CUET UG Accountancy · Paper 5

Interest on drawings charged to partners is:

On dissolution of a firm, an unrecorded computer was taken over by a partner at ₹12,000, and an unrecorded liability of ₹5,000 was paid in cash. The net effect of these two items on the Realisation Account is:

X and Y share profits in the ratio 5 : 3. They admit Z for $\frac{1}{5}$ share, which he acquires $\frac{1}{10}$ from X and $\frac{1}{10}$ from Y. The new profit-sharing ratio of X, Y and Z is:

Ravi, a partner, is entitled to a commission of 10% of the net profit after charging such commission. The net profit of the firm before charging the commission is ₹2,20,000. Ravi's commission is:

When a partner dies during the year, his share of profit from the beginning of the year till the date of death, calculated on the basis of the last year's profit, is debited to:

The profit earned by a firm after retaining ₹15,000 to its reserve was ₹75,000. The firm had total tangible assets worth ₹10,00,000 and outside liabilities of ₹3,00,000. The value of goodwill as per the capitalisation of average profit method was ₹50,000. Determine the Normal Rate of Return.

A, B and C, who were sharing profits and losses in the ratio of 4 : 3 : 2, decided to share future profits and losses in the ratio of 2 : 3 : 4 with effect from 1st April 2023. An extract of their Balance Sheet as at 31st March 2023 is:

At the time of reconstitution, a certain amount of claim on workmen compensation was determined, for which B's share of loss amounted to ₹5,000. The claim for workmen compensation would be:

A, B and C were partners sharing profits and losses equally. B died on 31 August, 2023 and the total amount transferred to B's Executors was ₹13,20,000. B's Executors were paid ₹1,20,000 immediately, and the balance was to be paid in four equal semi-annual instalments together with interest @ 10% p.a. The total amount of interest to be credited to B's Executors Account for the year ended March 31, 2024 will be:

As per SEBI guidelines, if a company does not receive applications for at least ______ of the issue as minimum subscription, it must refund the entire application money.

Assertion: Interest on debentures must be paid even if the company incurs a loss.

Reason: Interest on debentures is a charge against profit, not an appropriation of profit.

On 1st April 2019, a company took a loan of ₹80,00,000 on security of land and building. This loan was further secured by issue of 40,000, 12% Debentures of ₹100 each as collateral security. On 31st March 2024, the company defaulted on repayment of the principal amount of this loan. Consequently, on 1st April 2024, the land and building were taken over and sold by the bank for ₹70,00,000. For the balance amount, the debentures were sold in the market on 1st May 2024. From which date would the interest on debentures become payable by the company?

Prafful Limited forfeited 15,000 shares of ₹20 each on which ₹8 (including ₹2 premium) was paid. Out of these, 13,000 shares were reissued @ ₹19 per share as fully paid up. Determine the balance in the Share Forfeited Account.

Match List I (kind of debenture) with List II (feature).

Choose the correct answer.

Rose Ltd. took over assets of ₹9,00,000 and liabilities of ₹1,50,000 of Lily Ltd. for a purchase consideration of ₹8,40,000, paid by issuing equity shares of ₹10 each at a premium of 20%. The number of shares issued, and the goodwill or capital reserve, are:

A Cash Flow Statement of a company is prepared as per:

The cost of revenue from operations of a company is ₹4,80,000 and its gross profit ratio is 20%. Its revenue from operations is:

Statement I: Sale of marketable securities will result in no flow of cash.

Statement II: Debentures issued as collateral security will result in inflow of cash.

Choose the correct option.

The Quick Ratio of a company is 1 : 2. Which of the following transactions will result in an increase in this ratio?

Match List I (item) with List II (sub-head in the Balance Sheet as per Schedule III).

Choose the correct answer.

From the following information, calculate the Cash Flow from Investing Activities:

During the year, a machine costing ₹1,00,000 (accumulated depreciation ₹30,000) was sold for ₹55,000.