CUET Accountancy 2026 PYQs23 May Shift 2. Free, no login required.

Amit, a shareholder holding 1,000 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. His shares were forfeited after the first and final call. The amount of Share Forfeiture A/c will be:

The amount of premium for goodwill brought in by the new partner is shared by the existing partners in their:

The profits for the past five years of a firm are as follows: 2021 - Rs. 4,50,000; 2022 - Rs. 3,20,000; 2023 - Rs. 3,50,000; 2024 - Rs. 4,30,000 and 2025 - Rs. 3,00,000. What will be the amount of goodwill of the firm on the basis of three years purchase of five years average profits?

Choose the correct order regarding issue of shares process.

A. Receipt of Applications

B. Issue of Prospectus

C. Allotment of Shares

D. Forfeiture of share

Choose the correct answer from the options given below:

The sum due to the retiring partner includes:

A. His share of accumulated profits

B. Amount due to the third party

C. His share of goodwill

D. Credit balance of his capital account

Choose the correct answer from the options given below:

Arun, a partner in a firm, withdraws Rs.1,000 from his capital at the beginning of every month for personal use. What would be the amount of interest on drawings for the whole year given the rate of interest is 9% per annum?

A, B and C are partners sharing profits in the ratio of 4 : 3 : 3. After all adjustments, on A's retirement with respect to general reserve, goodwill and revaluation etc., the balances in their capital accounts stood at Rs. 70,000, Rs. 60,000 and Rs. 50,000 respectively. It was decided that the amount payable to A would be brought by B and C in such a way as to make their capitals proportionate to their profit sharing ratio. After A's retirement, the new profit sharing ratio between B and C is 1 : 1. Calculate the amount to be brought by B and C respectively.

Rule 3 of the Companies (Incorporation) Rules, 2014 provides the following information regarding One Person Company:

A. Only a natural person being an Indian citizen and resident in India can form one person company,

B. It can carry out non-banking financial investment activities.

C. Its paid up share capital is not more than Rs. 50 Lakhs.

D. Its average annual turnover of three years does not exceed Rs. 2 Crores.

Choose the correct answer from the options given below:

What will be the value of goodwill by Capitalisation of Average Profit Method?

Average profit: Rs. 2,00,000

Normal rate of return: 10%

Value of net assets of business: Rs.12,00,000

PQ Ltd. purchased assets worth Rs. 38,00,000. It issued debentures of Rs. 100 each at a discount of 5 percent in full satisfaction of the purchase consideration. The number of debentures issued to vendor are:

The Profit on reissue of forfeited shares is transferred to :

When partners' capital account is prepared under the fluctuating capital method, interest on drawings is shown under:

Which of the following is not correct with regard to debentures:

Arrange the following steps in sequence for calculation of goodwill using Super Profit Method.

A. Calculate the average profit.

B. Calculate the normal profit on the firm's capital on the basis of the normal rate of return.

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

D. Calculate goodwill by multiplying the super profits by the given number of years' purchase.

Choose the correct answer from the options given below:

Select the correct statements with regard to accounting for Share Capital from the following:

A. Provisions of 'Table F' authorise the directors to forfeit the shares.

B. The maximum number of members in a private company is 200.

C. The minimum subscription of capital can not be less than 10% of issued capital.

D. Subscribed capital is also called nominal capital.

Choose the correct answer from the options given below:

The excess of actual profit over the normal profit is called as

Ankita and Anjali share profits in the ratio of 3:2. Anshu is admitted into partnership for 1/4 share. The new profit sharing ratio is 9:6:5. What will be the sacrificing ratio of Ankita and Anjali?

A and B are partners sharing profits in the ratio of 4:3. C was admitted as a new partner for 1/4 share in the future profits of the firm. What would be the new profit sharing ratio of A, B and C?

Choose the correct option for transferring partner's salary to Profit and Loss Appropriation A/c

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

What is the correct sequence for calculating goodwill by Capitalisation of Average Profit Method?

A. Compute the value of goodwill

B. Find Capitalized value of the average profits

C. Ascertain the average profits

D. Ascertain the actual firm's capital

Choose the correct answer from the options given below:

In case of dissolution of a firm, the partners loan A/c is transfer to ________

Which of the following does NOT happen on the dissolution of a partnership?

