CUET Accountancy 2025 16 May Shift 1 PYQs

Match List-I with List-II:List-IList-II(A) Meaning of Dissolution(I) Section 49 of the Partnership Act, 1932(B) Application of Assets(II) Section 39 of the Partnership Act, 1932(C) Private Debts Vs Firm's Debts(III) Section 4 of the Partnership Act, 1932(D) Nature of Partnership(IV) Section 48 of the Partnership Act, 1932Choose the correct answer from the options given below:

Profit after interest and tax is ₹ $1,60,000$.$10\%$ Long-term borrowing is ₹ $20,00,000$.Rate of Tax is $20\%$.Profit before interest and tax will be:

Which of the below-mentioned methods are considered while valuing goodwill?(A) Average Profits Method(B) Super Profits Method(C) Piecemeal Distribution Method(D) Capitalization MethodChoose the correct answer from the options given below:

Under which method is the "Number of Years' Purchase" not considered for goodwill valuation?

If nothing is specifically mentioned in the partnership deed, the amount due to a retiring partner is transferred to which of the following accounts?

From the point of view of Tenure, debentures can be classified into which of the following types?(A) Redeemable Debentures(B) Non-Convertible Debentures(C) Perpetual Debentures(D) Registered DebenturesChoose the correct answer from the options given below:

What is the alternate name for "Registered Capital" of a company?

Match List-I with List-II:List-IList-II(A) Accumulated Profits/Losses(I) New Ratio(B) Share of goodwill at the time of admission of a partner(II) Gaining Ratio(C) Division of profits after admission of a partner(III) Old Ratio(D) Share of goodwill at the time of retirement/death of a partner(IV) Sacrificing RatioChoose the correct answer from the options given below:

$X$ and $Y$ are partners sharing profits in the ratio $3:2$. The capitals introduced by $X$ and $Y$ are ₹ $1,00,000$ and ₹ $5,00,000$ respectively. Interest on capital is allowed to partners $@10\%\text{p.a.}$ The net profit of the firm for the year ending March 31st, 2025 is ₹ $30,000$. Calculate the amount of Interest on Capital to be allowed to each partner.

While issuing share capital for public subscription, the minimum application money should be at least _____% of the nominal face value of the share according to the Companies Act, 2013.

A company issued shares of ₹ $3,00,000$ to the public. How will this transaction be disclosed under the Cash Flow Statement?

Cash Flow Statement is a critical component of financial reporting and is prepared in accordance with which Accounting Standard?

Ram, one of the partners, has withdrawn ₹ $1,00,000$ from the business for personal use. If the rate of interest charged on drawings is $12\%\text{p.a.}$, find the total amount of interest on drawings to be charged from Ram:

The primary accounting document entity used to record individual transactional records and financial data points in Tally ERP / Prime is a:

Which of the following is NOT classified as a Profitability Ratio?

At the time of a firm's reconstitution, any existing asset balance of Goodwill already appearing in the books of accounts must be immediately written off among partners in their:

Which of the following options should NOT typically be a structural feature of an accounting package selected for a small-scale business enterprise?

Which of the following transactions are correctly categorized and shown under Financing Activities in a Cash Flow Statement?(A) Purchase of Furniture by issuing $1,000$ Shares @ ₹ $10$ each(B) Interest paid ₹ $25,000$ (C) Dividend Paid ₹ $10,000$ (D) Issue of $5,000$ Bonus shares @ ₹ $10$ eachChoose the correct answer from the options given below:

Arrange the following structural parts/sections in the standard order of presentation followed while preparing a Cash Flow Statement from top to bottom:(A) Cash and cash equivalents (Closing/Net Change balancing summary)(B) Investing activity(C) Operating Activity(D) Financing activityChoose the correct answer from the options given below:

Arrange the given components of Share Capital in the correct hierarchical sequence as they appear within the Notes to Accounts on Share Capital in a corporate Balance Sheet:(A) Issued Capital(B) Subscribed and fully paid(C) Subscribed and not fully paid(D) Authorised capitalChoose the correct answer from the options given below:

The calculation of the "Gaining Ratio" is NOT required or carried out during which of the following events?

Identify which of the following expenses/allocations are classified as "Appropriations out of Profits" rather than charges against profits:(A) Rent paid to partners(B) Interest on capital(C) Salary paid to partners(D) Commission allowed to partnersChoose the correct answer from the options given below:

An Independent Statutory Auditor issues their formal Audit Opinion and Annual Report addressing it directly to the:

In a company's Balance Sheet, the balance of the "Share Forfeiture Account" is presented under which main head/sub-item?

