CUET Accountancy Question Paper 2024 SET D Download Solutions and Answer Key
| Updated On - Dec 8, 2024
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CUET 2024 Accountancy Question Paper (SET D) with Answer Key PDF
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CUET 2024 ACCOUNTANCY Questions with Solutions (Set D)
| Question | Answer | Detailed Solution |
| Question 1: Identify the correct sequence of the following steps involved in calculating cash flows from operating activities of a company: Options: 1. (E), (C), (D), (A), (B) 2. (E), (A), (D), (B), (C) 3. (E), (A), (B), (C), (D) 4. (A), (B), (C), (D), (E) |
4. (A), (B), (C), (D), (E) | The correct sequence to calculate cash flows from operating activities is as follows: 1. Start with the operating profit before working capital changes. 2. Adjust for changes in working capital and operating income. 3. Include income tax paid. 4. Calculate the net cash flow from operating activities. 5. Consider any goodwill amortization. |
| Question 2: Arrange the following in the correct order: 1. (A) Subscribed Capital 2. (B) Issued Capital 3. (C) Authorized Capital 4. (D) Paid-up Capital 5. (E) Called-up Capital |
3. (C), (B), (A), (E), (D) | The correct sequence is: 1. (C) Authorized Capital: This is the maximum amount of capital that a company can raise. 2. (B) Issued Capital: This is the portion of authorized capital issued to shareholders. 3. (A) Subscribed Capital: This is the capital subscribed by the shareholders. 4. (E) Called-up Capital: This is the amount that the company has called for. 5. (D) Paid-up Capital: This is the capital that has been actually paid by shareholders. |
| Question 3: The Deceased Partner’s Capital Account includes the following amounts/balances: 1. (A) Opening balance of his capital 2. (B) His share of profit/loss till the date of death 3. (C) His share of General Reserve 4. (D) His drawings till the date of death 5. (E) Amount paid to his executors |
(A), (B), (D), (E) only | The Deceased Partner’s Capital Account will include: 1. (A) Opening balance of capital. 2. (B) His share of profit/loss till the date of death. 3. (D) Drawings till the date of death. 4. (E) Amount paid to his executors. However, his share of General Reserve (C) will not be included directly in the Capital Account. |
| Question 4: Calculate Trade Receivables Turnover Ratio. Given the following particulars: Revenue from Operations: 8,75,000 Creditors: 90,000 Bills Receivable: 48,000 Bills Payable: 52,000 Purchases: 4,20,000 Trade Debtors: 59,000 Options: 1. 8.18 times 2. 8.23 : 1 3. 8.18% 4. 8.81 : 1 |
1. 8.18 times | The formula for Trade Receivables Turnover Ratio is: Receivables Turnover Ratio = Revenue from Operations / Average Trade Receivables Substituting the values: Receivables Turnover Ratio = 8,75,000 / [(48,000 + 59,000) / 2] = 8.18 times. |
| Question 5: Calculate Average Collection Period. Options: 1. 30 days 2. 60 days 3. 45 days 4. 15 days |
1. 30 days | The formula for Average Collection Period is: Average Collection Period = 365 / Receivables Turnover Ratio Using the receivables turnover ratio of 8.18 times: Average Collection Period = 365 / 8.18 ≈ 44.6 days. Therefore, the closest option is (3) 45 days, but it is rounded to the nearest whole number. |
| Question 6: Calculate Trade Payables Turnover Ratio. Options: 1. 29.6 times 2. 2.96 times 3. 29.6% 4. 2.69 : 1 |
1. 29.6 times | The formula for Trade Payables Turnover Ratio is: Payables Turnover Ratio = Purchases / Average Trade Payables Substitute the given values: Payables Turnover Ratio = 4,20,000 / [(52,000 + 90,000) / 2] = 29.6 times. |
| Question 7: Calculate Average Payment Period. Options: 1. 123 days 2. 121 days 3. 132 days 4. 133 days |
2. 121 days | The formula for Average Payment Period is: Average Payment Period = 365 / Payables Turnover Ratio Using the payables turnover ratio of 29.6 times: Average Payment Period = 365 / 29.6 ≈ 12.3 days. |
| Question 8: Trade Receivables Turnover Ratio and Trade Payables Turnover Ratio are categorised as: Options: 1. Liquidity Ratio 2. Solvency Ratio 3. Activity Ratio 4. Profitability Ratio |
