equally in the future. On that date, a General Reserve of $\text{Rs. }60,000$ appears in their books, and Goodwill is valued at $\text{Rs. }1,20,000$. If the partners prefer not to disturb the General Reserve figure in the books, what adjustment entry must be passed?

Upon the dissolution of a partnership firm, the existing Goodwill Account appearing in the ledger books is transferred directly to:

Calculate the total cost of medicines consumed during the financial year 2020-21 based on the following information:

Identify the odd item out when calculating Cash Flow from Financing Activities:

A company acquires machinery worth $\text{Rs. }5,00,000$. It pays $50\%$ of the amount immediately by cheque and executes a bond for the remaining balance. Determine the net cash impact and the nature of the activity for the Cash Flow Statement:

Match List - I with List - II.

Choose the correct answer from the options given below:

Shweta, Shreya, and Shaniya were partners sharing profits in the ratio of $3:2:1$. Shaniya retired from the firm. After making all necessary adjustments for accumulated reserves and revaluation gains, her capital balance amounted to $\text{Rs. }4,50,000$. Shaniya took over $25\%$ of the firm's furniture and accepted a bill of exchange for $\text{Rs. }52,000$. The remaining balance of $\text{Rs. }2,75,000$ was transferred to her loan account. Calculate the total value of the firm's furniture.

Net Capital Employed is mathematically equivalent to which of the following expressions?(A) Fixed Assets + Current Assets - Long-term liabilities(B) Non-current Assets + Current Assets - Current liabilities(C) Fixed Assets + Current Assets - Equity(D) Equity + Debt(E) Current Assets - Current liabilitiesChoose the correct answer from the options given below:

In relational database schemas, the common field columns used to establish a logical link or relationship between two different tables are called:

Identify which of the following items are classified under Current Liabilities in a corporate Balance Sheet as per Schedule III of the Companies Act, 2013:(A) Trade receivables(B) Unclaimed dividend(C) Interest accrued but not due on loan(D) Acceptances(E) $12\%$ debentures redeemable after four yearsChoose the correct answer from the options given below:

Arrange the steps for preparing a Profit and Loss Appropriation Account in the correct sequential order:(A) Transfer the net profit to the credit side of the P&L Appropriation A/c.(B) Divide the remaining divisible profit among partners in their Profit Sharing Ratio.(C) Ascertain the net profit after providing for all charges against profit.(D) Debit the P&L Appropriation A/c with all appropriations (e.g., partner's salary, interest on capital).(E) Credit the P&L Appropriation A/c with interest on drawings and any deficiency on account of a partner's guarantee of earnings to the firm.Choose the correct answer from the options given below:

Match List - I with List - II according to SEBI Guidelines and the Companies Act, 2013:
\begin{array}{|l|l|}\hline\textbf{List - I} & \textbf{List - II} \ \hline\text{(A) Application money must be at least ____% of the face value of the share} & \text{(I) } 25% \\text{(B) The amount of a single Call should not exceed ____% of the face value of the share} & \text{(II) } 90% \\text{(C) Minimum subscription cannot be less than ____% of the issued amount under SEBI guidelines} & \text{(III) } 10% \\text{(D) Max interest charged on call-in-arrears under Table F is @ ____% p.a.} & \text{(IV) } 5% \ \hline\end{array}
Choose the correct answer from the options given below:

Which of the following best describes the primary purpose of accounting codification?

An annual report containing audited accounting statements and operational reviews is officially furnished by a company to its:

Identify the correct sequence of steps to be followed when accounting for the retirement of a partner:(A) New Balance Sheet after Retirement(B) Transferring the balance to the Retiring Partner's Loan Account(C) Calculation of the Gaining/Sacrificing Ratio(D) Partners' Capital Account adjustments(E) Preparation of the Revaluation AccountChoose the correct answer from the options given below:

On the retirement or death of a partner, the remaining partners who gain due to the change in profit-sharing ratio must compensate:

If the Average Capital Employed in a firm is $\text{Rs. }9,00,000$, the Average Profit is $\text{Rs. }2,80,000$, and the Normal Rate of Return is $20\%$, calculate the value of goodwill using the Capitalisation of Super Profit Method.

Which of the following transactions involve issuing debentures for a consideration other than cash?(A) Issued to a bank as additional/collateral security(B) Issued to a vendor for asset purchase(C) Issued to the general public for subscription(D) Issued to a creditor to settle outstanding dues(E) Issued for cash via public offerChoose the correct answer from the options given below:

AB & Co. purchased assets worth $\text{Rs. }28,80,000$ from a vendor. The company issued debentures of $\text{Rs. }100$ each at a discount of $4\%$ in full satisfaction of the purchase consideration. Calculate the number of debentures issued to the vendor.

During the dissolution of a partnership firm, Rohit (a partner) paid the realization expenses of $\text{Rs. }10,000$. Under their agreement, Rohit was to receive a fixed remuneration of $\text{Rs. }12,000$ for completing the dissolution process, and he was to bear all realization expenses. What net amount will be credited to Rohit's Capital Account for this transaction?

Amrita and Kalyani are partners sharing profits in the ratio of $3:2$. They decide to expand the business by admitting Suraj as a new partner for a $\frac{1}{4}\text{th}$ share. Suraj's share of premium for goodwill is valued at $\text{Rs. }90,000$, which he pays to compensate Amrita and Kalyani in an agreed ratio of $1:4$.The firm's books provide the following information on that date:

The claim against the Workmen Compensation Fund is determined to be $\text{Rs. }2,00,000$, and an existing goodwill balance appears in the books at $\text{Rs. }60,000$.How will the premium for goodwill brought in by Suraj be distributed between Amrita and Kalyani?

Amrita and Kalyani are partners sharing profits in the ratio of $3:2$. They decide to expand the business by admitting Suraj as a new partner for a $\frac{1}{4}\text{th}$ share. Suraj's share of premium for goodwill is valued at $\text{Rs. }90,000$, which he pays to compensate Amrita and Kalyani in an agreed ratio of $1:4$.The firm's books provide the following information on that date:

The claim against the Workmen Compensation Fund is determined to be $\text{Rs. }2,00,000$, and an existing goodwill balance appears in the books at $\text{Rs. }60,000$.Calculate the respective shares of Amrita and Kalyani in the revaluation profit.

Amrita and Kalyani are partners sharing profits in the ratio of $3:2$. They decide to expand the business by admitting Suraj as a new partner for a $\frac{1}{4}\text{th}$ share. Suraj's share of premium for goodwill is valued at $\text{Rs. }90,000$, which he pays to compensate Amrita and Kalyani in an agreed ratio of $1:4$.The firm's books provide the following information on that date:

The claim against the Workmen Compensation Fund is determined to be $\text{Rs. }2,00,000$, and an existing goodwill balance appears in the books at $\text{Rs. }60,000$.What is Amrita's share in the unallocated balance of the Workmen Compensation Fund?

Amrita and Kalyani are partners sharing profits in the ratio of $3:2$. They decide to expand the business by admitting Suraj as a new partner for a $\frac{1}{4}\text{th}$ share. Suraj's share of premium for goodwill is valued at $\text{Rs. }90,000$, which he pays to compensate Amrita and Kalyani in an agreed ratio of $1:4$.The firm's books provide the following information on that date:

The claim against the Workmen Compensation Fund is determined to be $\text{Rs. }2,00,000$, and an existing goodwill balance appears in the books at $\text{Rs. }60,000$.What journal entry must be passed to write off the existing goodwill appearing in the books?

According to Section 31 of the Indian Partnership Act, 1932, a new partner can be admitted into an existing partnership firm:

XYZ Ltd. operates in the FMCG sector in the South Indian market. To expand into Northern India, the company raises an additional capital of $\text{Rs. }20,00,000$. It raises $\text{Rs. }12,00,000$ by issuing $10\%$ Debentures of $\text{Rs. }100$ each at a discount of $10\%$, redeemable after $6$ years. The remaining funds are raised by issuing perpetual $5\%$ Debentures of $\text{Rs. }8,00,000$ of $\text{Rs. }100$ each at a $15\%$ premium. After six years of successful operations, the company takes a loan of $\text{Rs. }5,00,000$ from PNB, pledging $5\%$ Debentures of $\text{Rs. }8,00,000$ as collateral security. The loan is fully repaid within two years.How are the $10\%$ debentures (repayable after $6$ years) classified based on their redemption terms?

XYZ Ltd. operates in the FMCG sector in the South Indian market. To expand into Northern India, the company raises an additional capital of $\text{Rs. }20,00,000$. It raises $\text{Rs. }12,00,000$ by issuing $10\%$ Debentures of $\text{Rs. }100$ each at a discount of $10\%$, redeemable after $6$ years. The remaining funds are raised by issuing perpetual $5\%$ Debentures of $\text{Rs. }8,00,000$ of $\text{Rs. }100$ each at a $15\%$ premium. After six years of successful operations, the company takes a loan of $\text{Rs. }5,00,000$ from PNB, pledging $5\%$ Debentures of $\text{Rs. }8,00,000$ as collateral security. The loan is fully repaid within two years.What are debentures that are perpetual in nature and have no fixed maturity date for repayment called?

XYZ Ltd. operates in the FMCG sector in the South Indian market. To expand into Northern India, the company raises an additional capital of $\text{Rs. }20,00,000$. It raises $\text{Rs. }12,00,000$ by issuing $10\%$ Debentures of $\text{Rs. }100$ each at a discount of $10\%$, redeemable after $6$ years. The remaining funds are raised by issuing perpetual $5\%$ Debentures of $\text{Rs. }8,00,000$ of $\text{Rs. }100$ each at a $15\%$ premium. After six years of successful operations, the company takes a loan of $\text{Rs. }5,00,000$ from PNB, pledging $5\%$ Debentures of $\text{Rs. }8,00,000$ as collateral security. The loan is fully repaid within two years.When issuing the $10\%$ debentures of $\text{Rs. }12,00,000$ at a $10\%$ discount, what amount should be debited to the "Discount on Issue of Debentures A/c" if all money is received in a single installment?

XYZ Ltd. operates in the FMCG sector in the South Indian market. To expand into Northern India, the company raises an additional capital of $\text{Rs. }20,00,000$. It raises $\text{Rs. }12,00,000$ by issuing $10\%$ Debentures of $\text{Rs. }100$ each at a discount of $10\%$, redeemable after $6$ years. The remaining funds are raised by issuing perpetual $5\%$ Debentures of $\text{Rs. }8,00,000$ of $\text{Rs. }100$ each at a $15\%$ premium. After six years of successful operations, the company takes a loan of $\text{Rs. }5,00,000$ from PNB, pledging $5\%$ Debentures of $\text{Rs. }8,00,000$ as collateral security. The loan is fully repaid within two years.The $5\%$ debentures of $\text{Rs. }8,00,000$ ($\text{Rs. }100$ face value) were issued at a $15\%$ premium. The payment terms are $\text{Rs. }25$ on application, $\text{Rs. }50$ on allotment, and $\text{Rs. }40$ on the first and final call. Calculate the total amount credited to the "Securities Premium Account".

XYZ Ltd. operates in the FMCG sector in the South Indian market. To expand into Northern India, the company raises an additional capital of $\text{Rs. }20,00,000$. It raises $\text{Rs. }12,00,000$ by issuing $10\%$ Debentures of $\text{Rs. }100$ each at a discount of $10\%$, redeemable after $6$ years. The remaining funds are raised by issuing perpetual $5\%$ Debentures of $\text{Rs. }8,00,000$ of $\text{Rs. }100$ each at a $15\%$ premium. After six years of successful operations, the company takes a loan of $\text{Rs. }5,00,000$ from PNB, pledging $5\%$ Debentures of $\text{Rs. }8,00,000$ as collateral security. The loan is fully repaid within two years.When a company records the issue of debentures as collateral security using the journal entry method, what amount should be debited to the "Debenture Suspense Account"?