Accountancy CUET-2024 Paper

Choose the correct answer from the Options given below:

(1) (A)- (I), (B) - (II), (C) - (II), (D) - (IV)

(2)  (A) - (IV), (B) - (III), (C) - (II), (D) - (I)

(3) (A)- (I), (B)- (II), (C) - (IV), (D) - (III)

(4) (A) (III), (B) - (IV), (C) - (I), (D) - (II) 

2. 400 shares of ₹50 Each issued at par were forfeited for non-payment payment of final call of ₹ 10 per share, These shares were reissued at  ₹ 45 per share as fully paid.The amount transferred to capital reserve is :

(1)  ₹15,000

(2)  ₹ 14,000

(3)  ₹ 16,000

(4) ₹ 13,000

3. 400 shares of ₹50 Each issued at par were forfeited for non-payment payment of final call of ₹ 10 per share, These shares were reissued at  ₹ 45 per share as fully paid.The amount transferred to capital reserve is :

(1)  ₹15,000

(2)  ₹ 14,000

(3)  ₹ 16,000

(4) ₹ 13,000

4. Arrange the following in the correct sequence in the context of debenture.

(A) Payment to debenture-holders

(B) Creation of DRR

(C) Issue of debentures

(D) Redemption becomes due

Choose the correct answer from the options given below :

(1) (A), (B), (C) and (D)

(2) (A), (C), (B) and (D)

(3) (B), (A), (D), (C)

(4) (C), (B), (D), (A)

5. 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:

(1) 15%

(2) 12%

(3) 6 %

(4) Prevailing in State Bank of India

6. A company can accept calls in advance, if authorised by: (1) Shareholders.

(2) Board of Directors

(3) Articles of Association

(4) Memorandum of Association

7. 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 1,75,000 to the firm. To give effect to the above:

(1) Profit and Loss Account will be debited.

(2) Profit and Loss Appropriation Account will be debited.

(3) Profit and Loss Account will be credited.

(4) Profit and Loss Appropriation Account will be credited.

8. On the date of admission of a partner there as a balance of 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:

(1) ₹49,500

(2) ₹ 50,000

(3) ₹40,000

(4) ₹40,500

9. Dividend received is

(1) Operating activity

(2) Financing activity

(3) Investing activity

(4) Cash and cash equivalents

10. A partnership can have a maximum of 50 partners. This unit has been set by the:

(1) Indian Partnership Act, 1932

(2) State Government

(3) Indian Contract Act, 1872

(4) Central Government

11. Which of the following is an example of sequential code?

(1) Using Code "CL001" for "Accounts of XYZ Ltd".

(2) Using Code "100-199" for "Dealers of Small Pumps".

(3) Using Code "SJ" for "Sales Journals".

(4) Using Code "HQ" for "Headquarters".

12. If there is no claim against Workmen Compensation Reserve, it is ______admission of a partner at the time of

Fill in the blank with the correct answer from the options given below.

(1) debited the old partners' capital account.

(2) credited to all partners' capital accounts.

(3) credited to old partners' capital accounts.

(4) debited  to all partners' capital accounts.

Answer 3

13. A, B and C are partners sharing profits in the 3:3:4.

They decide to share the future profits equally. The sacrifice or gain of partners are:

(1) A gains 1/30; B gains 1/30; C sacrifices 2/30

(2) A gains 2/30; B gains 1/30; C sacrifices 3/30

(3) A sacrifices 1/30; B gains 3/30; C sacrifice's 239

(4) A gains 2/30; B gains 3/30; C sacrifices 5/30

Answer 1

14. Match List-I with List-II

Choose the correct answer from the options given below

(1) (A)-(I). (B)-(II). (C)-(III). (D) - (IV)

(2) (A)-(I), (B)-(III). (C) - (II). (D) (IV)

(3), (A) - (IV), (B) - (II), (C) - (I). (D) - (III)

(4)-(A) - (IV), (B) - (II), (C) - (II). (D) - (I)

Answer 4

15. Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in future profits with a guaranteed amount of 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 76,000 for the year 202 The deficiency borne by Kavita is

(1) 4,000

(2) 2.000

(3) 6,000

(4) 4,500

Answer 1

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

(1) 4.3.3 

(2) 3:4:3

(3) 3:3:4 

(4) 3:2:1

Answer 1

17. 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 credit

Choose the correct answer from the options given below

(1) (A). (B) and (D) only

(2)(A), (B) and (C) only

(3) (A). (B). (C) and (D)

(4) (B). (C) and (D) only

Answer 2

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

(1) Operating activity

(2) Financing activity

(3) Investing activity

(4) Extraordinary item

Answer 3

19.The components of Computerised Accounting System are

(1) Data, Report, Ledger, Hardware, Software

(2) Data, People, Procedure, Hardware, Software

(3) People, Procedure, Ledger, Data, Chart of Accounts

(4) Data, Coding, Procedure, Rules, Output

20. The Sales and Accounts Receivable Subsystem deal with:

(1) the recording of Sales, maintaining of Sales Ledger and Receivables

(2) the preparation of Budget for the coming financial year

(3) the preparation of Profit and Loss Account, Balance Sheet and Cash Flow Statement

