CUET Accountancy 2026 PYQs24 May Shift 1. Free, no login required.

In case of dissolution of a firm:

(A) The firm ceases to conduct business and has to settle its accounts.

(B) It disposes off all its assets for satisfying all the claims against it.

(C) Rules as provided in Section 104 of the Indian partnership will be applicable.

(D) Rules as provided in Section 48 of the Indian partnership will be applicable.

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Arrange the following steps involved under super profit method of calculating goodwill in a sequence:

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

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

(C) Calculate goodwill by multiplying the super profits by the given number of years' purchase.

(D) Calculate the average profit.

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Match List-I with List-II

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Match List-I with List-II

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The equity share capital may be (i) with voting rights; or (ii) with differential rights as to voting, dividend or otherwise in accordance with such rules and subject to such conditions as may be prescribed in the ..................

Vandana, Bhavna and Chandrika were partners in a firm sharing profits in the ratio of 5:3:2. Bhavna died on December 15, 2025 and Rs. 60,000 is the amount payable to her executors. 75% of amount payable is paid immediately to her executors. Pass journal entry for immediate payment being made.

Mukesh and Vanshika are partners. They agreed to share profits in the ratio of 3:2.

Their capital balances on 01st April, 2024 were Rs.15,00,000 and Rs. 10,00,000 respectively. Additional capital contributed by Mukesh and Vanshika was Rs 3,00,000 and Rs 2,00,000 respectively on 01st Jan, 2025. Interest on capital was allowed @ 5 % p.a. Find the interest on Vanshika's Capital.

"Adjudication of a partner as an insolvent" leads to ________.

Table F of the Companies Act provides for the payment of interest on calls in advance at a rate not exceeding

When the partners withdraw different amounts of money at different time intervals, the interest is calculated using the following formula:

Ranjana, Sadhna and Kamana are partners sharing profits in the ratio 2:3:4 Ranjana retires; Sadhna and Kamana decided to share profits in future in the ratio of 3:5. Calculate the Gaining Ratio of Sadhna and Kamana.

DINKAR Ltd., issued 2,000, 10% debentures of Rs. 100 each on April 01, 2024 at a premium of 10% and redeemable at a premium of 10%. Debenture interest was paid half yearly on September 30 and March 31 and tax deducted at source is 10% for the period ending March 31, 2025. Journal entry for Debenture interest transferred to profit and loss account for the period ending March 31, 2025 will be:

If the partnership deed is silent regarding Interest on the partner's loan, the following provision of the Indian Partnership Act 1932 will be applicable:

Asif and Chinmay are partners in a firm sharing profits and losses in the ratio of 5:4. They decide to share future profits in the ratio of 2:3. At that time, the goodwill appearing in the books of the firm will be written-off in :

By virtue of section ___________, the Central Government is empowered to prescribe a maximum number of partners in a firm.

If at the time of retirement of a partner, the Balance Sheet of a firm shows accumulated profits in the form of general reserve and/or accumulated losses in the form of profit and loss account debit balance, retiring partner is:

(A) Entitled to His/Her share in the accumulated profits.

(B) Not Entitled to His/Her share in the accumulated profits.

(C) Not liable to share the accumulated losses.

(D) Liable to share the accumulated losses.

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Where there is no articles of association of its own, select the correct provision of Table A of Companies Act.

In case of dissolution, application of assets of the firm shall be applied in a particular manner and order.

Arrange the following steps in a sequence:

(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 the 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's Loan

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Sharan, Raman and Manan are partners sharing profit and losses in the ratio of 1:1:1. Due to heavy losses, they decide to close their business. At the time of dissolution, Sharan agreed to bear all realisation expenses. Realisation expenses were to be paid by the firm. For the service Sharan is paid Rs.6,000. Actual expenses on realisation paid by the firm amounted to Rs. 9,000. Realisation A/c will be:

The ratio in which the continuing partners have acquired the share from the retiring/deceased partner is called the:

Depending upon the terms and conditions of issue and redemption of debentures, which of the following situation is not found in practice?

Ramesh and Lakshay are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 90,000 and Rs. 70,000 respectively. They admitted Somesh on April. 1, 2025 as a new partner for 1/5 share in the future profits. Somesh brought Rs. 90,000 as his capital. Calculate the value of goodwill of the firm and Somesh's share of goodwill.

In case of dissolution, match List-I with List-II.

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Accountant of a company provides the following steps regarding issue of shares. Arrange them in proper sequence.

(A) Calls in Arrear

(B) Forfeiture of Shares

(C) Receipt of Share Application Money

(D) Reissue of Shares

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For reduction in the value of an asset, correct journal entry will be:

Calls in Arrears represent :

(A) The debit balance of allotment or all the calls account.

(B) The credit balance of allotment or all the calls account.

(C) Shareholders failed to pay amount due on allotment or on any of the calls, on due date.

(D) Such amount shall appear as Current Asset.

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The following will not be deducted from the sum due to the retiring partner:

Abhay, a shareholder, failed to pay the money for second and final call of Rs. 20 on 1,000 shares issued to him at Rs. 120 (face value Rs. 100 per share). His shares were forfeited after the second call. Share capital A/c would be debited by:

Sunila and Manisha are partners in a firm sharing profits and losses in the ratio of 5:3. Radhika is admitted in the firm for 1/5th share of profits. She brings in Rs. 40,000 as her share of goodwill. Give the necessary journal entries, when partners decided to retain goodwill in the business.