Discount allowed on reissue of forfeited shares is debited to

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

Applications Supported by Blocked Amount (ASBA) is a process developed by ..............to apply for subscribing to IPOs and Rights Issue etc. of securities.

Lata, Richa and Madhuri are partners sharing profits in the ratio of 5:3:2. Richa retires. Lata and Madhuri decide to share the profits of the new firm in the ratio of 3:2. Calculate the gaining ratio of Lata and Madhuri.

JK Limited purchased building from Sumit Ltd. for Rs.6,60,000 and the payment is to be made by the issue of shares of Rs.100 each at a premium of Rs.20. The number of shares to be issued to Sumit Ltd. will be:

Aman and Vimal are partners in a firm sharing profits and losses in the ratio of 3:2. They admitted Kamal into partnership for 1/4 share in profits. Kamal brings in Rs. 50,000 for capital and the requisite amount of premium in cash. The goodwill of the firm is valued at Rs. 30,000. The new profit sharing ratio is 2:1:1. The premium brought in by Kamal will be shared between Aman and Vimal in following.

The journal entry for the amount due on allotment is:

Select the correct options from the following in case there is no partnership deed:

A. Profit and losses of the firm are shared equally.

B. Interest on capital is to be paid at the rate of 6 percent per annum.

C. Interest on the partner's loan is to be paid at the rate of 6 percent per annum.

D. No interest is to be charged on the drawings made by the partners.

Choose the correct answer from the options given below:

A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. B retired and the value of goodwill of the firm in valued at Rs. 60,000. A and C continued the business sharing profits in the ratio of 3:1. B's share of goodwill adjusted between A and C will be:

Employees Stock Option Plan (ESOP) can be offered by a company to:

Select the correct sequence of payment of the following from the amount realised by the sale of assets on the dissolution of a partnership firm.

A. Partners' capital

B. Residue (if any)

C. Partner's loan

D. Outside liabilities of the firm

Choose the correct answer from the options given below:

Select the items shown on the debit side of Realisation A/c :

A. Cash in hand

B. Intangible assets

C. Fictitious assets

D. Bills Receivables

Choose the correct answer from the options given below:

Interest on calls in arrears is charged according to "Table F" not exceeding _______ p.a:

Goodwill already exist in the books is written off by:

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

X, Y and Z are partners sharing the profits in the ratio of 6:3:1. Y retires from the firm and his share is taken up by X and Z in the ratio of 3:2. The new profit sharing ratio of X and Z will be

Partners' Current Account shows:

If the furniture is shown as Rs. 15,000 in the balance sheet and is revalued at Rs. 12,000, then the journal entry for the same will be:

Gaurav and Rana are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 90,000 and Rs. 60,000 respectively. They admitted Rajiv on April 1, 2025 as a new partner for 1/4 share in the future profits. Rajiv brought Rs. 80,000 as his capital. Calculate the value of goodwill of the firm.

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

For transferring the revaluation loss, which of the following is correct ?

The amount of security premium reserve cannot be used for:

As per the information given below, what will be the amount of Gross Profit?

Average Inventory = Rs. 80,000

Inventory Turnover Ratio = 8 times

Selling Price = 20% above revenue from operations

Which of the following is not a tool of financial statement analysis?

The current ratio is 2 : 1. Identify which of the following transactions would improve, reduce and not change the current ratio. Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

What will the amount of cash inflows from financing activities?

Long term Loans as on as on 1st April, 2024 Rs. 3,00,000

Long term Loans as on as on 31st March, 2025 Rs. 3,50,000

Repayment of loan during the year Rs. 1,50,000

Arrange the following current assets in the correct sequence to be shown in the Balance Sheet as per Revised Schedule III to the Companies Act, 2013.

A. Inventories

B. Cash and Cash equivalents

C. Current Investments

D. Trade receivables

Choose the correct answer from the options given below:

Which function results can be displayed in Auto Calculate?

Which key, when pressed, display the access keys in MS Excel ?

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

Arrange the following steps related to creating a Pie Chart in proper sequence.

A. Under Pie types select 3-D Pie option

B. Select the data from two (consecutive) columns only

C. Enter the data in a worksheet

D. Select the chart type Pie from the ribbon

Choose the correct answer from the options given below:

Which of the following is not a component of Computerised Accounting System?