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CUET Accountancy 2022 Mock Tests & Questions

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CUET Accountancy 2022

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73 min · 60 questions · 300 marks

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CUET Accountancy 2022 1 section

Accountancy

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73 min · 60 questions · 300 marks

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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Extract of Receipt and Payment Account for the year ended 31st March 2021 is given. Calculate the amount of stationery to be shown in Income & Expenditure Account. Payment of stationery: ₹ 23,000. Additional Information:…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Credit purchase of stationery is ₹ 64,000, which is 80% of total purchase, compute cash purchase of stationery.
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Sports Star Charitable Club has income of ₹16,000 and 'deficit' debited to capital fund of ₹ 4,300 for the year 2019-20, then expenditure for 2019-20 is:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Compute Rent for the year ended 31st March 2021 from the following: | 01.04.2020 | 31.03.2021 Outstanding Rent | ₹19,000 | ₹14,000 Prepaid Rent | ₹5,600 | ₹10,400 Rent paid during the year ₹ 2,97,800.
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
________ is the amount received as per the will of a deceased person.
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
If the total income earned by Saket Club, a Not-for-profit organisation is ₹ 2,60,000 and surplus earned is ₹ 85,000, the total expenditure incurred will be:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
The following information below is related to an NPO: Receipts | Amount (₹) | Payments | Amount (₹) To interest on Investments | Nil | By 8% Investments [01-10-18] | 60,000 If the firm closes its accounts on 31st March e…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
How will you deal with the following items while preparing for the Bombay Women Cricket Club, its Income & Expenditure Account for the year ending 31st March 2021 and its Balance Sheet, on the same date: Donation for the…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
From the following information, calculate interest on capital of C, a partner for the year ended 31st March, 2022: C's Capital on 31/03/2022: ₹12,00,000 Profit credited to C for the year ended 31/03/2022: ₹ 3,00,000 Draw…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Match List I with List II List I | List II A. Partner's Salary | I. P & L A/c Dr. B. Manager's Salary | II. P & L Appropriation A/c Dr. C. Distribution of Loss | III. P & L A/c Cr. D. Commission received | IV. P & L Appr…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Partners' Current Accounts are opened when their Capital Accounts are:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
If Amit, a partner, withdrew ₹10,000 per month in the end, what will be the amount of interest on drawing if it is calculated @ 8% p.a.?
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
X and Y are partners sharing profits in the ratio of 2:1. They admit Z into the partnership for \(\frac{1}{4}\)th share in profits for which he brings ₹20,000 as his share of capital. Hence, the adjusted capitals of X an…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
For computing the Goodwill by capitalisation of average profit method, the following sequence would be followed: (A) Capitalise the average profit on the basis of normal rate of return (B) Ascertain the firm capital = To…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Balance in the Investment Fluctuation Reserve, after meeting the loss on revaluation of Investments, at the time of admission of a partner will be transferred to:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Calculate the amount of adjusted profit for the year ended 31st March 2021 for the purpose of valuation of Goodwill from the following information: Profit for the year ended 31st March 2021: ₹ 80,000 On 1st July, 2020, a…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
A firm earned ₹60,000 as profit, the normal rate of return being 10%. Assets of the firm are ₹ 7,20,000 (excluding goodwill) and Liabilities are ₹2,40,000. Find the value of Goodwill by Capitalisation of Average Profit m…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Valuation of Goodwill takes place on which of the following occasions: (A) Incorporation of a new business (B) Change in profit sharing ratio (C) Amalgamation of partnership firms (D) Admission of a partner (E) Dissoluti…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Following are the factors affecting goodwill except
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
In the absence of any information regarding the acquisition of share in the profit of retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in the:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
What will be share of deceased partner, whose ratio was \(\frac{1}{4}\), if the turnover in year of death till the date of death was ₹8,00,000 and in previous year was ₹20,00,000? Profit in previous year was ₹ 4,00,000.
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
On death of a partner, his share in the profits of the firm till the date of this death is transferred to the:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Which among the following are the modes of dissolution? (A) Dissolution by nature (B) Compulsory Dissolution (C) Dissolution by Agreement (D) Dissolution by Notice Choose the correct answer from the option given below:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
On 01.04.2022 X and Y decided to dissolve their firm. On the date of dissolution, Goodwill appeared at ₹5,00,000 in the Balance Sheet. Goodwill will be:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
If X's share of profit was to be calculated on the basis of Average Profit of the last three years, which were ₹ 1,36,000 for 2018-19, ₹ 1,54,000 for 2019-20 and ₹1,00,000 for 2020-21. X's share of profit for the period…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Raman and Naman were in partnership sharing profit and losses in 3:2. Their partnership firm was dissolved on 31st March 2022. On the date of dissolution, Naman's Loan was ₹ 20,000. Naman agreed to take stock (already tr…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
A firm is dissolved, Param, a partner is to carry out dissolution for which he will get ₹ 5,000, including expenses. Realisation expenses were ₹ 2,500. Realisation Account will be debited by:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
X, Y and Z are partners who decided to dissolve their firm. Realisation expenses were to be borne by Y for which he was to be given remuneration of ₹ 10,000. Actual expenses were ₹ 12,000. How much amount will be transfe…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Following amounts were payable on issue of shares by a company: ₹3 on application, ₹3 on allotment, ₹2 on first call and ₹2 on final call. X holding 500 shares paid only application and allotment money whereas Y holding…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis. The amount payable on application was ₹2. F applied for 420 shares. The number of Shares allotted and amount carried forward for adj…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
A company issued 4000 equity shares of ₹10 each at par payable as under: Application | Allotment | First Call | Final Call ₹3 | ₹2 | ₹4 | ₹1 Applications were received for 10,000 shares. Allotment was made on pro-rata ba…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
The Journal Entry to acquire an asset from vendor will be:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Blue Prints Ltd. purchased a building worth ₹1,50,000, Machine worth ₹1,40,000 and Furniture worth ₹ 10,000 from XYZ Co. and took over its liabilities of ₹ 20,000 for a purchase consideration of ₹ 3,15,000. Calculate the…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Y Ltd. forfeited 400 shares of ₹ 10 each, ₹7 called-up, for non-payment of first call of ₹ 2 per share. Out of these, 300 shares were reissued for ₹ 6 per share as ₹7 paid-up. What is amount to be transferred to Capital…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
The directors of Tivoli Plastics Ltd. resolved that 200 equity shares of ₹ 100 each be forfeited for non-payment of the second and final call of ₹ 30 per share. Out of these, 150 shares were reissued at ₹60 per share as…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Madhu Ltd. forfeited 800 shares of ₹10 each issued at 10% premium to Shyam (₹9 called up) on which he did not pay ₹3 of allotment (including premium) and first call of ₹2. Out of these, 600 shares were re-issued to Ram a…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Correct sequence of issue of shares is- (A) Receipt of Application (B) Issue of Prospectus (C) Letter of Allotment of shares (D) Letter of Regret Choose the correct answer from the option given below:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
400 shares of ₹10, on which ₹ 8 has been called and ₹5 has been paid, are forfeited. Out of these, 300 shares are reissued for ₹ 9 as fully paid. What is the amount to be transferred to Capital Reserve?
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
The directors of a company forfeited 400 equity shares of ₹ 10 each fully called up on which ₹ 1600 has been paid. All the forfeited shares were reissued upon payment of ₹ 3,000. Calculate the amount transferred to capit…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Balance of Forfeited Shares Account after reissue of forfeited shares is transferred to:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Match List I with List II List I | List II A. Share forfeiture | I. Reserve Capital B. Uncalled Capital | II. Pro-rata allotment C. Over-subscription | III. Capital Reserve D. Discount on issue of shares | IV. Reissue of…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Match List I with List II: List I | List II A. Excess of purchase consideration over the value of net assets | I. Issue of Debenture as collateral security B. Excess of net assets over purchase consideration | II. Goodwi…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
On 1st April 2007, Sunrise Limited issued 5000, 8% debenture of ₹ 100 each at a discount of 5%. What will be the total amount of interest for the year ending 31st March 2008?
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Which account is credited for transfer of interest on Debenture Redemption Fund Investment?
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
As per SEBI Guidelines an amount equal to ………………of the debenture issue must be transferred to Debenture Redemption Reserve before redemption begins.
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
The company purchased a plant with a book value of ₹1,90,000 from National Victory Company and agreed to pay via issuing 2000, 10% debenture of ₹100 each at a discount of 5%. Amount that will be credited to 10% Debenture…
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
The money received from applicants to whom no debentures have been allotted will be:_________
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
In common size statement, if revenue from operations are ₹23,00,000 and other income are ₹3,00,000, then the percentage of "Total revenue from operations" to "Revenue from operations" will be
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Comparative Statements are also known as:
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CUET UG CUET Accountancy 2022 Accountancy Medium MCQ (Single Correct)
Operating profit ratio of XYZ Ltd. is 60%. The operating ratio of XYZ Ltd. is:
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