List of top Accountancy Questions asked in CUET (UG)

Read the following case study and answer the question: Naina and Nayantara are Partners in a firm, sharing profits in ratio 3: 2. They decided to dissolve their firm on 31, March 2021 when their Balance-Sheet was as follows:

Liabilities Amt.	Amt. (₹)	Assets	Amt. (₹)
Capital:		Machinery	80,000
Naina 1,00,000		Investment	50,000
Nayantara 80,000	1,80,000	Stock	22,000
Creditors	60,000	Debtors	1,03,000
Bills payable	20,000	Cash at Bank	5000
	2,60,000		2,60,000

The Assets and liabilities were disposed off as follows: 
(a) Machinery was given to creditors in full settlement of their amount and stock was given to Bills Payable in full settlement. 
(b) Investment were taken over by Nayantara at book value. 
(c) Debtors of book value  ₹50,000 taken over by Naina at 10% less and remaining debtors realised ₹ 51,000. 
(d) Realisation expenses amounted to  ₹5,000.

Read the following case study and answer Q 41-45.
Surya Ltd issued 10,000 equity shares of ₹ 50 each at a premium of 10%. The company received application for 13,000 shares. The amount was payable as on application 30% on allotment 30% plus Premium; on 1st call 10% and Balance on final call. Allotment was made pro-rata for all applicants. Excess application money received is to be adjusted on allotment. Company received all money called expect from Manan, an applicant, of 390 shares. Manan Paid only application money. His shares were forfeited and 70% of the forfeited shares were reissued as fully paid for ₹ 40 each.

Read the following information provided by a school and attempt Question 46-50
The Trial Balance of a school as on 31.3.2017 is

Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Building	6,25,000	Admission fees	12,500
Furniture	50,000	Tuition fees received	5,00,000
Library books	1,50,000	Creditors for supplies	15,000
Investment @ 12% (14.16)	5,00,000	Rent for the school hall	10,000
Salaries	5,00,000	Miscellaneous receipes	30,000
Stationery	40,000	Legacies (general)	3,50,000
General expenses	18,000	General fund	10,00,000
Sports expenses	15,000	Donation for library books	62,500
Cash at bank	1,00,000	Sale of old furniture	20,000
Cash in hand	2,000
	20,00,000		20,00,000

Additional Information :
The book value of the furniture sold was ₹ 50,000 on April 1, 2016 was sold for ₹ 20,000.

In case of dissolution of firm, Assets shall be applied in the order of -
A. Paying loan from Partners.
B. Paying secured debts of the firm
C. Paying Partners Capital in proportion
D. Paying unsecured debts of the firm
E. The residue shall be divided among the partners in their Profit sharing ratio.
Choose the correct answer from the options given below :

Identify the correct sequence to be followed at the time of Death of Partner :
A. Calculation of gaining Ratio.
B. Treatment of goodwill
C. Calculation of new Profit Ratio
D. Calculation of Amount transferred to Decreased Partner's Executor
E. Preparation of deceased Partner Capital Account
Choose the correct answer from the options given below :

_______ is a measure of liquidity which excludes ______.
A. Liquid Ratio
B. Current Ratio
C. Debt equity Ratio
D. Inventory
E. Debtor
Choose the correct answer from the options given below :

The old profit sharing ratio among A, B and C were 2:2:1. The new Profit sharing ratio after B's retirement is 3:2. The gaining ratio is-

Royan Ltd. issued 1,00,000 9% debentures of ₹100 each to public. Issue was subscribed. The amount will be shown as :

Arrange the following in the context of Issue of shares
A. Making calls on shares
B. Reissue of fortified shares
C. Calls in Arrear
D. Transferring profit on reissue of shares to Capital Reserve
E. Forfeiture of shares
Choose the correct answer from the options given below :

Given below are the extracts of information from Financial statements of Zucca Ltd.

Particular	2020-21	2021-22
Equities and Liabilities
Share holder's funds
Reserve and Surplus (Statement of Profit and Loss)	4,00,000	7,00,000
Current liabilities :- Dividend Payable		40,000

Calculate amount of Net Profit after tax, if an interim dividend of ₹ 2,00,000 was declared and paid.

Data Ltd. purchased assets of the book value ₹ 4,00,000 and took over the liability of ₹ 50,000 from Sona Ltd. It was agreed that purchase consideration will be settled by cheque of ₹ 1,00,000 and by issue of ₹ 2,00,000. 10% debentures at premium of 25%. The Amount of goodwill/capital reserve will be

Company issues 10,000, 12% debentures of ₹ 100 each at par, redeemable at premium of 5% after 5 years. At the time of allotment; journal Entry will be :

Debentures can be redeemed in following ways except :-

The term 'record' as applied to a database table mean :

Method of codification should be :

Match List I with List I

List I		List II
A.	Revaluation Reserve	I.	Share Capital
B.	Issued Capital	II.	Other Non current Assets
C.	Discount on issue of debentures	III.	Inventories
D.	Loose tool	IV.	Reserve and Surplus

Choose the correct answer from the options given below :

Which of the following item is not considered as cash and cash equivalent ?

On a Dissolution of a firm, repayment of Partner's loan to the firm will be shown in :

At the time of dissolution of partnership firm, debtors were realised at a discount of 5% (Book value was ₹ 48,000), Amount realised at the time of dissolution was -

As per the Financial Statement of X ltd, its shareholder's funds are ₹ 25,00,000. Non current liabilities are ₹ 4,80,000 and current liabilities are ₹ 10,00,000. Non current assets are ₹ 13,80,000. Working capital of the company is :

From the following Particulars, calculate cash flow from investing activities :-
A plot of land been purchased for investment purpose and was let out for commercial use and rent received ₹ 30,000.
Interest paid on debentures ₹ 60,000
Purchase of Plant ₹ 4,40,000
Goodwill written off ₹ 20,000
Sale of Land ₹ 5,00,000

Radhika and Raman are the partners in a firm sharing Profits in the ratio of 7:3. They admitted Kamal as a new partner for \(\frac{1}{10}\)th share. Kamal brings ₹ 19,75,000 as his capital and necessary share for premium for goodwill. It was agreed to value the goodwill at 3 years purchase of super profit. During the year, the firm earned a profit of ₹ 4,50,000 and capital employed ₹ 17,50,000. If normal rate of return is 15%, calculate the amount that Kamal should bring in for goodwill.

At the time of retirement of a Partner, gain on revaluation will be credited to :

Alia and Deepika are partners in a firm. They admitted Priyanka into partnership giving her \(\frac{1}{5}\)th share which she acquired from Alia and Deepika in the ratio of 1:2. What will be the new profit sharing ratio ?

At the time of admission of a new partner, general reserve appearing in the old Balance Sheet is transformed to :-