CUET Sample Paper for Accountancy

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2023
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2023 JUNE
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CUET 2023 Overview

CUET is a Common entrance exam. The full form of CUET is Common University Entrance Test. It
is organized by National Testing Agency at a National level. It is organized by National Testing
Agency as a National level exam in India for admission in All Central Universities, and State, Deemed,
Private Universities accepting CUET scores.

Highlights of the examination are as follows.

Aspects Details

Name of Exam CUET 2023

Full Form of CUET Common University Entrance Test

Organizing Body NTA

Full Form of NTA National Testing Agency

Type of Exam Common Entrance Exam

Level of Exam National

Region India

Official Website cuet.samarth.ac.in

Courses Where BA, BCA, B.Sc, B.Com, BJMC, B.Pharm, D.Pharm, B.Tech, B.Voc, BVA,
Admission is Through BFA, BPA, BSW, Integrated MA Integrated B.Ed, Integrated M.Sc,
CUET Integrated B.Tech-M.Tech, Integrated MPA, BA LLB, BBA LLB, Diploma,
Shastri,

Colleges Where All Central Universities, and State, Deemed, Private Universities acepting
Admission is Through CUET scores
CUET

Minimum Educational Class 12th
Qualification

Mode of Exam Computer Based Test-CBT

Type of Questions Objective type with Multiple Choice Questions

Marking Scheme +5, -1

CUET 2023 Exam Pattern

The exam pattern is as follows

▪ Mode of Exam – The exam is a Computer Based Test-CBT.
▪ Question type – The questions are Objective type with Multiple Choice Questions.
▪ Number of Subjects – A candidate can choose upto 10 Subjects for giving the Exam.
▪ Language of Question Paper – The question paper is in 13 languages (Assamese, Bengali,
English, Gujarati, Hindi, Kannada, Malayalam, Marathi, Punjabi, Odia, Tamil, Telugu, and
Urdu).

Marking Scheme –
▪ Candidates get +5 marks for correct answer.
▪ And negative marks is -1 for incorrect answers

List of Languages/ Domain Specific Subjects /General Test offered under CUET (UG)-2023

Sample Paper
CUET 2023
Accountancy

Q.No. 1

A and B are partners in partnership firm without any agreement. A has given a loan of ₹50,000 to the firm. At
the end of year loss was incurred in the business. Following interest may be paid to A by the firm :

(A)

@5% Per Annum

(B)

@ 6% Per Annum

(C)

@ 6% Per Month

(D)

As there is a loss in the business, interest can’t be paid

Q.No. 2

A and B are partners sharing profits and losses in the ratio of 3:2. A’s capital is Rs.120000 and B’s capital is
Rs.60000. they admit C for 1/5 th share of profits. C should bring as his capital:

(A)

36000

(B)

48000

(C)

58000

(D)

45000

Q.No. 3

A and B are partners. According to Profit and Loss Account, the net profit for the year is ₹2,00,000. The total
interest on partner’s drawings is ₹1,000. As salary is ₹40,000 per year and B’s salary is ₹3,000 per month.
The net profit as per Profit and Loss Appropriation Account will be :

(A)

₹1,23,000
---

(B)

₹1,25,000

(C) CUET 2023
₹1,56,000

(D)

₹1,58,000

Q.No. 4

Which of the following is not an income?

(A)

Subscription

(B)

Donation

(C)

Sale of Ticket

(D)

Endowment Fund

Q.No. 5

If a fixed amount is withdrawn by a partner in the middle of every month, interest on the total amount is
charged for ............... months

(A)

6

(B)

6 1/2

(C)

5 1/2

(D)

12

Q.No. 6

How would you close the Partner’s Drawing Account:

(A)

By transfer to Capital or Current Account Debit Side.
---

(B)

By transfer to Capital Account Credit Side.

(C) CUET 2023
By transfer to Current Account Credit Side.

(D)

Either ‘B‘ or ‘C’.

Q.No. 7

Forfeiture of shares result in reduction of :

(A) Subscribed capital

(B) Authorised capital

(C) Reserve capital

(D) None of the above

Q.No. 8

Which of the following cannot be identified with the help of comparative Balance Sheet?

(A) Rate of Increase or decrease in share Capital

(B) Rate of increase or decrease in reserve and surplus

(C) Rate of increase or decrease in revenue from operation

(D) Rate of increase or decrease in Trade receivables

Q.No. 9

Which of the following statement is true

(A) a minor cannot be admitted as a partner

(B) a minor can be admitted as a partner, only into the benefits of the partnership

(C) a minor can be admitted as a partner but his rights and liabilities are same of adult partner

(D) none of the

Q.No. 10

The relation of partner with the firm is that of:

(A) An Owner

(B) An Agent

(C) An Owner and an Agent

(D) Manage

Q.No. 11
---

Which of the following is not the reconstitution of partnership?

(A)

Admission of a partner CUET 2023
(B)

Dissolution of Partnership

(C)

Change in Profit Sharing Ratio

(D)

Retirement of a partner

Q.No. 12

In the absence of partnership deed, the following rule will apply :

(A)

No interest on capital

(B)

Profit sharing in capital ratio

(C)

Profit based salary to working partner

(D)

9% p.a. interest on drawings

Q.No. 13

If a fixed amount is withdrawn by a partner on the last day of every month, interest on the total amount is
charged for ............... months

(A)

12

(B)

6 1/2

(C)

5 1/2

(D)

6

Q.No. 14
---

Accumulated losses and reserves are transferred to the debit of ______ a/c

(A) Revaluation

(B) partner’s capital CUET 2023
(C) realization

(D) bank

Q.No. 15

Trade receivable Includes:

(A) Debtors

(B) Bills receivables

(C) both (a) and (b)

(D) Either (a) or (b)

Q.No. 16

Maximum amount of capital mentioned in the memorandum of association is known as

(A) Subscribed capital

(B) Authorised capital

(C) Called up capital

(D) Paid up Capital

Q.No. 17

Anil and Aman are partners sharing profits and losses in the ratio of 3:2. Akhil is admitted as a new partner
for 1/3 rd share in the profits. Goodwill of the firm is valued at Rs.60000 and goodwill already appears in the
books at Rs.18000. It is decided that the existing goodwill should continue to appear in the books at its old
value. Akhil’s share of goodwill is:

(A)

26000

(B)

14000

(C)

20000

(D)

6000

Q.No. 18

In the absence of partnership deed, partners share profits or losses :
---

(A)

In the ratio of their Capitals

(B) CUET 2023
In the ratio decided by the court

(C)

Equally

(D)

In the ratio of time devoted

Q.No. 19

Sleeping partners are those who

(A) take active part in the conduct of the business but provide no capital. However, salary is paid to them.

(B) do not take any part in the conduct of the business but provide capital and share profits and losses in the
agreed ratio

(C) take active part in the conduct of the business but provide no capital. However, share profits and losses in
the agreed ratio.

(D) do not take any part in the conduct of the business and contribute no capital. However, share profits and
losses in the agreed rati

Q.No. 20

Liability of partner is :

(A) Limited

(B) Unlimited

(C) Determined by Court

(D) Determined by Partnership Act

Q.No. 21

A, B and C are partners in the ratio of 5 : 3 : 2. Before B’s salary of ₹17,000 firm’s profit is ₹97,000. How
much in total B will receive from the firm

(A)

₹17,000

(B)

₹40,000

(C)

₹24,000

(D)
---

₹41,000

Q.No. 22

CUET 2023
X, Y and Z are partners in a firm. Y retires and his claim including his capital and his share of goodwill is R.
1,20,000. He is paid partly in cash and partly in kind. A vehicle at Rs. 60,000 unrecorded in the books of the
firm and the balance in cash is given to him to settle his account. The amount of cash to be paid to Y will be

(A) Rs. 80,000

(B) Rs. 60,000

(C) Rs. 40,000

(D) Rs. 30,000

Q.No. 23

If a fixed amount is withdrawn by a partner on the first day of every month, interest on the total amount is
charged for ............... months

(A)

6

(B)

61/2

(C)

51/2

(D)

12

Q.No. 24

A and B contribute ₹1,00,000 and RS₹60,000 respectively in a partnership firm by way of capital on which
they agree to allow interest @ 8% p.a. Their profit or loss sharing ratio is 3 : 2. The profit at the end of the
year was ₹2,800 before allowing interest on capital. If there is a clear agreement that interest on capital will
be paid even in case of loss, then S’s share will be

(A)

Profit ₹6,000

(B)

Profit ₹4,000

(C)

Loss ₹6,000

(D)

Loss ₹4,000

Q.No. 25
---

Where will you record interest on drawings

(A)

CUET 2023
Debit Side of Profit & Loss Appropriation Account

(B)

Credit Side of Profit & Loss Appropriation Account

(C)

Credit Side of Profit & Loss Account

(D)

Debit Side of Capital/Current Account only

Q.No. 26

If a fixed amount is withdrawn by a partner in each quarter, interest on the total amount is charged for
.................... months

(A)

3

(B)

6

(C)

4.5

(D)

7.5

Q.No. 27

As per ---------, only purchased goodwill can be shown in the Balance Sheet.

(A)

AS 37

(B)

AS 26

(C)

Section 37

(D)

AS 37

Q.No. 28
---

P, Q and R are partners sharing profits in the ratio of 8:5:3. P retires. Q takes 3/16th share from P and R takes
5/16th share from P. What will be the new profit sharing ratio?

(A) 1:1
CUET 2023
(B) 10:6

(C) 9:7

(D) 5:3

Q.No. 29

If there is a ‘Match Fund’, then match expenses and incomes are transferred to:

(A) Income and Expenditure A/c

(B) Assets side of Balance Sheet

(C) Liabilities side of Balance Sheet

(D) Both Income and Expenditure A/c and to Balance Sheet

Q.No. 30

At the time of admission of a new partner, the entry for unrecorded investment will be:

(A)

Dr. Investment A/c and Cr. Revaluation A/c

(B)

Dr. Partners’ Capital A/c and Cr. Investment A/c

(C)

Dr. Revaluation A/c and Cr. Investment A/c

(D)

None of the above

Q.No. 31

100- Operating Profit Ratio is equal to

(A) Operating Ratio

(B) Operating Net profit Ratio

(C) Gross Profit Ratio

(D) Current ratio

Q.No. 32

atioIn the absense of any information regarding the acquisition of share in the profit of retring / decreased
partner by the remaining partners , It is assumed that they will acquire his/her share

(A) old profit sharing ration
---

(B) New profit sharing ration

(C) Equal Ratio

(D) None of the above CUET 2023
Q.No. 33

Partnership Deed is also called

(A)

Prospectus

(B)

Articles of Association

(C)

Principles of Partnership

(D)

Articles of Partnership

Q.No. 34

Debentures which are transferrable by mere delivery are:

(A) Registered debentures

(B) First Debentures

(C) Bearer debentures

(D) None of these

Q.No. 35

Goodwill of the firm is valued at Rs.100000. Goodwill also appears in the books at RS.50000. C is admitted
for 1⁄4 share. The amount of goodwill to be brought in by C will be:

(A)

20000

(B)

25000

(C)

30000

(D)

40000

Q.No. 36
---

The share of new partner and the sacrificing ratio of old partners is decided by:

(A)

the new partner only CUET 2023
(B)

the old partners only

(C)

the old partners and the new partner

(D)

the accountant of the firm

Q.No. 37

X, Y and Z are partners sharing profits and losses in the ratio of 4:3:2. Y retires and surrenders 1/9 th of his
share in favour of X and the remaining in favour of Z. The new profit sharing ratio will be:

(A) 1:8

(B) 13:14

(C) 8:1

(D) 14:13

Q.No. 38

Vikas is a partner in a firm. His drawings during the year ended 31st March, 2019 were RS72,000. If interest
on drawings is charged @ 9% p.a. the interest charged will be

(A)

₹324

(B)

₹6,480

(C)

₹3,240

(D)

₹648

Q.No. 39

Which one of the following items cannot be recorded in the profit and loss appropriation account

(A)

Interest on capital

(B)
---

Interest on drawings

(C)

Rent paid to partners CUET 2023
(D)

Partner’s salary

Q.No. 40

In a partnership Firm, partner A is entitled a monthly salary of ₹7,500. At the end of the year, firm earned a
profit of ₹75,000 after charging T’s salary. If the manager is entitled a commission of 10% on the net profit
after charging his commission, Manager’s commission will be :

(A)

₹7,500

(B)

₹16,500

(C)

₹8,250

(D)

₹15,000

Answer Sheet
Q.No Answer
Q.No. 1 (B)
Q.No. 2 (D)
Q.No. 3 (B)
Q.No. 4 (D)
Q.No. 5 (A)
Q.No. 6 (A)
Q.No. 7 (A)

Q.No. 8 (C)
Q.No. 9 (B)
Q.No. 10 (C)
Q.No. 11 (B)
Q.No. 12 (A)
Q.No. 13 (C)
Q.No. 14 (B)
Q.No. 15 (C)
---

Q.No. 16 (B)
Q.No. 17 (B)
Q.No. 18 (C)
CUET 2023
Q.No. 19 (B)
Q.No. 20 (B)
Q.No. 21 (D)
Q.No. 22 (A)
Q.No. 23 (B)
Q.No. 24 (D)
Q.No. 25 (B)
Q.No. 26 (B)
Q.No. 27 (B)
Q.No. 28 (A)
Q.No. 29 (C)
Q.No. 30 (A)
Q.No. 31 (A)
Q.No. 32 (A)
Q.No. 33 (D)
Q.No. 34 (C)
Q.No. 35 (B)
Q.No. 36 (C)
Q.No. 37 (B)
Q.No. 38 (C)
Q.No. 39 (C)
Q.No. 40 (D)
---