CUET Accountancy 2026 PYQs21 May Shift 2. Free, no login required.

Reconstitution of a partnership firm usually does not take place at the time of :

The rule contained in Table F shall be applicable which states that interest at a rate not exceeding ______ shall have to be paid on all unpaid amounts on shares for the period intervening between the day fixed for payment and the time of actual payment thereof.

If the value of purchase consideration payable to the vendor is less than the value of the net assets taken over by the company, the difference will be credited to:

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

Debentures issued at discount of ______ and redeemable at a premium of ______.

Company can issue its shares to public:

A. For cash

B. Either at par or at a premium

C. For consideration other than cash

D. At discount

Choose the correct answer from the options given below:

Alka, Bijoy and Chaman were partners in a firm sharing profits in the ratio of 5:4:1. The profit of the firm for the year ending on March 31, 2025 was Rs. 1,00,000. Bijoy died on June 30, 2025. Alka and Chaman decided to share future profits equally. What will be Bijoy's share of profits from the date of last balance sheet till his date of death if profits have accrued similar to the profits of previous year.

Find out gain or loss of Revaluation A/c from the given information:

1. The fixed assets should be valued at Rs. 3,31,000 (book value Rs. 2,80,000).
2. A provision of 5% on sundry debtors be made doubtful debts (Debtors amounted to Rs. 90,000).
3. The value of stock be reduced to Rs. 1,12,000 (book value 1,90,000).

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

Choose the correct answer from the options given below:

Manser Company Ltd., New Delhi, has registered its capital as Rs. 40,00,000, divided into 4,00,000 shares of Rs. 10 each. The company offered the public a subscription of 2,00,000 shares of Rs. 10 each. The company received applications for 2,00,000 shares. The company did not make the final call of Rs.2 per share. The company received all the amount except 2,000 shares where share first call money of Rs 3 per share has not been received. Share capital to be shown in balance sheet of Manser Company Ltd. will be:

Following are the sequence of steps in case of a dissolution of a partnership firm. Arrange the following steps in order:

A. Assets taken over by a partner, and payment of liabilities.

B. Transfer of profit and loss on realisation

C. All assets and all external liabilities are transferred to realisation account.

D. Settlement of partners' accounts

Choose the correct answer from the options given below:

When debentures are redeemable at a premium, the premium payable on redemption is

A business has earned average profits of Rs. 50,000 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. 4,10,000.

In the absence of any information regarding the acquisition of a share of profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in:

Which of the following deduction may be made from the sum due to the retiring partner?

At the time of admission of a partner, assets are revalued and assessment of the liabilities is also done so that these are brought in the books at their correct values. For this purpose:

Various methods are used for the valuation of goodwill of a partnership firm. Which of the following is not the method of valuation of goodwill?

Sahil, a shareholder, failed to pay the money for second and final call of Rs. 30 on 2,000 shares issued to him at Rs. 220 (face value of Rs. 200 per share). His shares were forfeited after the second and final call. Share Forfeiture A/c will be credited with:

The steps involved under calculation of goodwill using Super Profit method are following. Arrange them in the correct order.

A. Calculate the normal profit on the firm's capital on the basis of the normal rate of return.

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

C. Calculate goodwill by multiplying the super profits by the given number of years' purchase.

D. Calculate the average profit.

Choose the correct answer from the options given below.

"Sometimes a partner is admitted into the firm with a guarantee of a certain minimum amount by way of their share in the profits of the firm." Identify which of the following is incorrect about such assurance.

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

In case of admission of a new partner, Match the LIST-I with LIST-II.

Choose the correct answer from the options given below.

"These debentures do not have a specific charge on the assets of the company". Name the type of debenture being highlighted in this statement.

Correct sequence of steps in the procedure of share issue are :

A. Receipt of applications

B. Issue of prospectus

C. Forfeiture of shares

D. Allotment of shares

Choose the correct answer from the options given below:

A company issued Rs. 2,00,000, 9% debentures of Rs. 100 each at a discount of 5% repayable at par. Correct Journal Entry at the time of transfer of debenture application money to debentures account will be:

If partnership deed is silent in respect of interest on drawings, how much interest wll be charged?

Sometimes, at the time of admission, the old partners agree that their capital should also be adjusted to be proportionate to their profit sharing ratio on the basis of the new partner's capital. Identify the correct sequence to be followed:

A. Ascertain the total capital of the firm on the basis of the new partner's capital.

B. Compare old partners' capital with adjusted capital of old partners.

C. Ascertain capital of old partners after all adjustments like interest on capital, salary, etc.

D. Ascertain deficiency or surplus capital of partners.

Choose the correct answer from the options given below:

Securities Premium can be used only for the following purposes:

A. To issue fully paid bonus shares to the extent not exceeding unissued share capital of the company;

B. To issue partly paid bonus shares to the extent not exceeding unissued share capital of the company;

C. To write-off the expenses of, or commission paid, or discount allowed on any securities of the company; and

D. Purchase of its own shares (i.e., buy back of shares)

Choose the correct answer from the options given below:

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

When a firm is dissolved with the consent of all the partners or in accordance with a contract between the partners, it is known as:

Rubina and Mukta were partners sharing profits & losses equally. As per the partnership agreement, the share of profit of the deceased partner will be worked out on the basis of sales, and specified that the sales during the year 2024-25 were Rs. 9,00,000, and profit for same period was Rs.3,00,000 and the sales from April 1, 2025 - September 30, 2025 were Rs. 1,50,000 Rubina died on September 30, 2025. Calculate Rubina's share of profit.

If the partners decide to withdraw the amount of premium for goodwill credited to their capital account, the following entry will be passed:

Dissolution of Firm means:

A. Assets are revalued and liabilities are reassessed. New balance sheet is drawn

B. Economic relationships between partners come to an end

C. The business of the firm is closed/terminated

D. The business is not closed/terminated

Choose the correct answer from the options given below:

There are two methods by which the capital accounts of partners can be maintained. Select the main points of differences between the fixed and fluctuating capital methods from the following:

A. Under fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn, whereas under the fluctuating capital method, capital of the partners fluctuates.

B. Under fixed capital method, all items like share of profit or loss, interest on capital, drawings, interest on drawings, etc. are recorded in Partners' Current Account, whereas under fluctuating capital method, all the adjustments are recorded directly in the capital accounts of the partners.

C. Under fixed capital method, the partners' capital accounts will always show a credit balance and partners' current account, on the other hand, may show a debit or a credit balance, whereas under the fluctuating capital method, the capital account may sometimes show a debit balance.

D. The partners' capital accounts and current account will always show debit balance, whereas under the fluctuating capital method the capital account will always show a credit balance.

Choose the correct answer from the options given below:

Identify which of the following is not related to the concept of "MUTUAL AGENCY"?

Which of the following needs no adjustments in the books of firm at the time of admission of a new partner?

Amita and Kabuliwala are partners, sharing profits in the ratio of 2:2 with capitals of Rs.1,50,000 and Rs.30,000 respectively. Interest on capital is agreed @ 6% p.a. A commission of Rs. 5000 is to be allowed to manager. During the financial year 2024-25, on Oct. 01, 2024, Amita gave a loan of Rs. 1,00,000 to the firm without any agreement. During the year 2024-2025, a profit of Rs. 2,22,250 was earned. Calculate the profit that would be transferred to Profit & Loss Appropriation A/C.

A, B and C were partners in a firm sharing profits in the ratio of 5:3:2. On March 31, 2025, the balance sheet showed capital balances of Rs. 30,000; Rs. 25,000; and Rs. 15,000 for A, B and C respectively. A died on 1st October 2025. It was agreed between his executors and the remaining partners that interest on capital be provided at 10% p.a. Calculate interest on A's capital.

In case of over subscription, three alternatives are available to the directors to deal with the situation:. Find the odd alternative.

Any gain or loss arising from Adjustments for Revaluation of Assets and Reassessment of Liabilities shall be distributed among:

Rajinder and Binod are partners in a firm sharing profits in the ratio of 3:2. They admitted Gaurav as a new partner for 1/4 share. The new profit sharing ratio between Rajinder and Binod will be 1:2. The new profit sharing ratio between Rajinder, Binod and Gaurav will be:

Priya, Rama and Sona are partners in a firm sharing profits and losses equally. They decided to share the profits 3:3:2 w.e.f. April 1, 2025. Calculate gain or sacrifice of partners.

Charvi and Varun are partners in a firm sharing profits in the ratio of 4:1. They admitted Bhumika as a new partner for 1/4 share in the profits, which is acquired wholly from Charvi. Determine the new profit sharing ratio of the partners.

At the time of the Dissolution of the Partnership firm, "Creditors were Rs.1,00,000. They accepted buildings valued at Rs.1,20,000 and paid cash to the firm Rs.30,000". Necessary journal entry would be :

At the time of forfeiture of shares, the company

At the time of forfeiture of shares, Share Capital A/c will be debited with:

From the following information, ascertain the percentage change in profit after tax

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

KRISHNA Ltd. has given you the following information:

During the year, a machine costing Rs. 75,000 with Accumulated Depreciation of Rs. 15,000 was sold for Rs. 50,000.

Calculate cash flow from Investing Activities on the basis of the above information

One of the limitations of financial analysis given below is:

Every company registered under The Companies Act 2013 shall prepare its balance sheet in the prescribed format. Arrange the following Non-current Liabilities in proper order:

A. Deferred tax liabilities (net)

B. Long term provisions

C. Other long term liabilities

D. Long term borrowings

Choose the correct answer from the options given below:

"IT" essentially scrambles the information to make its interpretation extremely difficult (almost impossible) And it also ensures security of data even if it lands in the wrong hands, because the receiver of data will not be able to decode and interpret it.

In the above line, "IT" stands for:

"It deals with the ascertainment of the cost of goods produced. It has linkages with other accounting sub-systems for obtaining the necessary information about cost of material, labour, and other expenses. This system generates information about changes in the cost that takes place during the period under review."

Identify the subsystem of AIS being highlighted in the above information

Which chart element details the data values and categories below the chart?

Development of coding structure requires identification (finalisation) of hierarchy of schooling system and that of various attributes (parameters) associated with a student. A hierarchy in such a situation could be as follows:

A. Entry-year

B. Stream

C. Class

D. Section

Choose the correct answer from the options given below:

Match the LIST-I with LIST-II

Choose the correct answer from the options given below: