CUET UG 2023 Accountancy Question Paper (30-May-2023) (Shift 1)

Question 1

Identify the basis on which share of Profit or Loss of deceased partner is calculated from the date of last balance sheet to the date of death of that partner.

Accepted Answer

Either Time Basis or Sales Basis

Answer

Time Basis

Answer

Sales Basis

Answer

Product Basis

Question 2

Which of the following statements are true in case of a corporation?

(A) Memorandum of Association is also known as statement in Lieu of Prospectus.

(B) Paid-up capital can exceed called-up capital.

(C) Capital reserves are created from capital profits.

(D) The part of capital which can be called up only on winding up of the company is called Reserve Capital.

(E) Minimum subscription must be at least 90% of the shares issued.

Choose the correct answer from the given below:

Accepted Answer

(C), (D), and (E) only

Answer

(A) and (B) only

Answer

(A), (B), and (C) only

Answer

(A), (D), and (E) only

Question 3

Match List-I with List-II.List - IList - IIMinimum Subscription(I) Fundamental provisions & important clause of company’s constitutionProspectus(II) 90% of issued amount according to SEBIReserve Capital(III) Invitation to the public for Subscription of sharesMemorandum of Association(IV) Reserved portion of uncalled capitalChoose the correct answer from the given below:

Accepted Answer

(A)-(II), (B)-(III), (C)-(IV), (D)-(I)

Answer

(A)-(IV), (B)-(III), (C)-(II), (D)-(I)

Answer

(A)-(III), (B)-(IV), (C)-(I), (D)-(II)

Answer

(A)-(I), (B)-(II), (C)-(III), (D)-(IV)

Question 4

Which of the following select the methods(s) of Redemption of Debentures:

(A) Lump sum payment made at the end of a specified period of time

(B) Instalment payments made by drawing of lots

(C) Purchase from open market

(D) Selling fixed assets in open market

(E) Conversion into Shares and Debentures

Choose the correct answer from the given below:

Accepted Answer

(A), (B), (C), and (E) only

Answer

(A), (B), and (C) only

Answer

(B), (C), and (D) only

Answer

(C), (D), and (E) only

Question 5

Calculate the amount of Tax made to be added to net profits after tax and extraordinary items for the year ended March 31, 2023:ParticularNote No.31 Mar 2331 Mar 22Short Term Provision (Provision for Tax)-₹80,000₹1,10,000Additional information: Tax paid during the year 2022-23 was ₹1,20,000.

Accepted Answer

₹90,000

Answer

₹80,000

Answer

₹1,10,000

Answer

₹1,20,000

CUET UG 2023 Accountancy Question Paper (30-May-2023) (Shift 1)

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List - I	List - II
Minimum Subscription	(I) Fundamental provisions & important clause of company’s constitution
Prospectus	(II) 90% of issued amount according to SEBI
Reserve Capital	(III) Invitation to the public for Subscription of shares
Memorandum of Association	(IV) Reserved portion of uncalled capital