CUET Accountancy 2026 PYQs11 May Shift 2. Free, no login required.

At the time of retirement of a partner, Advertisement Suspense A/c appearing in the balance sheet would be :

The number of debentures to be issued to the vendor against purchase of machinery, will be calculated as follows:

Self - generated goodwill

If company has not received minimum subscription , the company shall forthwith refund the entire subscription amount received. If a delay occurs

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

When the firm is dissolved, its books of account are to be closed and the profit or loss arising on realisation of its assets and discharge of liabilities is to be computed. For this purpose, a Realisation Account is prepared. Identify correct statements related to Realisation Account.

A. Transfer all assets (other than cash in hand, bank balance and fictitious assets, if any), and all external liabilities to this account.

B. The balance in this account is not transferred to partners' capital accounts in the profit sharing ratio.

C. The balance in this account is transferred to partners' capital accounts in the profit sharing ratio.

D. Ascertain the net effect (profit or loss) of realisation of assets and payment of liabilities.

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The directors of Roly Paper Limited decided that 400 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, 150 shares were re-issued at Rs.50 per share to Mohita. Necessary journal entry for Profit on reissue forfeited shares transferred to capital reserve will be?

MOTI, CHOTI and GUDDU are partners in a firm sharing profits according to their capitals. Their capitals as on April 1, 2025 were Rs. 1,80,000; Rs. 1,40,000; and Rs. 1,40,000 respectively. MOTI retired on above date. Goodwill of the firm is valued at Rs. 92,000 and the retiring partner's share is adjusted through the capital accounts of remaining partners. Correct Journal entry for recording effect of goodwill in the books of the firm will be:

Accounting treatment for partnership firm is similar to that of a sole proprietorship business with the exception of the following aspects:

A. The preparation of financial statements

B. Maintenance of Partners' Capital Accounts

C. Adjustments for Wrong Appropriation of Profits in the Past

D. Distribution of Profit and Loss among the partners

Choose the correct answer from the options given below:

Amrita and Pritam are partners in a firm sharing profits in the ratio of 3:2. They admitted Manya as a new partner for 1/3rd share. The new profit sharing ratio between Amrita and Pritam will be 1:1. Calculate their sacrificing ratio.

The clauses of partnership deed:

At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to:

" A creditor of Rs. 100 is not likely to claim his money and is to be written off (creditors of 99,000 were appearing in the balance sheet) at the time of death of a partner"

Journal entry for this would be :

On retirement/death of a partner, the remaining partner(s) who have gained due to change in profit sharing ratio should compensate the:

The balance in 'Calls in Advance' account is shown as a separate item under the title Equity and Liabilities in the company's balance sheet, identify the same.

At the suit of a partner, the court may order a partnership firm to be dissolved on which of the following ground?

"When the value of goodwill is not given at the time of admission of a new partner. In such a situation it has to be inferred from the arrangement of the capital and profit sharing ratio."

Identify the method of valuation of goodwill being highlighted in above statement.

At the time of dissolution of firm, the following information is provided

Debtors realised at a discount of 5%,

Journal entry for realisation of debtors would be :

Which of the following item will not be shown on the credit of partner's current A/c?

In case of company limited by shares,

"At the time of admission of a partner, provision for doubtful debts is found to be in excess."

Record this in the books of the firm.

Debenture Application & Allotment A/c Dr. 210,000

Loss on Issue of Debentures A/c Dr. 10,000

To 9% Debenture A/c 2,00,000

To Premium on Redemption of Debentures A/c 10,000

To Securities Premium Reserve A/c 10,000

(Debenture application money transferred to debentures account)

Accountant has passed the above journal entry. Identify the correct situation of terms and conditions of issue and redemption of debentures,

Arrange following important steps being used in the procedure of share issue:

A. Receipt of Applications

B. Allotment of shares

C. Issue of Prospectus

D. Receipt of Minimum subscription

Choose the correct answer from the options given below:

Manoj, Suresh and Vaibhav were partners in a firm sharing profits in the ratio of 5:1:4. Vaibhav decides to retire on June 30, 2025. Profit share of Vaibhav till the date of his retirement is to be calculated on the basis of firm's last year profit which is Rs. 1,00,000. The new profit sharing ratio is 1:1. Vaibhav's share of profit for the period from April 01 to June 30, 2025 will be:

According to Section 48 of Indian Partnership Act, amount realized from assets, along with contributions from partners, if required, to make up deficiencies of capital shall be utilized in a particular order:

A. To pay off unsecured loan.

B. In settlement of capital account balances.

C. To pay off secured loan.

D. The surplus, if any, is divided among partners in their profit-sharing ratio.

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Match the LIST-I with LIST-II

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Discount allowed on the reissue of forfeited shares is

Match the LIST-I with LIST-II

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Nagina, Pratap and Himesh are partners sharing profits and losses in the ratio of 5:3:2. The partnership deed provides for charging interest on drawings @ 5% p.a. The drawings of Nagina, Pratap and Himesh during the year ending March 31, 2025 amounted to Rs. 40,000, Rs. 15,000 and Rs. 15,000 respectively. After the final accounts have been prepared, it was discovered that interest on drawings has not been taken into consideration. Give necessary adjusting journal entry.

