CUET Accountancy 2025 30 May Shift 1 PYQs

Which of the following is the correct statement in respect of Forfeited Shares :-

__________ is that portion of the subscribed capital which has not been demanded by the company. The company may collect this amount any time when it needs further funds :-

Match List-I with List-II | List-I | List-II | |---|---| | (A)The maximum amount of share capital which a company is authorized to issue is known as : | (I) Capital reserve | | (B) Shares can be forfeited for: | (II) Share capital | | (C) The profit on the reissue of forfeited shares is transferred to : | (III) Nominal share capital | | (D) Balance of share forfeiture account is shown in the balance sheet under the item : | (IV) Non-payment of call money | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Under Subscription | (I) Issue of Shares at an amount more than the nominal or par value of shares. | | (B) Issue of Shares at a Premium | (II) It is a situation where the number of shares applied for is less than the number for which applications have been invited for subscription. | | (C) Over Subscription | (III) The amount so received from the shareholders when shareholders pay a part or the whole of the amount of the calls not yet made. | | (D) Calls in Advance | (IV) when applications for more shares of a company are received than the number offered to the public for subscription. | Choose the correct answer from the options given below:

Suvidha Ltd. purchased machinery worth Rs.1,98,000 from Suppliers Ltd. The payment was made by issue of 12% debentures of Rs.100 each. How many debentures will be issued at a 10% discount?

If there are some accumulated losses in the form of a debit balance of profit and loss account appearing in the balance sheet of the firm. It should be transferred to:

By virtue of which Section of the Companies Act 2013, the Central Government is empowered to prescribe the maximum number of partners in a firm, but the number of partners can not be more than 100?

On the dissolution of a firm, the Creditors are transferred to :

Pinki, Deepti and Kaku are partner's sharing profits in the ratio of 5:4:1. Kaku is given a guarantee that his share of profits in any given year would not be less than Rs 5000. Deficiency, if any, would be borne by Pinki and Deepu equally. Calculate the deficiency assumed by Pinki and Deepti for each case separately if profits for the year were:- Case I - Rs 40,000 or Case II - Rs 60,000

The Partnership agreement between Maneesh and Girish provides that: (A) Profits will be shared equally (B) Maneesh will be allowed a salary of Rs 400 pm (C) Girish who manages the sales department will be allowed a commission of 10% of the net profits after deducting Maneesh's salary (D) 7% p.a. interest will be allowed on Partner's fixed capital (E) 5% p.a. interest will be charged on partner's annual drawings (F) The fixed capitals of Maneesh and Girish are Rs 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and Rs 14,000 respectively. The net profit for the year ended March 31, 2018 amounted to Rs. 40,000 Calculate the profit allocated to each partner after all adjustments.

Ranjana, Sadhna and Kamana are partners, sharing profits in the ratio 4:3:2. Ranjana retires; Sadhna and Kamana decide to share profits in the future at the ratio of 5:3. Calculate the Gaining Ratio:

A, B and C are partners in a firm. If B is being retired from the firm, what would be its effect?

Which is not a type of Preference Shares :-

In the absence of any information regarding the acquisition of share in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in:

Match List-I with List-II | List-I | List-II | |---|---| | (A) On dissolution of a firm, creditors is transferred to: | (I) Bank account is credited | | (B) Unrecorded liabilities when paid: | (II) Realization Account | | (C) When realization expenses are paid by the firm on behalf of a partner, such expenses are | (III) Bank account is debited. | | (D) When unrecorded assets are sold | (IV) Partner's Capital Account | Choose the correct answer from the options given below:

On dissolution of the firm, partner's capital accounts are closed through:

Table F of the Companies Act provides for the payment of interest on calls in advance at a rate not exceeding:

Arrange the following in correct sequence : (A) Paid up Capital (B) Subscribed Capital (C) Issued Capital (D) Authorised Capital Choose the correct answer from the options given below:

In case of the dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. Arrange the following in the correct sequence : (A) In paying to each partner proportionately what is due to him on account of capital (B) In paying the debts of the firm to the third parties (C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan) (D) The residue, if any, shall be divided among the partners in their profit sharing ratio Choose the correct answer from the options given below:

The maximum amount of discount on the re-issue of forfeited shares will be :-

Which among the following statements is NOT true

Identify the correct sequence for finding out divisible Profit & Loss for a Partnership Firm manufacturing Steel pipes : (A) Transfer amount to general reserve, as per requirement. (B) Allow interest on capital and charge interest on drawing. (C) Transfer of the balance of profit and loss account to profit and loss appropriation A/c (D) Find out the balance amount to be distributed among partners. Choose the correct answer from the options given below:

Which item among the following is NOT listed on the credit side of a Realization Account?

The following are the features of the fluctuating capital method by which the capital accounts of partners can be maintained. (A) Under the fluctuating capital method, only one account, i.e. capital account is maintained for each partner. (B) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, etc. are recorded directly in the capital accounts of the partners. (C) 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. (D) The capital account may sometimes show a debit balance. Choose the correct answer from the options given below:

A firm is dissolved compulsorily in the following cases: (A) When all the partners or all but one partner, become insolvent, rendering them incompetent to sign a contract. (B) When the business of the firm becomes illegal (C) Change in existing profit sharing ratio among partners (D) When some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership. Choose the correct answer from the options given below:

Unrecorded liabilities when paid are shown in:

Which of the following are the correct statements regarding debentures/debentures interest. (A) The payment of interest on debentures is a charge on the profits of the company. (B) Redeemable debentures are those debentures which are payable on the expiry of the specific period. (C) Debentures cannot be converted into shares. (D) Perpetual debentures are also known as irredeemable debentures. Choose the correct answer from the options given below:

Which among the following is NOT true about the Partnership?

Rahul Limited purchased a building from Handa Limited for Rs.5,40,000 and the payment is to be made by the issue of shares of Rs.100 each. What will the number of shares to be issued when shares issued at a premium of 20%?

Perpetual Debentures are also known as :-

Rohit and Mohit are partners in a firm sharing profits in the ratio 5:3. They admitted Bijoy as a new partner for 1/7 share in the profit. The new profit sharing ratio will be 4:2:1. Calculate the sacrificing ratio of Rohit and Mohit

What is the nominal share capital?

If the premium for goodwill is paid to the old partners directly / privately by the new partner, what journal entry will be recorded in the books of Partnership Firm :-

Arrange the journal entries with regard to first call of shares in the correct sequence: (A) For Adjustment of Excess Application Money (B) For Amount Due on Allotment (C) For Allotment money received. (D) For Amount Due on call. Choose the correct answer from the options given below:

In the Proforma of Partner's Capital Account under the Fluctuating capital Method, the Credit side includes the following items: (A) Balance b/d (in case of credit opening balance) (B) Salaries (C) Interest on drawings (D) Profit and Loss Appropriation (for share of profit) Choose the correct answer from the options given below:

Arrange the steps of method, Capitalization of Average for the calculation of goodwill, in the correct sequence: (A) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalized value of average profits as follows: Average Profits × 100/Normal Rate of Return (B) Ascertain the average profits based on the past few years' performance. (C) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets (excluding goodwill and fictitious assets). Firms' Capital = Total Assets (excluding goodwill) – Outside Liabilities Where outside Liabilities include both long term and short term Liabilities (D) Compute the value of goodwill by deducting net assets from the capitalized value of average profits. Choose the correct answer from the options given below:

When a firm is dissolved, Provision for Bad and Doubtful Debt Account :-

Match List-I with List-II | List-I | List-II | |---|---| | (A) These debentures refer to those debentures where a charge is created on the assets of the company for the purpose of payment in case of default. | (I) Bearer Debentures | | (B) These debentures are those which are payable on the expiry of the specific period either in lump sum or in installments during the lifetime of the company. | (II) Zero Coupon Rate Debentures | | (C) These debentures do not carry a specific rate of interest. | (III) Redeemable Debentures | | (D) These debentures are the debentures which can be transferred by way of delivery and the company does not keep any record of the debentures interest on the debentures that is paid to a person who produces the interest coupon attached to such debentures. | (IV) Secured Debentures | Choose the correct answer from the options given below:

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:-

All assets (except cash/bank and fictitious assets) are transferred to the__________ side of __________Account.

The profits for the five years of a firm are as follows – year 2013 Rs. 4,00,000;year 2014 Rs. 3,98,000; year 2015 Rs. 4,50,000; year 2016 Rs. 4,45,000 and year 2017 Rs. 5,00,000. Calculate the goodwill of the firm on the basis of a 4-year purchase of 5 years average profits:

At the time of admission of a new partner, general reserve appears in the old balance sheet is transferred to:

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

Himanshu withdrew Rs 2,500 at the end of each month. The partnership deed provides for charging of interest on drawings @ 12% p.a. Calculate interest on Himanshu's drawings for the year ended March 31, 2017

The balance of the share forfeiture account is shown in the balance sheet under the item :

Which technique is used to assess profitability, solvency and efficiency of an enterprise through the technique of ratio analysis?

Match List-I with List-II | List-I | List-II | |---|---| | (A) Operating activities | (I) Proceeds from long-term borrowings | | (B) Investing activities | (II) Short-term deposit | | (C) Financing activities | (III) Rent paid | | (D) Cash equivalents | (IV) Proceeds from sale of old machinery | Choose the correct answer from the options given below:

Which among the following items is shown as the Major Head in the balance sheet of a company?

Which among the following is NOT the feature of the Presentation of the Financial Statement?

The items in the "statement of profit and loss", for the Revenue from operations DON'T include: If it is a non-finance company

How do you add the Data Form button to Excel's Quick Access Toolbar? Click Quick Access Toolbar arrow (A) Add (B) All Commands (C) Form (D) More Commands

What shape is the Fill Handle in Excel?

How is an absolute cell reference indicated? (A) With a # sign before the cell (B) With a $ sign before the column and/or row (C) With parentheses around the cell (D) With a $ sign before the column and/or row Choose the correct answer from the options given below:

Which of the following is NOT a method to create a drop-down list for data validation?

What does the "cell reference" in a formula typically consist of?