CUET Accountancy 2026 PYQs11 May Shift 1. Free, no login required.

The following journal entry appears in the books of XYZ Co. Ltd.

Calculate the rate at which debentures have been issued at a discount.

On dissolution of a firm, partner's spouse loan account is transferred to:

A business has earned average profits of Rs. 2,00,000 during the last few years and the normal rate of return in a similar business is 10%. Ascertain the value of goodwill by capitalisation of average profits method, given that the value of net assets of the business is Rs. 10,20,000.

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

In case of retirement of a partner from a firm, any lump sum amount paid to a retiring partner in excess of what is due to him, shall be treated as his share of __________.

Riya and Kiya are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Siya on Jan. 1, 2025 as a new partner for 1/5th share in the future profits. Siya brought Rs. 60,000 as his capital and the necessary amount of goodwill. Calculate Siya's share of goodwill.

In case of admission of a partner, any accumulated losses appearing in the form of a debit balance of profit and loss account and/or deferred revenue expenditure appearing in the balance sheet of the firm, should be transferred to __________.

The old profit sharing ratio among Gagan, Richa and Madhuri was 2:2:1. The new profit sharing ratio after Richa's retirement is 3:2. The gaining ratio is:

X and Y are partners in the firm. State which of the following claim is valid if the partnership agreement is silent in the following matters:

Choose the correct order in calculation of the goodwill of the firm by Super Profit Method.

A. Calculation of Super Profit

B. Calculation of Normal Profit

C. Calculation of Capital Employed by the firm

D. Calculation of goodwill of the firm

Choose the correct answer from the options given below:

Arrange the following steps in the order of the accounting treatment in case of death of a partner.

A. Adjustment of capital account of the existing partner.

B. Transfer of share of goodwill to deceased partner's capital account.

C. Transfer of amount from deceased partner's capital account to executor's account.

D. Calculation of New Profit Ratio and Sacrificing Ratio.

Choose the correct answer from the options given below:

A company having only a natural person as an Indian citizen and resident in India and cannot carry out non-banking financial investment activities. Its paid-up share capital is not more than Rs. 50 lakhs. Its average annual turnover of three years does not exceed Rs. 2 crores. Which type of company is this?

Amit, Ritu and Zara are in partnership, sharing profits and losses in the ratio of 3:2:1 respectively. Zara's share in the profit is guaranteed by Amit and Ritu to be a minimum of Rs. 8,000. The net profit for the year ended March 31, 2025 was Rs. 30,000. Choose the correct statements from the following:

A. Amit's share of profit is Rs 13,200

B. Ritu's share of profit is Rs 8,800

C. Amit's share of profit is Rs 12,300.

D. Ritu's share of profit is Rs 10,000.

Choose the correct answer from the options given below:

A partnership deed should be properly drafted and prepared as per the provisions of which act?

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

Kishna Ltd. issued 15,000 shares of Rs.100 each at a premium of Rs.10 per share, payable as follows:

On application Rs.30

On allotment Rs.50 [including premium]

On first and final call Rs.30

The company received 20,000 applications and a pro rata allotment was made to all. Any excess amount received on application is adjusted towards allotment and all the money due on allotment is received except Mr. Shyam who failed to pay allotment money on his 150 allotted shares. Calculate the amount received on allotment.

X Ltd issued Rs. 5,00,000, 9% debentures of Rs. 100 each at a premium of 5% and these debentures are redeemable at a premium of 5%. What amount should be debited to Loss on Issue of Debenture Account?

Where will the profit or loss on Revaluation Account be transferred to?

150 shares of Mr. Ram of Rs.10 each issued at a premium of Rs.4 per share payable with allotment were forfeited for non-payment of allotment money of Rs.8 per share including premium. The first and final call of Rs.4 per share was not made. The forfeited shares were reissued at Rs.15 per share fully paid-up. Calculate the amount transferred to capital reserve.

In case of dissolution of a firm, the assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order:

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 each partner proportionately what is due to him/her from the firm for advances as distinguished from capital i.e. partner's loan.

D. In paying the debts of the firm to third parties.

Choose the correct sequence from the options given below:

As 'Calls in Advance' is a liability of the company, it is under obligation, if provided by the Articles, to pay interest on that amount from the date of its receipt up to the date when the appropriate call is due for payment. According to "Table F", interest on calls in advance cannot exceed __________.

