CUET Accountancy 2025 PYQs26 May Shift 2. Free, no login required.

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Under the fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners. Which among the following is NOT the feature of the fixed capital method?

Partners' current accounts are transferred to respective Partners' ______ Accounts.

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Identify the false statement with regard to a company:

Which of the following is not a method of valuation of goodwill?

An annual report is issued by a company to its --------------.

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Neha contributed Rs. 30,000 and Saloni Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?

The clauses of a partnership deed can be altered with the consent of ______

Which of the following statements are correct about partnership:-

(A) Each partner carrying on the business is the principal as well as the agent for all the other partners

(B) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner

(C) If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared equally by partners

(D) Interest on partner's loan is to be given @ 12% p.a., if the deed is silent about the rate

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Rs 50,000 were received in advance for second and final call along with first call. The second and final call was due after two months from the first call. Table II provides for interest on calls in advance at the rate not exceeding _____ per annum and interest on calls in advance amounted to Rs ...........

Which of the following ratios is considered as the solvency ratio?

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Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-

Blue Prints Ltd., purchased building worth Rs.1,50,000, machinery worth Rs.1,40,000 and furniture worth Rs.10,000 from XYZ Co., and took over its liabilities of Rs. 20,000 for a purchase consideration of Rs. 3,15,000. Blue Prints Ltd., paid the purchase consideration by issuing 12% debentures of Rs.100 each at a premium of 5%. Number of debentures issued are-

When debentures are issued at par and are redeemable at a premium, the loss on such issue is debited to :

When a firm is dissolved, the Balance of Investment Account and Balance of Investment Fluctuation Fund Account, shown by Firm's Balance Sheet are transferred into ............... and into ............... respectively:-

John Ibrahim, a partner in Ancient Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. He withdrew Rs. 3,000 per month at the beginning of the month. Calculate interest on drawings that should be charged from John Ibrahim, if the rate of interest charged on drawing is 9% per annum.

A correct journal entry for Transfer of the balance of Profit and Loss Account (a credit balance) to Profit and Loss Appropriation Account is-

Arrange the following in correct sequence for application of assets in the Settlement of Accounts in Case Of Dissolution of a Partnership firm -

(A) The balance should be applied to repay loans made by the partners to the firm.

(B) The assets of the firm should be used in paying the debts of the firm to third parties.

(C) The balance assets may be used for paying partners proportionately, on account of capital.

(D) The asset's residue, if any, shall be divided among the partners in their profit sharing ratio.

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Balance of share forfeiture account is shown in the balance sheet under the sub-head-

The profits of firm for the five years are as follows:

Calculate the value of goodwill on the basis of three years' purchase of average profits.

Which of the following statements results in the reconstitution of a partnership firm :-

(A) Change in profit sharing ratio among partners.

(B) Admission of a new partner.

(C) Dissolution of a partnership firm.

(D) Dissolution of a partnership.

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Realisation account doesn't show-

Which of the following statements are true:

(A) Dissolution of a partnership is different from dissolution of a firm.

(B) A partnership is dissolved when there is a death of a partner.

(C) A firm is dissolved when all partners give consent to it.

(D) A firm is compulsorily dissolved when a partner decide to retire.

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Sahil, a share holder, failed to pay the money for second and final call of Rs. 20 on 1,000 shares issued to him at Rs. 120 (face value of Rs. 100 per share). His shares were forfeited after the second and final call. Which is correct about share forfeiture:

Sindhu, Neha and Priya are partners, sharing profits in the ratio of 5:3:2. Calculate the new profit sharing ratio and gaining ratio if Neha retires:

On the admission of a new partner increase in the value of assets is debited to:

The company has to get minimum subscription within how many days?

The Profit on reissue of forfeited shares is transferred to-

The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, which, among the following, is not shown in the Profit and Loss Appropriation Account?

A and B are partners in a firm sharing profits in the ratio of 3:2. They admitted M as a new partner for 1/4 share. The new profit sharing ratio between A and B will be 2:1. Calculate their sacrificing ratio.

Which of the following is not a constituents of the credit policy of a business firm?

As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital:

(A) Out of Profits

(B) Out of capital of Partners

(C) By partners individually in their profit sharing ratio

(D) Creditors Assets

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Arrange the Following Steps to Calculate Goodwill under the Super Profits Method-

(A) Calculate the normal profit on the firm's capital on the basis of the normal rate of return

(B) Calculate the average profit

(C) Calculate the super profits by deducting normal profit from the average profits

(D) Calculate goodwill by multiplying the super profits by the given number of years' purchase

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Which of the following is not always an essential feature of partnership?

Which among the following is NOT true?

R, S and K are partners sharing profits in the ratio 4:3:2. R retires; S and K decided to share profits in future in the ratio of 5:3. Calculate the Gaining Ratio.

In the case of dissolution of firm, accumulated losses are transferred to:

Das and Sinha are partners in a firm sharing profits in 4:1 ratio. They admitted Pal as a new partner for 1/4th share in the profits, which he acquired wholly from Das. The new profit sharing ratio of the partners is-

Rohan, Bharti and Leela are partners. On the retirement of Rohan, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written-off:

Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get:

Revenue from operations = 4,00,000 Average Inventory = 55,000 Gross Profit Ratio = 10%. Calculate Inventory turnover ratio-

Arrange the following steps to prepare the Comparative Statements-

(A) List out absolute figures in rupees relating to two points of time

(B) Prepare the format

(C) Find out the change in absolute figures by subtracting the first year from the second year and indicate the change as increase or decrease.

(D) Calculate the percentage change

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Which of the following is not an operating activity?

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The ________ ratios are primarily measures of return-

This sub system deals with the recording of different items purchased and issued specifying the price, quantity and date.

This subsystem deals with the preparation of Profit and Loss accounts, Balance Sheet and Cash Flow statements for reporting purposes.

__________sub system deals with payment of wages and salary to employees.

__________ ensures security of data even if it lands in wrong hands, because the receiver of data will not be able to decode and interpret it.

Which of the following is not the advantage of Computerised Accounting System (CAS):