CUET Accountancy 2025 22 May Shift 2 PYQs

When a new partner brings his share of goodwill in cash, the amount is credited to:

The debentures which are payable on the expiry of the specific period are:

On the admission of a new partner, an increase in the value of assets is debited to:

In the case of guarantee of profit, the sequence of steps to be followed are:(A) Divide the profit in the given ratio.(B) Prepare profit and loss appropriation account as usual.(C) Deduct the deficiency from the guaranteeing partner and add the same to guaranteed partner.(D) Find the deficiency.Choose the correct answer from the options given below:

On the dissolution of a firm, creditors are transferred to:

At the time of forfeiture, the share capital account is:

Abhiram and Ragini are partners sharing profits in the ratio of $3:2$. They admit Arun as a new partner for $\frac{1}{5}\text{th}$ share in the future profits of the firm which he gets equally from Abhiram and Ragini. Calculate the new profit sharing ratio of Abhiram, Ragini and Arun.

According to Section __________ of the Indian Partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.

When a partnership firm is dissolved, final payment made to partners is transferred to:

Which of the following indicates a situation of compulsory dissolution?

'The business of a partnership concern may be carried on by all the partners or any of them acting for all.'Which feature of partnership is indicated by the above statement?

Match List-I with List-II:List-I (Transaction)List-II (Relevant account)(A) Settlement of Partners Loan(I) Credit side of Realization A/c(B) Transfer of liabilities(II) Partner's Capital will be credited(C) Transfer of Assets(III) Credit Side of Bank A/c(D) Remuneration payable to partner(IV) Debit Side of Realization A/cChoose the correct answer from the options given below:

The past average profits of a business work out at $\text{Rs. }20,000$ and it is expected that such profits are likely to continue for another three years. The value of goodwill based on the average profit method will be _________.

It is to be noted that 'minimum subscription' of capital cannot be less than _________ of the issued amount according to SEBI Guidelines (Disclosure and Investor Protection).

If a delay occurs beyond 8 days from the date of closure of the subscription list in refunding the amount received due to non-fulfilment of the criteria of minimum subscription, the company shall be liable to pay the amount with interest at the rate of:

Section 49 of the Indian Partnership Act, 1932 deals with:

The major difference between Retirement and Death of a partner is:

The share of loss of a deceased partner, calculated on the basis of previous year's profit/loss, is:

There must be an interval of how many months between the making of two calls unless otherwise provided by the articles of association of the company?

Which of the following are the ways for the dissolution of a firm?(A) Dissolution by Notice(B) Dissolution by agreement(C) Dissolution by court(D) Dissolution by not terminating businessChoose the correct answer from the options given below:

While doing adjustment of partners' capital, for the amount of capital to be brought in by the partner, the following entry will be passed:

The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied first for paying _____________.

For distribution of profits among the partners, the following account is debited to allocate profits to the partners:

Part of the subscribed capital which has been called up on the shares, i.e., what the company has asked the shareholders to pay is known as __________.

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of $5:3:2$. Tarun retires from the firm and his share was taken over by Naveen and Suresh in the ratio $2:1$. In such a case, the new profit sharing ratio will be:

A and B are partners without any partnership deed. B has given a loan of $\text{Rs. }2,00,000$ to the firm on 1st July 2023. B claims interest on loan @ $10\%\text{ p.a.}$ How much interest on loan will be paid to B for the year ending on 31st March 2024?

A and B are partners in a firm with their fixed capitals of $\text{Rs. }4,00,000$ and $\text{Rs. }5,00,000$ respectively. After preparation of accounts, it was found that interest on capital @ $10\%\text{ p.a.}$ as provided by the partnership deed was omitted. In order to rectify the mistake, A's current account will be:

In case of 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, Realisation A/c will be Debited with:

Arrange the following steps related to the issue of shares in proper sequence.(A) Allotment of Shares(B) Receipt of Applications(C) Issue of Prospectus(D) Share callsChoose the correct answer from the options given below:

Which of the following is not a feature of a partnership deed?

As per AS-26, Intangible assets like goodwill should be written off:

L and M are partners sharing profits in the ratio $3:2$. N is admitted as a partner for $\frac{1}{5}\text{th}$ of the share which is acquired entirely from L. Goodwill of the firm is valued at $\text{Rs. }40,000$ on N's admission. N will have to pay for Goodwill:

When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to:

Ram, a partner, has been assigned the responsibility for realization of assets and settlement of liability for which he will be given remuneration of ₹ 10,000. He has to bear all the realization expenses. Actual realization expenses are ₹ 12,000. The Journal Entry will be:

Arrange the steps in proper sequence to calculate Goodwill through the Super Profits Method.(A) Calculate the normal profit on the firm's capital on the basis of the normal rate of return.(B) Calculate the average profit.(C) Calculate the super profits by deducting normal profit from the average profits.(D) Multiply super profits by the given number of years purchased.Choose the correct answer from the options given below:

If an asset is taken over by a creditor in full lieu of the amount due to him, then the journal entry will be:

In the case of the fixed capital method, which two accounts are maintained for each partner?

Which company must have at least two members?

Goodwill can also be ascertained by capitalising the super profit directly under which method?

Match List-I with List-II:At the time of retirement, the following transactions took place. Choose the correct treatment.List-I (Particulars)List-II (Treatment)(A) Asset taken over by the partner(I) Debit side of Revaluation A/C(B) Increase in Assets(II) Written off amongst old partners in old ratio(C) Unrecorded Liability(III) Debit side of Partners Capital A/C(D) Goodwill Appearing in books(IV) Credit side of Revaluation A/CChoose the correct answer from the options given below:

X and Y are partners sharing profits in the ratio $3:2$. Z is entered into the business for $\frac{1}{4}\text{th}$ share of profits, with the guarantee of minimum profits of ₹ 30,000. Profit earned by the business for the year ended March 31st, 2024 is ₹ 1,00,000. The amount of deficiency, if any, will be borne by:

Match List-I with List-II:List-I (Particulars)List-II (Treatment)(A) Issue of debentures as collateral security(I) Vendor Account will be credited(B) Issue of debentures to Public(II) Debenture Suspense Account will be debited(C) Issue of debentures to vendor for purchase of an Asset(III) Statement of Profit and Loss will be debited(D) Writing off Discount/Loss on Issue of Debentures(IV) Bank Account will be debitedChoose the correct answer from the options given below:

Debentures can be issued at:(A) Par(B) Premium(C) Discount(D) Transaction valueChoose the correct answer from the options given below:

Which of the following are charges against profits?(A) Rent paid to partners(B) Interest on loan, paid to partners(C) Interest on Capital(D) Manager's commissionChoose the correct answer from the options given below:

Which of the following is not a part of the capital account under the Fixed Capital Method?

The ideal quick ratio is:

The standard Debt-Equity ratio is:

Match List-I with List-II:List-I (Ratio)List-II (Formula)(A) Current ratio(I) Market Price of a share / EPS(B) Operating Margin Ratio(II) Current Assets / Current Liabilities(C) Return on Capital employed(III) 100 - Operating Ratio(D) Price earning ratio(IV) $\frac{\text{Profit before interest and tax}}{\text{Capital employed}}\times 100$ Choose the correct answer from the options given below:

Employee benefit Expenses do not include:

Profit after tax and interest is $\text{Rs. }1,60,000$. The tax rate is $20\%$. $10\%$ long term borrowing is $\text{Rs. }20,00,000$. Find the profit before tax and after interest.

Which of the following correctly represents the five foundational components of a Computerised Accounting System (CAS)?

The feature of CAS that ensures better planning and access to vital information, leading to improved daily business operations, is:

Why is proper classification of data necessary in a growing business using a Computerised Accounting System?

Which of the following correctly represents the sequence of steps in the accounting cycle, as followed in both manual and computerised accounting systems?

Which of the following is not a standard feature of CAS?