3. Activity Ratio | Trade Receivables Turnover Ratio and Trade Payables Turnover Ratio are both classified under Activity Ratios. These ratios measure how effectively a company utilizes its assets and manages its liabilities. |
| Question 9: What is the mode of dissolution of the firm followed by G, K, and B? Given the following scenario: G, K, and B were partners for 10 years, sharing profits and losses in the ratio 5 : 3 : 2. Post-Covid, the firm started incurring losses and decided to dissolve the firm due to continuous losses on 31st March 2023. Their capital balances were: G: 4,00,000 K: 3,00,000 B: 2,00,000 Liabilities: 80,000 Cash Balance: 40,000 Other Sundry Assets: 8,50,000 Profit and Loss Account: Constituted the rest of the firm’s balances. The following events occurred during dissolution: - Assets realized at 80% of their book value. - Liabilities were paid in full. - An unrecorded liability of 50,000 was settled at 40,000. - Realisation expenses amounted to 30,000, paid by G on behalf of the firm. Options: 1. Dissolution by Agreement 2. On the happening of certain contingencies 3. Dissolution by Notice 4. Compulsory Dissolution |
2. On the happening of certain contingencies | The dissolution occurred due to continuous losses, which falls under dissolution on the happening of certain contingencies as per the Partnership Act. |
| Question 10: Determine the amount of Profit and Loss Account. Options: 1. (Cr.) 90,000 2. (Dr.) 90,000 3. (Cr.) 1,30,000 4. (Dr.) 1,30,000 |
2. (Dr.) 90,000 | The remaining balance in the Profit and Loss Account is a debit balance of 90,000, as the firm was incurring continuous losses. |
| Question 11: Determine Gain/Loss on Realisation. Options: 1. Loss 2,40,000 2. Gain 24,000 3. Loss 1,70,000 4. Loss 2,10,000 |
4. Loss 2,10,000 | Realisation Value of Assets = 80% × 8,50,000 = 6,80,000. Total Realisation Amount = 6,80,000 − 80,000 (Liabilities Paid) − 40,000 (Unrecorded Liability) − 30,000 (Realisation Expenses) = 5,30,000. Book Value of Assets = 8,50,000. Loss on Realisation = 8,50,000 − 5,30,000 = 2,10,000. |
| Question 12: The entry for realisation expenses in the above case study will be: Options: 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 |
2. Realisation A/c Dr. To G’s Capital A/c | The realisation expenses of 30,000 were paid by G on behalf of the firm. Therefore, the realisation account is debited, and G’s capital account is credited. |
| Question 13: Existing Profit and Loss Account in the books of the firm will be shared/borne by partners in the ratio: Options: 1. 5:3:2 2. Equal Ratio 3. 4:3:2 4. Ratio of closing capital claims |
1. 5:3:2 | The accumulated losses in the Profit and Loss Account are shared in the profit-sharing ratio of 5:3:2 among G, K, and B. |
| Question 14: Libraries run by charitable trusts are an example of: Options: 1. Partnership 2. Not for profit organisation 3. Companies 4. Cooperatives |
2. Not for profit organisation | Libraries operated by charitable trusts are primarily designed to serve the public interest without generating profits. Such entities focus on providing community services, classifying them as not-for-profit organisations. |
| Question 15: The main source of revenue for ‘not for profit’ organisation is: Options: 1. Sale of goods 2. Sale of periodicals 3. Subscription from members 4. Sale of assets |
3. Subscription from members | Not-for-profit organisations rely on subscriptions or donations from their members as their primary revenue source. These funds are used to sustain their operations and support their causes, rather than pursuing commercial profits. |
| Question 16: Match List-I with List-II: List-I (A) Share capital (B) Reserves and surplus (C) Reserve capital (D) Current liabilities List-II (I) Will be called at the time of winding up (II) Calls in advance (III) Subscribed but not fully paid (IV) Sinking fund Options: 1. (A) - (IV), (B) - (III), (C) - (II), (D) - (I) 2. (A) - (III), (B) - (IV), (C) - (II), (D) - (I) 3. (A) - (III), (B) - (IV), (C) - (I), (D) - (II) 4. (A) - (II), (B) - (I), (C) - (IV), (D) - (III) |
3. (A) - (III), (B) - (IV), (C) - (I), (D) - (II) | Solution: • Share capital (A) is subscribed but not fully paid (III) because it represents the capital that shareholders have agreed to pay but haven’t fully paid yet. • Reserves and surplus (B) are often associated with sinking funds (IV) since they are used for specific purposes like debt repayment. • Reserve capital (C) is called at the time of winding up (I) because it is capital that can only be called during the liquidation process. • Current liabilities (D) include calls in advance (II), which represent money received in advance for calls on shares. |
| Question 17: Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm? Options: 1. Increase in assets 2. Drawings against capital 3. Interest on capital 4. Partner’s salary |
1. Increase in assets | The Revaluation Account is affected by changes in the value of assets and liabilities. Increase in assets would impact the account as it needs to reflect the updated value. |
| Question 18: Identify the correct sequence to be followed while preparing the final account of a partnership firm: Options: 1. (C), (B), (A), (D) 2. (A), (C), (B), (D) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A) |
1. (C), (B), (A), (D) | The correct sequence for preparing the final accounts is: • Start with the Trading Account to calculate gross profit or loss. • Next, prepare the Profit and Loss Account to determine net profit or loss. • Then, create the Profit and Loss Appropriation Account to allocate profits among partners. • Finally, prepare the Balance Sheet to show the financial position of the firm. |
| Question 19: Window dressing is a practice: Options: 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. |
1. To manipulate the accounts to show a better picture of the financial position than the actual one. | Window dressing in accounting refers to the manipulation of financial statements to make them appear more favorable than the actual financial position. This is often done to attract investors, improve creditworthiness, or satisfy other stakeholders. |
| Question 20. Match List-I with List-II: List-I Description (A) Salary to partner (B) Interest on partner’s loan (C) Interest on partner’s drawings (D) Additional capital introduced List-II Description (I) Credit side of Partner’s Capital Account (II) Debit side of Partner’s Current Account (III) Debit side of Profit and Loss Account (IV) Credit side of Partner’s Current Account |
3. (A) - (IV), (B) - (II), (C) - (III), (D) - (I) | • Salary to partner (A) is recorded on the credit side of the Partner’s Current Account (IV). • Interest on partner’s loan (B) is recorded on the debit side of the Partner’s Current Account (II). • Interest on partner’s drawings (C) is recorded on the debit side of the Profit and Loss Account (III). • Additional capital introduced (D) is recorded on the credit side of the Partner’s Capital Account (I). |
| Question 21. 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 Options: (1) (A), (B) and (C) only (2) (A), (B) and (D) only (3) (A), (C) and (D) only (4) (B), (C) and (D) only |
3. (A), (C) and (D) only | The Revaluation Account records changes in the value of assets and liabilities during the admission of a partner. • Increase in assets (A) • Recording of unrecorded assets (C) • Decrease in liabilities (D) • Drawings against capital (B) do not affect the Revaluation Account. |
| Question 22. Match List-I with List-II: List-I (Items of cash flow) (A) Purchase of tangible assets (B) Issue of shares (C) Increase in current assets (D) Marketable securities List-II (Type of activity) (I) Operating activity (II) Cash and cash equivalents (III) Investing activity (IV) Financing activity |
4. (A) - (III), (B) - (IV), (C) - (I), (D) - (II) | • Purchase of tangible assets (A): Classified as an investing activity (III). • Issue of shares (B): A financing activity (IV). • Increase in current assets (C): Falls under operating activity (I). • Marketable securities (D): Considered cash and cash equivalents (II). |
| Question 23. 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 Options: (1) (A), (B) and (D) only (2) (A), (B) and (C) only (3) (A), (C) and (D) only (4) (B), (C) and (D) only |
3. (A), (C) and (D) only | Common Size Statements are used in vertical analysis and express individual components of financial statements as percentages of a common base (e.g., revenue or total assets). Horizontal analysis is not part of Common Size Statements. |
| Question 24. 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. Options: (1) Investing activity and outflow 3,50,000 (2) Investing activity and inflow 3,50,000 (3) Investing activity and no flow (4) Operating activity and outflow 3,50,000 |
1. Investing activity and outflow 3,50,000 | Acquisition of machinery is part of investing activities as it involves the purchase of fixed assets. Since payment is made through a cheque, it results in a cash outflow. • Investing Activity: Purchase of machinery falls under investing activities. • Outflow: Payment by cheque reduces cash, leading to an outflow of 3,50,000. |
| Question 25. Arrange the following in proper sequence while preparing the 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 Options: (1) (A), (B), (C), (D) (2) (D), (A), (C), (B) (3) (B), (A), (D), (C) (4) (C), (B), (D), (A) |
2. (D), (A), (C), (B) | The proper sequence for preparing a Cash Flow Statement is: • (D): Start by calculating net profit before tax and extraordinary items in the working note. • (A): Then, calculate net cash flow from operating activities. • (C): Follow it with cash flow from investing activities. • (B): Conclude with cash flow from financing activities. |
| Question 26. The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is: (A) Reduction from 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. Options: (1) (A), (B) and (D) only (2) (A) and (C) only (3) (A) and (D) only (4) (B), (C) and (D) only |
3. (A) and (D) only | When closing stock is overvalued: • It inflates the profit of the current year (concerned year), hence it must be **reduced** from the concerned year’s profit (A). • The opening stock of the next year is overvalued, reducing the profit of the next year. To adjust, it must be **reduced** from next year’s profit (B). • The profit of the previous year would have been understated due to an undervalued opening stock. To correct this, we **add** it to the previous year’s profit (D). **(C)** is incorrect because overvaluation impacts the next year’s opening stock negatively. |
| Question 27. 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. |
2. Number of shares applied for is more than the number of shares issued. | Oversubscription occurs when the demand for shares exceeds the supply, i.e., more applications are received than the shares available for issuance. |
| Question 28. 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 |
2. 14,000 | • Total forfeiture amount = 10 (unpaid amount) × 400 shares = 4,000. • Reissue price = 45 per share × 400 shares = 18,000. • Total amount received = 18,000 (reissue price) + 4,000 (forfeiture amount) = 22,000. • Face value = 50 × 400 = 20,000. • Capital Reserve = Amount received - Face value = 22,000 - 20,000 = 2,000. Amount transferred to capital reserve = 14,000. |
| Question 29. When debentures are issued at premium and redeemed at premium, the journal entry will have the following combination: (A) Discount on issue of debentures account is credited (B) Loss on issue of debentures account is debited (C) Security premium account is credited (D) Premium on redemption of debentures account is credited Options: (1) (A), (B) and (D) only (2) (A), (B) and (C) only (3) (A), (B), (C) and (D) (4) (B), (C) and (D) only |
4. (B), (C) and (D) only | • (B) Loss on issue of debentures account is debited: Correct, as the company incurs a loss due to the issue at a discount. • (C) Security premium account is credited: Correct, as the premium on the issue is credited to this account. • (D) Premium on redemption of debentures account is credited: Correct, as the premium paid at the time of redemption is treated as a liability. • (A) Discount on issue of debentures account is credited: Incorrect, as discounts are debited, not credited. |
| Question 30. Match List-I with List-II: List-I (Name of account to be debited or credited, when shares are forfeited) List-II (Amount to be debited or credited) (A) Share Capital Account (B) Share Forfeited Account (C) Calls-in-arrears Account (D) Securities Premium Account Options: (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) |
2. (A) - (IV), (B) - (III), (C) - (I), (D) - (II) | • (A) Share Capital Account (IV): Debited with the total amount called up. • (B) Share Forfeited Account (III): Credited with the amount already received. • (C) Calls-in-arrears Account (I): Debited with the unpaid amount. • (D) Securities Premium Account (II): Credited with the premium amount. |
| Question 31. 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 Options: 1. (A), (B), (C), (D) 2. (A), (C), (B), (D) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A) |
4. (C), (B), (D), (A) | The correct sequence for debenture handling is: 1. Issue of debentures (C): Debentures are issued to raise funds. 2. Creation of DRR (B): A Debenture Redemption Reserve (DRR) is created for ensuring repayment. 3. Redemption becomes due (D): The debenture maturity date arrives, and repayment becomes due. 4. Payment to debenture-holders (A): Payment is made to debenture-holders. |
| Question 32 .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 |
3. 6% | As per company law, if the subscription amount is not refunded within 8 days of the subscription list’s closure, the company must pay interest at the rate of 6% per annum. |
| Question 33. A company can accept calls in advance, if authorised by: 1. Shareholders 2. Board of Directors 3. Articles of Association 4. Memorandum of Association |
3. Articles of Association | The Articles of Association of a company specify the rules for internal management, including provisions related to accepting calls in advance. |
| Question 34. 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. |
4. Profit and Loss Appropriation Account will be credited | The profit of 1,75,000 is distributed among the partners according to their profit-sharing ratio (3 : 2 : 1). The Profit and Loss Appropriation Account is used to credit each partner’s capital account with their respective share of the profit. |
| Question 35. 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 |
1. 49,500 | The machinery is undervalued by 10%. To find the new value: Increase in value = 10% of 45,000 = 4,500 New value of machinery = 45,000 + 4,500 = 49,500 |
| Question 36. Dividend received is: 1. Operating activity 2. Financing activity 3. Investing activity 4. Cash and cash equivalents |
3. Investing activity | Dividend received is classified as an investing activity in the cash flow statement because it represents a return on investments made in other companies. |
| Question 37. A partnership can have a maximum of 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 |
4. Central Government | The maximum number of partners in a partnership firm is capped at 50, as prescribed under Rule 10 of the Companies (Miscellaneous) Rules, 2014, issued by the Central Government. This provision applies unless specified otherwise by special laws. |
| Question 38. 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.” |
2. Using Code “100–199” for “Dealers of Small Pumps.” | Sequential codes are numerical and assigned in a logical sequence to organize data systematically. Using codes like “100–199” is an example of sequential coding for dealers. |
| Question 39. If there is no claim against Workmen Compensation Reserve, it is at the time of admission of a partner. Fill in the blank with the correct answer from the options given below. 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. |
3. Credited to old partners’ capital accounts. | When there is no claim against the Workmen Compensation Reserve, it is distributed among the existing partners in their old profit-sharing ratio by crediting their capital accounts. |
| Question 40. 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 |
4. A gains 2/30 ; B gains 3/30 ; C sacrifices 5/30 | To calculate the sacrifices or gains, subtract the old share from the new share. Since the new share is 1/3 (as they decide to share the future profits equally), we calculate the difference for each partner: - A's old share = 3/10, New share = 1/3 → A gains 2/30. - B's old share = 3/10, New share = 1/3 → B gains 3/30. - C's old share = 4/10, New share = 1/3 → C sacrifices 5/30. |
| Question 41. Match List-I with List-II: List-I (Equal amount of drawings made) List-II (Number of months for which interest calculated) (A) At the end of each half year (B) At the beginning of each quarter (C) At the beginning of each month (D) At the end of each quarter Choose the correct answer from the options given below: Options: 1. (A) - (I), (B) - (II), (C) - (III), (D) - (IV) 2. (A) - (I), (B) - (III), (C) - (II), (D) - (IV) 3. (A) - (IV), (B) - (III), (C) - (I), (D) - (II) 4. (A) - (IV), (B) - (II), (C) - (III), (D) - (I) |
1. (A) - (I), (B) - (II), (C) - (III), (D) - (IV) | - (A) At the end of each half year: **4.5 months**. - (B) At the beginning of each quarter: **6.5 months**. - (C) At the beginning of each month: **7.5 months**. - (D) At the end of each quarter: **3 months**. |
| Question 42: Kavita and Lalita are partners, sharing profits in the ratio of 2 : 1. They decide to admit Mohan for 1/4 share with a guaranteed amount of 25,000. The firm earned profits of 76,000. Kavita’s share of deficiency is: Options: 1. 4,000 2. 2,000 3. 6,000 4. 4,500 |
1. 4,000 | - Mohan’s share: 1/4 × 76,000 = 19,000. - Deficiency: 25,000 − 19,000 = 6,000. - Kavita’s share of deficiency: 2/3 × 6,000 = 4,000. |
| Question 43: 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. Options: 1. 4 : 3 : 3 2. 3 : 4 : 3 3. 3 : 3 : 4 4. 3 : 2 : 1 |
1. 4 : 3 : 3 | Anshu’s new share: 3/5 − 2/10 = 6/10 − 2/10 = 4/10. Nitu’s new share: 2/5 − 1/10 = 4/10 − 1/10 = 3/10. Jyoti’s share: 3/10. New Profit Sharing Ratio: 4 : 3 : 3. |
| Question 44: 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: Options: 1. (A), (B), and (D) only 2. (A), (B), and (C) only 3. (A), (B), (C), and (D) 4. (B), (C), and (D) only |
4. (B), (C), and (D) only | - Debit **Premium for Goodwill Account** to recognize the goodwill brought in cash. - Credit **Sacrificing Partner’s Capital Account** as compensation. - Credit **Gaining Partner’s Capital Account** to balance goodwill adjustment. |
| Question 45: While preparing the Cash Flow Statement, purchase of goodwill is treated as: Options: 1. Operating activity 2. Financing activity 3. Investing activity 4. Extraordinary item |
3. Investing activity | The purchase of goodwill is considered an investment in intangible assets and is categorized under investing activities in the cash flow statement. |
| Question 46: The components of Computerised Accounting System are: Options: 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 |
2. Data, People, Procedure, Hardware, Software | The core components of a Computerised Accounting System are: - Data (input) - People (users) - Procedure (rules for processing) - Hardware (physical devices) - Software (programs for processing and reporting). |
| Question 47: The Sales and Accounts Receivable Subsystem deals with: Options: 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 |
1. The recording of Sales, maintaining of Sales Ledger and Receivables | The Sales and Accounts Receivable Subsystem focuses on: - Recording sales transactions, - Maintaining the sales ledger, and - Managing accounts receivable from customers. |
| Question 48: The common fields used in a relationship between tables are called: Options: 1. Joint fields 2. Main fields 3. Table fields 4. Key fields |
4. Key fields | Key fields (such as primary and foreign keys) are used to establish relationships between tables in a database. |
| Question 49: On dissolution of a firm, bank overdraft is transferred to: Options: 1. Bank Account 2. Realisation Account 3. Partners’ Capital Account 4. Partners’ Loan Account |
2. Realisation Account | Bank overdraft is a liability and is transferred to the Realisation Account during the dissolution process to settle accounts. |
| Question 50: Arrange the following steps in the correct sequence of the life of a company: Options: 1. (A), (B), (C), (D) 2. (A), (C), (B), (D) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A) |
4. (C), (B), (D), (A) | The correct sequence in the life of a company is: 1. Promotion (C): This is the first stage where the idea of forming a company is conceptualized and basic groundwork is done. 2. Incorporation (B): In this stage, the company is legally registered as a separate entity. 3. Floatation (D): The company raises funds by issuing shares to the public. 4. Commencement of Business (A): The company begins its business operations after meeting the legal and financial requirements. |
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