CUET Accountancy 2025 PYQs31 May Shift 1. Free, no login required.

Unrecorded liabilities when paid are shown in:

If partnership deed is silent on the profit sharing ratio: interest @_____ per annum is allowed on loans advanced by partners-

Vijay and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2. They admitted Ajay into partnership with 1/4th share in profits. Ajay brings in Rs. 30,000 for capital and the requisite amount of premium in cash for goodwill. The goodwill of the firm is valued at Rs. 20,000. The new profit sharing ratio is 2:1:1. The sacrificing ratio of Vijay and Sanjay is:

Interest on calls in advance is provided at a rate not exceeding ........ as per "Table F":

On the death of an existing partner, in case the value of a Liability decreases then which account will be debited?

Jindal and Company purchased a machine from High Life Machine Limited for Rs.3,80,000. As per purchase agreement, Rs. 20,000 were paid in cash and balance by issue of shares of Rs.100 each. Find the number of shares issued, if they are issued at par:

Match List-I with List-II

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Murli, Naveen and Omprakesh are partners sharing profits in the ratio of 3 /8 , 1/2 and 1/8 . Murli retires and surrenders 2/3rd of his share in favour of Naveen and the remaining share in favour of Omprakesh. The gaining ratio of the remaining partners is-

Steps involved in various accounting aspects of retirement or death of a partner -

(A) Settlement of the amounts due to retired/deceased partner

(B) Ascertainment of new profit sharing ratio and gaining ratio

(C) Adjustment of capital, if required

(D) Revaluation of assets and liabilities

Choose the correct answer from the options given below:

Match List-I with List-II

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Which of the following is true about debentures-

(A) Debenture is a part of owned capital.

(B) The payment of interest on debentures is a charge on the profits of the company.

(C) The debentures cannot be issued at a discount of more than 10% of the face value.

(D) Redeemable debentures are those debentures which are payable on the expiry of the specific period.

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In case partner's capital is fixed, then where interest on drawings charged will be shown?

Dissolution of a firm cannot take place in which of the situation-

Select the factors affecting the value of goodwill-

(A) Nature of business.

(B) Efficiency of management.

(C) Location.

(D) Prices.

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The Court may order a partnership firm to be dissolved in which of the following case?

Which statement is not true about Capital Accounts of Partner-

Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Babul is to be allowed an annual salary of Rs. 2,500. Manager is to be allowed commission @ 5,000. Amitabh has also given a Loan on April 01 , 2019 of Rs. 50,000 to the firm without any agreement. During the year 2019-20, the profits earned is Rs. 22,250. Profit and Loss Appropriation account shows balance of the Profit and Loss A/c (Net profit before Babul's salary) amounted to:

Match List-I with List-II

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

In the case of dissolution of a partnership firm, the accumulated profits and reserves are transferred to :

Match List-I with List-II

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The balance of the Share Forfeiture Account will be shown in the Balance Sheet of the Company, under the head of :

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

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

Mohit, Neeraj and Sohan are partners in a firm sharing profits in the ratio of 2 : 1 : 1. Neeraj retires and Mohit and Sohan decided that the capital of the new firm will be fixed at Rs. 1,20,000 and D is to bring in cash equivalent to 1/4th of this amount as his capital. The capital accounts of Mohit and Sohan show a credit balance of Rs. 82,000 and Rs. 41,000 respectively after making all the adjustments. Calculate the actual cash to be paid off or to be brought in by the continuing partners in total-

As a general rule, a company cannot ordinarily issue shares at ..................?

Which combination of statements is true about partnership-

(A) Valid partnership can be formulated even without a written agreement between the partners.

(B) Methods of settlement of disputes among the partners can't be part of the partnership deed.

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

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

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Debentures which are transferable by mere delivery are:

On dissolution of a firm, partner's loan account is transferred to:

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

According to section .......... of the Partnership Act, 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.

When journal entry for forfeiture of shares is recorded in the Company's books, the Share Capital Account -

The Profit on reissue of forfeited shares is transferred to :

Match List-I with List-II

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After transferring liabilities like creditors and bills payables in the Realisation Account, in the absence of any information regarding their payment, such liabilities are treated as:

A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. D is admitted into the firm for 1/4th share in profits, which he gets 1/8th from B. The total capital of the firm is agreed upon as Rs. 1,20,000 and D is to bring in cash equivalent to 1/4th of this amount as his capital. The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. The capitals of A, B and C after all adjustments, are Rs. 40,000, Rs. 35,000 and Rs. 30,000 respectively. Calculate the new capital of A

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.

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A and B are partners in a firm sharing profits in the ratio 2:1. C is admitted into the firm with 1/4th share in profits and he brings Rs. 30,000 as his capital. If the capitals of A and B are to be adjusted in their profit sharing ratio then the capital of A will be-

Sunena, a shareholder holding 500 shares of Rs. 10 each, did not pay the allotment money of Rs. 4 per share (including a premium of Rs. 2) and the first and final call of Rs. 3. Her shares were forfeited after the first and final call. Choose the correct journal entry for forfeiture of the shares.

Saloni and Srishti are partners in a firm. Their capital accounts as on April 01, 2019 showed a balance of Rs. 2,00,000 and Rs. 3,00,000 respectively. On July 01, 2019 Saloni introduced additional capital of Rs. 50,000 and Srishti, Rs. 60,000. On October 01, 2019 Saloni withdrew Rs. 30,000, and on January 01, 2020 Srishti withdrew Rs. 15,000 from their capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to Saloni during the financial year 2019–2020.

Money received in advance from shareholders before it is actually called-up by the directors is :

Arrange Categories of Share Capital into correct order-

(A) Subscribed Capital

(B) Authorised Capital

(C) Issued Capital

(D) Called up Capital

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Contents of the Partnership Deed does not include

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. The new profit sharing ratio of Anshu, Nitu and Jyoti.

State which of the following combination of statements are true about the Company-

(A) A company is an artificial person.

(B) Capital reserves are created from capital profits.

(C) Shareholders of a company are liable for the acts of the company.

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

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The analysis of the actual movement of money inflow and outflow in an organisation is called-

Which of the following is not an operating activity-

The two basic measures of liquidity are:

Arrange the following Cash Flows from Operating Activities in sequence as per indirect method-

(A) Income Tax Paid

(B) Net Profit/Loss before Tax and Extraordinary Items

(C) Operating Profit before Working Capital changes

(D) Effects of Extraordinary Items relating to operating activity.

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Which of the following is not the nature of financial statements-

Which formula can be used to prevent leading or trailing spaces in a data validation rule?

In Excel terminology, what is the area that contains the entire chart called?

Provident Fund (PF) is calculated as a percentage of which component(s)?

In a chart, what do data points represent?

What does Dearness Allowance (DA) compensate for?