CUET Accountancy 2026 PYQs21 May Shift 1. Free, no login required.

"If the company fails to repay the loan along with interest, the lender is free to receive his money from the sale of the primary security and if the realisable value of the primary security falls short to cover the entire amount, the lender has the right to invoke the benefit of additional security whereby debentures may either be presented for redemption or sold in the open market".

Identify the type of issue of debentures stated in the above statement.

The purpose of preparing the Revaluation Account is:

Securities Premium cannot be used for the following purpose:

A holds 300 shares of Rs.10 each on which he has paid Re.1 per share on application. B holds 300 shares of Rs.10 each on which he has paid Re.1 on application and Rs.2 on allotment. C holds 300 shares of Rs.10 each, who has paid Re.1 on applications, Rs.2 on allotment and Rs.3 on first call. They all failed to pay their arrears and the second call of Rs.4 per share as well. All the shares of A, B and C were forfeited and subsequently reissued at Rs.11 per share as fully paid-up. The journal entries for the reissue of shares and transfer to capital reserve would be:

As per the provisions of Section 48 of Indian Partnership Act, firm's assets are to be used in the prescribed order in case of dissolution of a firm. Arrange the following in order.

(A) In paying partner's loan

(B) The residue, if any, shall be divided among the partners in their profit sharing ratio

(C) In paying to each partner proportionately what is due to him on account of capital

(D) In paying the debts of the firm to the third parties

Choose the correct answer from the options given below:

Goodwill, if existing in the books of the firm, is written off at the time of admission of a partner, and is:

Identify the factor affecting value of goodwill highlighted in the following statement

"The monopoly condition or limited competition enables the concern to earn high profits which leads to higher value of goodwill."

When one company acquires the entire business of other firm and if the amount of debentures issued is more than the amount of the net assets taken over, the difference will be:

Debentures which can be transferred by way of delivery and the company does not keep any record of the debentureholders. Interest on debentures is paid to a person who produces the interest coupon attached to such debentures. Identify the type of debenture being discussed in above statement.

Match List-I with List-II

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Dissolution of a Firm means:

Mukesh Ltd. offered 4,00,000 shares, of Rs. 10 each to the public for subscription, to be received as Rs. 2 on application, Rs. 3 on allotment, Rs. 3 on first call and the balance on final call. The company received applications for 4,50,000 shares. The company finalised the allotment of 4,00,000 shares and rejected applications for 50,000 shares. The company did not make the final call. The company received all the amount except on 20,000 shares where call money has not been received. The amount of share capital that will be shown in the balance sheet of Mukesh Ltd. as:

If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm:

The correct order of the following events is:

(A) Forfeiture of shares

(B) Capital Reserve

(C) Calls in arrears

(D) Reissue of shares

Choose the correct answer from the options given below:

Mukesh and Chittudeep are two partners. Mukesh and Chittudeep withdrew ₹ 30,000 each at the beginning of each quarter. Calculate interest on Chittudeep's drawings @10% p.a.

The following steps are followed to ascertain average profit when goodwill is determined on the basis of super profit method. Arrange them in proper sequence.

(A) Ascertain super profit of the firm.

(B) Calculate goodwill of the firm on the basis of super profit.

(C) Ascertain average profit of the firm.

(D) Find out normal profit of the firm.

Choose the correct answer from the options given below:

Arun, Barun and Chaitanya are partners in a firm sharing profits in the ratio of 3:2:1. Arun retired and the value of goodwill of the firm is valued at Rs. 1,80,000. Barun and Chaitanya continue sharing business profits in the ratio of 2:1. The journal entry for adjustment of goodwill will be:

Sudip and Sudipth are partners in a firm sharing profits in the ratio 2:1. Subhodh is admitted into the firm with 1/5 share in profits. He brings in Rs. 3,60,000 as capital and capitals of Sudip and Sudipth are to be adjusted in the profit sharing ratio. New capital of Sudip and Sudipth will be:

The credit amount on share forfeiture account relating to shares yet to be reissued :

Which account would be debited for being deceased partner's share of loss for the intervening period in the books of account?

On dissolution of a firm, Investment and Investment Fluctuation Fund appeared in the balance sheet. These will be transferred to:

Sec. 2 (62) of the companies Act, 2013, defines OPC as a "company which has only one person as a member". Rule 3 of the Companies (Incorporation) Rules, 2014 provides that:

Most companies raise long-term funds through debentures. Identify incorrect statements regarding debentures.

(A) Debenture holders enjoy voting rights.

(B) A company may issue different kinds of debentures, like Secured Debentures, Unsecured Debentures, Redeemable Debentures, Irredeemable Debentures, Convertible Debentures, Non-convertible Debentures.

(C) A debenture is a part of the owned capital.

(D) The return on Debenture is known as dividend.

Choose the correct answer from the options given below:

Over Subscription means when applications received for shares of a company are more than the number of shares offered to the public for subscription. Identify correct statements regarding over subscription.

(A) This happens in respect of the share issue of well-managed and financially strong companies.

(B) The problem of over subscription is resolved with the forfeiture of shares.

(C) In such condition, three alternatives are available to the directors to deal with the situation.

(D) The problem of over subscription is usually resolved with the allotment of shares.

Choose the correct answer from the options given below:

Under fluctuating capital method,

(A) Only one account, i.e., a capital account is maintained for each partner

(B) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, salary or commission to partners, etc. are recorded directly in the current accounts of the partners.

(C) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, salary or commission to partners, etc. are recorded directly in the capital accounts of the partners.

(D) This makes the balance in the capital account fluctuate from time to time.

Choose the correct answer from the options given below:

Arrange the sequence of following important adjustments which require attention at the time of admission of a new partner.

(A) Valuation and adjustment of goodwill

(B) Balance sheet of Reconstituted firm

(C) Adjustment of partners' capital

(D) New profit sharing ratio and Sacrificing ratio

Choose the correct answer from the options given below:

"In partnership, all the acts of omission and commission need adjustments for correction of their impact." Necessary adjustments can be made by:

Aditya, Biral and Mukul are partners in a firm. On the date of retirement of Mukul, Rs. 6,00,000 becomes due to him. Aditya and Biral promised to pay him the amount due. Payment is made in three yearly installments of Rs. 2,00,000 each including interest @ 12% p.a. on the outstanding balance during the first three years and the balance including interest in the fourth year. Opening balance of Mukul's loan account in the beginning of second year, third year, and fourth year would be:

Match List-I with List-II

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The General Reserve of Rs. 90,000 is appearing in balance sheet at the time of the change in profit sharing ratio among existing partners. The General Reserve would be transferred among:

Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of 3:3:2. They decided to share the profits equally w.e.f. April 1, 2025. On that date, sundry debtors of Rs. 60,000 and stock of Rs. 1,20,000 appeared in the balance sheet. A provision of 5% on sundry debtors be made for doubtful debts. The value of stock be reduced to Rs. 1,12,000. The gain or loss on revaluation would be:

Bhim, Swati and Adita are partners sharing profits and losses in the ratio of 5:3:2 respectively. On March 31, 2025, Swati retired. Revaluation of assets and reassessment of liabilities resulted in a loss of Rs. 1,90,000. Journal entry for this would be:

A newly admitted partner acquires two main rights in the firm. Which of the following right is included in them?

Match List-I with List-II

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Kapil, Rahul and Virat are partners in a firm sharing profits in the ratio of 3:2:1. They decide to share future profits equally w.e.f April 1, 2025. Calculate the gaining/sacrificing share of partners.

The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner is called sacrificing ratio. Identify the correct statements regarding sacrificing ratio.

(A) Sacrifice by a Partner = New Share of Profit – Old Share of Profit

(B) This ratio is calculated for all the partners i.e. old and incoming

(C) The ratio is normally clearly given as agreed among the partners, which could be the old ratio, equal sacrifice, or a specified ratio

(D) Sacrifice by a Partner = Old Share of Profit – New Share of Profit

Choose the correct answer from the options given below:

Following Journal entry is to be passed when interest on debentures become due and tax is deducted at source:

When both the debts of the firm and private debts of a partner co-exist, the Property of the firm as per Section 49 of the Indian Partnership Act, shall apply:

(A) Payment of debts of the firm first.

(B) The surplus, if any, shall be divided among the partners as per their claims, which can not be utilised for payment of their private liabilities.

(C) The surplus, if any, shall be divided among the partners as per their claims, which can be utilised for payment of their private liabilities.

(D) Payment of private debts of the partners first.

Choose the correct answer from the options given below.

Capital reserves are created from _______.

Match List-I with List-II

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Partnership deed should be properly drafted and prepared as per the provisions of:

At the time of reconstitution of a partnership firm, investment worth Rs. 1,500 (not mentioned in the balance sheet) is to be taken into account. The journal entry for this would be:

Harsh Ltd. purchased assets of the book value of Rs.1,98,000 from Garv Ltd. It was agreed that purchase consideration be paid by issuing 16% debentures of Rs. 100 each at a discount of 10%. The number of debentures issued and journal entry for the same would be:

Anil and Uday are partners sharing profits equally. Arvind is admitted as a new partner. He brings Rs. 1,00,000 only out of his share of goodwill of Rs. 1,50,000. In this situation the journal entries will be:

Rajni and Ravi are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2025 they admit Meera as a new partner. On that date, there was a balance of Rs. 20,000 in the General Reserve and a credit balance of Rs. 30,000 in the Profit And Loss Account of the Firm. Necessary Journal Entry for this would be:

The following steps are to be followed to prepare the comparative statements in the prescribed sequence.

(A) Find out the change in absolute figures by subtracting the first year from the second year and indicate the change as increase (+) or decrease (–)

(B) Rearrange the given items

(C) Calculate the percentage change

(D) List out absolute figures in rupees relating to two points of time

Choose the correct answer from the options given below.

Share capital Rs. 4,00,000; Reserves and surplus Rs.1,00,000; Long-term borrowings Rs. 2,00,000; Fixed assets Rs. 4,00,000; Non-current investments Rs. 1,00,000; Current Assets Rs. 2,00,000. From the given information, the Total Assets to Debt Ratio will be:

Total Revenue from Operations Rs. 1,00,000

Total Purchases Rs. 75,000

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:

From the following information, cash flow from financing activities will be:

Issue of share capital Rs.4,00,000

Repayment of bank loan Rs.1,00,000

Payment of interest on bank loan Rs. 10,000

Payment of dividend Rs. 1,50,000

Match List-I with List-II

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Match List-I and List-II.

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Legend can be repositioned on the chart:

"It provides for ordering of goods, sorting of purchase expenses and payment to the creditors". Which subsystem of AIS is briefly highlighted in the above statement?

Arrange the following in sequence while calculating depreciation using straight line method.

(A) Life of Asset

(B) Salvage Value of Asset

(C) Cost of Asset

Choose the correct answer from the options given below:

Five pillars on which Computerised Accounting System rests are: