CUET Accountancy 2025 24 May Shift 1 PYQs

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.