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Q1:

Libraries run by charitable trusts are an example of:
Answer options
Option: 2
Correct Answer
Explanation →

Q2:

The main source of revenue for 'not for profit' organisation is:
Answer options
Option: 3
Correct Answer
Explanation →

Q3:

List-I List-II
(A) Share capital (I) Will be called at the time of winding up
(B) Reserves and surplus (II) Calls in advance
(C) Reserve capital (III) Subscribed but not fully paid
(D) Current liabilities (IV) Sinking fund
Match List-I with List-II
Answer options
Option: 4
Correct Answer
Explanation →

Q4:

Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?
Answer options
Option: 1
Correct Answer
Explanation →

Q5:

  • (A) Profit and Loss Appropriation Account
  • (B) Profit and Loss Account
  • (C) Trading Account
  • (D) Balance Sheet
Identify the correct sequence to be followed while preparing of final account of a partnership firm:
Answer options
Option: 1
Correct Answer
Explanation →

Q6:

Window dressing is a practice
Answer options
Option: 1
Correct Answer
Explanation →

Q7:

List-I List-II
(A) Salary to partner (I) Credit side of Partner's Capital Account
(B) Interest on partner's loan (II) Debit side of Partner's Current Account
(C) Interest on partner's drawings (III) Debit side of Profit and Loss Account
(D) Additional capital introduced (IV) Credit side of Partner's Current Account
Match List-I with List-II
Answer options
Option: 3
Correct Answer
Explanation →

Q8:

  • (A) Increase in assets
  • (B) Drawings against capital
  • (C) Recording of unrecorded assets
  • (D) Decrease in liabilities
Which of the following would affect the Revaluation Account at the time of admission of a partner?
Answer options
Option: 3
Correct Answer
Explanation →

Q9:

List-I
(Items of cash flow)		 List-II
(Type of activity)
(A) Purchase of tangible assets (I) Operating activity
(B) Issue of shares (II) Cash and cash equivalents
(C) Increase in current assets (III) Investing activity
(D) Marketable securities (IV) Financing activity
Match List-I with List-II
Answer options
Option: 4
Correct Answer
Explanation →

Q10:

  • (A) Expressed as a percentage on revenue from operation
  • (B) Horizontal analysis
  • (C) Vertical analysis
  • (D) Expressed as a percentage on total assets
Which one of the following are correct in connection with the Common Size Statement?
Answer options
Option: 3
Correct Answer
Explanation →

Q11:

Calculate the resulting cash flow and state the nature of cash flow from the following information: Acquired machinery for ₹ 3,50,000 by issuing cheque.
Answer options
Option: 1
Correct Answer
Explanation →

Q12:

  • (A) Net cash flow from operating activities
  • (B) Cash flow from financing activities
  • (C) Cash flow from investing activities
  • (D) Calculate net profit before tax and extraordinary items in working note
Arrange the following in proper sequence while preparing Cash Flow Statement:
Answer options
Option: 2
Correct Answer
Explanation →

Q13:

  • (A) reduction from concerned year's profit.
  • (B) reduction from next year's profit.
  • (C) addition to next year's profit.
  • (D) addition to previous year's profit.
The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is
Answer options
Option: 2
Correct Answer
Explanation →

Q14:

Oversubscription is a situation where the
Answer options
Option: 2
Correct Answer
Explanation →

Q15:

400 shares of ₹ 50 each issued at par were forfeited for non-payment of final call of ₹ 10 per share. These shares were reissued at ₹ 45 per share as fully paid-up. The amount transferred to capital reserve is:
Answer options
Option: 2
Correct Answer
Explanation →

Q16:

(A) Discount on issue of debentures account is credited \newline (B) Loss on issue of debentures account is debited \newline (C) Security premium account is credited \newline (D) Premium on redemption of debentures account is credited
When debentures are issued at premium and redeemed at premium, the journal entry will have the following combination:
Answer options
Option: 4
Correct Answer
Explanation →

Q17:

List-I
(Name of account to be debited or
credited, when shares are forfeited)		 List-II
(Amount to be debited or credited)
(A) Share Capital Account (I) Debited with amount not received
(B) Share Forfeited Account (II) Credited with amount not received
(C) Calls-in-arrears Account (III) Credited with amount received towards share capital
(D) Securities Premium Account (IV) Debited with amount called up
Match List-I with List-II
Answer options
Option: 2
Correct Answer
Explanation →

Q18:

  • (A) Payment to debenture-holders
  • (B) Creation of DRR
  • (C) Issue of debentures
  • (D) Redemption becomes due
Arrange the following in the correct sequence in the context of debenture.
Answer options
Option: 4
Correct Answer
Explanation →

Q19:

If a delay occurs beyond 8 days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of:
Answer options
Option: 1
Correct Answer
Explanation →

Q20:

A company can accept calls in advance, if authorised by:
Answer options
Option: 3
Correct Answer
Explanation →

Q21:

A, B and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹ 1,75,000 to the firm. To give effect to the above:
Answer options
Option: 2
Correct Answer
Explanation →

Q22:

On the date of admission of a partner there was a balance of ₹ 45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at:
Answer options
Option: 2
Correct Answer
Explanation →

Q23:

Dividend received is
Answer options
Option: 3
Correct Answer
Explanation →

Q24:

A partnership can have maximum 50 partners. This limit has been set by the:
Answer options
Option: 4
Correct Answer
Explanation →

Q25:

Which of the following is an example of sequential code?
Answer options
Option: 2
Correct Answer
Explanation →

Q26:

If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner.
Answer options
Option: 3
Correct Answer
Explanation →

Q27:

A, B and C are partners sharing profits in the ratio of 3:3:4. They decide to share the future profits equally. The sacrifice or gain of partners are:
Answer options
Option: 1
Correct Answer
Explanation →

Q28:

List-I
(Equal amount of drawings made)		 List-II
(Number of month for which interest calculated)
(A) At the end of each half year (I) 4.5 months
(B) At the beginning of each quarter (II) 6.5 months
(C) At the beginning of each month (III) 7.5 months
(D) At the end of each quarter (IV) 3 months
Match List-I with List-II
Answer options
Option: 4
Correct Answer
Explanation →

Q29:

Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in profits with a guaranteed amount of ₹ 25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹ 76,000 for the year 2022-23. The deficiency borne by Kavita is:
Answer options
Option: 1
Correct Answer
Explanation →

Q30:

Anshu and Nitu are partners, sharing profits in the ratio of 3:2. They admitted Jyoti as a new partner for 3/10 share which she acquired 2/10 from Anshu and 1/10 from Nitu. Calculate the new profit sharing ratio of Anshu, Nitu and Jyoti.
Answer options
Option: 1
Correct Answer
Explanation →

Q31:

  • (A) Gaining Partner’s Capital Account is debited
  • (B) Premium for Goodwill Account is debited
  • (C) Sacrificing Partner’s Capital Account is credited
  • (D) Gaining Partner’s Capital Account is credited
The journal entry for treatment of goodwill, when a new partner brings his share of goodwill in cash and one of the old partners gains, involves the following:
Answer options
Option: 2
Correct Answer
Explanation →

Q32:

While preparing Cash Flow Statement, purchase of goodwill is treated as:
Answer options
Option: 3
Correct Answer
Explanation →

Q33:

The components of Computerised Accounting System are:
Answer options
Option: 2
Correct Answer
Explanation →

Q34:

The Sales and Accounts Receivable Subsystems deals with:
Answer options
Option: 1
Correct Answer
Explanation →

Q35:

The common fields used in a relationship between tables are called:
Answer options
Option: 4
Correct Answer
Explanation →

Q36:

On dissolution of a firm, bank overdraft is transferred to:
Answer options
Option: 1,2
Correct Answer
Explanation →

Q37:

  • (A) Commencement of Business
  • (B) Incorporation
  • (C) Promotion
  • (D) Floatation
Arrange the following steps in the correct sequence of the life of a company:
Answer options
Option: 4
Correct Answer
Explanation →

Q38:

  • (A) Subscribed Capital
  • (B) Issued Capital
  • (C) Authorised Capital
  • (D) Paid-up Capital
  • (E) Called-up Capital
Arrange the following in the correct order:
Answer options
Option: 3
Correct Answer
Explanation →

Q39:

  • (A) Opening balance of his capital
  • (B) His share of profit/loss till the date of death
  • (C) His share of General Reserve
  • (D) His drawings till the date of death
  • (E) Amount paid to his executors
The Deceased Partner's Capital Account includes the following amount/balances:
Answer options
Option: 2
Correct Answer
Explanation →

Q40:

  • (A) Operating profit before working capital changes
  • (B) Cash generated from operations
  • (C) Income tax paid
  • (D) Net cash flow from operating activities
  • (E) Goodwill amortised
Identify the correct sequence of the following steps involved in calculating cash flows from operating activities of a company:
Answer options
Option: 3
Correct Answer
Explanation →

Q41:

Particulars ₹
Revenue from Operations 8,75,000
Creditors 90,000
Bills Receivable 48,000
Bills Payable 52,000
Purchases 4,20,000
Trade Debtors 59,000
Calculate Trade Receivables Turnover Ratio.
Answer options
Option: 1
Correct Answer
Explanation →

Q42:

Particulars ₹
Revenue from Operations 8,75,000
Creditors 90,000
Bills Receivable 48,000
Bills Payable 52,000
Purchases 4,20,000
Trade Debtors 59,000
Calculate Average Collection Period.
Answer options
Option: 3
Correct Answer
Explanation →

Q43:

Particulars ₹
Revenue from Operations 8,75,000
Creditors 90,000
Bills Receivable 48,000
Bills Payable 52,000
Purchases 4,20,000
Trade Debtors 59,000
Calculate Trade Payables Turnover Ratio.
Answer options
Option: 2
Correct Answer
Explanation →

Q44:

Particulars ₹
Revenue from Operations 8,75,000
Creditors 90,000
Bills Receivable 48,000
Bills Payable 52,000
Purchases 4,20,000
Trade Debtors 59,000
Calculate Average Payment Period.
Answer options
Option: 1
Correct Answer
Explanation →

Q45:

Particulars ₹
Revenue from Operations 8,75,000
Creditors 90,000
Bills Receivable 48,000
Bills Payable 52,000
Purchases 4,20,000
Trade Debtors 59,000
Trade Receivables Turnover Ratio and Trade Payables Turnover Ratio are categorised as:
Answer options
Option: 3
Correct Answer
Explanation →

Q46:

G, K and B were partners running a partnership for last 10 years, sharing profit and loss in the ratio of 5 : 3 : 2. Post Covid, their firm was affected badly and started incurring losses. On 31st March, 2023 they all decided to dissolve the firm due to continuous losses. Their capital balances were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively. Firm had liabilities ₹ 80,000, Cash balance ₹ 40,000, other Sundry Assets ₹ 8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹ 50,000 which was settled at ₹ 40,000. Realisation expenses amounted to ₹ 30,000, being paid by G on behalf of the firm.
What is the mode of dissolution of the firm followed by G, K and B?
Answer options
Option: 1
Correct Answer
Explanation →

Q47:

G, K and B were partners running a partnership for last 10 years, sharing profit and loss in the ratio of 5 : 3 : 2. Post Covid, their firm was affected badly and started incurring losses. On 31st March, 2023 they all decided to dissolve the firm due to continuous losses. Their capital balances were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively. Firm had liabilities ₹ 80,000, Cash balance ₹ 40,000, other Sundry Assets ₹ 8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹ 50,000 which was settled at ₹ 40,000. Realisation expenses amounted to ₹ 30,000, being paid by G on behalf of the firm.
Determine the amount of Profit and Loss Account.
Answer options
Option: 2
Correct Answer
Explanation →

Q48:

G, K and B were partners running a partnership for last 10 years, sharing profit and loss in the ratio of 5 : 3 : 2. Post Covid, their firm was affected badly and started incurring losses. On 31st March, 2023 they all decided to dissolve the firm due to continuous losses. Their capital balances were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively. Firm had liabilities ₹ 80,000, Cash balance ₹ 40,000, other Sundry Assets ₹ 8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹ 50,000 which was settled at ₹ 40,000. Realisation expenses amounted to ₹ 30,000, being paid by G on behalf of the firm.
Determine Gain/Loss on Realisation.
Answer options
Option: 1
Correct Answer
Explanation →

Q49:

G, K and B were partners running a partnership for last 10 years, sharing profit and loss in the ratio of 5 : 3 : 2. Post Covid, their firm was affected badly and started incurring losses. On 31st March, 2023 they all decided to dissolve the firm due to continuous losses. Their capital balances were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively. Firm had liabilities ₹ 80,000, Cash balance ₹ 40,000, other Sundry Assets ₹ 8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹ 50,000 which was settled at ₹ 40,000. Realisation expenses amounted to ₹ 30,000, being paid by G on behalf of the firm.
The entry for realisation expenses in above case study will be:
Answer options
Option: 2
Correct Answer
Explanation →

Q50:

G, K and B were partners running a partnership for last 10 years, sharing profit and loss in the ratio of 5 : 3 : 2. Post Covid, their firm was affected badly and started incurring losses. On 31st March, 2023 they all decided to dissolve the firm due to continuous losses. Their capital balances were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively. Firm had liabilities ₹ 80,000, Cash balance ₹ 40,000, other Sundry Assets ₹ 8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹ 50,000 which was settled at ₹ 40,000. Realisation expenses amounted to ₹ 30,000, being paid by G on behalf of the firm.
Existing Profit and Loss Account in the books of the firm will be shared/borne by partners in the ratio:
Answer options
Option: 1
Correct Answer
Explanation →

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