CUET Accountancy Previous Year Solved Paper 3 (23 August 2022 Slot-2) - Humanities/Arts MCQ

Bank overdraft is an External liabilities so transfer to realisation A/c.

The correct answer is A: B, C, D, A. Here is the explanation for each step:

B. Prepare the format of Balance Sheet and Profit and Loss A/c:

• Start by preparing the format of the financial statements, i.e., the Balance Sheet and Profit and Loss Account, according to the applicable financial reporting standards.

C. List out absolute figures in rupees at two points of time.

• List the absolute figures for each line item in the financial statements at two different points in time. This will help in comparing the financial position and performance of the company over time.

D. Choose a common base.

• Select a common base for calculating the percentages, such as total assets for the Balance Sheet and total revenue for the Profit and Loss Account. This allows for easier comparison across different line items and time periods.

A. Calculate percentage of the total as per common base (A)

• Finally, calculate the percentage for each line item by dividing the absolute figure by the common base and multiplying by 100. This results in the common size statement, which presents each item as a percentage of the total, allowing for easy comparisons and analysis.

Revaluation Reserve is not shown.

I.P.O. is issue for public.

Forfeiture reduces the paid up capital.

Cash credit is a current liabilities.

A, B, C are investing activity

Ideal debt equity ratio is 2 : 1.

Dropped by NTA.
Correct option is (a) only.

Correct match is operating activity with cash sales, investing activity with purchase of fixed asset, financing activity with issue of shares

Loan 260000 – 200000 = 60000
Int. paid 10% of 100000 = 10000
Inflow = Rs. 50,000

Securities premium cannot be used for discount on sales.

Reserve capital can be called up on wind up.

The correct order for calculating EPS (Earnings per Share) is option A:

C. Compute Profit After Tax

• The first step in calculating EPS is determining the company's profit after tax (PAT). This is the net income that the company has earned after deducting all expenses and taxes.

B. Calculate Earnings Available for Equity Shareholders

• Next, you need to calculate the earnings available for equity shareholders. This is done by subtracting the dividend paid on preference shares (if any) from the PAT.

A. Calculate Number of Equity Shares

• Now, you need to find out the total number of outstanding equity shares of the company. This information can be found in the company's annual report or financial statements.

D. Compute EPS

• Finally, you can calculate the EPS by dividing the earnings available for equity shareholders by the total number of outstanding equity shares.

EPS = Earnings Available for Equity Shareholders / Number of Equity Shares
By following this order, you can accurately calculate the Earnings per Share for a company, which is a key financial metric used by investors to evaluate the profitability of a company.

Debtors – Bad debts = Paid by bank
600000 – 60000 = Rs. 5,40,000

• A-II (Event): An event refers to a specific happening or incident in the story. It can be a turning point, a climax, or a simple occurrence that moves the plot forward.
• B-IV (Situation): The situation refers to the circumstances or setting in which the story takes place. It includes the background, the environment, and other contextual elements that influence the characters and their actions.
• C-I (Character): The character refers to the personality traits of the individuals in the story. They are the people, animals, or even objects that have thoughts, feelings, and actions that drive the narrative.
• D-III (Theme): The theme is the underlying message or idea that the author wants to convey through the story. It is often a lesson, moral, or commentary on society, human nature, or life in general.

The correct answer is B

Machinery purchased = 200000
Machinery sold = –52000
Outflow in Inv. Act. = Rs.1,48,000

The correct sequence in the calculation of Cash Flow from Operating Activities is Option A:  Let's understand the steps involved in this sequence:

D. Calculation of net profit/loss before tax and extraordinary items.

• Start with the net income from the income statement.
• Add back any non-cash or non-operating items such as depreciation, amortization, and extraordinary items.
• Calculate the net profit/loss before tax and extraordinary items.

A. Addition and subtraction of Non-cash/Non-operating items

• Identify and add back non-cash expenses such as depreciation and amortization.
• Subtract non-operating income such as interest income, dividend income, and gains on the sale of assets.
• Add non-operating expenses such as interest expense and losses on the sale of assets.

C. Calculation of operating profit before working capital changes

• After adjusting for non-cash and non-operating items, calculate the operating profit before working capital changes.
• This represents the cash generated from the company's core business operations, before considering any changes in working capital.

B. Payment of income tax

• Deduct the income tax paid during the period from the operating profit before working capital changes.
• This provides the cash flow from operating activities after considering income tax payments.

In summary, the correct sequence for calculating the Cash Flow from Operating Activities is D (net profit/loss before tax and extraordinary items), A (addition and subtraction of non-cash/non-operating items), C (operating profit before working capital changes), and B (payment of income tax).

10 – 7 = Rs.3 is maximum price for reissued

P & L Appropriation A/c

Total IOC = 50000
(24000 + x) + (18000) = 50000
IOC on Additional x = Rs.8000
Rs.8000 is IOC on capital @ 6% for 8 months
so additional capital = Rs.200000

105000 + (10000 + 10500) – (7000 + 20500)
= 105000 + 20500 – 27500
= Rs.98000

(80000 + 15000 + 5000 + 3000) – (70000)
103000 – 70000 = Rs.33000