CUET Accountancy 2025 PYQs30 May Shift 2. Free, no login required.

Shares can be forfeited:

Which of the following is not a features of partnership:

At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

Which Factor does not Affect the Value of Goodwill-

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

A partnership deed usually doesn't contain the following details:

Aashish withdrew Rs. 10,000 per month from the firm for his personal use during the year ending March 31, 2017. What will be the amount of interest if the amount is withdrawn at the beginning of each month and rate of interest on drawings is 8% per annum?

Jain and Co. purchased a machine from Young Life Machine Limited for Rs.3,80,000. As per the purchase agreement, Rs. 20,000 were paid in cash and balance by issue of shares of Rs.100 each. How many shares are issued if the shares are issued at 20% premium.

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:

Mohan and Shyam are partners in a firm. Which statement among the below can be claimed valid if the Partnership Agreement is silent regarding the same.

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

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

In which order, the following types of share capital are shown in the balance sheet of a company?

(A) Subscribed Capital

(B) Called up Capital

(C) Issued Capital

(D) Authorized Capital

Choose the correct answer from the options given below:

Which account is debited for Realisation expenses paid?

Discount allowed on re-issue of forfeited shares, will be:-

Which statements among the following are CORRECT?

(A) A public company's shares are generally transferable.

(B) Share application account is a personal account.

(C) The director of a company may be a shareholder.

(D) Paid up capital can exceed called up capital.

Choose the correct answer from the options given below:

Select the TRUE statement related to the issue/re-issue of equity shares.

A, B and C are partners in a firm. If D is admitted as a new partner then:

The minimum guaranteed amount shall be paid to the new partner when his share of profit as per the profit sharing ratio:

The important methods of valuation of goodwill are as follows:

(A) Average Profits Method

(B) Normal Profits Method

(C) Super Profits Method

(D) Capitalization Method

Choose the correct answer from the options given below:

Anupam and Abhishek are partners. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively on April 01, 2019. Show the interest on capital for the year ending march 31, 2020 allowed, if the partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 14,000 during the year:

Which combination of statements is true about dissolution-

(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 decides to retire.

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 in the correct manner and order the assets of the firm, including any sum contributed by the partners to make up for deficiencies of capital:

(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:

Unrecorded liabilities when paid are shown in:

A partnership firm is dissolved compulsorily in the following cases:

(A) when all the partners or all but except 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, e.g., when a partner who is a citizen of a country becomes an alien enemy because of the declaration of war with his country and India.

Choose the correct answer from the options given below:

The following are the features of a Company:

(A) Separate Legal Entity

(B) Unlimited Liability

(C) Perpetual Succession

(D) Common Seal

Choose the correct answer from the options given below:

Under which Section & Act, the Central Government is empowered to prescribe a maximum number of partners in a partnership firm?

A company has issued 10% Debentures of Face Value of Rs. 5,00,000 as Collateral Security against Rs. 6,00,000, 12% Bank Loan. What amount of total interest will be paid by company for the whole year:-

Which among the following is not the feature of a fixed capital method by which the capital accounts of partners can be maintained?

Keshav, Nirmal and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Nirmal retires and the goodwill is valued at Rs. 72,000. Keshav and Pankaj decided to share future profits and losses in the ratio of 5 : 3. Gaining Ratio of Keshav and Pankaj is:

Arrange the important steps in the correct sequence in the procedure of share issue:

(A) Receipt of Applications

(B) Allotment of Shares

(C) Listing of Shares on the Stock Exchange

(D) Issue of Prospectus

Choose the correct answer from the options given below:

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

Arrange the following steps for calculating Goodwill under Capitalisation of Average Profits Method in correct sequence-

(A). Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets.

(B). Compute the value of goodwill by deducting net assets from the capitalised value of average profits.

(C). Ascertain the average profits based on the past few years' performance.

(D). Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalised value of average profits.

Choose the correct answer from the options given below:

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

If the partnership deed is silent on interest on capital, then:

Select the INCORRECT statement from the below given statements:-

A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return for a similar business is 10%. Ascertain the value of goodwill by capitalization of average profits method, given that the value of net assets of the business is Rs. 8,20,000.

Match List-I with List-II

Choose the correct answer from the options given below:

A company maintains 'Calls in Arrears' Account. What entry it will be passed on receiving first call money provided whole amount due in it is not received:-

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

Perpetual Debentures are also known as:-

The books of a business showed that the firm's capital employed on December 31, 2015, is Rs. 5,00,000 and the profits for the last five years were: 2011–Rs. 40,000; 2012-Rs. 50,000; 2013-Rs. 55,000; 2014- Rs.70,000 and 2015-Rs. 85,000. Find out the normal profits of the business, given that the normal rate of return is 10%.

What is the nominal share capital?

When realisation expenses are paid by the firm on behalf of a partner, which account will be debited:

Which of the following is the feature of fluctuating capital:

Which among the following is NOT TRUE about the financial statement?

Calculate the Current Ratio from the following information:

Match List-I with List-II

Choose the correct answer from the options given below:

The net profits made during the year are Rs. 50,000. Machine purchased during the year was for Rs 40,000 and non current investment sold were for Rs 1,00,000. Then during the year the cash flow from investing activities will be equal to:

If the net profits earned during the year is Rs. 50,000 and the amount of debtors at the beginning and the end of the year is Rs. 10,000 and Rs. 20,000 respectively, then the cash from operating activities will be equal to:

______ feature allows us to create a cross tabulation summary of data in which heading can subsequently moved to give different views of the data.

What is the maximum number of columns that a data validation form in Excel can display?

Doughnut charts:

(A) Contains More than one data series

(B) Comparable with Pie Chart

(C) Comparable with bar graph

(D) Comparable with Line Chart

Choose the correct answer from the options given below:

What happens when you select "Warning" style in the Error Alert tab?

A _____ is a range of cells that shows the results of substituting different values in one or more formulas.