CUET Accountancy 2026 PYQs13 May Shift 2. Free, no login required.

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.

A, B and C are partners sharing profits in the ratio 2:2:1. B retires from the firm. After making all adjustments relating to revaluation, goodwill and accumulated profit etc., the capital account of A, B and C showed a credit balance of ₹60,000; ₹70,000; and ₹50,000 respectively. It was decided that the amount payable to B will be brought by A and C in such a way as to make their capitals proportionate to their profit sharing ratio. Calculate the amount to be brought in by A and C.

Consider the given statements below related to issue of shares and select the correct statements:

(A) The profit on the reissue of forfeited shares is not transferred to the General Reserve.

(B) Paid up capital is that portion of the called up capital which has actually been received from the shareholders.

(C) Shares can be forfeited for failure to repay the loan to the bank.

(D) Calls in Arrears are shown on the Assets side of the balance sheet.

Choose a pair of correct statements from the given options below.

Select the correct statements from the following:

(A) Realisation Account is prepared at the time of death of a partner.

(B) Revaluation Account is prepared at the time of dissolution of a firm.

(C) At the time of dissolution, the Book Value of Assets are transferred to the Debit Side of the Realisation Account.

(D) At the time of dissolution, the Realised value of Assets are transferred to the Credit Side of the Realisation Account.

Choose a pair of correct statements from the given options below:

Match List-I with List-II

Choose the correct answer from the options given below:

At the time of death of a partner, if general reserve appears in the balance sheet, it should be credited to:

Jitesh, Kamal and Lakhan are partners, sharing profits in the ratio of 3:2:1. Farhan is admitted in the firm for 1/6th share in profits. Lakhan would retain his original share. The new profit sharing ratio between Jitesh, Kamal, Lakhan and Farhan will be:

Karan, Neha and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Neha retires and the goodwill 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 company forfeited 8,000 shares of 20 each on which application money Rs. 6 has been paid. Out of these, 4,000 shares were reissued as fully paid up and Rs. 16,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued.

Akash and Nitesh are partner's sharing profits in the ratio of 2:1. Kamlesh was admitted for 1/4 share, of which 1/8 was gifted by Akash. The remaining was contributed by Nitesh. The goodwill of the firm is valued at Rs. 1,60,000. How much amount of premium for goodwill will be credited to Nitesh's Capital Account?

6,000 shares of Rs. 30 on which Rs. 21 have been called up and Rs. 15 has been paid are forfeited. Out of these, 4,500 shares are reissued for Rs. 27 as fully paid. What is the amount to be debited to share forfeiture account at the time of reissue of shares?

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

Average profits of a firm during the last few years are Rs. 2,50,000 and the normal rate of return in a similar business is 5%. If the goodwill of the firm is 5,00,000 at 5 years' purchases of super profit, find the amount of capital employed by the firm.

Match List-I with List-II.

Choose the correct answer from the options given below:

Arrange the following steps related to valuation of goodwill by Capitalisation of Average Profits method.

(A) Deducting net assets from the capitalised value of average profit.

(B) Ascertain the average profit based on the past few years' performance.

(C) Capitalize the average profit on the basis of the normal rate of return to ascertain the capitalised value of average profits.

(D) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets (excluding goodwill and fictitious assets).

Choose the correct answer from the options given below:

If a share of ₹ 50, on which ₹ 40 has been paid up is forfeited, it can be reissued at the minimum price of _________.

Rohit and Shobit are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2025 they admit Nobit as a new partner. On that date, there was a balance of Rs. 80,000 in general reserve and a debit balance of Rs. 40,000 in the profit and loss account of the firm. Regarding adjustment of general reserve:

Match List-I with List-II.

Choose the correct answer from the options given below:

Choose the correct sequence of Closing of Ledger Accounts at the time of dissolution of a Partnership Firm.

(A) Closing of Cash at Bank & Cash in hand account.

(B) Realisation of Assets and payment of external liabilities recorded in Realisation Account.

(C) Transfer of Assets and External Liabilities to Realisation Account.

(D) Closing Partner's capital account by settling the final payment to partners or receipt from partners.

Choose the correct answer from the options given below:

The books of a business showed that the firm's capital employed is Rs. 2,50,000 and the profits for the last five years were: 2021–Rs. 20,000; 2022-Rs. 25,000; 2023-Rs. 27,500; 2024- Rs.35,000 and 2025-Rs. 42,500. What will be the value of Super Profit, when the goodwill valuation is done on the basis of 3 years' purchase of super profits of the business, given that the normal rate of return is 10%.

At the time of admission of new partner Vansh, old partners Shikha and Sheetal had debtors of Rs. 6,20,000 in their books. As per terms of admission, assets were revalued, and it was found that debtors worth Rs. 15,000 had turned bad and hence should be written off. Which journal entry reflects the correct accounting treatment of the above situation?

Select the correct statements from the following related to the partnership.

(A) Rent paid to a partner is always an appropriation of profit.

(B) Interest on Loan from Partner is always a charge against profit.

(C) Interest on Partner's Capital is an appropriation of profit.

(D) Interest on Loan to Partner is not a charge against profit.

Choose the correct statements from the given options below :-

1,200 shares of Rs.20 each were forfeited for non-payment of Rs.4 per share on first call and Rs.10 per share on final call. Share forfeiture account will be credited with ________.

If a partnership firm is being dissolved, a liability taken over by a partner is credited to :

Minimum subscription means subscription of shares should not be less than _______.

Sindoor Ltd. issued Rs. 75,00,000, 9% debentures of Rs. 100 each as collateral security to State Bank of India against loan of Rs. 80,00,000. What amount will be shown in the long term borrowings in Balance Sheet in this case?

Nimrat, Simrat and Harjeet 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 Nimrat, Simrat and Harjeet during the year ending March 31, 2025 amounted to Rs. 60,000, Rs. 45,000 and Rs. 30,000 respectively, which were made on 1st April, 2024. After the final accounts have been prepared, it was discovered that interest on drawings has not been taken into consideration. If the necessary adjustment is made for rectification of this error, then:

Due to non-payment of call money, a company has forfeited shares which were issued at premium earlier and the premium amount has been received on those shares. How securities premium reserve account will be shown in the journal entry of forfeiture of shares ?

Rakesh (an existing partner) has been retired from partnership firm and the amount payable to him after all adjustments, works out to be Rs. 1,80,000 but the remaining partners Param and Qaireshi, agreed to pay him Rs. 2,25,000 in full settlement of his claim. What does this extra ₹45,000 paid to Rakesh represent?

When Capital accounts of partners are maintained on the basis of fixed capital method, interest on drawings will be :-

Mahesh and Ramesh share profits and losses in the ratio of 2:1. They admit Rahul as a new partner with 1/4 share in profits with a guarantee that his share of profit shall be at least Rs. 25,000. The net profit of the firm for the year ending March 31, 2025 was Rs. 80,000. What amount will be borne by Mahesh for the deficiency of Rahul's guaranteed profit?

Consider the following and select the correct statements

(A) The ratio in which the continuing partners acquire the outgoing partner's share is called the Gaining Ratio.

(B) The ratio in which the continuing partners acquire the outgoing partner's share is called the Sacrificing Ratio.

(C) In the event of the death of a partner, the amount of general reserve is transferred to partners' capital accounts in the new profit sharing ratio.

(D) On the admission of a new partner, the old partnership is dissolved.

Choose a pair of correct statements from the given options below.

When debentures are issued at discount and redeemable at a premium, ___________ account will be _________ for combined capital loss of issue and redemption of debentures.

Ritesh, Deven and Keshav are partners sharing profits in the ratio of 3:2:1. They decided to change their profit sharing ratio from 1st April 2026, to 5:3:2. On that date, they have Workmen Compensation Reserve ₹ 1,80,000 and General Reserve ₹ 1,35,000. They have decided not to distribute the General Reserve. Choose the correct statement from the following:

Out of the following statements, which are correct?

(A) In the absence of partnership deed, no partner is entitled to get salary or other remuneration.

(B) If a partner withdraws fixed amount at the end of each month for the whole year, then interest on drawings will be calculated for an average period of 5.5 months.

(C) If the partnership deed provides for interest on capital but the firm does not have sufficient profit, then the interest on capital will be paid to the extent of availble profit in the ratio of interest on capital.

(D) If a partner is admitted into a firm with a guarantee of certain profit, then the deficiency of profit (if any) shall be borne by the old partners in their capital ratio.

A, B and C are partners. They agreed to change their existing profit sharing ratio from 3:2:1 to 1:1:1. An unrecorded asset of Rs. 50,000 was identified. For this unrecorded asset:

Kishor and Kunal were partners sharing profits and losses in the ratio of 5:3. On 1st April, 2026 they admitted Kushagra as a new partner and new ratio was decided as 3:2:1. Goodwill of the firm was valued as ₹ 18,00,000. Kushagra couldn't bring any amount for goodwill. The journal entry for the same would be:

As per _____________. Purchased goodwill may be accounted for in the books and shown as an asset but self-generated goodwill is not accounted for in the books.

Arrange the following steps in the correct sequence when hidden goodwill is adjusted through capital accounts in case of admission of a partner:

(A) Compare capital required with actual capital.

(B) Calculate firm's total capital on the basis of new partner's share.

(C) Compute actual capital of the firm including new partner's capital.

(D) Determine new profit sharing ratio.

Choose the correct answer from the options given below.

When a Partner dies in the Middle of the Year, which accounting adjustment / calculation is not done for the intervening period?

Vijeta Limited took over assets worth Rs. 10,00,000 and liabilities of Rs. 3,00,000 from Gupta Ltd. for a purchase consideration of Rs. 12,00,000. Vijeta Ltd. has given a bill of Rs. 2,00,000 and agreed to settle the remaining purchase consideration by issuing shares at a premium of 25% on face value of Rs. 100 per share. How much amount will be credited to the securities premium reserve account in this case?

Which of the following indicate the correct meaning of Reserve Capital?

Choose the correct sequence of steps related to admission of a new partner.

(A) Prepare Revaluation Account.

(B) Prepare Balance Sheet.

(C) Calculation of sacrificing ratio.

(D) Prepare Partners' Capital Account.

Choose the correct answer from the options given below:

Interest is not payable/provided on _______________.

Match List-I with List-II

Choose the correct answer from the given options below:

The current ratio is 2 : 1. Which of the following transactions would improve, reduce or not change the current ratio?

Match List-I with List-II

Choose the correct answer from the options given below:

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

Choose the correct answer from the options given below:

The higher current ratio is not a symbol of strength of a firm, rather it is the sign of:

The_________________ is useful for both, intra-firm comparisons over different years and inter-firm comparisons for the same year or for several years.

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 in preparing cash flow statement?

'There are various components included in Computerized Accounting System', identify the set of these various components:

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

(A) Organise Data

(B) Collect Data

(C) Process Data

(D) Communicate Information

Choose the correct answer from the options given below:

Match List-I with List-II.

Choose the correct answer from the options given below:

Which of these is not an argument of the IF function?

In Excel the chart tools provide three different options _____, ______ and ______ for formatting: