CUET UG 2024 Accountancy Question Paper (17-May-2024) (Shift 3) - Free Mock Test (No Login)

Match List-I with List-II and choose the correct answer from the options given below:List-I (Name of account to be debited or credited, when shares are forfeited)(A) Share Capital Account(B) Share Forfeited Account(C) Calls-in-arrears Account(D) Securities Premium AccountList-II (Amount to be debited or credited)(I) Debited with amount not received(II) Credited with amount not received(III) Credited with amount received towards share capital(IV) Debited with amount called up

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

When debentures are issued at a premium and redeemed at a premium, the journal entry will have the following combination:(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 creditedChoose the correct answer from the options given below:

Arrange the following in the correct sequence in the context of debenture:(A) Payment to debenture-holders(B) Creation of DRR (Debenture Redemption Reserve)(C) Issue of debentures(D) Redemption becomes dueChoose the correct answer from the options given below:

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:

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

$A$, $B$ 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 $\text{₹ }1,75,000$ to the firm. To give effect to the above:

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

Dividend received is classified as:

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

Which of the following is an example of sequential code?

If there is no claim against Workmen Compensation Reserve, it is _______________ at the time of admission of a partner.Fill in the blank with the correct answer from the options given below.

$A$, $B$ 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:

Match List-I with List-II and choose the correct answer from the options given below:List-I (Equal amount of drawings made)(A) At the end of each half year(B) At the beginning of each quarter(C) At the beginning of each month(D) At the end of each quarterList-II (Number of month for which interest calculated)(I) $4.5$ months(II) $6.5$ months(III) $7.5$ months(IV) $3$ months

Kavita and Lalita are partners, sharing profits in the ratio of $2:1$. They decide to admit Mohan for $1/4\text{th}$ share in future profits with a guaranteed amount of $\text{₹ }25,000$. 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 $\text{₹ }76,000$ for the year 2022–23. The deficiency borne by Kavita is:

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

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) 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 Choose the correct answer from the options given below:

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

The components of a Computerised Accounting System are:

The Sales and Accounts Receivable Subsystem deals with:

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

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

Arrange the following steps in the correct sequence of the life of a company:(A) Commencement of Business(B) Incorporation(C) Promotion(D) FloatationChoose the correct answer from the options given below:

Arrange the following in the correct order of presentation/classification of share capital:(A) Subscribed Capital(B) Issued Capital(C) Authorised Capital(D) Paid-up Capital(E) Called-up CapitalChoose the correct answer from the options given below:

The Deceased Partner’s Capital Account includes which of the following amounts/balances prior to final settlement?(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 Choose the correct answer from the options given below:

Identify the correct sequence of the following steps involved in calculating cash flows from operating activities of a company:(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 Choose the correct answer from the options given below:

Read the following information carefully and answer the question: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 the Trade Receivables Turnover Ratio:

Read the following information carefully and answer the question: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 the Average Collection Period:

Read the following information carefully and answer the question: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 the Trade Payables Turnover Ratio:

Read the following information carefully and answer the question: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 the Average Payment Period:

Read the following information carefully and answer the question: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:

Read the following case study carefully and answer the question:G, K, and B were partners running a partnership for the 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 $\text{₹ }4,00,000$, $\text{₹ }3,00,000$, and $\text{₹ }2,00,000$ respectively. The firm had liabilities of $\text{₹ }80,000$, Cash balance $\text{₹ }40,000$, other Sundry Assets $\text{₹ }8,50,000$, and P&L A/c constituted the rest. Assets were realised at $80\%$, and liabilities were paid in full. There was an unrecorded liability of $\text{₹ }50,000$, which was settled at $\text{₹ }40,000$. Realisation expenses amounted to $\text{₹ }30,000$, being paid by G on behalf of the firm. What is the mode of dissolution of the firm followed by G, K, and B?

Read the following case study carefully and answer the question:G, K, and B were partners running a partnership for the 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 $\text{₹ }4,00,000$, $\text{₹ }3,00,000$, and $\text{₹ }2,00,000$ respectively. The firm had liabilities of $\text{₹ }80,000$, Cash balance $\text{₹ }40,000$, other Sundry Assets $\text{₹ }8,50,000$, and P&L A/c constituted the rest. Assets were realised at $80\%$, and liabilities were paid in full. There was an unrecorded liability of $\text{₹ }50,000$, which was settled at $\text{₹ }40,000$. Realisation expenses amounted to $\text{₹ }30,000$, being paid by G on behalf of the firm. Determine the balancing amount of the Profit and Loss Account prior to dissolution.

Read the following case study carefully and answer the question:G, K, and B were partners running a partnership for the 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 $\text{₹ }4,00,000$, $\text{₹ }3,00,000$, and $\text{₹ }2,00,000$ respectively. The firm had liabilities of $\text{₹ }80,000$, Cash balance $\text{₹ }40,000$, other Sundry Assets $\text{₹ }8,50,000$, and P&L A/c constituted the rest. Assets were realised at $80\%$, and liabilities were paid in full. There was an unrecorded liability of $\text{₹ }50,000$, which was settled at $\text{₹ }40,000$. Realisation expenses amounted to $\text{₹ }30,000$, being paid by G on behalf of the firm. Determine the overall Gain/Loss on Realisation.

Read the following case study carefully and answer the question:G, K, and B were partners running a partnership for the 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 $\text{₹ }4,00,000$, $\text{₹ }3,00,000$, and $\text{₹ }2,00,000$ respectively. The firm had liabilities of $\text{₹ }80,000$, Cash balance $\text{₹ }40,000$, other Sundry Assets $\text{₹ }8,50,000$, and P&L A/c constituted the rest. Assets were realised at $80\%$, and liabilities were paid in full. There was an unrecorded liability of $\text{₹ }50,000$, which was settled at $\text{₹ }40,000$. Realisation expenses amounted to $\text{₹ }30,000$, being paid by G on behalf of the firm. The journal entry for realization expenses in the above case study will be:

Read the following case study carefully and answer the question:G, K, and B were partners running a partnership for the 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 $\text{₹ }4,00,000$, $\text{₹ }3,00,000$, and $\text{₹ }2,00,000$ respectively. The firm had liabilities of $\text{₹ }80,000$, Cash balance $\text{₹ }40,000$, other Sundry Assets $\text{₹ }8,50,000$, and P&L A/c constituted the rest. Assets were realised at $80\%$, and liabilities were paid in full. There was an unrecorded liability of $\text{₹ }50,000$, which was settled at $\text{₹ }40,000$. Realisation expenses amounted to $\text{₹ }30,000$, being paid by G on behalf of the firm. The existing Profit and Loss Account balance in the books of the firm will be shared/borne by partners in the ratio:

Libraries run by charitable trusts are an example of:

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

Match List-I with List-II:List-I(A) Share capital(B) Reserves and surplus(C) Reserve capital(D) Current liabilitiesList-II(I) Will be called at the time of winding up(II) Calls in advance(III) Subscribed but not fully paid(IV) Sinking fundChoose the correct answer from the options given below:

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

Identify the correct sequence to be followed while preparing the final accounts of a partnership firm:(A) Profit and Loss Appropriation Account(B) Profit and Loss Account(C) Trading Account(D) Balance SheetChoose the correct answer from the options given below:

Window dressing is a practice:

Match List-I with List-II:List-I(A) Salary to partner(B) Interest on partner's loan(C) Interest on partner's drawings(D) Additional capital introducedList-II(I) Credit side of Partner's Capital Account(II) Debit side of Partner's Current Account(III) Debit side of Profit and Loss Account(IV) Credit side of Partner's Current AccountChoose the correct answer from the options given below:

Which of the following would affect the Revaluation Account at the time of admission of a partner?(A) Increase in assets(B) Drawings against capital(C) Recording of unrecorded assets(D) Decrease in liabilities Choose the correct answer from the options given below:

Match List-I with List-II:List-I (Items of cash flow)(A) Purchase of tangible assets(B) Issue of shares(C) Increase in current assets(D) Marketable securitiesList-II (Type of activity)(I) Operating activity(II) Cash and cash equivalents(III) Investing activity(IV) Financing activityChoose the correct answer from the options given below:

Which of the following are correct in connection with a Common Size Statement?(A) Expressed as a percentage on revenue from operation(B) Horizontal analysis(C) Vertical analysis(D) Expressed as a percentage on total assets Choose the correct answer from the options given below:

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

Arrange the following steps in the proper sequence when preparing a Cash Flow Statement:(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 notes Choose the correct answer from the options given below:

The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is:(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. Choose the correct answer from the options given below:

Oversubscription is a situation where the: