CUET Accountancy Question Paper 2024 SET A (Available) : Download Solutions and Answer Key pdf

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) - (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)

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

• (1) ₹ 15,000
• (2) ₹ 14,000
• (3) ₹ 16,000
• (4) ₹ 13,000

When debentures are issued at premium and redeemed at premium, the journal entry will have the following combination:

• (1) (A), (B) and (D) only
• (2) (A), (B) and (C) only
• (3) (A), (B), (C) and (D) only
• (4) (B), (C) and (D) only

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), (D)
• (2) (A), (C), (B), (D)
• (3) (B), (A), (D), (C)
• (4) (C), (B), (D), (A)

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

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

• (1) Shareholders
• (2) Board of Directors
• (3) Articles of Association
• (4) Memorandum of Association

A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. C died on 1^st 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.

On the date of admission of a partner there was 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

Dividend received is:

• (1) Operating activity
• (2) Financing activity
• (3) Investing activity
• (4) Cash and cash equivalents

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

• (1) Indian Partnership Act, 1932
• (2) State Government
• (3) Indian Contract Act, 1872
• (4) Central Government

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”.

If there is no claim against Workmen Compensation Reserve, it is \hspace{3cm} at the time of admission of a partner.

• (1) debited to 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.

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:

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

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

Kavita and Lalita are partners, sharing profits in the ratio of 2 : 1. They decide to admit Mohan for a \(\frac{1}{4}\) 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 2022–23. The deficiency borne by Kavita is:

• (1) \(₹ 4,000\)
• (2) \(₹ 2,000\)
• (3) \(₹ 6,000\)
• (4) \(₹ 4,500\)

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

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: (1) (A), (B) and (D) only
• (2) (A), (B) and (C) only
• (3) (A), (B), (C) and (D)
• (4) (B), (C) and (D) only

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

• (1) Operating activity
• (2) Financing activity
• (3) Investing activity
• (4) Extraordinary item

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

The Sales and Accounts Receivable Subsystem deals 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

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

• (1) Joint fields
• (2) Main fields
• (3) Table fields
• (4) Key fields

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

• (1) Bank Account
• (2) Realisation Account
• (3) Partners’ Capital Account
• (4) Partners’ Loan Account

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)

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)

The Deceased Partner's Capital Account includes the following amount/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

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:
  (1) (E), (C), (D), (A), (B)
• (2) (E), (A), (D), (B), (C)
• (3) (E), (A), (B), (C), (D)
• (4) (A), (B), (C), (D), (E)

Calculate Trade Receivables Turnover Ratio.

• (1) 8.18 times
• (2) 8.23 : 1
• (3) 8.18%
• (4) 8.81 : 1

Calculate Average Collection Period.

• (1) 30 days
• (2) 60 days
• (3) 45 days
• (4) 15 days

Calculate Trade Payables Turnover Ratio.

• (1) 29.6 times
• (2) 2.96 times
• (3) 29.6%
• (4) 2.69 : 1

Calculate Average Payment Period.

• (1) 123 days
• (2) 121 days
• (3) 132 days
• (4) 133 days

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

• (1) Liquidity Ratio
• (2) Solvency Ratio
• (3) Activity Ratio
• (4) Profitability Ratio

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 contingencies
• (3) Dissolution by Notice
• (4) Compulsory Dissolution

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

Determine Gain/Loss on Realisation.

• (1) Loss ₹ 2,40,000
• (2) Gain ₹ 24,000
• (3) Loss ₹ 1,70,000
• (4) Loss ₹ 2,10,000

The entry for realisation expenses in above case 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

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

• (1) 5 : 3 : 2
• (2) Equal Ratio
• (3) 4 : 3 : 2
• (4) Ratio of closing capital claims

Libraries run by charitable trusts are an example of:

• (1) Partnership
• (2) Not for profit organisation
• (3) Companies
• (4) Cooperatives

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

Match List-I with List-II.

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

• (1) Increase in assets
• (2) Drawings against capital
• (3) Interest on capital
• (4) Partner's salary

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)

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.

Match List-I with List-II.

Which of the following would affect the Revaluation Account at the time of admission of a partner?

• (1) Increase in assets
• (2) Drawings against capital
• (3) Recording of unrecorded assets
• (4) Decrease in liabilities
  Choose the correct answer from the options given below:

Match List-I with List-II.

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 option:

• (1) (A), (B) and (D) only
• (2) (A), (B) and (C) only
• (3) (A), (C) and (D) only
• (4) (B), (C) and (D) only

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

• (1) Investing activity and outflow ₹ 3,50,000
• (2) Investing activity and inflow ₹ 3,50,000
• (3) Investing activity and flow
• (4) Operating activity and outflow ₹ 3,50,000

Arrange the following in proper sequence while preparing Cash Flow Statement:

• (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)

The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is:

• (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

Oversubscription is a situation where the:

• (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.