CUET Accountancy 2025 PYQs22 May Shift 2. Free, no login required.

When a new partner brings his share of goodwill in cash, the amount is credited to:

The debentures which are payable on the expiry of the specific period are

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

In the case of guarantee of profit the Sequence of steps to be Followed are.

(A) divide the profit in the given ratio.

(B) prepare profit and loss appropriation account as usual.

(C) deduct the deficiency from the guaranteeing partner and add the same to guaranteed partner.

(D) find the deficiency.

Choose the correct answer from the options given below:

On the dissolution of a firm, creditors is transferred to:

At the time of forfeiture, share capital account is

Abhiram and Ragini are partners sharing profits in the ratio of 3:2. They admit Arun a new partner for 1/5th share in the future profits of the firm which he gets equally from Abhiram and Ragini. Calculate the new profit sharing ratio of Abhiram, Ragini and Arun.

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 a partnership firm is dissolved, final payment made to partners is transferred to

Which of the following indicate the situation of compulsory dissolution.

'The business of a partnership concern may be carried on by all the partners or any of them acting for all.'

Which feature of partnership is indicated by the above statement?

Match List-I with List-II

Choose the correct answer from the options given below:

The past average profits of a business works out at Rs. 20,000 and it is expected that such profits are likely to continue for another three years, the value of goodwill based on average profit method will be……. .

It is to be noted that 'minimum subscription' of capital cannot be less than ……… of the issued amount according to SEBI Guidelines (Disclosure and Investor Protection)

If a delay occurs beyond 8 days from the date of closure of the subscription list in refunding the amount received due to non-fulfilment of the criteria of minimum subscription, the company shall be liable to pay the amount with interest at the rate of:

Section 49, of the Indian Partnership Act 1932, deals with

The major difference between Retirement and Death is

Share of loss of deceased partner, calculated on the basis of previous years profit is

There must be an interval of how many months between the making of two calls unless otherwise provided by the articles of association of the company.

Which of the following are the ways for the dissolution of a firm?

(A) Dissolution by Notice

(B) Dissolution by agreement

(C) Dissolution by court

(D) Dissolution by not terminating business

Choose the correct answer from the options given below:

While doing adjustment of partners capital, for the amount of capital to be brought in by the partner, the following entry will be passed:

The assets of the firm, including any sum contributed by the partners to make deficiencies of capital, shall be applied first for paying ………….

For distribution of profits among the partners, the following account is debited to the partners:

Part of the subscribed capital which has been called up on the shares, i.e., what the company has asked the shareholders to pay is known as ……….

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Tarun retires from the firm and his share was taken over by Naveen and suresh in the ratio 2:1. In such a case, the new profit sharing ratio will be:

A and B are partners without any partnership deed. B has given loan of Rs.2,00,000 to the firm on 1st July 2023. B claim interest on loan @ 10% p.a. How much interest on loan will be paid to B for the year ending on 31st March 2024. ?

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 ………?

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 ………….

Arrange the following steps related to the issue of shares in proper sequence.

(A) Allotment of Shares

(B) Receipt of Applications

(C) Issue of Prospectus

(D) Share calls

Choose the correct answer from the options given below:

Which of the following is not a feature of a partnership deed?

As per AS-26 Intangible assets like goodwill should be written off.

L and M are partners sharing profits in the ratio 3:2. N is admitted as a partner for 1/5th of the share which is acquired from L. Goodwill of the firm is valued at Rs. 40,000 on N's admission. N will have to pay for Goodwill:

When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to

Ram, a partner, has been assigned the responsibility for realization of assets and settlement of liability for which he will be given remuneration of ₹ 10,000. He has to bear all the realization expenses. Actual realization expenses are 12,000. Journal Entry will be

Arrange the steps in proper sequence to calculate Goodwill through Super profits Method.

(A) Calculate the normal profit on the firm's capital on the basis of the normal rate of return.

(B ) Calculate the average profit.

(C) Calculate the super profits by deducting normal profit from the average profits.

(D) Multiply super profits by the given number of years purchased.

Choose the correct answer from the options given below:

If the asset is taken over by the creditor in lieu of the amount due to him, then the journal entry will be:

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

Which company must have at least two members?

Goodwill can also be ascertained by capitalising the super profit directly under which method?

Match List-I with List-II

At the time of retirement following Transactions took place. Chose the correct treatment

Choose the correct answer from the options given below:

X and Y are partners sharing profits in the ratio 3:2. Z is entered into the business for 1/4th share of profits, with the guarantee of minimum profits of ₹ 30,000. Profit earned by the business for the year ended March 31st, 2024 is ₹ 1,00,000. Amount of deficiency, if any, will be borne by:

Match List-I with List-II

Choose the correct answer from the options given below:

Debentures can be issued at

(A) Par

(B) Premium

(C) Discount

(D) Transaction value

Choose the correct answer from the options given below:

Which of the following are charges against profits?

(A) Rent paid to partners

(B) Interest on loan, paid to partners

(C) Interest on Capital

(D) Manager's commission

Choose the correct answer from the options given below:

Which of the following is not a part of capital account under the fixed Capital Method?

The ideal quick ratio is

The standard Debt-Equity ratio is

Match List-I with List-II:

Choose the correct answer from the options given below:

Employee benefit Expenses doesn't include

Profit after tax and interest is Rs 1,60,000.

Tax rate is 20%

10% long term borrowing is Rs 20,00,000

Find profit before tax and after interest

Which of the following correctly represents the five foundational components of a Computerised Accounting System (CAS)?

The feature of CAS that ensures better planning and access to vital information, leading to improved daily business operations, is:

Why is proper classification of data necessary in a growing business using a Computerised Accounting System?

Which of the following correctly represents the sequence of steps in the accounting cycle, as followed in both manual and computerised accounting systems?

Which of the following is not a feature of CAS ?