Antra Ltd. invited applications for 30,000 Shares of Rs. 100 each at a premium of Rs. 30 per share payable as follows: On Application Rs. 40 (including Rs.10 premium), On Allotment Rs. 30 (including Rs.10 premium), On First Call Rs. 30, On Second and Final Call Rs. 30 (including Rs.10 premium). Applications were received for 35,000 shares and a pro rata allotment was made. Excess application money was utilized towards the sum due on allotment. Vijaya to whom 60 shares were allotted, failed to pay the allotment money and his shares were forfeited immediately after allotment.

Allotment money not received on Vijaya's shares will be:

Certain sequence is followed at the time of death of a partner and settlement of his account. Arrange them in proper order:

A. Ascertain his/ her adjusted capital, after all adjustments.

B. Opening balance of his/ her capital account.

C. Transfer adjusted amount payable to his /her legal executors.

D. Amount paid to legal executors.

Choose the correct answer from the options given below:

Champa, Roma and Sunakshi are partners sharing profits in the ratio of 5:3:2. Roma retires, the new profit sharing ratio between Champa and Sunakshi will be 1:1. The goodwill of the firm is valued at Rs. 4,00,000, Roma's share of goodwill will be adjusted:

Arun, Bijay and Harish are partners in a firm sharing profits in the ratios of 8:5:3. It is felt that Bijay will no more be able to actively participate in the affairs of the firm. Hence, with effect from April 1, 2025, they decided that, in future they will share the profits in the ratio of 2:1:2. Bijay will:

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

Arrange the following steps being used in calculating goodwill of the firm by Capitalisation of Super Profits.

A. Calculate normal profits on capital employed and average profit for past years.

B. Multiply the super profits by the required rate of return multiplier, i.e. Goodwill = Super Profits × 100/Normal Rate of Return

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

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

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Anu and Shikha are partners sharing profits and losses in the ratio of 3:2. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively on April 01, 2024. The partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 21,000 during the year. Show the calculation of interest on capital for the year ending March 31, 2025, by which Anu and Shikha would be:

Match the LIST-I with LIST-II

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A private company is one which by its articles of association:

A. Limits the number of its members to 200 (excluding its employees);

B. Limits the number of its members to 200 (including its employees);

C. Restricts the right to transfer its shares;

D. Must have at least 2 persons, except in case of one person company;

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For the right to acquire share in the assets and profits of the partnership firm, the new partner brings:

"Goodwill is the value of the reputation of a firm in respect of the profits expected in future over and above the normal profits." Which of the following statements are incorrect in the context of goodwill?

A. It is tangible asset.

B. Goodwill exists only when the firm earns super profits.

C. It is intangible asset.

D. Goodwill tends to be low if the business is centrally located or is at a place having heavy customer traffic,

Choose the correct answer from the options given below:

Sacrifice by partners means ________

Discount on issue of debentures to be written off within (A)............ months of the balance sheet date or the period of operating cycle is shown under 'Other Current Assets' and the part which is to be written off after (B)........... months of balance sheet is shown under 'Other Non-Current Assets'.

Suppose debentures are issued for consideration other than cash, debentures may:

A. Not be issued at discount

B. Be issued at par

C. Be issued at a premium

D. Be issued at a discount

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____________is available only for the creditors on winding up of the company

Match the LIST-I with LIST-II

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From the following information, calculate cash flows from financing activities:

During the year, the company repaid a loan of Rs. 1,00,000.

Show the following items of Current Assets in accordance with the manner prescribed in the revised Schedule III to the Companies Act, 2013.

A. Cash and cash equivalents

B. Current investments

C. Trade receivables

D. Inventories

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Match the LIST-I with LIST-II

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The current ratio is 2 : 1. Which of the following transaction would improve current ratio of a company?

The two basic measures of liquidity are:

The need of Codification is :

Which key combination collapses the ribbon?

Match the LIST-I with LIST-II

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Arrange the following steps in order to prepare a chart :

A. Move (resize) a chart and Save a chart.

B. Enter data in a worksheet with proper column and row titles and Create a basic chart using the pattern from the panel available on top of worksheet in Chart groups' option.

C. Show or hide a legend. Display or hide chart axes or gridlines.

D. Change the layout or style of chart and Add or remove titles or data labels.

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Every accounting software ensures data security, safety and confidentiality. Therefore, every software provides the following: