CUET Accountancy 2025 4 June Shift 2 PYQs

Discount allowed on reissue of forfeited shares should be debited to:

In case of dissolution of firm, the bank overdraft is transferred to:

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

Which combination of statements is true about the fixed and fluctuating capital: (A). Under the Fixed capital method, two separate accounts are maintained for each partner, viz., 'capital account' and 'current account'. (B). Under the Fluctuating capital method, the balance of the capital account fluctuates from year to year. (C). Under the Fixed capital method, drawings, salary, interest on capital etc. are posted (transferred) in the current accounts and not in the capital accounts. (D). Under the Fixed capital method, the capital accounts always show a debit balance. Choose the correct answer from the options given below:

Which of the following is incorrect about the minimum subscription: Minimum subscription is the minimum amount that, in the opinion of directors, must be raised to meet the needs of business operations of the company relating to:

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-

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. Amitabh has also given a Loan on April 01, 2024 of Rs. 50,000 to the firm without any agreement. Calculate Interest on Amitabh's Loan assuming books are closing on 31st March, 2025.

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.

Ashoka Limited Company, which had issued equity shares of Rs.20 each at a premium of Rs. 4 per share, forfeited 1,000 shares for non-payment of final call of Rs.2 per share. 400 of the forfeited shares were reissued at Rs.14 per share out of the remaining shares of 200 shares reissued at Rs.20 per share. Balance of Share Forfeiture Account after reissue of shares will be:

In case of admission of a partner, the new partner brings Rs. 20,000 only as his share of premium for goodwill out of Rs. 50,000. Journal entry for the adjustment of goodwill will be:

Preference Shares are defined under section ________ of the Companies Act, 2013.

Profit on reissue of forfeited shares should be treated as:

Which of the following statement is incorrect?

In case of Fixed Capital Method, at the time of dissolution of a firm, An un-recorded asset are taken over by a partner, which Journal Entry will be recorded in the books of the Partnership Firm :-

Yadu, Madhu and Vidu are partners, sharing profit and losses in the ratio of 2:2:1. Their fixed capitals on April 01,2018 were: Yadu Rs. 5,00,000, Madhu Rs. 4,00,000 and Vidu is 3,50,000. As per a partnership deed, partners are entitled to interest on capital of @5% p.a. and Yadu has to be paid a salary of Rs. 2000 per month. The net loss of the firm as per profit and loss account for the year ending March 31, 2019, amounted to Rs. 75,000. On the basis of the profit and loss appropriation account, Partners' distribution of loss would be:

The director of Poly Plastic Limited resolved that 200 equity shares of Rs.100 each be forfeited for non-payment of the second and final call of Rs.30 per share. Out of these, 150 shares were re-issued at Rs.60 per share to Mohit. Journal entry for creating capital reserve will be:

Debentures which are transferable by mere delivery are:

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

Match List-I with List-II | List-I | List-II | |---|---| | (Type of Debentures) | (Characteristic of Debenture) | | (A) Secured Debentures | (I) do not have a specific charge on assets of the company | | (B) Redeemable Debentures | (II) do not carry a specific rate of interest | | (C) Zero Coupon Rate Debentures | (III) are payable on the expiry of the specific period | | (D) Unsecured Debentures | (IV) a charge is created on the assets of the company | Choose the correct answer from the options given below:

The maximum number of members in a private company can be .......

Hem and Nem are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Sam on Jan. 1, 2025 as a new partner for 1/5 share in the future profits. Sam brought Rs. 60,000 as his capital. Sam share of goodwill will be:

Ram and Laxman started business on 1st Jan 2020 with a capital of Rs 1,20,000 and Rs 80,000 respectively. Ram introduced Rs. 50,000 to the firm on 1st July 2020 as additional capital. If the rate of interest is 15% p.a. Assuming that accounts are closed as per calender year then the Interest payable to Ram on Capital would be:

Goodwill is a/an:

The Profit on reissue of forfeited shares is transferred to:

Arrange the steps in the correct sequence while calculating goodwill by capitalization of average profit method: (A) Ascertain the actual firm's capital (net assets) (B) Compute the value of goodwill (C) compute the capitalized value of the average profits (D) Ascertain the average profits Choose the correct answer from the options given below:

A partnership is not dissolved when:-

In case of retirement, the profit and loss suspense account is closed by transferring the amount to the _________.

Shares except ESOP can be issued: (A) at Premium (B) at Par (C) for other than cash Choose the correct answer from the options given below:

In the event of retirement of partner, following deduction has to be made from his/her share.:

When a new partner is admitted, the increase in the value of the assets is debited to which account?

Choose the correct statement if a partnership deed is not present.

Arrange the following steps in correct sequence in case of retirement of a partner: (A) Adjustment of Capital, if required (B) Ascertain new profit sharing ratio and gaining ratio (C) Distribution of Revaluation/Accumulated profits and losses (D) Undertake revaluation of assets and liabilities Choose the correct answer from the options given below:

At the time of dissolution, when creditor accepts an asset whose value is much more than the amount due to him, he will _________ the excess amount which will be credited to _________ account?

Match List-I with List-II | List-I | List-II | |---|---| | (A). Admission of a New Partner | (I). Realisation Account | | (B). Retirement of a Partner | (II). Sacrificing Ratio | | (C). Dissolution of Partnership | (III). Executors Account | | (D). Death of A Partner | (IV). Revaluation of Assets and Liabilities | Choose the correct answer from the options given below:

200 shares of Rs. 100 each issued at a premium of Rs.10 were forfeited for the non-payment of allotment money of Rs. 60 (including premium) per share. The first and final call of Rs. 20 per share on these shares were not made. The forfeited shares were reissued at Rs. 70 per share as fully paid-up. Capital reserve created after reissue will be:

What journal entry will be passed for settlement of loan from a partner of Rs. 50,000 by paying Rs. 45,000 at the time of dissolution of a firm :-

Which of the following factors affects the value of goodwill? (A). Location of Business (B). Partner's Performance (C). Nature of Business (D). Market Situation Choose the correct answer from the options given below:

Which of the following is not a feature of a company?

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 Choose the correct answer from the options given below:

The following are the features of Debentures: (A) The payment of interest is a charge on profits and is to be paid even if there is no profit. (B) The debentures, which are issued for a specified period are repayable on the expiry of that period. (C) If the debentures are generally secured, they carry a fixed or floating charge over the assets of the company. (D) Debentures can not be converted into shares in any case. Choose the correct answer from the options given below:

A and B are partners sharing profits in the ratio of 2:1. C is admitted into the firm for 1/4 share of profits. C brings in Rs. 20,000 in respect of his capital. The capitals of old partners A and B, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs. 45,000 and Rs. 15,000 respectively, It is agreed that partners' capitals should be according to the new profit sharing ratio. A's Capital in the new firm will be:

Any firm that earns normal profits or is incurring losses has ____________.

Which of the following combination of statements are true about dissolution- (A). A firm is compulsorily dissolved when a partner decide to retire. (B). Dissolution of a partnership is different from dissolution of a firm. (C). A partnership is dissolved when there is a death of a partner. (D). Dissolution of a firm necessarily involves dissolution of partnership. Choose the correct answer from the options given below:

Shares can be forfeited:

Match List-I with List-II | List-I | List-II | |---|---| | Interest on Drawings | Time (Month) | | (A). When the amount is withdrawn at the beginning of each month. | (I). 6 months | | (B). When the amount is withdrawn at the end of each month. | (II). 6.5 months. | | (C). When the amount is withdrawn at the middle of each month. | (III). 5.5 months. | | (D). When the amount is withdrawn at the end of each quarter. | (IV). 4.5 months. | Choose the correct answer from the options given below:

Arrange the following steps in the correct sequence while calculating the cash flow from operating activities: (A) Add in profit deductions already made in the Statement of Profit and Loss on account of non-cash items (B) Calculate Operating Profit before Working Capital changes (C) Deduct additions (incomes) made in the Statement of Profit and Loss on Account of Non-operating items (D) Calculate Net Profit/Loss before Tax and Extraordinary Items Choose the correct answer from the options given below:

'Vertical analysis' is also known as: (A) Ratio Analysis (B) Cash Flow Analysis (C) Comparative Statement Analysis (D) Common Size Statement Analysis Choose the correct answer from the options given below:

Higher turnover ratio means:

Match List-I with List-II | List-I | List-II | |---|---| | (Type of Activity) | (Transaction) | | (A) Operating Activity | (I) Interest Paid on long-term borrowings | | (B) Financing Activity | (II) Cash Credit | | (C) Investing Activity | (III) Rent received on property held as investment. | | (D) Cash Equivalents | (IV) Cash purchases | Choose the correct answer from the options given below:

Liquid Ratio is also known as: (A) Current Ratio (B) Quick Ratio (C) Acid- Test Ratio (D) Working Capital Ratio Choose the correct answer from the options given below:

Which Excel function is commonly used to calculate loan repayment instalments?

What is the correct formula for calculating total depreciation on an asset?

How do you display or hide the horizontal and vertical axes in a chart?

What element can you show or hide to improve clarity in the background of the chart?

What allows you to reposition or change the size of a chart on the worksheet?