CUET UG 2023 Accountancy Question Paper (16-Jun-2023) (Shift 3)

Question 1

Balance of Debenture Redemption Reserve A/c after the redemption of debenture is credited to:

Accepted Answer

General Reserve Account

Answer

Security Premium Account

Answer

Capital Reserve Account

Answer

Statement of Profit and Loss account

Question 2

Nawab, Shanaya, and Hritik are partners sharing profits and losses in the ratio of 5 : 3 : 2. The partnership deed provides for charging interest on drawings @10% p.a. The drawings of Nawab, Shanaya, and Hritik were ₹20,000, ₹15,000, and ₹10,000, respectively. After final accounts have been prepared, it was discovered that interest on drawings had not been charged. The adjusting entry will be:

Accepted Answer

Shanaya Capital A/c Dr. 75Hritik Capital A/c Dr. 50To Nawab Capital A/c 125

Answer

Shanaya Capital A/c Dr. 125To Hritik Capital A/c Dr. 50To Nawab Capital A/c 75

Answer

Nawab Capital A/c Dr. 125To Shanaya Capital A/c 75To Hritik Capital A/c 50

Answer

Shanaya Capital A/c Dr. 150Hritik Capital A/c Dr. 100To Nawab Capital A/c 250

Question 3

In case of dissolution of partnership firm, all assets, except cash/bank and fictitious assets, are transferred to debit side of:

Accepted Answer

Realisation Account

Answer

Capital Account

Answer

Current Account

Answer

Bank Account

Question 4

Mr. Kunal withdrew ₹10,000 per month at the end of each month from a firm for his personal use during the year ending March 31, 2022. What will be the interest on drawings if charged @8% p.a.?

Accepted Answer

₹4,400

Answer

₹600

Answer

₹3,200

Answer

₹4,800

Question 5

What are the accounting aspects that are involved at the time of retirement or death of a partner?(A) Ascertainment of profit or loss up to the date of retirement or death of partner.(B) Realisation of assets and liabilities that are shown in the books of Accounts only.(C) Adjustment of capital.(D) Calculation of new profit sharing ratio and gaining ratio.(E) Treatment of GoodwillChoose the correct answer from the options given below:

Accepted Answer

A, C, D and E only

Answer

A, C and D only

Answer

A, B and C only

Answer

A, B and D only

CUET UG 2023 Accountancy Question Paper (16-Jun-2023) (Shift 3)

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