CUET Accountancy 2026 PYQs29 May Shift 2. Free, no login required.

State the order of payment to be followed on the dissolution of a firm:

A. To each partner proportionately what is due to him/her from the firm for advances provided i.e. Partner's Loan A/c

B. To each partner proportionately what is due to him/her on account of capital

C. For the debts of the firm to outside parties

Choose the correct answer from the options given below:

Nominal share capital is :

Arrange the following steps in the correct accounting sequence when hidden goodwill is adjusted through capital accounts:

A. Calculate the actual total capital of all the partners including the new partner.

B. Calculate the firm's total capital on the basis of new partners share

C. Determine the difference between the two capitals.

D. Determine new profit sharing ratio

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On the death of a partner, his share of loss in the firm till the date of his death is transferred to:

In a partnership firm, without written agreement, A invested three times more than the amount invested by B. In the absence of written agreement among partners, in what ratio will the profits be shared?

Rabi Ltd. purchased building from Tiwari Ltd. for Rs. 6,40,000 out of which Rs. 40,000 is paid immediately and the balance is to be paid by the issue of shares of Rs. 100 each at a premium of 20%. How many shares will be issued ?

Sonu, Monu and Gopal are partners in a firm sharing profits and losses in the ratio of 3:2:1. Balance sheet shows workmen compensation reserve of Rs. 48,000. On retirement of Sonu, liability for workmen compensation reserve Rs. 24,000 is to be accounted. What amount of workmen compensation reserve is to be shown in the balance sheet of the reconstituted firm?

Rekha, a shareholder holding 500 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. Her shares were forfeited after the first and final call. What will be the amount to be shown under Share Forfeiture Account ?

In respect of Accounting of Partnership firm, under fixed capital method, all items like share of profit or loss, interest on capital, drawings, interest on drawings will be recorded in:

Navya and Nitya are partners sharing profits in the ratio of 3:2 with capitals of Rs. 1,00,000 and Rs. 50,000 respectively. Hardik is admitted for 1/5 share in profits. The amount that Hardik will contribute as capital is ________

In admission of a partner, arrange the following in a sequence for adjustment of capital:

A. Calculate required capitals of old partners

B. Calculate firm's new capital

C. Calculate new profit sharing ratio

D. Find out the cash to be brought in or withdrawn by old partners after all adjustments

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A company took a loan of Rs. 10,00,000 from Punjab National Bank and issued 10% debentures of Rs. 12,00,000 of Rs. 100 each as a collateral security. What will be the journal entry to record this?

A, B and T are partners in a firm sharing profits in the ratio of 3:2:1. Z is admitted into the firm for 1/4 share in profits, which he gets as, 1/8 from A and 1/8 from B. The total capital of the firm is agreed upon as Rs. 1,20,000 and Z 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 T after all adjustments, are Rs. 40,000, Rs. 35,000 and Rs. 30,000 respectively. Calculate the cash brought in or paid to each partner.

Dhoni and Kohli share profits in the ratio of 3:2. Gill was admitted as a partner for 1/5 share. New profit sharing ratio, if Gill acquires 3/20 from Dhoni and 1/20 from Kohli, would be:

Nancy, Sonu and Himani are partners sharing profits and losses in the ratio of 5:3:2. The partnership deed provides for charging interest on drawings @ 10%. The drawings of Nancy, Sonu and Himani during the year ending March 31, 2025 amounted to Rs.20,000, Rs.15,000 and Rs.10,000 respectively. After the final accounts have been prepared, it was discovered that interest on drawings has not been taken into consideration. Choose the correct adjusting entry.

Match the LIST-I with LIST-II

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Money received in advance from shareholders before it is actually called-up by the directors is :

Karan, Neha and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Neha retires and goodwill of the firm is valued at Rs. 72,000. Karan and Pankaj decided to share future profits and losses in the ratio of 5 : 3. The journal entry for adjustment of goodwill will be:

A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in a similar business is 10%. Given that the value of net assets of the business is Rs. 8,20,000, the value of goodwill by capitalisation of super profits method will be:

At the time of dissolution, creditors appear at Rs 50,000. Half of the creditors agreed to take unrecorded furniture of Rs 18,000 and Rs 5,000 in full settlement and the remaining creditors were paid 90%. The amount paid to the creditors that will be shown in the Realisation A/c is:

Balance of share forfeiture account is shown in the balance sheet under the item:

Which of the following are correct with respect to Rule 3 of the Companies (Incorporation) Rules, 2014 for One Person Company?

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

B. It cannot 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. 5 Crores.

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At the time of admission of new partner Vasu, old partners Paresh and Prabhat had debtors of Rs. 6,20,000 and a provision for doubtful debts of Rs. 20,000 in their books. As per terms of admission, provision for doubtful debts is to be maintained on Sundry Debtors at a provision of 5%. How it will be shown in the balance sheet?

