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CUET 2023 Accountancy Answer Key and Question Paper with Solutions PDF
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CUET 2023 Accountancy Questions with Solutions
Question 1:
Partnership deed should be drafted and prepared as per:
If Average Capital Employed in a firm is Rs9,00,000; Average Profits Rs2,80,000 and Normal rate of return is 20%, then value of goodwill as per capitalisation of super profits is :
On retirement/death of a partner, the remaining partners who have gained due to change in profit sharing ratio should compensate the:
Lisa, Monica and Nisha are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their capital A/c stood at Rs 50,000, Rs 30,000 and Rs 25,000 respectively. Monica died and balance in the reserve on that date was Rs15,000. If goodwill of the firm is Rs30,000 and profit on revaluation is Rs 7,050. What amount will be transferred to Monica's Executors Account ?
Shweta, Sneha and Shariya were partners sharing profits in the ratio of 3 : 2 : 1. Shariya retired from the firm and her capital, after making adjustments for reserves and gain of revaluation amounted to Rs 4,50,000. Shariya took 25% of the furniture, accepted bill of exchange for Rs 52,000. Finally Rs 2,75,000 was transferred to her loan account. The total value of furniture was :
On dissolution of partnership, goodwill account will transferred to:
On dissolution of partnership firm out of total debtors of Rs 2,50,000, Rs 10,000 became bad and the rest realised 70%, in the given case Bank A/c will be debited by :
Rohit a partner paid the realisation expenses of Rs 10,000 and he was to get a renumeration of Rs 12,000 for completing the dissolution process and realisation expenses were borne by Rohit. The amount transferred to his capital A/c will be :
Amount received from the sale of furniture Rs 7000. (Book value Rs 10,000). The amount to be shown in receipts and payments account will be :
If there appears a Tournament Fund, then the expenses incurred on Tournament activities will be shown :
Find out cost of medicine consumed during 2020-21.
Payment to creditors of medicines Rs 3,70,000
Creditors for medicines purchased :
On 1.04.2020 Rs 25,000
On 31.03.2021 Rs 17,000
Stock of Medicines :
On 1.04.2020 Rs 62,000
On 31.03.2021 Rs 54,000
Advance to suppliers :
On 1.04.2020 Rs 11,000
On 31.03.2021 Rs 18,000
AB\&Co, purchased assets worth Rs 28,80,000 from vendor . It issued debentures of Rs 100 each at a discount of 4% in full satisfaction of the purchase consideration. The number of debentures issued to vendor is :
The need of codification is :
The key combination which collapses the ribbon is:
Legend can be repositioned on the chart :
The common fields used in a relationship between tables are called :
Under which Sub head we show the Security Premium in Balance Sheet ?
An annual report is furnished by a company to its :
Common Size Statements are also known as :
Aradya Ltd. had debt equity ratio of 2.5 : 1. State which of the following transaction will not affect the Debt Equity Ratio :
Other income is Rs 5,00,000 which is 25% of the Revenue from operation. Employees benefit Expenses are 30% of the Revenue from operation. Tax rate is 40%. Net profit after tax will be :
Pick the odd one out while Calculating Cash Flow from Financing Activities :
Identify the cash transaction from the following :
Calculate and state the nature of activity under cash flow statement : Acquired Machinery for Rs 5,00,000 paying 50% by cheque and executing a bond for the balance payable :
A, B & C were sharing profits \& losses in the ratio of 3 : 2 : 1. They decided to share profits & losses equally in future. General reserve was appearing in their books at Rs 1,80,000. Goodwill was valued at Rs 1,20,000. The partners do not want to disturb the general reserve.
The adjusting entry will be :
According to Indian Partnership Act, 1932, when the firm is dissolved, cash received on sale of assets are applied in 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 partner’s in their profit sharing ratio
E) In paying unsecured debt of firm to third parties
Choose the correct answer from the options given below :
While calculating Goodwill under super profit method, the sequence is followed as :
(A) Calculation of Super profit
(B) Calculation of Capital Employed
(C) Calculation of Normal profit
(D) Calculation of Average profit
(E) Calculation of Goodwill
Choose the correct answer from the options given below :
Identify the correct sequence to be followed at the time of Retirement of a Partner :
(A) New Balance Sheet after Retirement
(B) Transferring balance to Retiring partner’s Loan Account
(C) Calculation Gaining/Sacrificing Ratio
(D) Partners’ Capital Account
(E) Preparation of Revaluation Account
Choose the correct answer from the options given below :
The steps in the Process of Preparing Profit and Loss Appropriation account are :
(A) Transfer the net profit to the credit side of P \& L Appropriation A/c
(B) Divide the Profit among partners in the Profit Sharing ratio
(C) Ascertain net profit after providing for all charges
(D) Debit the P \& L Appropriation A/c with all appropriations like partners salary etc.
(E) Credit the P \& L Appropriation A/c with interest on drawing and deficiency on account of partner’s guarantee of earnings to the firm.
Choose the correct answer from the options given below :
Find the correct sequence of procedure of issue of shares :
(A) Receipt of Applications
(B) Issue of prospectus
(C) Allotment of Shares
(D) Making call money due
(E) Receiving Call money
Choose the correct answer from the options given below :
Net Capital Employed is equal to :
(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 liabilities
Choose the correct answer from the options given below :
On retirement, the retiring partner's capital account will be credited with:
(A) His/Her Capital Balance
(B) His/Her share of goodwill
(C) Share of goodwill of remaining partners
(D) his/her share of Reserve
(E) his/her drawings
Choose the correct answer from the options given below :
Debentures issued for consideration other than cash includes, debentures :
(A) Issued to bank as additional security
(B) Issued to vendor
(C) Issued to Public
(D) Issued to creditor
(E) Issued for cash
Choose the correct answer from the options given below :
Current liabilities include:
(A) Trade receivables
(B) Unclaimed dividend
(C) Interest accrued but not due on loan
(D) Acceptances
(E) 12% debentures redeemable after four years
Choose the correct answer from the options given below :
Cash equivalents refers to :
(A) Demand deposits with Bank
(B) Bills receivables
(C) Treasury bill
(D) Commercial Paper
(E) Marketable Securities
Choose the correct answer from the options given below :
Match List - I with List - II
List - I
(A) Application money should be at least _____ % of the face value of the share
(B) The amount of Call should not exceed _____ % of the face value of the share
(C) Minimum subscription of capital cannot be less than _____ of the issued amount according to SEBI guidelines
(D) Interest charged on call-in-arrears is @ _____ p.a.
List - II
(I) 25%
(II) 90%
(III) 10%
(IV) 5%
Choose the correct answer from the options given below :
Match List - I with List - II
List - I
(A) Authorised Capital
(B) Reserve Capital
(C) Issued Capital
(D) Subscribed but not fully paid capital
List - II
(I) A portion of uncalled share capital will be called at the time of winding up
(II) Maximum amount of share capital a company could raise during its life time
(III) Capital issued to public for subscription
(IV) Amount called up and received but not fully paid
Choose the correct answer from the options given below :
Match List - I with List - II
List - I
(A) Current Ratio
(B) Inventory Turnover Ratio
(C) Return on Investment
(D) Proprietary Ratio
List - II
(I) Solvency Ratios
(II) Liquidity Ratios
(III) Profitability Ratios
(IV) Activity Ratios
Choose the correct answer from the options given below :
Match List - I with List - II
List - I
(A) The Accounting basis for Cash Flow Statement is
(B) Dividend paid on Equity and Preference capital comes under
(C) It can not be considered as cash and cash equivalents
(D) It can be classified as cash and cash equivalents
List - II
(I) Investment in shares
(II) Cash Basis
(III) Treasury bills
(IV) Cash outflow from Financing Activities
Choose the correct answer from the options given below :
Match List - I with List - II
List - I
(A) Over Subscription
(B) Minimum subscription
(C) Under Subscription
(D) Private Placement
List - II
(I) Minimum amount that must be raised by issue of shares
(II) Application received is more than shares issued
(III) Allotment of shares without issue of prospectus
(IV) Application received is less than shares issued
Choose the correct answer from the options given below :
Amrita and Kalyani are partners sharing profits in the ratio of 3 : 2. They decided to expand the business by admitting Suraj as new partner for 1/4th share. Suraj’s share of goodwill is valued at Rs 90,000 for which he compensated Amrita and Kalyani in the ratio 1 : 4. Following information is also provided :
Book value
Machinery : Rs 25,00,000
Land : Rs 10,00,000
Computer : Rs 2,50,000
Workmen compensation fund : Rs 5,30,000
Claim against workmen compensation is Rs 2,00,000 and goodwill appeared in the books at Rs 60,000
Goodwill brought by Suraj will be distributed as :
Based on above, answer the question.
Amrita and Kalyani are partners sharing profits in the ratio of 3 : 2. They decided to expand the business by admitting Suraj as new partner for 1/4th share. Suraj’s share of goodwill is valued at Rs 90,000 for which he compensated Amrita and Kalyani in the ratio 1 : 4. Following information is also provided :
Book value
Machinery : Rs 25,00,000
Land : Rs 10,00,000
Computer : Rs 2,50,000
Workmen compensation fund : Rs 5,30,000
Claim against workmen compensation is Rs 2,00,000 and goodwill appeared in the books at Rs 60,000
Share of revaluation profit of Amrita and Kalyani is :
Based on above, answer the question.
Amrita and Kalyani are partners sharing profits in the ratio of 3 : 2. They decided to expand the business by admitting Suraj as new partner for 1/4th share. Suraj’s share of goodwill is valued at Rs 90,000 for which he compensated Amrita and Kalyani in the ratio 1 : 4. Following information is also provided :
Book value
Machinery : Rs 25,00,000
Land : Rs 10,00,000
Computer : Rs 2,50,000
Workmen compensation fund : Rs 5,30,000
Claim against workmen compensation is Rs 2,00,000 and goodwill appeared in the books at Rs 60,000
What is Amrita’s share in workmen compensation fund ?
Based on following, answer the question.
Amrita and Kalyani are partners sharing profits in the ratio of 3 : 2. They decided to expand the business by admitting Suraj as new partner for 1/4th share. Suraj’s share of goodwill is valued at Rs 90,000 for which he compensated Amrita and Kalyani in the ratio 1 : 4. Following information is also provided :
Book value
Machinery : Rs 25,00,000
Land : Rs 10,00,000
Computer : Rs 2,50,000
Workmen compensation fund : Rs 5,30,000
Claim against workmen compensation is Rs 2,00,000 and goodwill appeared in the books at Rs 60,000
What journal entry will be passed for goodwill appearing in the books ?
Based on following, answer the question
Amrita and Kalyani are partners sharing profits in the ratio of 3 : 2. They decided to expand the business by admitting Suraj as new partner for 1/4th share. Suraj’s share of goodwill is valued at Rs 90,000 for which he compensated Amrita and Kalyani in the ratio 1 : 4. Following information is also provided :
Book value
Machinery : Rs 25,00,000
Land : Rs 10,00,000
Computer : Rs 2,50,000
Workmen compensation fund : Rs 5,30,000
Claim against workmen compensation is Rs 2,00,000 and goodwill appeared in the books at Rs 60,000
A new partner can be admitted :
XYZ Ltd. has been operating in the field of FMCG products in South Indian market. However to expand its operation in northern part of India, it needs additional capital Rs 20,00,000 which is raised by issuing 10% Debenture of Rs 12,00,000 at a discount of 10% to be repayable after 6 years. The rest of the funds is raised by issuing 5% debenture of Rs 8,00,000 at 15% premium. These debentures are perpetual in nature. After six years of successful operation in northern India, company took a loan of Rs 5,00,000 from PNB against 5% debenture of Rs 8,00,000 of Rs 100 each as a collateral security. The company successfully ran its operation and managed to pay off its loan within two years.
XYZ Ltd. issues 10% debentures of Rs 12,00,000 of Rs 100 each at a discount of 10% which will be repayable after 6 years. What type of debenture it is ?
XYZ Ltd. has been operating in the field of FMCG products in South Indian market. However to expand its operation in northern part of India, it needs additional capital Rs 20,00,000 which is raised by issuing 10% Debenture of Rs 12,00,000 at a discount of 10% to be repayable after 6 years. The rest of the funds is raised by issuing 5% debenture of Rs 8,00,000 at 15% premium. These debentures are perpetual in nature. After six years of successful operation in northern India, company took a loan of Rs 5,00,000 from PNB against 5% debenture of Rs 8,00,000 of Rs 100 each as a collateral security. The company successfully ran its operation and managed to pay off its loan within two years.
XYZ Ltd. issued another category of debenture which are perpetual in nature. What type of debentures they are called :
XYZ Ltd. has been operating in the field of FMCG products in South Indian market. However to expand its operation in northern part of India, it needs additional capital Rs 20,00,000 which is raised by issuing 10% Debenture of Rs 12,00,000 at a discount of 10% to be repayable after 6 years. The rest of the funds is raised by issuing 5% debenture of Rs 8,00,000 at 15% premium. These debentures are perpetual in nature. After six years of successful operation in northern India, company took a loan of Rs 5,00,000 from PNB against 5% debenture of Rs 8,00,000 of Rs 100 each as a collateral security. The company successfully ran its operation and managed to pay off its loan within two years.
While issuing 10% debenture of Rs 12,00,000 at 10% discount. What amount should be transferred to “Discount on issue of debenture A/c” if all amount is received in one instalment ?
XYZ Ltd. has been operating in the field of FMCG products in South Indian market. However to expand its operation in northern part of India, it needs additional capital Rs 20,00,000 which is raised by issuing 10% Debenture of Rs 12,00,000 at a discount of 10% to be repayable after 6 years. The rest of the funds is raised by issuing 5% debenture of Rs 8,00,000 at 15% premium. These debentures are perpetual in nature. After six years of successful operation in northern India, company took a loan of Rs 5,00,000 from PNB against 5% debenture of Rs 8,00,000 of Rs 100 each as a collateral security. The company successfully ran its operation and managed to pay off its loan within two years.
If 5% debenture of Rs 8,00,000 of Rs 100 were issued at 15% premium. Amount is payable as Rs 25 on applications, Rs 50 on allotment and Rs 40 on 1st and final call. How much amount should be credited to "Security Premium Reserve A/c".
XYZ Ltd. has been operating in the field of FMCG products in South Indian market. However to expand its operation in northern part of India, it needs additional capital Rs 20,00,000 which is raised by issuing 10% Debenture of Rs 12,00,000 at a discount of 10% to be repayable after 6 years. The rest of the funds is raised by issuing 5% debenture of Rs 8,00,000 at 15% premium. These debentures are perpetual in nature. After six years of successful operation in northern India, company took a loan of Rs 5,00,000 from PNB against 5% debenture of Rs 8,00,000 of Rs 100 each as a collateral security. The company successfully ran its operation and managed to pay off its loan within two years.
Company raised a loan of Rs 5,00,000 from PNB against 5% debenture of Rs 8,00,000 of Rs 100 each as a collateral security. The "Debenture suspense A/c" will be debited with :
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