Match List-I with List-II

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A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. D is admitted into the firm for 1/4 share in profits. The total capital of the firm is agreed upon as Rs. 2,40,000 and D is to bring in cash equivalent to 1/4 of this amount as his capital. The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits.The capitals of A, B and C after all adjustments are Rs. 80,000, Rs. 70,000 and Rs. 60,000 respectively. Calculate the new capitals of A, B and C.

Find out incorrect statements about Authorised Capital of a company.

(A) It is the amount of share capital which a company is authorised to issue by its Memorandum of Association.

(B) It is the amount of share capital which a company is authorised to issue by its Articles of Association.

(C) It is also called Nominal capital.

(D) It can be increased or decreased as per the procedure decided by the shareholders of a company.

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Deferred revenue expenditure appearing in the old Balance Sheet at the time of Dissolution of partnership will be:

From the Point of view of Tenure, Debentures can be:

NT Ltd. purchased machinery worth Rs 3,60,000 from RELY Ltd. The payment is to be made by the issuance of 12% debentures of Rs.100 each at 10% discount. Number of Debentures issued by NT Ltd. are:

Mohit, Sohan and Rahul are partners sharing profits in the ratio of 2:2:1. Sohan died on 30th September 2025. According to the deed, his legal representatives are entitled to:

(a) Balance in Capital Account :Rs. 60,000

(b) His Share of goodwill is valued at :Rs. 19,200

(c) Share in profits up to the date of death :Rs. 3,200

(d) Interest on capital account @ 12% p.a.

Amount payable to Sohan's Executors A/c will be:

Profit and Loss Appropriation Account has the following features:

(A) It is merely an extension of the Profit and Loss Account of the firm.

(B) It shows how the profits are appropriated or distributed among the partners.

(C) It starts always with the net profit as per Profit and Loss Account.

(D) All adjustments in respect of partner's salary, partner's commission, interest on capital, interest on drawings, etc. are made through this account.

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Gaurav Ltd issued 600, 8% debentures of Rs. 100 each as collateral security against a Bank loan of Rs. 50,000. Journal Entry for issue of debentures as collateral security will be:

Vandana and Megha are partners sharing profits in the ratio of 4:3. They admit Gurisha as a new partner for 1/10th share in the future profits of the firm which she gets equally from Vandana and Megha. Calculate new profit sharing ratio of Vandana, Megha and Gurisha.

_________ refer to the units into which the total share capital of a company is divided, and _____________includes Bonds and any other securities of a company whether constituting a charge on the assets of the company or not.

The partners of a firm decide to change their existing profit sharing ratio. This results in a:

Sometimes, at the time of admission, the partners agree that their capitals should also be adjusted so as to be proportionate to their profit sharing ratio (if the capital of the new partner is not given). Arrange the following steps in a correct sequence.

(A) Ascertain combined capital of old partners after all adjustments like interest on capital, salary etc.

(B) Ascertain new capital of all partners

(C) Ascertain necessary amount to cover the shortage and withdraw the excess amount of capital of partners

(D) Ascertain total capital of the firm on the basis of combined capital of old partners

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Any change in the profit sharing ratio among existing partners may not involve adjustments in respect of:

Moon Company Ltd., New Delhi, has registered its capital as Rs. 50,00,000, divided into 5,00,000 shares of Rs. 10 each. The company offered to the public for subscription 3,00,000 shares of Rs. 10 each, to be received as Rs. 2 on application, Rs. 3 on allotment, Rs. 3 on first call, and the balance on final call,. The company received applications for 3,50,000 shares. The company finalized the allotment of 3,00,000 shares and rejected applications for 50,000 shares. The company did not make the final call. The company received all amounts except on 2,000 shares where first call money has not been received. What will be the Authorised share capital and issued share capital amounts to be shown in the Notes to Accounts of the balance sheet of Moon Company Ltd.

A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. Firm is maintaining fixed capital accounts. B retired and the value of goodwill of the firm is valued at Rs. 1,80,000.

The journal entry for adjustment of goodwill will be :

X Ltd., has a current ratio of 2:1 and quick ratio of 1.5:1. If excess of current assets over quick assets represented by inventories is Rs. 24,000. Calculate current assets and current liabilities.

If the net profits made during the year are Rs. 1,00,000 and the bills receivables have decreased by Rs. 10,000 and purchase of machinery is Rs.2,00,000 during the year then the cash flow from operating activities will be equal to:

"Ratio analysis is indispensable part of interpretation of results revealed by the financial statements." Which of the following is not an objective of Ratio Analysis?

Every company registered under The Companies Act 2013 shall prepare its balance sheet, accordance with the manner prescribed in the revised Schedule III to the Companies Act, 2013 to harmonise the disclosure requirement with the accounting standards and to converge with new reforms. The correct sequence of Fixed assets to be shown would be:

(A) Capital Work-in-Progress

(B) Intangible Assets under Development

(C) Intangible Assets

(D) Tangible Assets

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Match List-I with List-II

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"To represent the height, length, and breadth in a single graph/chart". Accountant would be using ________charts/graphs

"CAS enables in changing the volume of data processing in tune with the change in the size of the business." Identify the salient feature of CAS software highlighted here.

Match List-I with List-II

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Meha Ltd uses SJ for "Sales Journals", HQ for "Head Quarters" PJ for "purchase Journal". Identify the type of codification used by Meha Ltd.

In order to Correct a #DIV/0! Error, the following steps are used. Arrange them in proper order.

(A) Enter a value other than zero in the cell used as a divisor.

(B) Prevent the error value from displaying by using the IF worksheet function.

(C) Change the cell reference to another cell.

(D) Enter the value #N/A into the cell referenced as the divisor, which changes the result of the formula to #N/A from #DIV/0!

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