CUET Accountancy 2026 PYQs12 May Shift 1. Free, no login required.

The premium amount collected from issue of shares can be used for the following purposes:

(A) To purchase own shares.

(B) To issue fully paid bonus shares to the extent not exceeding unissued share capital of the company.

(C) To write-off preliminary expenses of the company.

(D) To write-off fixed assests from books.

Choose the correct answer from the options given below:

Which of the following is not a feature of a partnership firm?

In case of admission of a partner, Match List-I with List-II.

Choose the correct answer from the options given below:

Hem and Nem 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 Sam on Jan. 1, 2025 as a new partner for 1/5 share in the future profits. Sam brought Rs. 60,000 as his capital and does not bring his share of goodwill in cash. Choose the correct journal entry from the following:

Arrange the following steps for calculation of goodwill using the Super Profit Method:

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

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

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

(D) Calculate the average profit.

Choose the correct answer from the options given below:

Shubham, a share holder, 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 of Rs. 100 per share). His shares were forfeited after the second and final call. What will be the journal entry for forefeiture of shares in this case?

Which of the following is not classified as a category of share capital of the company?

Anuj and Alka are partners in a firm. Their capital accounts as on April 01, 2025 showed a balance of Rs. 4,00,000 and Rs. 6,00,000 respectively. On July 01, 2025, Anuj introduced additional capital of Rs. 50,000 and Alka, Rs. 60,000. On October 01, Anuj withdrew Rs. 30,000 and on January 01, 2026 Alka withdrew Rs. 15,000 from their capitals. Interest on capital is allowed @ 8% p.a. What will be the interest payable to Anuj during the financial year 2025–2026?

Which of the following is not a purpose of a firm preparing a Revaluation Account?

John and Mathew share profits and losses in the ratio of 3:2. They admit Mohanty into their firm for 1/6 share in profits. John personally guaranteed that Mohanty's share of profit, after charging interest on capital @ 10% per annum would not be less than Rs. 30,000 in any year. The capital provided was as follows: John Rs. 2,50,000, Mathew Rs. 2,00,000 and Mohanty Rs. 1,50,000. The profit for the year ending March 31, 2025 amounted to be Rs. 1,50,000 before providing interest on capital. New profit sharing ratio is 3:2:1. Based on this, choose the correct statements from the options given below:

(A) John's share of profit is Rs. 30,000

(B) Mathew's share of profit is Rs. 30,000

(C) Mohanty's share of profit is Rs. 30,000

(D) John's share of profit is Rs. 60,000

In case of different types of share capital, match List-I with List-II.

Choose the correct answer from the options given below:

The profits of firm for the five years are as follows:

Calculate the value of goodwill on the basis of four years' purchase of average profits.

ICT Co. Ltd. purchased assets worth Rs. 28,80,000. It issued debentures of Rs. 100 each at a discount of 4 per cent in full satisfaction of the purchase consideration. The number of debentures issued to vendor is:

Amar and Bahadur are partners in a firm sharing profits in the ratio of 3:2. They admitted Mary as a new partner for 1/4 share. The new profit sharing ratio between Amar and Bahadur will be 2:1. Calculate their sacrificing ratio.

A per Rule 3 of the Companies (Incorporation) Rules, 2014 which of the following is not true in respect of One Person Company (OPC)?

Narender, Nitish and Naidu are partners sharing profits in the ratio of 5:3:2. Nitish retires. Narender and Naidu decide to share the profits of the new firm in the ratio of 3:2. What will be the gaining ratio of Narender and Naidu?

Match List-I with List-II

Choose the correct answer from the options given below:

In case of dissolution of a partnership firm, Match List-I with List-II.

Choose the correct answer from the options given below:

As per Section 68 of The Companies Act, 2013, the company cannot buy their own shares from which of the following source:

In the absence of any information regarding the acquisition of share in profit of the deceased partner by the remaining partners, an assumption is made that they will acquire his share in-

If the company fails to receive the minimum subscription within the stipulated time period, the company cannot proceed for the allotment of shares and application money should be returned within how many days of the date of issue of prospectus?

The outgoing partner's account is settled as per the terms of partnership deed. However, in the absence of any agreement, Section 37 of the Indian Partnership Act, 1932 is applicable, which states that the outgoing partner has an option to-

Sachin and Sohail, are partners, sharing profits in the ratio of 2:1. Sonam is admitted into the firm for 1/4 share of profits. Sonam brings in Rs. 20,000 in respect of his capital. The capitals of old partners, Sachin and Sohail, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs. 45,000 and Rs. 15,000 respectively. It is agreed that partners capital should be according to the new profit-sharing ratio. What would be the new profit sharing ratio of Sachin, Sohail, and Sonam?

The dissolution of partnership cannot take place by which of the following way:

Akash, Bhupesh, and Charan are partners in a firm sharing profits in the ratio of 3:2:1. Bhupesh retired and goodwill of the firm was valued at Rs. 60,000. Akash and Charan continue the business, sharing profits in the ratio of 3:1. What will be the journal entry for adjustment of goodwill in this case?

Out of the following, which items are to be credited to Realisation A/c?

(A) Liabilities transferred

(B) Sales proceeds of assets

(C) Unrecorded assets realised

(D) Realisation expenses

Choose the correct answer from the options given below:

After transferring liabilities like creditors and bills payables to the Realisation Account, in the absence of any information regarding their payment, such liabilities are treated as:

The new partner is required to compensate the old partners for their loss of share in the super profits of the firm for which he brings in an additional amount as premium for goodwill. This amount is shared by the existing partners in which ratio?

Arrange the following related to issue of shares in the correct sequence:

(A) Allotment of Shares

(B) Issue of Prospectus

(C) Receipt of Applications

(D) Remaining amount of shares on call (if any)

Choose the correct answer from the options given below:

There are instances when applications for more shares of a company are received than the number offered to the public for subscription. In such a condition, what are the alternatives available to the directors to deal with the situation?

(A) They can accept some applications in full and totally reject the others.

(B) They can make a pro-rata allotment to all.

(C) They can adopt a combination-accept some applications in full, pro-rata allotment to some and totally reject the remaining.

(D) They can totally reject all applications and come up with fresh issue.

Choose the correct answer from the options given below:

The clauses of partnership deed can be altered with the consent of:

Rahul, Anuj and Sharjeel are partners in a firm sharing profits in the ratio of 8:5:3. It is felt that Rahul will no longer be able to actively participate in 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 5 : 6 : 5. In this case, what will be the share of Rahul's loss in profits?

On the basis of liability of its members, the company cannot be classified into which of the following category:

Which of the following is not a mode of reconstitution of a partnership firm?

What will be the sequence of events in case of death of a partner in a partnership firm?

(A) Prepare Deceased Partner's Executor's A/c

(B) Prepare Deceased Partner's Capital A/c

(C) Calculate share of Profit upto date of death for the deceased partner

(D) Revaluation of assests and liabilities

Choose the correct answer from the options given below:

Arrange how the losses, including deficiencies of capital, shall be paid in the correct sequence :

(A) Out of profits

(B) Out of capital of partners

(C) In their profit sharing ratio (Individually by partners)

Choose the correct answer from the options given below:

A company forfeits 200 shares of Rs. 10 each on which Rs. 600 had been received. It can allow a maximum discount of Rs. 600 on their reissue. Assuming that the company reissues these shares for Rs. 1,800 as fully paid up. What will be the journal entry for the treatment of remaining forfeited amount after adjustment of discount ?

Ganesh, Hari and Mahadev are partners. On retirement of Ganesh, the goodwill already appears in the Balance Sheet at Rs. 24,000. The goodwill will be written-off by:

The Articles of Association of a company may empower the directors to charge interest at a stipulated rate on calls in arrears. If the articles are silent in this regard, the rule contained in Table F shall be applicable which states that the interest at a rate not exceeding ......... p.a.

On May 01, 2025, Kaur Ltd. issued 10,000, 8% debentures of Rs. 100 each at a discount of 10% redeemable at a premium of 10%. The issue was fully subscribed and the amount was duly received. Calculate the amount of loss on issue of debentures.

The Partnership deed should be properly drafted and prepared as per the provisions of _____.

The company has to get minimum subscription within how many days from the date of the issue of the prospectus?

In adjustment of capital during admission of a partner, certain steps are followed. Arrange them in a sequence:

(A) Calculation of new profit sharing ratio

(B) Calculate required capitals of old partners

(C) Calculate the cash to be brought in or withdrawn by old partners

(D) Calculate firm's capital

Choose the correct answer from the options given below:

A business has earned average profits of Rs. 5,30,000 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. 30,00,000.

What is not included in the sum due to the retiring partner?

Match List-I with List-II

Choose the correct answer from the options given below:

Comparative statements in financial analysis are also known as:

Out of the following which one is not cash outflows from operating activities?

Simrit Ltd. has a current ratio of 3.5:1 and quick ratio of 2:1. If excess of current assets over quick assets as represented by inventories is Rs. 24,000, What will be the current assets in this case?

While making cash flows from operating activities, which one of the following will be deducted from Cash generated from operations?

Match List-I with List-II

Choose the correct answer from the options given below:

The need of Codification is :

The arithmetic operations which we perform by using spreadsheets follow what order of mathematical (expression) operations rules?

(A) Brackets

(B) Division or multiplication

(C) Addition and subtraction

(D) Exponents

Choose the correct answer from the options given below:

By default how many worksheets are available in "workbook" (Excel)?

In what cell is the Rate for PMT function where = PMT (C8, C9, C10, C11, C12)?