Match List-I with List-II:List-I (Ratio Category)List-II (Specific Ratio Example)(A) Liquidity Ratio(I) Interest Coverage Ratio(B) Profitability Ratio(II) Acid-Test Ratio(C) Solvency Ratio(III) Fixed Assets Turnover Ratio(D) Activity Ratio(IV) Return on Capital Employed RatioChoose the correct answer from the options given below:

The Central Government, via the Companies (Miscellaneous) Rules, 2014, has prescribed the maximum permissible limit of partners in a single partnership firm to be:

If a uniform amount of capital is systematically withdrawn by a partner at the end of each quarter, interest on the total aggregate yearly drawings is computed across an average timeline of:

Which software category is characterized by providing full functionality, but its installation or distribution is illegal and poses significant data corruption risks?

When a newly formed public company does not register its own customized Articles of Association (AoA), the standard operational guidelines of which regulatory Table from Schedule I of the Companies Act, 2013 will apply automatically?

Which of the following analytical methodologies is NOT classified as a standard tool for financial statement analysis?

Arrange the given components under the "Property, Plant and Equipment and Intangible Assets" sub-head of Non-Current Assets in the correct order of presentation in a corporate Balance Sheet:(A) Intangible assets under development(B) Tangible assets / Property, Plant and Equipment(C) Intangible Assets(D) Capital Work-in-ProgressChoose the correct answer from the options given below:

Steel and Company purchased a machine from Safe Machine Limited for ₹ $4,80,000$ and took over its liabilities of ₹ $3,00,000$. As per the purchase agreement, ₹ $50,000$ was paid in cash, and the remaining balance was settled by the issue of $2,000$ equity shares of ₹ $100$ each. What will be the amount of goodwill or capital reserve arising from this acquisition?

Match List-I with List-II:List-IList-II(A) Statements indicating the relationship of different items of a financial statement with a common item by expressing each item as a percentage of that common item(I) Trend Analysis(B) Technique of studying the operational results and financial position over a series of consecutive years(II) Comparative Statements(C) Statements showing profitability and financial position for different periods of time to give an idea about the changes between two or more periods(III) Ratio Analysis(D) Describes the significant mathematical relationship which exists between various items of a balance sheet and a statement of profit and loss(IV) Common-Size StatementsChoose the correct answer from the options given below:

Arrange the given item heads in the correct logical sequence from top to bottom as they appear within the Expenses section of a Statement of Profit and Loss according to Schedule III of the Companies Act, 2013:(A) Finance costs(B) Purchase of Stock-in-Trade(C) Cost of materials consumed(D) Employee benefits expenseChoose the correct answer from the options given below:

Valuation of goodwill is NOT required in which of the following scenarios?

A fixed deposit with a bank maturity term of five years will be classified under which of the following lines in a corporate Balance Sheet?

Match List-I with List-II:List-IList-II(A) Increase in assets at the time of retirement(I) Debit side of Realisation Account(B) Asset taken over by a partner at the time of dissolution(II) Credit side of Revaluation Account(C) Unrecorded Liability settled at the time of admission(III) Credit side of Realisation Account(D) Remuneration paid for realization of assets(IV) Debit side of Revaluation AccountChoose the correct answer from the options given below:

Accounting principles classify Goodwill as a/an:

There is a practical need for the valuation of a firm's goodwill under which of the following cases?(A) Admission of a new partner(B) Retirement of an existing partner(C) Dissolution of a firm involving the sale of the business as a going concern(D) Amalgamation of partnership firmsChoose the correct answer from the options given below:

While settling accounts during the dissolution of a partnership firm, what is the correct statutory order of application of the firm's assets according to Section 48 of the Indian Partnership Act, 1932?(A) In paying the debts of the firm to third parties(B) In paying to each partner proportionately what is due to him on account of capital(C) Divided among the partners in their profit sharing ratio if any surplus remains(D) In paying each partner proportionately what is due to him/her from the firm for advances/loans as distinguished from capitalChoose the correct answer from the options given below:

Comprehension:Read the following passage carefully and answer the questions that follow.$X$ Ltd. issued $30,000$ shares to the public having a Face Value of ₹ $100$ at a $10\%$ premium. The money is receivable as follows:Application = ₹ $40$ (including premium)Allotment = ₹ $45$ First and Final call = Remaining amountThe public applied for $50,000$ shares. The company rejected applications for $10,000$ shares and made a pro-rata allotment to the remaining applicants. A shareholder who had applied for $400$ shares failed to pay the allotment and call money, and his shares were subsequently forfeited by the company. Later, these forfeited shares were reissued at ₹ $80$ each as fully paid.What is the amount to be credited to the Calls-in-Arrears Account at the time of forfeiture?

Comprehension:Read the following passage carefully and answer the questions that follow.$X$ Ltd. issued $30,000$ shares to the public having a Face Value of ₹ $100$ at a $10\%$ premium. The money is receivable as follows:Application = ₹ $40$ (including premium)Allotment = ₹ $45$ First and Final call = Remaining amountThe public applied for $50,000$ shares. The company rejected applications for $10,000$ shares and made a pro-rata allotment to the remaining applicants. A shareholder who had applied for $400$ shares failed to pay the allotment and call money, and his shares were subsequently forfeited by the company. Later, these forfeited shares were reissued at ₹ $80$ each as fully paid.What is the total amount of application money to be refunded by the company?

Comprehension:Read the following passage carefully and answer the questions that follow.$X$ Ltd. issued $30,000$ shares to the public having a Face Value of ₹ $100$ at a $10\%$ premium. The money is receivable as follows:Application = ₹ $40$ (including premium)Allotment = ₹ $45$ First and Final call = Remaining amountThe public applied for $50,000$ shares. The company rejected applications for $10,000$ shares and made a pro-rata allotment to the remaining applicants. A shareholder who had applied for $400$ shares failed to pay the allotment and call money, and his shares were subsequently forfeited by the company. Later, these forfeited shares were reissued at ₹ $80$ each as fully paid.What is the amount of discount per share allowed by the company at the time of reissue of the forfeited shares?

Comprehension:Read the following passage carefully and answer the questions that follow.$X$ Ltd. issued $30,000$ shares to the public having a Face Value of ₹ $100$ at a $10\%$ premium. The money is receivable as follows:Application = ₹ $40$ (including premium)Allotment = ₹ $45$ First and Final call = Remaining amountThe public applied for $50,000$ shares. The company rejected applications for $10,000$ shares and made a pro-rata allotment to the remaining applicants. A shareholder who had applied for $400$ shares failed to pay the allotment and call money, and his shares were subsequently forfeited by the company. Later, these forfeited shares were reissued at ₹ $80$ each as fully paid.What type of share subscription took place in this scenario?

Comprehension:Read the following passage carefully and answer the questions that follow.$X$ Ltd. issued $30,000$ shares to the public having a Face Value of ₹ $100$ at a $10\%$ premium. The money is receivable as follows:Application = ₹ $40$ (including premium)Allotment = ₹ $45$ First and Final call = Remaining amountThe public applied for $50,000$ shares. The company rejected applications for $10,000$ shares and made a pro-rata allotment to the remaining applicants. A shareholder who had applied for $400$ shares failed to pay the allotment and call money, and his shares were subsequently forfeited by the company. Later, these forfeited shares were reissued at ₹ $80$ each as fully paid.Assuming all other shareholders paid their due amounts, the final total balance of the Securities Premium Account shown under the sub-head 'Reserves and Surplus' will be:

Comprehension:Read the following financial details carefully and answer the questions that follow.Following is the Balance Sheet of Ashwani and Bharat on March 31, 2024.Balance Sheet of Ashwani and Bharat as on March 31, 2024LiabilitiesAmount (₹)AssetsAmount (₹)Creditors$76,000$ Cash at bank$17,000$ Mrs. Ashwani's loan$10,000$ Stock$10,000$ Mrs. Bharat's loan$20,000$ Investments$20,000$ Investment Fluctuation Reserve$2,000$ Debtors $40,000$ Less: Provision for Doubtful Debts $4,000$$36,000$ General Reserve$20,000$ Buildings$70,000$ Capitals:Ashwani: $20,000$ Bharat: $20,000$$40,000$ Goodwill$15,000$ Total$1,68,000$ Total$1,68,000$ The firm was dissolved on that date under the following terms:Ashwani promised to pay Mrs. Ashwani’s loan and took away the stock for ₹ $8,000$.Bharat took away half of the investments at $10\%$ less than book value.Debtors realized ₹ $38,000$. Creditors were paid off at a discount of ₹ $380$.Buildings realized ₹ $1,30,000$. Goodwill realized ₹ $12,000$, and the remaining investments were sold for ₹ $9,000$.An old unrecorded typewriter was taken over by Bharat for ₹ $600$.Realization expenses amounted to ₹ $2,000$.If the net realization profit is ₹ $55,980$, how will it be distributed between the partners?

Comprehension:Read the financial details from the preceding text carefully.What is the total amount realized from the sale/disposal of assets that will be debited to the Bank Account?

Comprehension:Read the financial details from the preceding text carefully.What is the total amount by which the Bank Account will be credited by the Realisation Account (representing cash outflows for liabilities and expenses)?

Comprehension:Read the financial details from the preceding text carefully.For taking over half of the investments, Bharat's Capital Account will be:

Comprehension:Read the financial details from the preceding text carefully.At the time of dissolution, how will the Investment Fluctuation Reserve balance appearing in the liabilities side of the Balance Sheet be treated?