CUET Accountancy 2025 24 May Shift 1 PYQs

By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.

The Partnership Deed usually contains the following details:(A) Amount of capital to be contributed by each partner(B) The accounting period of the firm(C) Profit and loss sharing ratio(D) The rights, duties and liabilities of each partnerChoose the correct answer from the options given below:

On retirement or death of a partner, the remaining partners who have gained due to change in the profit sharing ratio should compensate the:

In case of dissolution of partnership firm, any liability assumed/paid by a partner is shown on ________?

Match List-I with List-IIList-I (Expenses)List-II (Explanation)(A) Purchase of Stock-in-trade(I) Expenses towards interest charges during the year on the borrowings(B) Employees benefit expenses(II) Diminution in the value of fixed assets(C) Finance cost(III) Purchases of goods for the purpose of trading(D) Depreciation(IV) Expenses incurred on employees towards salary, wages, leave encashment, staff welfare, etc.Choose the correct answer from the options given below:

According to Sec 2 (62) of Companies Act, 2013, the maximum amount of paidup share capital of an OPC is:

Match List-I with List-IIList-I (Capital Type)List-II (Definition/Characteristic)(A) Authorised Capital(I) Only available to creditors at the time of winding up of a company(B) Issued Capital(II) The amount of capital that a company can raise in its life-time(C) Subscribed Capital(III) Capital that is issued to the public for subscription(D) Reserve Capital(IV) May be equal to or less than issued capitalChoose the correct answer from the options given below:

Choose the correct statement in respect of the Fixed Capital Method for a Partnership Firm:

Match List-I with List-IIList-I (Revaluation Event)List-II (Journal Entry)(A) For increase in the value of an asset(I) Revaluation A/c Dr. To Asset A/c(B) For reduction in the amount of a liability(II) Revaluation A/c Dr. To Liability A/c(C) For reduction in the value of an asset(III) Asset A/c Dr. To Revaluation A/c(D) For appreciation in the amount of a liability(IV) Liability A/c Dr. To Revaluation A/cChoose the correct answer from the options given below:

Match List-I with List-IIList-I (Allotment Stage)List-II (Journal Entry)(A) For Transfer of Application Money(I) Share Application A/c Dr. To Bank A/c(B) For Money Refunded on Rejected Application(II) Bank A/c Dr. To Share Allotment A/c(C) For Amount Due on Allotment(III) Share Application A/c Dr. To Share Capital A/c(D) For Receipt of Allotment Money(IV) Share Allotment A/c Dr. To Share Capital A/cChoose the correct answer from the options given below:

Arjun and Vaibhav are partners sharing profits in the ratio of $3:2$. They admitted Rahul as a new partner for $\frac{1}{5}$ share in the future profits of the firm. The new partner acquired his share from the old partners in the old ratio. Calculate the new profit sharing ratio of Arjun, Vaibhav and Rahul.

Which of the following items is not shown in the Profit and Loss Appropriation Account?

ABC Industries Ltd. issued $2,000$, $10\%$ Debentures of $\text{Rs. }100$ each, at a premium of $\text{Rs. }10$ per debenture payable as follows: On application $\text{Rs. }50$ On allotment $\text{Rs. }60$. The debentures were fully subscribed, and all money was duly received. The amount of long-term borrowings on the balance sheet will be:

Identify the steps of the procedure of share issue in the correct sequence:(A) Allotment of Shares(B) Receipt of Applications(C) Issue of Prospectus(D) Share CallChoose the correct answer from the options given below:

$A$, $B$ and $C$ are partners sharing profits in the ratio of $3:2:1$. $A$ retires and his share is taken up by $B$ and $C$ in the ratio of $3:2$. Calculate the new profit sharing ratio.

Which of the following statements about share capital is TRUE?(A) A company's shares are generally transferable.(B) Share application account is a personal account.(C) The part of capital which is called up only on winding up of a company is called reserve capital.(D) Paid up capital can exceed called up capital.Choose the correct answer from the options given below:

Equity shareholders are..................of the company:

$P$, $Q$ and $R$ are partners in a firm. If $S$ is admitted as a new partner then:

According to standard company procedures and regulatory guidance, a minimum period of how many month/months must elapse between two calls?

All assets except cash/bank and fictitious assets are transferred to the Debit side of the ______ Account during dissolution.

Which of the following statements about debentures is FALSE?(A) Debenture is a part of owned capital.(B) Debentures cannot be converted into shares.(C) Redeemable debentures are those debentures, which are payable on the expiry of the specific period.(D) Debentures cannot be issued at a premium.Choose the correct answer from the options given below:

Which of the following statements truly makes the distinction between Dissolution of Partnership and Dissolution of Firm:(A) In dissolution of partnership, business is not terminated, while in dissolution of firm business is terminated.(B) The Court intervenes in dissolution of Partnership because a partnership is not dissolved by mutual agreement. A firm can not be dissolved by court order.(C) Economic relationships between partners continue in a changed form in dissolution of partnership. Economic relationships between the partners come to an end at the dissolution of the Firm.(D) Dissolution of Partnership doesn't require permanent closure of books, while in Dissolution of firm books are closed.Choose the correct answer from the options given below:

In the absence of any information, it is assumed that the remaining partners acquire the share of profit of the retiring/deceased partner in:

In case there is no information regarding the acquisition of a share in profit of the retiring/deceased partner by the remaining partners, the assumption is that they will acquire his/her share in the:

Sumit, a partner in Tours and Travels, withdrew $\text{Rs. }4,000$ per month at the end of each month during the year ending March 31, 2020 for his personal use. Calculate the interest on drawings at a simple rate of interest of $10\%$ per annum.

When the deceased partner's share in the estimated loss is calculated for a period from the date of the latest Balance Sheet to the date of death of the partner, then:

Which of the following characteristics is highlighted in the statement: "He can bind other partners by his acts and also is bound by the acts of other partners with regard to the business of the firm."

Arrange the following categories of capital in the correct hierarchical sequence (from largest/first to narrowest):(A) Called-up capital(B) Subscribed capital(C) Issued capital(D) Paid-up capitalChoose the correct answer from the options given below:

A share having a face value of $\text{Rs. }12$, on which $\text{Rs. }10$ is called-up and $\text{Rs. }8$ is paid, is forfeited. State the amount with which the Share Capital account will be debited.

Match List-I with List-IIList-IList-II(A) Calls in advance(I) The maximum number of members is 200.(B) Calls in arrears(II) $12\%$ interest p.a.(C) Private company(III) $10\%$ interest p.a.(D) Public company(IV) No limit on the maximum number of members.Choose the correct answer from the options given below:

According to 'Table F' of Schedule I of Companies Act 2013, interest on calls-in-arrears is charged at a maximum rate of:

If the partnership deed is silent, at what rate, the interest would be charged on the drawings made by the partner:

Ram, Karan and Shyam are partners. On retirement of Ram, the goodwill already appears in the Balance Sheet at $\text{Rs. }32,000$. This existing goodwill will be written-off:

Dissolution of a firm takes place on the happening of certain contingencies under Section 42 of the Indian Partnership Act. Choose them from the following:(A) By the death of a partner(B) By the adjudication of a partner as an insolvent(C) When the business of the firm becomes illegal(D) If constituted for a fixed term, by the expiry of that termChoose the correct answer from the options given below:

The balance of the share forfeiture account is shown in the balance sheet under:

According to Section 52(2) of the Companies Act, 2013, the amount of Securities Premium can be used only for the following purposes:(A) To write off preliminary expenses.(B) To make partly paid shares as fully paid up.(C) To issue fully paid bonus shares.(D) Purchase of its own shares (Buyback).Choose the correct answer from the options given below:

Which of the following is NOT a fundamental feature of a partnership?

A minimum of ______ days' notice is to be given to the shareholders to pay the amount of any call:

Match List-I with List-IIList-I (Debenture Type)List-II (Meaning)(A) Redeemable Debenture(I) Payable on the expiry of the specific period either in lump sum or in installments during the lifetime of the company.(B) Perpetual Debenture(II) Company does not give any undertaking for the repayment of money borrowed by issuing such debentures.(C) Specific Coupon Rate Debenture(III) Issued with a specified rate of interest, which is called the coupon rate.(D) Bearer Debenture(IV) Can be transferred by way of delivery and the company does not keep any record of the debenture.Choose the correct answer from the options given below:

When a new partner is admitted, the increase in the value of the assets is debited to which account?

According to the Companies Act 2013, while issuing shares, the application money should be at least ______ of the face value of the share.

$A$, $B$ and $C$ are partners in a firm. On retirement/death of $C$, his capital account will be credited with:

Opening capital balances of partners under the fluctuating capital system will be calculated by using which of the following formulas?

A debenture which is transferable merely by physical delivery is a:

The accumulated profits and reserves existing at the time of admission of a new partner are transferred to:

Arrange the following items in the correct descending logical sequence as they appear during the sequential calculations in a Common-Size Income Statement (Statement of Profit and Loss):(A) Net Profit / Profit before tax(B) Non-Operating Income(C) Revenue from Operations(D) Profit after taxChoose the correct answer from the options given below:

Under Indian accounting disclosure criteria, specification of the exact shareholding percentage and count is mandatory for each individual shareholder holding more than:

A trader carries an average inventory of $\text{Rs. }60,000$. His inventory turnover ratio is $12$ times. If he sells goods at a profit of $20\%$ on revenue from operations (sales), calculate the value of gross profit.

Which among the following are the commonly used analytical tools for financial statement analysis?(A) Horizontal analysis(B) Vertical analysis(C) Ratio analysis(D) Trend analysisChoose the correct answer from the options given below:

Cash advances and loans made by financial enterprises are usually classified as ___________ activity in a Cash Flow Statement.

In digital or computerized accounting, a transaction record comprises specific baseline data elements which include:(A) Name of Account(B) Accounting Code(C) Date of Transaction(D) AmountChoose the correct answer from the options given below:

What type of coding uses abbreviations or letter combinations to represent specific info like "SJ" for Sales Journal?

Every standard commercial accounting software ensures the following security and reliability characteristics:(A) Password Security(B) Data Audit(C) Data Leakage(D) Data VaultChoose the correct answer from the options given below:

The term _____ means "a system of letter or figure with arbitrary meaning for brevity and for machine processing of information".

Which of the following is NOT considered a core component of a Computerized Accounting System?