Arrange the following categories of share capital in the correct sequence to show in the notes to accounts of balance sheet:

A. Authorised Share Capital

B. Subscribed and Fully Paid-Up Capital

C. Issued Capital

D. Subscribed but not fully paid up Capital

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The term Number of Years' Purchase means:

The director of Shah Ltd. resolved that 250 equity shares of Rs.100 each be forfeited for non-payment of the second and final call of Rs.30 per share. Out of these, 180 shares were re-issued at Rs.60 per share. The amount to be transferred to capital reserve account will be:

In share capital, the amount on any call should not exceed ________ of the face value of shares.

Varun and Karan are partners sharing profits and losses in the ratio of 2:1. Their capitals at the end of the financial year 2024-25 were Rs. 1,80,000 and Rs. 90,000. During the year 2024-25, drawings of Varun and Karan were Rs. 30,000 and Rs. 10,000 respectively, which had been duly debited to partner's capital accounts. Profit before charging interest on capital for the year was Rs. 24,000, the same had also been distributed in their profit sharing ratio. Further Karan brought additional capital of Rs. 20,000 on December 31, 2024. Calculate interest on capital for Varun @ 10% p.a. for the year 2024-25.

Match the LIST-I with LIST-II

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In the absence of any information regarding the acquisition of share in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in _____

At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

Aveer, Daksh and Kridha are equal partners. They decided to change the profit sharing ratio to 4:3:2. For this purpose, goodwill of the firm was valued at Rs. 90,000. The journal entry for treatment of goodwill on change in profit sharing ratio will be:

On dissolution of the firm, Partners Capital Account are closed through:

If a Share of Rs. 10 on which Rs. 8 is called-up and Rs. 6 is paid is forfeited. By what amount the Share Capital account will be debited at the time of forfeiture:

In case of retirement, if full or part of the amount payable to the retiring partner still remains to be paid and there is no agreement among the partners, then the retiring partner will get:

A newly admitted partner has a right to:

Central government has prescribed the maximum number of partners in a firm by virtue of__________ of the __________ .

Which of the following shares can be issued at discount?

Varun (partner) had given a loan to firm of Rs. 5,00,000. On dissolution, he accepted furniture of Rs. 4,50,000 against the loan. The balance Rs. 50,000 will be:

Raghu Ltd. invited applications for 2,50,000 equity shares of Rs. 25 each payable as under: On Application Rs. 5.00 per share, on Allotment Rs. 7.50 per share, on First Call Rs. 7.50 per share; and on Second and Final Call Rs. 5.00 per share. Applications were received for 5,00,000 shares. The directors decided to make a pro-rata allotment to all the applicants and adjust the excess application money towards the amount due on allotment and to refund the amount remaining thereafter. What amount will be adjusted towards sum due on allotment ?

Puja, Priya, Pratistha are partners sharing profits and losses in the ratio of 5 : 3 : 2. Priya retires. Her share is taken by Puja and Pratistha equally. Calculate the gaining ratio.

__________ debentures refer to those debentures where a charge is created on the assets of the company for the purpose of payment in case of default.

Varun, Vansh and Vinay are partners sharing profits in the ratio of 5:3:2. They decided to share future profits in the ratio of 2:3:5. What will be the accounting treatment of Workmen Compensation Reserve existing in the balance sheet on that date when further information is not available.

The current ratio is 2 : 1. Which of the following transactions would improve, reduce or change the current ratio? Match List-I with List-II

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__________ are especially interested in the average payment period, since it provides them with a sense of the bill-paying patterns of the firm.

Revenue from Operations: Cash Rs. 25,000 and Credit Rs. 75,000

Purchases : Cash Rs. 15,000 and Credit Rs. 60,000

Carriage Inwards Rs. 2,000, Salaries Rs. 25,000, Decrease in Inventory Rs. 10,000, Return Outwards Rs. 2,000, and Wages 5,000. The Gross Profit ratio will be:

In a cash flow statement, the balance sheet shows Provision for Taxation of Rs. 80,000 and Rs. 95,000 for the year 2023-24 and 2024-25 respectively. Tax paid during the year 2024-25 is Rs. 60,000. What will be the amount of tax to be added while calculating net profit before tax and extra ordinary items?

Arrange the following in a correct sequence to prepare liabilities side of balance sheet as per Schedule III of Companies Act, 2013:

A. Non-Current Liabilities

B. Shareholders' Funds

C. Current Liabilities

D. Share Application money pending allotment

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The components of Computerised Accounting System are :

Which function results can be displayed in AutoCalculate?

Match the LIST-I with LIST-II

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Which category of functions is used in the formula of PMT?

Steps in preparing a chart:

A. Create a basic chart using the pattern from the panel available on top of worksheet in Chart groups option.

B. Change the layout or style of chart

C. Enter data in a worksheet with proper column and row titles.

D. Add or remove titles or data labels.

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