The retiring partner is entitled to his share of goodwill at the time of retirement because goodwill has been earned by the firm through the efforts of all existing partners. If goodwill does not appear in the firm's books of accounts, the correct journal entry for treatment of goodwill in this case is:

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

Arrange the following accounting treatment steps in order/sequence in case of admission of a partner in a firm.

A. Adjustment of the partner's capital account balance.

B. Transfer of revaluation profit to capital account of partners.

C. Calculation of New Profit Ratio & Gaining Ratio.

D. Transfer of premium of goodwill to old partner's capital account.

Choose the correct answer from the options given below:

The balance of Share Forfeiture account is shown as an addition to the total paid-up capital of the company. Under which head and title of the Balance Sheet it will be shown, until the forfeited shares are reissued?

A. 'Share Capital' under the title "Liabilities and Equity"

B. 'Reserve and Surplus' under the title "Liabilities and Equity"

C. 'Shareholders' Funds' under the title of "Equity and Liabilities"

D. 'Share Capital' under the title 'Equity and Liabilities'

Choose the correct answer from the options given below:

Aman, Baman and Chaman are partners in a firm sharing profits in the ratio of 3:2:1. Daman is admitted into the firm for 1/4th share in profits, which he gets as 1/8th from Aman and 1/8th from Baman. Daman is to bring in cash equivalent to 1/4th of the total capital of the firm as his capital. The capitals of Aman, Baman and Chaman after all adjustments related to revaluation profit, goodwill and reserves, are Rs. 40,000, Rs. 35,000 and Rs. 30,000 respectively. Calculate the capital brought in by Daman on the basis of old partners' capital balances.

When a company purchases assets from vendors and, instead of making payment in cash, issues debentures for payment, this type of issuance of debentures is known as ?

X Ltd. issued 2,000, 10% debentures of Rs. 100 each at a discount of 8% on April 1, 2025. These debentures are redeemable at par after ten years. The company has a balance in Securities Premium Reserve of Rs. 15,000. Calculate the amount of discount to be written off from the Securities Premium Reserve.

Amar and Barun are partners, sharing profits in the ratio of 3:1. Charu is admitted into the firm for 1/5 share of profits. Charu brought in Rs. 30,000 in respect of her capital. The capitals of old partners Amar and Barun, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs. 65,000 and Rs. 15,000 respectively. It is agreed that partners' capitals should be according to the new profit sharing ratio. Calculate the amount brought in/withdrawn by Amar to adjust his capital according to the new profit sharing ratio.

Which of the following is true in relation to a company and the issue of shares ?

A. A company is an artificial person with separate legal entity, perpetual succession and a common seal.

B. Share calls are to be made as per the provisions of the articles of association.

C. Minimum subscription of 75% is must for issue of shares.

D. The procedure for accounting for the issue of both equity and preference shares is the same. To differentiate between the two, the words 'Equity' and 'Preference' is prefixed to each and every instalment.

Choose the correct answer from the options given below:

Match List-I Dissolution transactions with List-II Journal Entries

Choose the correct answer from the options given below:

Usha and Disha are partners sharing profits in the ratio of 2:1. Usha's son Ashish was admitted for 1/4th share of which 1/8th was gifted by Usha to her son and the remaining was contributed by Disha. The goodwill of the firm is valued at Rs. 40,000. How much of the premium for goodwill will be credited to the old partners' capital account in case of admission of Ashish.

The following is the extract from the balance sheet of the firm with A, B and C as partners as on 31st march 2025.

C retired from the firm and the following are the adjustments related to revaluation :

i. Stock to be valued at 92% of its book value.

ii. Value of building is to be appreciated by 20%.

iii. Creditors of Rs 2,000 are no longer payable.

Choose which of the following statements is true:

A. Stock A/c of Rs 960 is to be shown on the debit side of the revaluation account.

B. Stock A/c of Rs 960 is to be shown on the credit side of the revaluation account.

C. Creditors A/c of Rs 2,000 is to be shown on the credit side of the revaluation account.

D. Creditors A/c of Rs 2,000 is to be shown on the debit side of the revaluation account.

Choose the correct answer from the options given below:

A, B, C are equal partners in a firm. C retired at the end of the year. Which of the following will not be receiving by the retiring partner?

Ramesh, Umesh and Suresh are partners sharing profits and losses in the ratio of 5:3:2. The partnership deed provides for charging interest on drawings @ 10% p.a. The drawings of Ramesh, Umesh and Suresh 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. Which capital account should be credited in the adjustment entry ?

The sum due to the retiring partner in case of retirement and to the legal representatives/ executors in case of death includes:

A. His share of goodwill

B. Credit balance of his current account

C. Salary/commission, if any

D. Provision for doubtful debts

Choose the correct answer from the options given below:

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

A. When a partner becomes insane.

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

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

D. When a partner persistently commits breach of partnership agreement.

Choose the correct answer from the options given below:

The issued capital of the company cannot be more than __________ capital.

Anil and Shobha are partners in a firm, and on 31st March 2020, they decided to dissolve the firm. Shobha was appointed to look after the dissolution work for which she was allowed a remuneration of Rs.15,000. She agreed to bear dissolution expenses. Actual dissolution expenses paid by her amounted to Rs. 11,800. Choose the correct journal entry.

Jai and Shyam are partners in a firm with no partnership deed and sharing profits and losses equally. Jai withdrew Rs. 2,000 per month regularly on the first day of every month during the year 2024-2025 for personal expenses. Jai wants interest on drawings to be charged @ 5% p.a. Calculate Jai's interest on drawings.

Anu and Shipra are partners in a firm sharing profits in the ratio of 3:2. They admit Kriti as a new partner. Anu sacrificed 1/4 of her share and Shipra 1/3 of her share in favour of Kriti. Calculate the new profit sharing ratio of Anu, Shipra and Kriti.

Arrange the following steps in order of occurrence in share capital accounting treatment

A. Allotment of shares

B. Forfeiture of shares

C. Share forfeited amount transferred to capital reserve

D. Minimum subscription received

Choose the correct answer from the options given below:

XYG Company Ltd. purchased assets with a book value of Rs. 99,000 from another firm. It was agreed that purchase consideration should be paid by issuing 11% debentures of Rs. 100 each at a premium of 10%. Calculate the number of debentures to be issued.

The Balance Sheet of Mohit, Neeraj and Sohan who are partners in a firm sharing profits according to their capitals shows the capital balance of Rs. 80,000, Rs 40,000 and Rs. 40,000 respectively as on March 31, 2025. On this date, Neeraj decided to retire from the firm and was paid for his share in the firm and it was decided that the new capital of the firm would be fixed at Rs. 1,20,000. The capital account of Mohit and Sohan after all the necessary adjustments showed the credit balance of Rs. 82,000 and Rs. 41,000 respectively. How much capital Sohan needs to bring in or withdraw so as to keep the capital balance as per the requirement of the newly constituted firm ?

If an equity share of Rs. 20 on which Rs. 18 is called-up and Rs. 10 is paid, is forfeited. What will be the equity share capital account amount in the forfeiture journal entry ?

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

ABC Ltd has an average inventory of Rs. 20,000 at cost. If the Inventory Turnover Ratio is 8 times and the firm sells goods at a gross profit of 20% on sales. Calculate the gross profit of ABC Ltd.

LK Ltd acquired shares in Informa Tech. and paid Rs. 2,50,000 as purchase consideration and received a dividend of Rs. 50,000 after the acquisition. Calculate the resulting cash flow of LK Ltd.

Common size analysis is of immense use for comparing enterprises which differ substantially in size as it provides an insight into the structure of financial statements. Common Size Statements are also known as __________.

As per AS-3, arrange the following items in top to down order of the cash flow statement format according to indirect method.

A. Increase in Current Assets

B. Depreciation of the fixed assets

C. Purchase of Machinery

D. Issue of equity shares by the company

Choose the correct answer from the options given below:

On the ribbon of MS Excel, the formula tab contains which of the following categorised functions?

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

Arrange the following steps in order to create a pie chart in Excel

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

B. Select the chart type Pie from the ribbon

C. Under Pie types, select one of the pie chart options.

D. Enter the data in a worksheet.

Choose the correct answer from the options given below:

What is the activity sequence of the basic information processing model?

In Excel the chart tools provides which three different options for formatting?