(4) the purchase and payment to creditors

21. The common fields used in a relationship between tales are called:

(1) Joint fields                    

(2) Main fields

(3) Table fields                   

(4) Key fields

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

(1) Bank Account     

(2) Realisation Account

(3) Partners' Capital Account 

(4) Partners' Loan Account

Answer 2

23. Arrange the following steps in the correct sequence of the life of a company :

(A) Commencement of Business

(B) Incorporation

(C) Promotion

(D) Floatation

Choose the correct answer from the options given below

(1) (A), (B), (C). (D)            

(2) (A), (C), (B). (D)

(3) (B). (A), (D). (C)            

(4) (C). (B), (D). (A).

Answer 4

24. Arrange the following in the correct order:

(A) Subscribed Capital      

(B) Issued Capital

(C) Authorised Capital      

(D) Paid-up Capital

(E) Called-up Capital

Choose the correct answer from the options given below

(1) (C). (B). (A), (D), (E)

(2) (B), (C), (A), (D), (E)

(3) (C), (B), (A), (E), (D)

(4) (B). (C), (A). (E), (D)

Answer 3

25. The Deceased Partner's Capital Account include the following account/balances:

(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:

(1) (A) (B), (D) and (E) only

(2) (A), (B). (C) and (D) only

(3) (A). (B) and (C) only

(4) (A), (B), (C) and (E) only

Answer 2

26. 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 amortized

Choose the correct answer from the options given below:

(1) (E). (C), (D). (A), (B) (2) (E), (A), (D), (B). (C)

(3) (E). (A), (B), (C). (D) (4) (A), (B). (C), (D). (E)

Answer 3

Read the following information carefully and answer the next five questions:

27. Calculate Trade Receivables Turnover Ratio.

(1) 8.18 times            

(2) 8.23:1

(3) 8.18%        

(4) 8.81:1

Answer 1

28. Calculate Average Collection Period.

(1) 30 days      

(3) 45 days

(2) 60 days      

(4) 15 days

29. Calculate Trade Payables Turnover Ratio.

(1) 29.6 times   

(2) 2.96 times

(3) 29.6%  

(4) 2.69:1

Answer 2

30. Calculate Average Payment Period.

(1) 123 days

(2) 121 days         

(3) 132 days          

(4) 133 days

Answer 1

31.Trade Receivables Turnover Ratio and Trade Payables Turnover Ratio are categorised as:

(1) Liquidity Ratio

(2) Solvency Ratio

(3) Activity Ratio  

(4) Profitability Ratio

Answer 3

Read the following carefully and answer the next five questions:

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 ₹4,00,000, ₹3,00,000 and ₹2,00,000 respectively. Firm had liabilities ₹80,000, Cash balance ₹40,000, other Sundry Assets ₹8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹50,000 which was settled at ₹40,000. Realization expenses amounted to ₹30,000, being paid by G on behalf of the firm.

32. What is the mode of dissolution of the firm followed by G, K and B?

(1) Dissolution by Agreement

(2) On the happening of certain contingency

(3) Dissolution by Notice

(4) Compulsory Dissolution

ANSWER 2

Read the following carefully and answer the next five questions:

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 ₹4,00,000, ₹3,00,000 and ₹2,00,000 respectively. Firm had liabilities ₹80,000, Cash balance ₹40,000, other Sundry Assets ₹8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹50,000 which was settled at ₹40,000. Realization expenses amounted to ₹30,000, being paid by G on behalf of the firm.

33. Determine the amount of Profit and Loss Account.

(1) (Cr) ₹90,000              

(2) (Dr.)₹ 90,000

(3) (Cr) ₹1,30,000           

(4) (Dr.) ₹1,30,000

Answer 2

Read the following carefully and answer the next five questions:

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 ₹4,00,000, ₹3,00,000 and ₹2,00,000 respectively. Firm had liabilities ₹80,000, Cash balance ₹40,000, other Sundry Assets ₹8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹50,000 which was settled at ₹40,000. Realization expenses amounted to ₹30,000, being paid by G on behalf of the firm.

34. Determine Gain/Loss on Realisation.

(1) Loss ₹2,40,000          

(2) Gain ₹24,000

(3) Loss ₹1,70,000          

(4) Loss ₹2,10,000

Answer 1

Read the following carefully and answer the next five questions:

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 ₹4,00,000, ₹3,00,000 and ₹2,00,000 respectively. Firm had liabilities ₹80,000, Cash balance ₹40,000, other Sundry Assets ₹8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹50,000 which was settled at ₹40,000. Realization expenses amounted to ₹30,000, being paid by G on behalf of the firm.

