CUET Accountancy 2023 29 May Shift 2 PYQs - Free Mock Test (No Login)

Complete the sequence where interest on capital has to be provided as per partnership deed, but available profits are not sufficient to provide full amount of Interest on capital.A. If it is appropriation, calculate interest on capital for all partners at given rateB. Divide the available amount in the capital ratio among the partnersC. Calculate ratio between capital of partnersD. Consider the partnership deed and decide whether interest on capital is a charge or an appropriationE. Consider the available profit Choose the correct answer from the options given below:

Which of the following will be shown on the credit side of Deceased Partner A/C?A. Revaluation Gain ShareB. Goodwill written offC. Share of profit till date of deathD. Drawings till date of deathE. Interest on capital till date of death Choose the correct answer from the options given below:

Arrange following in a sequence in which amount realised from Assets will be utilised to pay as per Section 48 of the Indian Partnership Act, 1932.A. Partner's LoanB. Partner's CapitalC. Secured debts of the firmD. Unsecured debts of the firmE. Residue to partnersChoose the correct answer from the options given below:

How many blank worksheet(s) are shown, by default when a new workbook is created in classic spreadsheet software like Microsoft Excel 2007/2010?

Out of the following, when will the need for valuation of goodwill does not arise?

Every company analyses its earning capacity of the business which is an outcome of utilisation of resources employed in the business. To analyse profitability, a company can use:A. Dividend Payout RatioB. Return on Net WorthC. Gross Profit RatioD. Quick RatioE. Inventory Turnover RatioChoose the correct answer from the options given below:

Select the sub-head under which loose tools will be shown in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013.

In a partnership firm, partners share profit and loss in the ratio of $3:2$. If the firm incurred a loss of $\text{Rs. }10,000$ during the year, then calculate the amount of loss to be shared by partners.

Read the following facts about admission of a partner.A. A new partner acquires his share from the old partners that reduces the old partners' share in profits.B. The partners' capital must be adjusted so as to be proportionate to their new profit sharing ratio.C. Assets and Liabilities may be revalued and reassessed on admission of a partner.D. Adjustment for Reserves and Accumulated profits/loss is done.E. Profit sharing ratio of existing partners may change on admission of a new partner. Choose the correct answer from the options given below:

Identify the term that is used to show the amount received as per the will of a deceased person in Not-for-Profit Organisations.

Which of the following will be added to operating profit before working capital changes, while preparing Cash Flow statement using the indirect method?

From the following, identify the items which are payable to a retiring partner, if mentioned in the deed: A. Credit balance of his/her Capital/Current AccountB. Share of goodwillC. Goodwill of the firmD. Share in revaluation gain/lossE. Share in accumulated profits (Reserves) Choose the correct answer from the options given below:

$C$ Ltd made a profit of $\text{Rs. }10,000$ after charging depreciation of $\text{Rs. }2,000$ on Assets, transfer to General Reserve $\text{Rs. }3,000$, Written off Goodwill $\text{Rs. }700$, Profit on sale of Asset $\text{Rs. }300$, increase in Debtors $\text{Rs. }300$, increase in creditors $\text{Rs. }600$, increase in prepaid expenses $\text{Rs. }20$ and decrease in outstanding expenses $\text{Rs. }200$. What will be the cash from operating activities?

Identify the salient features of the Income and Expenditure account from the following:A. It is prepared on an accrual basis.B. It includes both revenue as well as capital items.C. It is prepared after taking into account the additional information regarding outstanding/prepaid expenses and depreciation etc.D. Its result is surplus or deficit.E. It is prepared with the help of the Receipts and Payments Account. Choose the correct answer from the options given below:

Which keyboard shortcut command reverses the last action performed in a spreadsheet worksheet?

Match List I with List II as per Statement of Profit and Loss of a company under Schedule III of Companies Act, 2013:List IA. Interest chargesB. Sale of servicesC. SalaryD. Dividend IncomeList III. Employee Benefit ExpensesII. Other IncomeIII. Revenue from OperationsIV. Finance CostChoose the correct answer from the options given below:

What is the correct top-to-bottom sequence to prepare a company's Balance Sheet as per the standard format given according to Schedule III of the Companies Act, 2013?A. Non-Current LiabilityB. Non-Current AssetsC. Shareholders' FundsD. Current AssetsE. Current LiabilityChoose the correct answer from the options given below:

On $R$ 's retirement, the amount payable to him after all adjustments works out to be $\text{Rs. }60,000$ but the remaining partners $P$ and $Q$ agreed to pay him $\text{Rs. }75,000$ in full settlement of his claim. Identify the term which represents the $\text{Rs. }15,000$ extra that is paid to $R$.

Identify the correct accounting sequence when a new partner is to bring proportionate capital into the firm.A. Calculation of Capital Balance of old partnersB. Preparation of Revaluation A/cC. Determination of Revaluation gain/lossD. Presentation of Treatment of GoodwillE. Calculation of Capital to be brought in by the new partnerChoose the correct answer from the options given below:

Find out cash from Financing Activities from the following information:ItemAmountIssue of Equity Shares$\text{Rs. }80,000$ Redemption of Preference Shares$\text{Rs. }30,000$ Interim Dividend Paid$\text{Rs. }25,000$ Interest on Debentures$\text{Rs. }15,000$ Issue of Debentures$\text{Rs. }30,000$ Choose the correct answer from the options given below:

Select out of the following that primary structural driver that leads to the need of codification within a database or computerised accounting framework.

Identify that account to which share of profit of a deceased partner is debited from the date of the last Balance Sheet to the date of his/her death (assuming no change in profit sharing ratio of remaining partners).

In which of the following cases is the claim legally valid if the partnership agreement/deed is completely silent?

According to Section 68 of the Companies Act, 2013, a company can buy back its own shares when which of the following conditions is satisfied?

On 1st July 2022, Centaur Ltd. issued $\text{Rs. }25,00,000$, $8\%$ debentures of $\text{Rs. }100$ each as collateral security to First Level Bank against loan dues of $\text{Rs. }20,00,000$. How much net liability amount on account of this transaction will be shown in the main final figures of the Balance Sheet?

A part of fixed Assets costing $\text{Rs. }2,00,000$ (Book value $\text{Rs. }1,50,000$) was sold at a gain of $\text{Rs. }10,000$. How will this transaction affect the cash flow statement?

Match List I with List II regarding accounting treatments:List IA. Transfer of accumulated profitsB. Unrecorded asset sold on dissolution of firmC. Manager's commissionD. Partner's commissionList III. Realisation AccountII. Profit and Loss AccountIII. Profit and Loss Appropriation AccountIV. Partner's Capital AccountChoose the correct answer from the options given below:

Separate disclosure of cash flows arising from Financing Activities is important because:

Match List I with List II regarding accounting adjustments during reconstitution/death:List IA. Loss on RevaluationB. Profit on RevaluationC. Premium brought by new partnerD. On the death of a partner, profit till the date of death is $\text{Rs. }2,000$ List III. Credited to old partners in old ratioII. Debited to profit and loss suspense A/CIII. Credited to old partners in sacrificing ratioIV. Debited to old partners in the old ratioChoose the correct answer from the options given below:

W Ltd has given you following information:ItemAmountMachinery (Opening Balance)$\text{Rs. }50,000$ Machinery (Closing Balance)$\text{Rs. }60,000$ Accumulated Depreciation (Opening Balance)$\text{Rs. }25,000$ Accumulated Depreciation (Closing Balance)$\text{Rs. }15,000$ During the year, a machine costing $\text{Rs. }25,000$ with accumulated depreciation of $\text{Rs. }15,000$ was sold for $\text{Rs. }13,000$. Calculate Net Cash Flow from Investing Activities.

Trade payables to be settled beyond 12 months from the date of Balance Sheet or beyond the operating cycle are classified under which main head/sub-head?

Match List I with List II regarding partnership parameters:List IA. Interest on capitalB. Gaining RatioC. Sacrificing ratioD. Revaluation of Assets and LiabilitiesList III. Admission of partnerII. Profit/Loss in the old profit sharing ratioIII. Continuing partnersIV. When partnership deed specifically provides for itChoose the correct answer from the options given below:

Capital gains tax paid explicitly on the sale of fixed assets should be classified as a:

$A$, $B$, and $C$ are partners with an equal profit sharing ratio ($1:1:1$). Their fixed capitals are $\text{Rs. }30,000$, $\text{Rs. }25,000$ and $\text{Rs. }30,000$ respectively. $C$ decides to retire. $A$ and $B$ decide to continue the partnership firm and change their new profit sharing ratio into their respective Capital Ratio. What is the gaining ratio of $A$ and $B$?

Identify the fundamental security element that acts as a verification key to allow authorized user access to an accounting information system.

When a company issues shares in the open market and the amount is payable in instalments, what is the chronological sequence of structural amounts demanded/processed by the company? A. Money received on callsB. Money due on callsC. Allotment money receivedD. Application money transferred to Share Capital A/cE. Allotment money due Choose the correct answer from the options given below:

Identify the ratio out of the following options which is not computed for evaluating the long-term solvency of a business.

Match List I with List II regarding corporate accounting classifications under Schedule III of the Companies Act, 2013:List IA. Current Maturities of long term DebtB. Securities PremiumC. Outstanding salariesD. Premium on Redemption of DebenturesList III. Other Non-Current LiabilitiesII. Short term BorrowingIII. Other Current LiabilityIV. Reserves and SurplusChoose the correct answer from the options given below:

Identify the specific term that indicates the excess of operating Expenditure over Income in the case of a Not-for-Profit Organisation.

Identify those debentures out of the following options on which no explicit interest will be paid or provided by the company.

Based on the following passage, answer questions from 41 to 45:A Ltd with an Authorised Capital of $\text{Rs. }10,00,000$ is divided into shares of $\text{Rs. }10$ each, issued $50,000$ shares at a premium of $\text{Rs. }2$ per share payable as follows:On Application: $\text{Rs. }3$ per shareOn Allotment: $\text{Rs. }5$ per share (including premium)On First and Final call: Balance amountApplications were received for $60,000$ shares and the directors allotted shares to all on a proportionate (pro-rata) basis. All money was received except the first and final call from Hari who had applied for $1,200$ shares. His shares were forfeited and later half of his forfeited shares were reissued at $\text{Rs. }8$ per share as fully paid up.Question: Identify the total number of shares with which A Ltd is registered.

Based on the following passage, answer questions from 41 to 45:A Ltd with an Authorised Capital of $\text{Rs. }10,00,000$ is divided into shares of $\text{Rs. }10$ each, issued $50,000$ shares at a premium of $\text{Rs. }2$ per share payable as follows:On Application: $\text{Rs. }3$ per shareOn Allotment: $\text{Rs. }5$ per share (including premium)On First and Final call: Balance amountApplications were received for $60,000$ shares and the directors allotted shares to all on a proportionate (pro-rata) basis. All money was received except the first and final call from Hari who had applied for $1,200$ shares. His shares were forfeited and later half of his forfeited shares were reissued at $\text{Rs. }8$ per share as fully paid up.Question: Select the exact net cash amount received on the Share Allotment Account.

Based on the following passage, answer questions from 41 to 45:A Ltd with an Authorised Capital of $\text{Rs. }10,00,000$ is divided into shares of $\text{Rs. }10$ each, issued $50,000$ shares at a premium of $\text{Rs. }2$ per share payable as follows:On Application: $\text{Rs. }3$ per shareOn Allotment: $\text{Rs. }5$ per share (including premium)On First and Final call: Balance amountApplications were received for $60,000$ shares and the directors allotted shares to all on a proportionate (pro-rata) basis. All money was received except the first and final call from Hari who had applied for $1,200$ shares. His shares were forfeited and later half of his forfeited shares were reissued at $\text{Rs. }8$ per share as fully paid up.Question: Select the total gross cash amount received by the bank specifically from the reissue of Hari's shares.

Based on the following passage, answer questions from 41 to 45:A Ltd with an Authorised Capital of $\text{Rs. }10,00,000$ is divided into shares of $\text{Rs. }10$ each, issued $50,000$ shares at a premium of $\text{Rs. }2$ per share payable as follows:On Application: $\text{Rs. }3$ per shareOn Allotment: $\text{Rs. }5$ per share (including premium)On First and Final call: Balance amountApplications were received for $60,000$ shares and the directors allotted shares to all on a proportionate (pro-rata) basis. All money was received except the first and final call from Hari who had applied for $1,200$ shares. His shares were forfeited and later half of his forfeited shares were reissued at $\text{Rs. }8$ per share as fully paid up.Question: Identify the account to which the discount allowed on the reissue of forfeited shares should be debited.

Based on the following passage, answer questions from 41 to 45:A Ltd with an Authorised Capital of $\text{Rs. }10,00,000$ is divided into shares of $\text{Rs. }10$ each, issued $50,000$ shares at a premium of $\text{Rs. }2$ per share payable as follows:On Application: $\text{Rs. }3$ per shareOn Allotment: $\text{Rs. }5$ per share (including premium)On First and Final call: Balance amountApplications were received for $60,000$ shares and the directors allotted shares to all on a proportionate (pro-rata) basis. All money was received except the first and final call from Hari who had applied for $1,200$ shares. His shares were forfeited and later half of his forfeited shares were reissued at $\text{Rs. }8$ per share as fully paid up.Question: The balance, if any, left in the share forfeited account relating strictly to the reissued shares, should be transferred to which account?

Based on the following passage, answer questions from 46 to 50:Meena and Tina are partners in a firm sharing profits in the ratio $3:2$. They decided to dissolve their firm on March 31, 2017 when their Balance Sheet was as follows:Balance Sheet of Meena and Tina as on March 31, 2017LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Capital Accounts:Machinery$70,000$ Meena: $90,000$ Investments$50,000$ Tina: $80,000$$1,70,000$ Stock$22,000$ Sundry Creditors$60,000$ Sundry Debtors$1,03,000$ Bills Payable$20,000$ Cash at bank$5,000$ Total$2,50,000$ Total$2,50,000$ The assets and liabilities were disposed of as follows:a. Machinery was given to creditors in full settlement of their account and stock was given to bills payable in full settlement.b. Investments were taken over by Tina at book value. Sundry debtors of book value $\text{Rs. }50,000$ were taken over by Meena at $10\%$ less and remaining debtors realized $\text{Rs. }51,000$.c. Realisation expenses amounted to $\text{Rs. }2,000$.Question: When a creditor accepts an asset whose value is more than the amount due to him in full settlement, he will _______ the excess amount which will be credited to _______ Account.

Based on the passage given for Meena and Tina, answer the question:Which mode of dissolution is highlighted in the above case where partners decide mutually among themselves to wind up operations?

Based on the passage given for Meena and Tina, answer the question:Identify the exact final total amount realized in cash from Sundry Debtors.

Based on the passage given for Meena and Tina, answer the question:State the correct Journal entry for the payment of realization expenses of $\text{Rs. }2,000$.

Based on the passage given for Meena and Tina, answer the question:State the correct Journal entry when investments are taken over by partner Tina at their book value of $\text{Rs. }50,000$.