CUET Accountancy 2022 20 July Shift 1 PYQs - Free Mock Test (No Login)

A and B are partners sharing profits in the ratio of $5:4$. C is admitted as a partner and he acquires 25% of his share from A. B surrenders $\frac{1}{4}$ th from his share in favour of C. Calculate C's share in profit.

From the following information, identify when goodwill is required to be calculated.(a) Admission of a Partner(b) Amalgamation of partnership firms(c) Dissolution of partnership firm(d) Retirement and Death of any partner(e) Preparation of Balance sheetChoose the correct answer from the options given below:

At the time of admission of a partner, if nothing is specified then new partner acquires his share from old partners.

Identify the statement that is/are not true from the following.(a) Shares can be forfeited for non payment of call money.(b) The profit on forfeited shares is transferred to capital reserve.(c) Balance of share forfeiture account is shown in the balance sheet under reserves and surplus.(d) Application money should be at least 10% of the face value of the share.Choose the correct answer from the options given below:

PQR Ltd. issued 40,000 Equity shares of Rs. 10 each at par payable Rs. 3 on application, Rs. 4 on allotment and balance on first and final call. Applications were received for 1,10,000 shares. Applications for 20,000 shares were refused and allotment was made prorata to remaining applicants. Amount received on allotment is: