CUET Accountancy 2025 13 May Shift 2 PYQs

Arrange the following in correct order in which assets of the firm can be used in their settlement upon dissolution.(A) Residue shall be divided between the partners in their profit sharing ratio.(B) In paying the partners proportionately what is due to him/her on account of capital.(C) In paying the partners proportionately what is due to him/her from the firm for advances/loans.(D) In paying the debts of the firm to the third parties.Choose the correct answer from the options given below:

In which of the following cases does the economic relationship between the partners come to an end?

Which of the following factors leads to a higher goodwill for firms?(A) Firms having long term contracts for supply of materials(B) Firms with efficient management(C) Firms which are highly profitable(D) Firms which do not have competitive advantagesChoose the correct answer from the options given below:

Which of the following does not result in an outflow of cash?(A) Depreciation(B) Loss on sale of fixed assets(C) Purchase of fixed assets(D) Goodwill written offChoose the correct answer from the options given below:

P, Q and R share profits equally. At the time of P's retirement, goodwill appears in the books at $\text{Rs. }3000$. P will be debited with what amount for his share of existing Goodwill?

Match List-I with List-II as per Schedule III of the Companies Act, 2013:List-IList-II(A) SHAREHOLDERS FUND(I) Non-current investments(B) CURRENT LIABILITIES(II) Reserves and Surplus(C) CURRENT ASSET(III) Trade Payables(D) FIXED ASSET(IV) InventoriesChoose the correct answer from the options given below:

Which of the following is NOT an element of a chart or graph in a spreadsheet software?

Arrange the following accounting procedures in the correct chronological sequence followed at the time of admission of a new partner:(A) Adjustments of capital accounts.(B) Valuation of goodwill.(C) Calculation of new profit sharing ratio and sacrificing ratio.Choose the correct answer from the options given below:

Choose the correct statements from the following:(A) The financial statements of a business enterprise include cash flow statements.(B) Common size statements and financial ratios are two tools employed in vertical analysis.(C) Financial analysis helps an analyst to arrive at a decision.(D) Comparative statements are a form of vertical analysis.Choose the correct answer from the options given below:

Arrange the following items in the chronological order in which they appear in a Cash Flow Statement as per Accounting Standard-3 (AS-3):(A) Investing activities(B) Operating activities(C) Financing Activities(D) Cash and cash equivalentsChoose the correct answer from the options given below:

The value of goodwill calculated based on the capitalization of average profit method is $\text{Rs. }1,80,000$. If the Net Assets of the firm are valued at $\text{Rs. }8,20,000$, find the capitalized value of average profits.

Arrange the following line items in the sequence in which they appear in the Balance Sheet as prescribed in Part I of Schedule III of the Companies Act, 2013:(A) Non-current liabilities(B) Current liabilities(C) Current Assets(D) Shareholders' fundsChoose the correct answer from the options given below:

When unrecorded liabilities are settled and paid at the time of dissolution of a partnership firm, they are recorded on the:

Match List-I with List-II:List-IList-II(A) Gaining Ratio(I) An advantage of good name, reputation and wide business connections.(B) New Profit Sharing Ratio(II) The ratio in which the continuing partners have acquired the share from the retiring/deceased partner.(C) Sacrificing Ratio(III) The ratio in which the remaining partners will share future profits after the retirement or death of any partner.(D) Goodwill(IV) The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner.Choose the correct answer from the options given below:

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of $5:3:2$. Suresh retires from the firm and his share is acquired by Naveen and Tarun in the ratio $2:1$. Calculate the new profit sharing ratio between Naveen and Tarun.

Match List-I with List-II based on Cash Flow Statement classifications:List-IList-II(A) Operating Activities(I) Current Investment(B) Investing Activities(II) Dividends paid on equity and preference capital(C) Financing Activities(III) Cash receipt from disposal of fixed assets including intangibles(D) Cash equivalents(IV) Cash receipts from royalties, fees, commissions and other revenuesChoose the correct answer from the options given below:

When debentures are issued at par and are redeemable at a premium, the premium payable on redemption is debited to which account at the time of issue?

A Balance Sheet provides specific operational insights regarding the financial position of an enterprise:

Choose the pair of correct statements from the following:(A) The only purpose of financial reporting is to keep the managers informed about the progress of operations.(B) Analysis of data provided in the financial statements is termed as financial analysis.(C) Long-term borrowings are analyzed to check the ability of a firm to discharge its obligations to pay interest and repay the principal amount.(D) Financial ratios reflect both quantitative and qualitative aspects of business performance. Choose the correct answer from the options given below:

The following journal entry appears in the books of X Co. Ltd.:
$$\begin{array}{llcc}\text{Bank A/c}& \text{Dr.}& 4,75,000& \\ \text{Loss on issue of debenture A/c}& \text{Dr.}& 75,000& \\ \text{To }12\%\text{ Debentures A/c}& & & 5,00,000\\ \text{To Premium on Redemption of Debenture A/c}& & & 50,000\end{array}$$
Based on this entry, the debentures have been issued at a discount rate of:

Ravi, one of the partners, provided a loan of $\text{Rs. }1,00,000$ to the firm. In the absence of a partnership deed, interest on this partner's loan is allowed at what rate?

Arrange the following stages of share capital transactions in their correct chronological operational sequence:(A) Share Allotment(B) Share Application(C) Share forfeiture(D) Share CallChoose the correct answer from the options given below:

Consider the following statements regarding a joint-stock company:(A) A company's shares are generally freely transferable.(B) Shareholders of a company are personally liable for the acts of the company.(C) The director of a company must always be a shareholder.(D) Paid-up capital can exceed called-up capital.Note: This question was dropped from the official key due to errors in statement designs. Let's evaluate the correct conceptual stance.

Which of the following elements is NOT used in a company's payroll calculation system?

At the time of a firm's dissolution, a machine costing $\text{Rs. }20,000$ along with cash of $\text{Rs. }5,000$ were given to creditors of $\text{Rs. }30,000$ in full settlement of their claim. In this case, the Realisation Account will be debited with what amount for this settlement transaction?

A and B are partners sharing profits equally with capitals of $\text{Rs. }45,000$ each. They admit C as a new partner for a $\frac{1}{3}\text{rd}$ share in profits. C brings in $\text{Rs. }60,000$ as his capital. Find the value of the firm's total Goodwill based on this transaction.

When debentures are issued at a discount, under which of the following types is the difference between their nominal value and the issue price explicitly treated as the total amount of interest over their tenure?

For distributing profits made during a financial year among partners, which account is debited?

Calculate the Current Ratio from the following financial data:ParticularsAmount (in Rs.)Inventories$60,000$ Trade receivables$60,000$ Advance tax$4,000$ Cash and cash equivalents$50,000$ Trade payables$1,30,000$ Bank Overdraft$4,000$

Which account is credited if the net assets taken over exceed the agreed purchase consideration at the time of purchasing a business?

A and B are partners sharing profits in the ratio of $3:2$. They admit C for a $\frac{1}{5}\text{th}$ share in future profits, which he acquires equally from both A and B. What will be the new profit-sharing ratio?

"The business of a partnership concern may be carried on by all the partners or any one of them acting for all." Which core feature of partnership does this statement indicate?

When the business of a partnership firm becomes illegal due to changes in regulations or laws, it leads to dissolution under which category?

ABC Ltd. issued $3,000$, $14\%$ Debentures of $\text{Rs. }100$ each at a discount of $5\%$ on April 1, 2023. What is the total discount amount on the issue of these debentures?

Match List-I with List-II based on standard financial ratio classifications:List-IList-II(A) Liquidity Ratios(I) Debt to Capital Employed Ratio(B) Solvency Ratios(II) Net profit ratio(C) Activity Ratios(III) Current Ratio(D) Profitability Ratios(IV) Working capital Turnover RatioChoose the correct answer from the options given below:

Under the fixed capital method of a partnership concern, which two accounts are maintained for each partner?

The total sum due to a retiring partner or to the legal executors (in case of death) includes which of the following, along with their capital account balance, share of goodwill, and revaluation profit?

A and B are partners in a firm with fixed capitals of $\text{Rs. }4,00,000$ and $\text{Rs. }5,00,000$ respectively. After preparing the final accounts, it was discovered that interest on capital @ $10\%\text{ p.a.}$ as provided in the partnership deed was omitted. To rectify this error through an adjustment entry, A's Current Account should be:

Which section of the Indian Partnership Act, 1932 defines the term "Partnership"?

Match List-I with List-II based on company share capital terminology:List-IList-II(A) Reserve Capital(I) That portion of the subscribed capital which has not yet been called up.(B) Uncalled Capital(II) It is that part of the issued capital which has been actually subscribed by the public.(C) Paid-up Capital(III) A company may reserve a portion of its uncalled capital to be called only in the event of winding up of the company.(D) Subscribed Capital(IV) It is that portion of the called-up capital which has been actually received from the shareholders.Choose the correct answer from the options given below:

Based on Case Study 1, find the Average Collection Period.

Based on Case Study 1, find the Average Payment Period.

Based on Case Study 1, find the value of total Trade Payables.

Based on Case Study 1, what is the Trade Payables Turnover Ratio?

Based on Case Study 1, find the Trade Receivables Turnover Ratio.

Based on Case Study 2, find the value of Normal Profit.

Based on Case Study 2, what is the value of the Average Profit?

Based on Case Study 2, calculate the final value of Goodwill.

Based on Case Study 2, what is the specific value of the Super Profit?

Based on Case Study 2 data, if the normal profit were instead given as $\text{Rs. }60,000$, what would be the revised calculated Normal Rate of Return?