CUET UG 2023 Accountancy Question Paper (05-Jun-2023) (Shift 1)

Question 1

A firm’s balance sheet shows the following: Workmen Compensation Reserve ₹70,000 Workmen Compensation claim ₹90,000 State the journal entry to be passed at the time of Reconstitution of firm.

Accepted Answer

Debit Workmen Compensation Reserve A/c ₹70,000 and Revaluation A/c ₹20,000; Credit Workmen Compensation claim ₹90,000

Answer

Debit Workmen Compensation Reserve A/c ₹90,000; Credit Workmen Compensation A/c ₹90,000

Answer

Debit Workmen Compensation Reserve A/c ₹70,000; Credit Workmen Compensation A/c ₹70,000

Answer

Debit Workmen Compensation claim A/c ₹70,000 and Realisation A/c ₹20,000; Credit Workmen Compensation Reserve ₹90,000

Question 2

Match List - I with List - II. List - IList - IIDebentureCollateral SecuritySuspense AccountOther Current LiabilitiesCurrent maturities of DebtsStatement of Profit and LossDiscount on Issue of DebenturesSection 53 of Companies Act 2013Choose the correct answer from the options given below:

Accepted Answer

(III), (IV), (II), (I)

Answer

(III), (IV), (I), (II)

Answer

(II), (IV), (I), (III)

Answer

(I), (III), (II), (I)

Question 3

Current account of each partner is debited by the amount of:

Accepted Answer

Interest on drawings

Answer

Drawings out of capital

Answer

Fresh capital introduced

Answer

Interest allowed on capital

Question 4

The ideal ratio for Current Ratio and Quick Ratio respectively are: A. 1 : 1 B. 2 : 1 C. No ideal ratio D. 1 : 2 E. 1 : 3 Choose the correct answer from the options given below:

Accepted Answer

(B) and (A) only

Answer

(A) and (B) only

Answer

(A) and (C) only

Answer

(D) and (E) only

Question 5

The two basic measures of liquidity are:

Accepted Answer

Current Ratio and Liquid Ratio

Answer

Inventory turnover ratio and Current Ratio

Answer

Gross Profit Margin and Operating Ratio

Answer

Current Ratio and Average Collection Period

CUET UG 2023 Accountancy Question Paper (05-Jun-2023) (Shift 1)

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List - I	List - II
Debenture	Collateral Security
Suspense Account	Other Current Liabilities
Current maturities of Debts	Statement of Profit and Loss
Discount on Issue of Debentures	Section 53 of Companies Act 2013