CUET Accountancy 2025 PYQs13 May Shift 2. Free, no login required.

Arrange the following in correct order in which assets of the firm can be used in there settlement.

(A) Residue shall be divided between the partners in their profit sharing ratio.

(B) In paying the partners proportionately what is due to him/her on account of capital.

(C) In paying the partners proportionately what is due to him/her from the firm for advances/loans.

(D) In paying the debts of the firm to the third parties.

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In which of the following the Economic relationship between the partners comes to an end?

Which of the following factors leads to a higher goodwill for firms?

(A) Firms having long term contracts for supply of materials

(B) Firms with efficient management

(C) Firms which are highly profitable

(D) Firms which do not have competitive advantages

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Which of the following does not result in outflow of cash?

(A) Depreciation

(B) Loss on sale of fixed assets

(C) Purchase of fixed assets

(D) Goodwill written off

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P, Q and R share profits equally. At the time of P's retirement, goodwill appears in the books at Rs. 3000. P will be debited with _____ amount for Goodwill share.

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Which is not the Elements of a Chart/graph-

Arrange in correct sequence at a time of admission of partner-

(A) Adjustments of capital accounts.

(B) Valuation of goodwill

(C) Calculation of new profit sharing ratio and sacrificing ratio.

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Choose the correct statements -

(A) The financial statements of a business enterprise include cash flow statements.

(B) Common size statements and financial ratios are the two tools employed in vertical analysis.

(C) Financial analysis helps an analyst to arrive at a decision.

(D) Comparative statements are the form of vertical analysis.

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Arrange As Appear In Cash Flow Statement-

(A) Investing activities

(B) Operating activities

(C) Financing Activities

(D) Cash and cash equivalents

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The goodwill based on capitalization of average profit method is valued at Rs 1,80,000. If Net Assets are Rs 8,20,000 then find the capitalized value of average profits.

Arrange As Appear in Balance sheet as prescribed in part I of schedule III of the Companies act 2013-

(A) Non-current liabilities

(B) Current liabilities

(C) Current Asset

(D) Shareholders fund

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Unrecorded liabilities when paid at the time of dissolution of a partnership firm, are shown in:

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Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Suresh retires from the firm and his share was acquired by Naveen and Tarun in the ratio 2:1. The new profit sharing ratio is

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When debentures are issued at par and redeemable at a premium, the premium payable on redemption is debited to:

Balance Sheet provides information about financial position of the enterprise:

Choose a pair of correct statements

(A) The only purpose of financial reporting is to keep the managers informed about the progress of operations.

(B) Analysis of data provided in the financial statements is termed as financial analysis.

(C) Long-term borrowings are concerned about the ability of a firm to discharge its obligations to pay interest and repay the principal amount.

(D) The ratio reflects quantitative and qualitative aspects of the results.

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The following journal entry appears in the books of X Co. Ltd.

Bank A/c Dr. 4,75,000

Loss on issue of debenture A/c Dr. 75,000

To 12% Debentures A/c 5,00,000

To Premium on Redemption of Debenture A/c 50,000

Debentures have been issued at a discount of:

Ravi, one of the partners, provided Rs 1,00,000 loan to the firm. In the absence of partnership deed, interest on partner's loan is allowed @ _____?

Arrange in correct sequence-

(A) Share Allotment

(B) Share Application

(C) Share forfeiture

(D) Share Call

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Which statements are correct-

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

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

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

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

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Which Element is not used in Payroll Calculation -

In case of dissolution Machine costing Rs 20,000, alongwith cash of Rs 5,000 were given to creditors of Rs 30,000 in full settlement of their claim.

In this case Realisation A/c will be Debited with ___________.

A and B are partners sharing profits equally with capitals of Rs 45,000 each. They admitted C as a new partner for one-third share in the profit. C brings in Rs 60,000 as his capital. Find the value of Firm Goodwill.

Debentures are issued at a discount. In which of the following the difference between their nominal value and the issue price is treated as the amount of interest.

For distribution of profits made during a year among the partners, the following account is debited:

Calulate Current Ratio from the following information:

Which account is credited if the value of net assets exceeds purchase consideration at the time of purchase of business?

A and B are partners sharing profits in the ratio of 3:2. They admit C for 1/5th share in the future profits which he gets equally from both A and B. The new profit sharing ratio will be:

"The business of a partnership concern may be carried on by all the partners or any one of them acting for all", indicate which feature of the partnership?

When the business of the partnership firm becomes illegal, it leads to dissolution of the firm under ___________?

ABC Ltd., Issued 3,000, 14% Debentures of Rs. 100 each at a discount of 5% on April 1, 2023. Interest on these debentures is payable annually on March 31 each year. The debentures are redeemable at par in three equal instalments at the end of the third, fourth and fifth year. Discount on issue of debentures is-

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In the case of fixed capital method, following two accounts are maintained.

The sum due to the retiring partner and to the legal representatives/executors (in case of death) includes the following, in addition to credit balance of his capital/current A/c, share of goodwill, gain on revaluation of assets and liabilities.

A and B are partners in a firm with their fixed capital Rs 4,00,000 and 5,00,000 respectively. After preparation of accounts, it was found that interest on capital @ 10% p.a as provided by the partnership deed is omitted. In order to rectify the mistake, A's Current account will be _____?

Which section of the Partnership Act 1932, defines partnership?

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