Accounts 2022 CUET Previous Year Paper

1. As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. 2,50,000 subscriptions outstanding on 1-04-2019 Rs. 50,000. Subscriptions received in advance as on 31-3-2020 are Rs. 30,000. Subscription for the year 2019-20 will be: 

A.Rs. 2,30,000

B.Rs. 1,50,000 

C.Rs. 2,40,000

D.Rs. 1,70,000 

Ans A

A.All Partner’s Capital A/C 

B.New Partner’s Capital A/C 

C.Old Partner’s Capital A/C 

D.Gaining Partner’s Capital A/C

3. Match List - I with List - II.

Choose the correct answer from the options given below: 

A.A-I, B-III, C-II, D-IV 

B.A-IV, B-I, C-III, D-II 

C.A-II, B-I, C-IV, D-III 

D.A-III, B-IV, C-I, D-II

Ans C

A.His/her share of Goodwill 

B.Good will of the firm 

C.Share of Good will Remaining Partners 

D.His/her share of Goodwill and share of Goodwill Of Remaining Partners

A.Assets A/C Dr. To all Partners capital A/C 

B.Assets A/C Dr. To Revaluation A/c 

C.Revaluation A/C Dr. To assets A/C 

D.Revaluation A/C Dr. To old partner’s capital A/C 

6. Match List - I with List - II

Choose the correct answer from the options given below: 

A.A-IV, B-I, C-II, D-III 

B.A-III, B-IV, C-I, D-II 

C.A-I, B-IV, C-II, D-III 

D.A-II, B-I, C-IV, D-III 

Ans B

7. Match List - I with List - II.

Choose the correct answer from the options given below: 

A.A-IV, B-I, C-II, D-III 

B.A-III, B-I, C-II, D-IV 

C.A-III, B-IV, C-II, D-I 

D.A-III, B-IV, C-I, D-II

Ans B

8. At the time of retirement of a Partner the remaining gaining partners should compensate the ________. 

A.Remaining Partners only 

B.Retiring Partners only 

C.Retiring Partners as well as remaining partners who have sacrificed 

D.Sacrificing partners only 

Ans C 

A.Profit & Loss A/C credit side 

B.Profit & Loss suspense A/C debit side 

C.Retiring partners capital A/C debit side 

D.Profit & Loss suspense A/C credit side

A.Inflow of cash 

B.No flow of cash 

C.Outflow of cash 

D.Cash and Cash equivalents 

11. Match List - I with List - II in context of not having a partnership deed.

Choose the correct answer from the options given below: 

A.A-IV, B-I, C-III, D-II 

B.A-III, B-IV, C-II, D-I 

C.A-IV, B-III, C-II, D-I 

D.A-III, B-II, C-IV, D-I 

Ans D 

1. Allotment money received 
2. Inviting applications from investors 
3. Allotment Due 
4. Application money Received 
5. Share Call Money Due 

Choose the correct answer from the options given below: 

A.E, C, A, B, D 

B.A, B, C, D, E 

C.B, D, C, A, E 

D.C, A, E, D, B

1. Issued Capital 
2. Subscribed and fully paid up capital 
3. Share forfeited Balance 
4. Authorised Capital 
5. Subscribed but not fully paid up capital 

Choose the correct answer from the options given below: 

A.C, B, D, E, A 

B.D, A, B, E, C 

C.A, B, C, D, E 

D.B, A, D, E, C 

1. Deduct expenses 
2. Find out total revenue by adding other incomes to revenue from operations 
3. Find out profit after tax 
4. Deduct tax 
5. Calculate profit before tax 

Choose the correct answer from the options given below: 

A.E, B, A, D, C 

B.B, A, E, D, C 

C.B, E, A, C, D 

D.E, C, B, A, D 

15. If net profit made during the year are Rs. 50,000 and the bills receivables have decreased by Rs. 10,000 during the year then the cash flow from operating activities will be: 

A.Rs. 40,000 

B.Rs. 60,000 

C.Rs. 30,000 

D.Rs. 20,000 

Ans B 

A.Debit

B.Credit 

C.Zero

D.Negative 

debited to 

A.Realisation A/C 

B.Mohan’s capital A/C 

C.Bank A/C 

D.Aman’s capital A/C 

A.Horizontal Analysis 

B.Vertical Analysis 

C.Cash Flow Analysis 

D.Ratio Analysis 

A.No Interest payable 

B.Rs. 90,000 

C.Rs. 9000 

D.Rs. 99000 

A.Rs. 60,000

B.Rs. 1,00,000 

C.Rs. 80,000

D.Rs. 1,20,000 

A.Investing Activities 

B.Financing Activities  

C.Operating Activities

D.Financing & Operating Activities 

A.4,000 

B.3,500 

C.3,000 

D.2,000 

1. to return excess money received on application 
2. to write off preliminary expenses 
3. to issue partly paid bonus shares 
4. for premium paid on Redemption of Debentures or preference shares E. for buy back of shares 

Choose the correct answer from the options given below: 

A.A, B, C only 

B.B, C, E only 

C.C, D, E only 

D.B, D, E only

1. Convertible 
2. Bearer 
3. Redeemable 
4. Secured 
5. Registered 

Choose the correct answer from the options given below: 

A.A & E only 

B.B & C only 

C.B & E only 

D.C & D only 

1. Prepare Balance Sheet of NPO 
2. Prepare Income and Expenditure Account from Receipts and payment Account 
3. Prepare Receipts and payment Account 
4. Adjust outstanding/prepaid expenditure/Income and determine surplus/Deficit 
5. Prepare cash book 

Choose the correct answer from the options given below: 

A.E, C, B, D, A 

B.D, E, A, B, D 

C.A, B, C, D, E 

D.E, C, A, B, D

26. Match List - I with List - II in context cash flow statement

Choose the correct answer from the options given below: 

A.A-II, B-I, C-IV, D-III 

B.A-II, B-III, C-I, D-IV 

C.A-II, B-I, C-III, D-IV 

D.A-III, B-II, C-IV, D-I

Ans B

1. Can be biased 
2. Report on stewardship function 
3. Aggregate information 
4. Only interim reports 
5. Basis of fiscal policies 

Choose the correct answer from the options given below: 

A.A, C, B only 

B.A, C, D only 

C.E, A, D only 

D.B, A, C only 

1. Interest coverage ratio 
2. Current ratio 
3. Inventory turnover ratio 
4. Gross profit ratio 
5. Acid test ratio 

Choose the correct answer from the options given below: 

A.A & B only 

B.B & E only 

C.B & D only 

D.D & E only

1. Money received against share warrants 
2. Working capital 
3. Share capital 
4. Reserves & surplus 
5. Cash Revenue from operations 

Choose the correct answer from the options given below: 

A.A, C & E only 

B.B, C & D only 

C.A, B & C only 

D.A, C & D only 

1. Bills Receivables 
2. Cash & cash equivalents 
3. Short term loans & advances 
4. Inventories 
5. Current investments 

Choose the correct answer from the options given below: 

A.C, A, B, E, D 

B.D, C, E, A, B 

C.B, D, E, C, A 

D.E, D, A, B, C 

A.Debited to premium on Redemption of Debenture A/C

B.Credited to Premium on Redemption of Debentures A/C 

C.Debited to Securities Premium Reserve A/C 

D.Credited to securities premium Reserve A/C

A. Non-current assets 

B.Current assets

C. Non-current liabilities

D. Total assets or total liability 

institution.

A. Wages

B. Honorarium

C. Salary

D. Donation

A. 3 months

B. 6 months

C. 9 months

D. 12 months

A. Old partners in sacrificing ratio

B. All the partners in new ratio

C. New partners in gaining ratio

D. Old partners in old profit sharing ratio

A. 11:21

B. 21:11

C. 31:12

D. 23:13

A. Only ensure accurate accounting records

B. Safeguard assets and optimize use of resource

C. Only safeguard assets

D. Only achieve maximum revenue

A. Four

B. Three

C. Two

D. One

A. FV

B. PV

C. NPer

D. Rate

A. Name of the table

B. Horizontal row of the table

C. Size of the table

D. Vertical column of the table

A and B were partners in a partnership firm. Due to the ill health of B they decided to dissolve the firm. The position of Assets and Liabilities on the date of dissolution was:

Balance Sheet

It was agreed that following transactions will take place :

1. A wanted to start the business in sole proprietorship So he took Building and Furniture at 10% less than book value.
2. All the debtors proved good except a person C who did not pay ₹ 10.000

Due to the ill health of B. they decided to dissolve the firm. It comes under the form of dissolution.

A. Dissolution by Notice

B. On the happening of certain contingencies

C. Dissolution by court

D. Dissolution by Agreement

A and B were partners in a partnership firm. Due to the ill health of B they decided to dissolve the firm. The position of Assets and Liabilities on the date of dissolution was:

Balance Sheet

It was agreed that following transactions will take place :

1. A wanted to start the business in sole proprietorship So he took Building and Furniture at 10% less than book value.
2. All the debtors proved good except a person C who did not pay ₹ 10.000

The amount recovered from the debtors is:

A. 1,00,000

B. 40,000

C. 50,000

D. 60.000

A and B were partners in a partnership firm. Due to the ill health of B they decided to dissolve the firm. The position of Assets and Liabilities on the date of dissolution was:

Balance Sheet

It was agreed that following transactions will take place :

1. A wanted to start the business in sole proprietorship So he took Building and Furniture at 10% less than book value.
2. All the debtors proved good except a person C who did not pay ₹ 10.000

Following items appear on the Debit side of Realisation A/C except :

1. Transfer of Assets
2. Payment of liabilities
3. Provisions
4. Realisation expenses
5. Asset taken over by partner

Choose the correct answer from the options given below:

1. A, C, E only
2. D. E only
3. E only
4. E only

A and B were partners in a partnership firm. Due to the ill health of B they decided to dissolve the firm. The position of Assets and Liabilities on the date of dissolution was:

Balance Sheet

It was agreed that following transactions will take place :

1. A wanted to start the business in sole proprietorship So he took Building and Furniture at 10% less than book value.
2. All the debtors proved good except a person C who did not pay ₹ 10.000

The treatment of Goodwill appearing in the balance sheet will be:

A. Transferred to Debit of Realisation A/C

B. Written off among partners in old ratio

C. Transferred to credit of Realisation A/C

D. Raised and written off

A and B were partners in a partnership firm. Due to the ill health of B they decided to dissolve the firm. The position of Assets and Liabilities on the date of dissolution was:

Balance Sheet

It was agreed that following transactions will take place :

1. A wanted to start the business in sole proprietorship So he took Building and Furniture at 10% less than book value.
2. All the debtors proved good except a person C who did not pay ₹ 10.000

The accumulated profits and reserve are transferred to:

A. Revaluation A/C

B. Realisation A/C

C. Partner's Capital A/C

D. Cash/Bank A/C

The company is in the manufacturing of pickles and spices. Due to the increase in demand for packed food in the market they decided to diversify its operation. For this purpose they decided to issue 1 lakh equity share of 10 each. The company issued 20,000 equity shares to a vendor to supply the machinery required to manufacture the packed food. Rest of the equity shares were issued to the general public for subscription. The applications were received for 46,000 equity shares. Due to under subscription of equity shares the shares were not issued to the public. 

The company issued 20.000 equity shares of ₹ 10 each to the vendor. After issuing them the shares the vendor will be considered as:

A. Creditors

B. Owners

C. Customer

D. Lender

The company is in the manufacturing of pickles and spices. Due to the increase in demand for packed food in the market they decided to diversify its operation. For this purpose they decided to issue 1 lakh equity share of 10 each. The company issued 20,000 equity shares to a vendor to supply the machinery required to manufacture the packed food. Rest of the equity shares were issued to the general public for subscription. The applications were received for 46,000 equity shares. Due to under subscription of equity shares the shares were not issued to the public. 

In order to raise money by issuing the shares in the market the company must get applications for at least

A. 1,00,000 shares

B. 80,000 shares

C. 72.000 shares

D. 20,000 shares

The company is in the manufacturing of pickles and spices. Due to the increase in demand for packed food in the market they decided to diversify its operation. For this purpose they decided to issue 1 lakh equity share of 10 each. The company issued 20,000 equity shares to a vendor to supply the machinery required to manufacture the packed food. Rest of the equity shares were issued to the general public for subscription. The applications were received for 46,000 equity shares. Due to under subscription of equity shares the shares were not issued to the public. 

The process of issuing shares to a vendor in exchange of any asset is known as:\

A. Issue of share for cash

B. Issue of share at discount

C. Issue of share at premium

D. Issue of share for consideration other than cash

The company is in the manufacturing of pickles and spices. Due to the increase in demand for packed food in the market they decided to diversify its operation. For this purpose they decided to issue 1 lakh equity share of 10 each. The company issued 20,000 equity shares to a vendor to supply the machinery required to manufacture the packed food. Rest of the equity shares were issued to the general public for subscription. The applications were received for 46,000 equity shares. Due to under subscription of equity shares the shares were not issued to the public. 

If the company is unable to get a minimum subscription, the shares cannot be issued and the amount must be refunded within 8 days from the date of closure. If not, company shall be liable to pay ____ % interest p.a.

A. 10%

B. 15%

C. 6%

D. 5%

Q50. Instructions: Read the passage carefully and answer the following questions 46-50) XYZ Ltd is registered with an authorised capital of ₹ 20 lakh divided into 2 lakh equity shares of 10 each.

The company is in the manufacturing of pickles and spices. Due to the increase in demand for packed food in the market they decided to diversify its operation. For this purpose they decided to issue 1 lakh equity share of 10 each. The company issued 20,000 equity shares to a vendor to supply the machinery required to manufacture the packed food. Rest of the equity shares were issued to the general public for subscription. The applications were received for 46,000 equity shares. Due to under subscription of equity shares the shares were not issued to the public. 

The following refer to the maximum amount of share capitals issued by a company in its life times except:

A. Subscribed Capital

B. Authorised Capital

C. Nominal Capital

D. Registered Capital

Ans A