CUET Accountancy 2025 14 May Shift 2 PYQs

The Profit on reissue of forfeited shares is transferred to :

Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires and at the time of Pammy's retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2:1. Pammy's share of current value of goodwill 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.

Hari, the holder of 1200 shares paid the amount due on first call @ Rs 2/- per share along with second and final call which became due after 1 month from the due date of first call. What interest will be charged from Hari on calls in arrears:

The profit 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. The goodwill of the firm on the basis of 4 years purchase of 5 years average profits is-

Determine the value of firm's goodwill by capitalization of the super profit method if the average profits are Rs 1,00,000, super profits are Rs 18,000 and the normal rate of return is 10%.

Kumar, Lakshya, Manoj and Naresh are partners sharing profits in the ratio of 3 : 2 : 1 : 4. Kumar retires and his share is acquired by Lakshya and Manoj in the ratio of 3:2. The gaining ratio of the remaining partners is .....?

Arrange Financial Statements in Correct Sequence- (A) Cash Flow Statement (B) Balance Sheet (C) Profit and Loss A/c (D) Trading Account Choose the correct answer from the options given below:

Partnership comes into existence as a result of an agreement among the partners, that agreement is called......

Which of the following is not a general feature of partnership-

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

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

Arrange the following balance sheet items in accordance with the manner prescribed in the revised Schedule III to the Companies Act, 2013- (A) Current Assets (B) Shareholder's Funds (C) Non-current Liabilities (D) Non-Current Assets (E) Current Liabilities Choose the correct answer from the options given below:

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. You are required to find out the normal profits of the business, given that the normal rate of return is 10%.

Aashish withdrew Rs. 10,000 per month from the firm for his personal use during the year ending March 31, 2017. Calculate the interest on drawings, which is charged @8% p.a., when the amount is withdrawn at the beginning of each month .

Match List-I with List-II | List-I | List-II | |---|---| | (A) Authorised Capital | (i) It is that part of the subscribed capital which has been called up on the shares. | | (B) Issued Capital | (ii) It is that part of the issued capital which has been actually subscribed by the public. | | (C) Subscribed Capital | (III) It is that part of the authorised capital which is actually issued to the public for subscription. | | (D) Called up Capital | (IV) The amount of share capital which a company is authorised to issue by its Memorandum of Association | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) For Transfer of Application Money | (I) Share Allotment A/c Dr. To Share Capital A/c | | (B) For Money Refunded on Rejected Application | (II) Share Application A/c Dr. To Share Capital A/c | | (C) For Amount Due on Allotment | (III) Share Application A/c Dr. To Bank A/c | | (D) For Receipt of Allotment Money | (IV) Bank A/c Dr. To Share Allotment A/c | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Operating activity | (I) Bank | | (B) Investing activity | (II) Redemption of preference shares | | (C) Financing activity | (III) Purchase of machinery | | (D) Cash equivalents | (IV) Cash receipt from trade receivables. | Choose the correct answer from the options given below:

Which of the following is not the tool for analysis of Financial Statements-

Which combination of the following activities are financing activities- (A) Proceeds from issue of equity share capital. (B) Purchase of goodwill. (C) Proceeds from long-term borrowings. (D) Interim dividend paid on equity shares. Choose the correct answer from the options given below:

Which of the following combination of statements are NOT true- (A) Financial analysis is used only by the creditors. (B) Comparative statements are the form of vertical analysis (C) The financial statements of a business enterprise include cash flow statement. (D) Ratio analysis establishes relationship between two financial statements. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Unsecured Debentures | (I) These debentures are issued with a specified rate of interest. | | (B) Redeemable Debentures | (II) These debentures do not have a specific charge on the assets of the company. | | (C) Specific Coupon Rate Debentures | (III) These are those which are payable on the expiry of the specific period either in lump sum or in instalments during the life-time of the company. | | (D) Bearer Debentures | (IV) The debentures which can be transferred by way of delivery and the company does not keep any record of the debentures. | Choose the correct answer from the options given below:

Ramesh and Suresh are partners in a firm sharing profits in the ratio of 4:3. They admitted Mohan as a new partner. The profit sharing ratio of Ramesh, Suresh and Mohan will be 2:3:1. Choose the correct option with regards to the gain or sacrifice of old partner-

Correct steps in the procedure of issue of shares are- (A) Allotment of Shares (B) Calls in Arrears (C) Issue of Prospectus (D) Receipt of Applications Choose the correct answer from the options given below:

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. Choose the correct answer from the options given below:

Which statement is not true about Capital Accounts of Partner-

Identify the incorrect journal entry related to Revaluation of Assets and Liabilities of a firm.

Which of the following is not a feature of a Company:

A graph is a pictorial representation of data, which has at least ______ dimensional relationship.

Which entries are correct in accordance with the manner prescribed in the revised Schedule III to the Companies Act, 2013- (A) The shareholders' funds are sub-classified as Share Capital, Reserves and Surplus & Money received against Share Warrants. (B) Reserves and Surplus include Revaluation Reserve. (C) Both tangible and intangible assets are current assets. (D) Deferred tax assets/liabilities are always non-current. Choose the correct answer from the options given below:

Which of the following is called Registered capital of a company?

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.

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

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 respective capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to Saloni during the financial year 2019–2020.

Which view shows margins and the rulers?

Arrange the following steps involved in various accounting aspects of retirement/death of a partner in a sequence - (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:

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:

Arrange Steps For Capitalisation of Super Profits: (A) Calculate average profit for the past years, as specified. (B) Calculate the capital of the firm. (C) Calculate normal profits on capital employed. (D) Multiply the super profits with the required rate of return multiplier (E) Calculate super profits by deducting normal profits from average profits. Choose the correct answer from the options given below:

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

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-

XYZ Ltd. purchased assets worth Rs. 3,00,000 from Blue Prints Ltd., and took over its liabilities worth Rs. 20,000 for a purchase consideration of Rs. 3,15,000. XYZ Ltd. paid the purchase consideration by issuing 12% debentures of Rs. 100 each at a premium of 5%. How many debentures would be issued, if debentures were issued at par?