35. The entry for realisation expenses in above casg study will be:

(1) Realisation A/c Dr.

To Cash A/c

(2) Realisation A/c Dr.

To G's Capital A/c

(3) G's Capital A/c Dr.

To Realisation A/c

(4) Cash A/c Dr.

To Realisation A/c

Answer 2

Read the following carefully and answer the next five questions:

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 ₹4,00,000, ₹3,00,000 and ₹2,00,000 respectively. Firm had liabilities ₹80,000, Cash balance ₹40,000, other Sundry Assets ₹8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹50,000 which was settled at ₹40,000. Realization expenses amounted to ₹30,000, being paid by G on behalf of the firm.

36. Existing Profit and Loss Account in the books of the firm will be shared/borne by partners in the ratio:

(1)  5:3:2       

(2) Equal Ratio

(3) 4:3:2

(4) Ratio of closing capital claims

Answer 1

37. Libraries run by charitable trusts are an example of:

(1) Partnership                    

(2) Not for profit organisation

(3) Companies

(4) Cooperatives

Answer 2

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

(1) Sale of goods        

(2) Sale of periodicals

(3) Subscription from members

(4) Sale of assets

Answer 3

39. Match List-I with List-II.

Choose the correct answer from the options given below:

(1) (A)-(1). (B) (II), (C) - (III), (D) - (IV)

(2) (A)-(1), (B) - (III), (C) - (II), (D) - (IV)

(3) (A)-(1), (B)-(II), (C) - (IV), (D) - (III)

(4) (A)-(III). (B) - (IV). (C) - (I), (D) - (II)

Answer 4

40. Which of the following would affect the Revaluation Account at the time of reconstitution of a partners firm?

(1) Increase in assets 

(2) Drawings against capital

(3) Interest on capital

(4)Partner's salary

Answer 1

41. Identify the correct sequence to be followed while preparing of final account of a partnership firm:

(A) Profit and Loss Appropriation Account

(B) Profit and Loss Account

(C) Trading Account

(D) Balance Sheet

Choose the correct answer from the options given below:

(1) (C), (B), (A), (D)            

(2) (A), (C), (B), (D)

(3) (B), (A), (D), (C)

(4) (C), (B), (D), (A)

Answer 1

42.Window dressing is a practice

(1) to manipulate the accounts to show a better picture of the financial position than the actual one.

(2) to show excessive depreciation.

(3) to avoid tax.

(4) to reduce tax.

Answer 1

43. Match List-I with List-II

Choose the correct answer from the options given below:

(1) (A)-(D). (B) - (11), (C) - (III), (D) - (IV)

(2) (A) - (1). (B) - (III), (C) - (II), (D) - (IV)

(3) (A)-(IV). (B) - (III), (C) - (II). (D) - (I)

(4) (A)-(III), (B) - (IV), (C) - (1), (D) - (II)

Answer 3

44. 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:

(1) (A), (B) and (C) only

(2) (A). (B) and (D) only

(3) (A), (C) and (D) only

(4) (B), (C) and (D) only

Answer 3

45. Match List-1 with List-11

Choose the correct answer from the options given below:

(1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(2) (A) - (I). (B) - (III), (C) - (II), (D) - (IV)

(3) (A) - (1). (B) - (11), (C) - (IV), (D) - (III)

(4) (A)-(III). (B) - (IV). (C) - (I), (D) - (II)

Answer 4

46. Which one of the following are correct in connection with the 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:

(1) (A), (B) and (D) only

(2), (A), (B) and (C) only

(3) (A), (C) and (D) only

(4) (B), (C) and (D) only

Answer 3

47. Calculate the resulting cash flow and state the nature of cash flow from the following information:

Acquired machinery for  Rs.3,50,000 by issuing cheque.

(1) Investing activity and outflow Rs 3,50,00

(2) Investing activity and inflow Rs 3,50,000

(3) Investing activity and no flow

(4) Operating activity and outflow Rs 3,50,000

Answer 1

48. Arrange the following in proper sequence while preparing 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 note

Choose the correct answer from the options given below

(1) (A). (B), (C). (D)

(2) (D). (A), (C). (B)

(3) (B). (A), (D). (C)

(4) (C). (B). (D). (A)

Answer 2

49. The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculate goodwill is

(A) reduction from the 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:

(1) (A). (B) and (D) only

(2) (A) and (C) only

(3) (A) and (D) only

(4) (B). (C) and (D) only

Answer 2

50. Oversubscription is a situation where the

(1) number of shares applied for is equal to the number of shares issued.

(2) number of shares applied for is more than the number of shares issued.

(3) number of shares applied for is less than the number of shares issued.

(4) face value of the share is less than the issue price of the share.

Answer 2