CUET Accountancy Previous Year Solved Paper 5 (30 August 2022 Slot-2) - Humanities/Arts MCQ

250000 – 50000 – 30000 = Rs.170000

Old general reserve distributed in OP/OR.

Retiring partner will take his share of goodwill.

Asset A/c Dr., Revaluation A/c Cr.

Gaining partner will compensate to sacrificing partner.

Profit of duration will be entered in P & L suspense A/c.

Conversion means no flow of cash.

The correct sequence of allotment of shares is option C: 
B. Inviting applications from investors:

• - The company invites potential investors to apply for shares through a prospectus or offer document.
• - This step is essential in the initial public offering (IPO) process, where a company issues its shares to the public for the first time.

D. Application money received:

• - After the investors submit their applications, the company receives the application money.
• - This money represents the investors' interest in purchasing the shares and is usually a part of the total share price.

C.  Allotment Due:

• - After receiving the applications and the application money, the company proceeds with the allotment process.
• - The allotment process involves determining the number of shares to be allotted to each applicant, which could be based on the proportion of the shares applied for or a fixed number of shares for each applicant.

A. Allotment money received:

• - After the allotment is finalized, the investors are required to pay the allotment money.
• - The allotment money is the remaining portion of the share price after deducting the application money.

E. Share Call Money Due:

• - In some cases, the company may require investors to pay the share price in installments.
• - Share call money is an additional amount due from the investors after the allotment money has been paid.
• - The company may make calls for the unpaid amount at any time before the shares are fully paid.

The correct sequence of types of capital in a company's balance sheet while preparing notes to accounts is: Option B: 

This sequence can be explained as follows:

• D. Authorised Capital: This is the maximum amount of share capital that a company is authorized to issue to shareholders. It is mentioned in the company's memorandum of association.
• A. Issued Capital: This is the portion of the authorized capital that the company has issued to shareholders in the form of shares. It represents the total value of shares that have been issued to shareholders.
• B. Subscribed and Fully Paid Up Capital: This is the part of issued capital for which the company has received the full amount from the shareholders. These shares are considered fully paid up and the shareholders have no further obligation to pay for these shares.
• E. Subscribed but Not Fully Paid Up Capital: This is the portion of the issued capital for which the company has not yet received the full amount from the shareholders. These shares are considered partly paid up and the shareholders are still obligated to pay the remaining amount on these shares.
• C. Share Forfeited Balance: This represents the value of shares that have been forfeited by the company due to non-payment of the due amount by the shareholders. The forfeited shares can be reissued by the company at a later stage.

By arranging the types of capital in this sequence, it helps in providing a clear and comprehensive view of the company's capital structure and the various components of share capital.

The correct sequence to find out the profit after tax while preparing a comparative income statement is B:

B. Find out total revenue:

• - Add other incomes to revenue from operations.

A. Deduct expenses:

• - Subtract all the expenses incurred during the period, such as the cost of goods sold, operating expenses, and other relevant costs.

E. Calculate profit before tax:

• - Find the difference between total revenue and expenses to determine the profit before tax.

D. Deduct tax:

• - Subtract the tax amount from the profit before tax. This is usually calculated based on the applicable tax rate.

C. Find out profit after tax:

• - The result after deducting tax from the profit before tax gives the profit after tax, which is the final figure used in a comparative income statement.

By following these steps in the given sequence, you can accurately calculate the profit after tax for a comparative income statement.

50000 + 10000 = Rs. 60000

Under fixed method capital A/c shows always credit balance.

On behalf of Mohan so Mohan's A/c debited

Common size is vertical analysis.

On collateral security no interest payable.

Increase in B/R = 40000 – 20000 = Rs.20000
Flow from operating activity = 100000 + 20000
= Rs.120000

Sale of Intangible asset is a part of investing activity.

Purchase consideration = Rs.315000
Issue price of 1 debenture = Rs.105

Sec. pre. can be used for B, D, E only

Bearer and secured are types of debentures.

(I) Cash Book,
(II) Receipt & Payment A/c,
(III) I & E A/c,
(IV) Adjustments,
(V) Balance sheet of NPO

A, C, D are the limitations

Current ratio and acid test ratio are liquidity ratios.

A, C, D are components of equity

The correct sequence of current assets in a company's Balance sheet is: D

Here's the explanation:

• E. Current investments: Current investments are short-term investments that can be easily converted into cash within a year. They are considered the most liquid assets after cash and cash equivalents.
• D. Inventories (D): Inventories include raw materials, work-in-progress, and finished goods held by a company for the purpose of sale in the ordinary course of business. They are considered less liquid than current investments but more liquid than bills receivables.
• A. Bills Receivables: Bills receivables are short-term financial instruments that represent a claim on a debtor for the payment of goods or services provided. They typically have a maturity period of less than one year and are considered less liquid than inventories but more liquid than cash & cash equivalents.
• B. Cash & cash equivalents: Cash and cash equivalents are the most liquid assets on a company's balance sheet. They include currency, coins, and short-term investments that can be easily converted into cash within three months or less.
• C. Short term loans & advances: Short term loans and advances are amounts owed to a company by its customers or other parties, which are expected to be repaid within one year. They are considered less liquid than cash & cash equivalents but more liquid than long-term loans and advances.