CUET Accountancy 2026 PYQs29 May Shift 1. Free, no login required.

At the time of retirement of Mahesh, value of stock is given as Rs 60,000 in the balance sheet of the firm. Pass a journal entry when stock is found undervalued by Rs 15,000.

According to Section 2(30) of the Companies Act, 2013, identify the correct statement out of the following:

Capital employed in a business is Rs. 1,00,000. The normal rate of return on this type of business carried out is 10%. The firm has earned profits of Rs. 30,000; Rs. 36,000 and Rs. 42,000 in the last three years. Using capitalisation of super profits method, calculate the value of the goodwill of the firm.

If a company fails to get the minimum subscription of __________ of the issued amount and also fails to return the entire subscription amount within the prescribed time, it shall be liable to pay interest @__________ .

X and Y are partners in a firm sharing profits in the ratio of 4:3. They admitted Z as a new partner. The profit sharing ratio of X, Y and Z will be 2:3:1. Calculate the gain or sacrifice of Y.

Under the Fluctuating Capital Method, how many accounts are prepared for all adjustments like undistributed profits, reserves, etc. related to partners?

Premium on redemption is a liability for a company payable in the future. It is a provision and is shown under the head non-current liabilities under the sub-head __________ until debentures are redeemed.

Match List-I with List-II related to accounting treatment of Revaluation of Assets and Reassessment of Liabilities.

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In case a company issued shares of face value Rs 100 in consideration of a building purchased for Rs 10,80,000, at the following issue prices. Match List-I with List-II.

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At the suit of a partner, the court may order a partnership firm to be dissolved on any of the following grounds:

(A) When a partner becomes insane.

(B) When a partner becomes permanently incapable of performing his duties as a partner.

(C) In accordance with a contract between the partners.

(D) When a partner is guilty of misconduct which is likely to adversely affect the business of the firm.

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In case of issue of shares, the company has to get minimum subscription within__________ from the date of the issue of the prospectus.

Mita, Gita and Sita are partners in a firm sharing profits in the ratio of 1:2:3. Gita retired and the value of the goodwill of the firm is valued at Rs. 60,000. Mita and Sita continue the business sharing profits in the ratio of 1:3. What will be the journal entry for adjustment of goodwill ?

Arrange the following steps in sequence, related to calculation of goodwill by capitalisation of super profits method.

(A) Calculate super profits.

(B) Multiply the super profits by the required rate of return multiplier

(C) Calculate capital of the firm, which is equal to total assets (excluding goodwill and fictitious assets) minus outside liabilities.

(D) Calculate normal profits on capital employed and average profits for past years,

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Lata, Shivangi and Vineeta are partners in a firm sharing profits in the ratio of 5 : 3 : 2. Shivangi retires. After making all adjustments relating to revaluation, goodwill and accumulated profit etc., the capital accounts of Lata and Vineeta showed a credit balance of Rs. 3,20,000 and Rs. 2,40,000 respectively. It was decided to adjust the capitals of Lata and Vineeta in their new profit sharing ratio. What would be the journal entries for bringing in or withdrawal of the necessary amounts involved?

Arun and Anuj are partners sharing profits in the ratio of 2:1. Varun was admitted for 1/4 share, half of which was given by Arun and the remaining was contributed by Anuj. Goodwill of the firm is valued at Rs. 40,000. How much of the goodwill will be credited to old partners' capital account?

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

X and Y are partners in a firm sharing profit and loss in the ratio of 2:1. Z is admitted for 1/4 share in profits but could not bring any amount for goodwill. The account that will be debited for this entry will be:

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

X Limited forfeited a share of Rs. 10 on which Rs. 8 is called-up and Rs. 6 is paid and forfeited. By what amount, share capital account will be debited?

Arrange the following in proper sequence, related to issue and forfeiture of shares

(A) Calls in arrears

(B) Shares are re-issued

(C) Call money become due

(D) Shares forfeited for non payment of money

Choose the correct answer from the options given below:

Authorized capital is the amount of share capital a company is authorized to issue by __________ .

Creditors are transferred to __________ on the dissolution of the firm.

Calculate the value of the goodwill of a firm based on 3 years' purchase of super profits, if the normal rate of return is 10%, average profits for the last five years were Rs. 60,000 and the capital of the firm is Rs. 5,00,000.

In the absence of any information regarding the profit sharing ratio in which the remaining partners acquire the share of the retiring/deceased partner, it is acquired in __________ .

In a partnership firm, A, B and C are partners with a ratio of 3:2:1 having capitals of Rs. 40,000, Rs. 35,000 and Rs. 30,000 respectively. They admitted D into the firm for 1/4 share in profits, which she gets 1/8 from A and 1/8 from B. They agreed upon capital of the new firm to be Rs. 1,20,000 and D is to bring her share of capital in cash. The capital of other partners are to be adjusted in the ratio of their respective shares in profits. Arrange the following amount of new capital of partners, A, B, C and D respectively, in their correct sequence.

(A) Rs. 20,000

(B) Rs. 25,000

(C) Rs. 30,000

(D) Rs. 45,000

Choose the correct answer from the options given below:

The partnership deed of a partnership firm includes:

(A) Salaries and Commission payable to partners

(B) Rules regarding the operation of bank accounts

(C) Common Seal of the firm

(D) The Accounting period of the firm

Choose the correct answer from the options given below:

Interest on debenture is a ............ against the profit of the company and must be paid whether the company has earned any profit or not.

Which of the following types of issue of shares is allowed to a company?

(A) Issue of shares of Face Value Rs. 10 at Rs. 11 by Initial Public Offer

(B) Issue of shares of Face Value Rs. 10 at Rs. 10 by Initial Public Offer

(C) Issue of shares of Face Value Rs. 10 at Rs. 9 by Initial Public Offer

(D) Issue of shares of Face Value Rs. 10 at Rs. 9 to its employees

Choose the correct answer from the options given below:

The following are the modes of reconstitution of a partnership firm

(A) Death of a partner

(B) Dissolution of the firm by notice

(C) Change in the profit sharing ratio among existing partners

(D) Admission of a new partner

Choose the correct answer from the options given below:

Which of the following factors does not affect the value of goodwill?

Arrange the following in the correct sequence, in which the assets of the firm shall be applied, including any sum contributed by the partners to make up deficiencies in the case of dissolution of a partnership firm.

(A) 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).

(B) In paying the debts of the firm to the third parties.

(C) The residue, if any, shall be divided among the partners in their profit sharing ratio.

(D) In paying to each partner proportionately what is due to him on account of capital.

Choose the correct answer from the options given below:

X Ltd. purchased an asset of book value of Rs. 4,00,000 and took over the liability of Rs. 50,000 from Y Ltd. It was agreed that the purchase consideration, settled at Rs. 3,80,000, will be paid by issuing debentures of Rs. 100 each at a discount of 10 % . How many debentures will be issued by X Ltd. to Y Ltd.?

At the time of admission, new partner brings his share of goodwill which is distributed among old partners. This treatment is conceptually used to:

X and Y are partners in a firm and their capital account shows a balance of Rs. 1,00,000 and Rs. 75,000 respectively on April 1, 2024. X introduced additional capital of Rs. 50,000 on August 1, 2024, and Mr. Y introduced further capital of Rs. 75,000 on October 1, 2024. Interest on capital is allowed @6 % annually. Calculate interest payable to Y.

Who has given the following definition of a company?

"A company is a person, artificial, invisible, intangible and existing only in the eyes of law. Being a mere creation of law, it possesses only those properties which the charter of its creation confers upon it, either expressly or as incidental to its very existence".

A company issuing sweat equity shares has to fulfill the following prescribed conditions :

(A) These shares are of the same class of shares already issued.

(B) It is authorized by a special resolution passed by a company.

(C) These shares must not be listed on any recognized stock exchange.

(D) Not less than one year has, at the date of issue, elapsed since the date on which the company had commenced business.

Choose the correct answer from the options given below:

A and B are partners sharing profits in the ratio of 2:3. They admitted C as a new partner for 1/5 share in the future profits of the firm. Calculate the new profit share of A.

According to _____ of the Companies Act, 2013, an equity share is a share which is not a preference share.

The Profit or Loss on revaluation of accounts is transferred to:

If partnership deed is silent about the interest on capital contributed by the partners in the firm, then ......... on the contributed capital will be paid.

Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of 3:3:2. From April 1, 2025, they decided to share profits and losses equally. The value of fixed assets on March 31, 2025, in the balance sheet was Rs. 2,80,000 and it was revalued at Rs. 3,31,000 on April 1, 2025. What journal entry will be passed in the books of the firm related to fixed Assets?

Match List-I with List-II

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If the capital of a firm is Rs. 2,00,000 and profit earned by the firm is Rs. 48,000. Match the value of goodwill, according to the super profit method of goodwill valuation at the different normal rate of return on the firm's capital on the basis of 3 years of purchase.

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The Liability of the partners in a firm is__________

Which of the following item is deducted for a sum due to a legal representative of a deceased partner?

Calculate current assets of a company from the following information:

Inventory turnover ratio = 4 times

Inventory at the end is Rs. 20,000 more than the inventory in the beginning. Revenue from Operations Rs. 3,00,000 and gross profit ratio is 20% of revenue from operations.

Current liabilities = Rs. 40,000

Quick ratio = 0.75 : 1

The financial statements of a business enterprise does not include:

Match List-I with List-II

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Arrange the following items in a sequence which appear under Equities and Liabilities in the balance sheet as per revised Schedule III to the Companies Act, 2013.

(A) Non - Current Liabilities

(B) Current Liabilities

(C) Shareholders' Funds

(D) Share Application money pending allotment

Choose the correct answer from the options given below:

Which of the following is not a limitation of financial analysis?

________ of a chart/ graph is an identifier of a piece of information shown in the chart/ graph.

__________ is the smallest named unit of data in the information system.

Match List-I with List-II

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Which of the following is not a subsystem of Accounting Information System?

In order to set the print area using Print Area Option, arrange the following in a correct sequence.

(A) OPTIONAL: To add more data to the print area select a range of cells.

(B) Select the Page Layout command tab

(C) Select the range of cells to print

(D) In the Page Setup group, click Print Area» select Set Print Area. The print area is set

Choose the correct answer from the options given below: