CUET Accountancy 2025 26 May Shift 2 PYQs

Match List-I with List-II:List-IList-II(A) Restricts the right to transfer its shares(I) OPC(B) A company which is a subsidiary of a public company(II) Private Company(C) A company which has only one person as a member(III) Perpetual Succession(D) Members may come and go but the company continues(IV) Public CompanyChoose the correct answer from the options given below:

Under the fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners. Which among the following is NOT a feature of the fixed capital method?

Partners' current accounts are transferred to respective Partners' ______ Accounts at the time of dissolution of a firm.

Match List-I with List-II:List-IList-II(A) Calls in Arrears(I) Sometimes shareholders pay a part or the whole of the amount of the calls not yet made.(B) Calls in Advance(II) When any shareholder fails to pay the amount due on allotment or on any of the calls(C) Over Subscription(III) When number of shares applied for is less than the number for which applications have been invited for subscription(D) Under Subscription(IV) When applications for more shares of a company are received than the number offered to the public for subscriptionChoose the correct answer from the options given below:

Identify the false statements with regard to a company:(A) A company is an artificial person.(B) Company's shares are generally transferable.(C) Every member of a company is entitled to take part in its management.(D) The director of a company is always a shareholder.Choose the correct option:

Which of the following is NOT a valid method for the valuation of goodwill?

An annual report is formally issued by a corporate enterprise to its ______.

Match List-I with List-II:List-IList-II(A) Debenture of Rs 100 issued at Rs 110(I) Debenture as collateral security(B) Debenture of Rs 100 issued at Rs 100(II) Debenture issued at Premium(C) Debenture of Rs 100 issued at Rs 90(III) Debenture issued at par(D) Debenture issued to the lender in addition to some other assets already pledged(IV) Debenture issued at DiscountChoose the correct answer from the options given below:

Neha contributed $\text{Rs. }30,000$ and Saloni $\text{Rs. }90,000$ as capital. What will be Saloni's share in profits if the partnership agreement is silent regarding profit-sharing?

The clauses of a partnership deed can be altered with the consent of ______

Which of the following statements are correct about a partnership?(A) Each partner carrying on the business is the principal as well as the agent for all the other partners.(B) If the deed is silent, interest at the rate of $6\%\text{ p.a.}$ would be charged on the drawings made by the partner.(C) If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared equally by partners.(D) Interest on partner's loan is to be given @ $12\%\text{ p.a.}$, if the deed is silent about the rate.Choose the correct answer from the options given below:

$\text{Rs }50,000$ were received in advance for the second and final call along with the first call. The second and final call was due after two months from the first call. Table F (formerly Table A) provides for interest on calls in advance at a rate not exceeding _____ per annum, and the calculated interest on calls in advance for this period amounted to $\text{Rs }..........$

Which of the following ratios is classified as a solvency ratio?

Match List-I with List-II:List-IList-II(A) Redeemable Debentures(I) The debentures which can be transferred by way of delivery and the company does not keep any record of the debentures(B) Convertible Debentures(III) These debentures are issued with a specified rate of interest(C) Specific Coupon Rate Debentures(III) Which are convertible into equity shares or in any other security either at the option of the company or the debentureholders(D) Bearer Debentures(IV) Which are payable on the expiry of the specific period either in lump sum or in instalments during the life time of the company.Choose the correct answer from the options given below:

Sameer and Yasmin are partners with capitals of $\text{Rs }15,00,000$ and $\text{Rs }10,00,000$ respectively, sharing profits in the ratio of $3:2$. The financial year closes on March 31 every year. They admit Ravi on October 1, 2019. On that same date, Sameer introduces additional capital of $\text{Rs }3,00,000$. If interest on capital is provided at $@5\%\text{ p.a.}$, calculate the amount of interest on Sameer's capital for the financial year 2019–20.

Blue Prints Ltd. purchased a building worth $\text{Rs. }1,50,000$, machinery worth $\text{Rs. }1,40,000$, and furniture worth $\text{Rs. }10,000$ from XYZ Co., and took over its liabilities of $\text{Rs. }20,000$ for a total purchase consideration of $\text{Rs. }3,15,000$. Blue Prints Ltd. settled the purchase consideration by issuing $12\%$ debentures of $\text{Rs. }100$ each at a premium of $5\%$. The number of debentures issued is:

When debentures are issued at par and are redeemable at a premium, the extra amount payable at redemption is recorded at the time of issue by debiting which account?

When a partnership firm undergoes dissolution, the Balance of the Investment Account and the Balance of the Investment Fluctuation Fund Account shown in the Firm's Balance Sheet are transferred respectively into:

John Ibrahim, a partner in Ancient Tours and Travels, withdrew money during the year ending March 31, 2020, from his capital account for personal use. He withdrew $\text{Rs. }3,000$ per month at the beginning of every month. Calculate the interest on drawings that should be charged from John Ibrahim if the rate of interest on drawings is $9\%$ per annum.

Which of the following is the correct journal entry to transfer a net profit (credit balance of the Profit and Loss Account) to the Profit and Loss Appropriation Account?

Arrange the following steps in the correct sequence for the application of assets during the settlement of accounts upon the dissolution of a partnership firm (as per Section 48 of the Indian Partnership Act, 1932):(A) The balance should be applied to repay loans made by partners to the firm.(B) The assets of the firm should be used in paying the debts of the firm to third parties.(C) The balance assets may be used for paying partners proportionately on account of capital.(D) The asset residue, if any, shall be divided among the partners in their profit-sharing ratio.Choose the correct answer from the options given below:

Match List-I with List-II:List-IList-II(A) Unregistered Debentures(I) Perpetual Debentures(B) Unsecured Debentures(II) Naked Debentures(C) Secured Debentures(III) Bearer Debentures(D) Irredeemable Debentures(IV) Mortgage DebenturesChoose the correct answer from the options given below:

The balance of the Share Forfeiture Account is disclosed in the company's Balance Sheet under which sub-head?

The profits of a partnership firm over five years are recorded as follows:YearProfit (Rs.)2012–1320,0002013–1424,0002014–1520,0002015–1620,0002016–1716,000Calculate the value of goodwill on the basis of three years' purchase of average profits.

Which of the following events result in the reconstitution of a partnership firm?(A) Change in the profit-sharing ratio among existing partners.(B) Admission of a new partner.(C) Dissolution of a partnership firm.(D) Dissolution of a partnership due to death or retirement.Choose the correct answer from the options given below:

Match List-I with List-II (under the Fixed Capital Method):List-IList-II(A) Bank (fresh capital introduced)(I) Debit side of Partner's Current Account(B) Interest on drawings(II) Debit side of Partner's Capital Account(C) Bank (permanent withdrawal of capital)(III) Credit side of Partner's Current Account(D) Commission(IV) Credit side of Partner's Capital AccountChoose the correct answer from the options given below:

Which of the following accounts is NOT transferred to the Realisation Account at the time of dissolution of a firm?

Which of the following statements are TRUE?(A) Dissolution of a partnership is completely different from the dissolution of a firm.(B) A partnership is broken up/dissolved when a partner passes away.(C) A firm can be dissolved if all partners give their consent to it.(D) A firm is compulsorily dissolved whenever any single partner decides to retire.Choose the correct answer from the options given below:

Sahil, a shareholder, failed to pay the second and final call of $\text{Rs. }20$ on $1,000$ shares issued to him at $\text{Rs. }120$ per share (face value of $\text{Rs. }100$ per share). His shares were forfeited after the final call deadlines passed. Which statement is correct regarding the Share Forfeiture Account?

Sindhu, Neha, and Priya are partners sharing profits in the ratio of $5:3:2$. If Neha retires from the firm, calculate the new profit-sharing ratio and the gaining ratio between Sindhu and Priya, assuming no other modifications are specified.

Upon the admission of a new partner, any upward revaluation adjustment (increase in the value of assets) is directly debited to:

According to the provisions of SEBI guidelines and the historical timelines of the Companies Act, a company must secure its minimum subscription within how many days from the date of opening the issue?

The net profit realized from the reissue of forfeited shares is transferred to which of the following accounts?

The Profit and Loss Appropriation Account is an extension of the Profit and Loss Account of the firm. Which of the following items is NOT shown in the Profit and Loss Appropriation Account?

A and B are partners in a firm sharing profits in the ratio of $3:2$. They admit M as a new partner for a $\frac{1}{4}$ share. The new profit-sharing ratio between A and B is set to be $2:1$. Calculate their sacrificing ratio.

Which of the following is NOT an active structural element of a business firm's credit policy parameters?

As per Section 48 of the Indian Partnership Act, 1932, which of the following sources will be systematically utilized, and in what sequence, to pay off firm losses, including capital deficiencies?(A) Out of accumulated Profits(B) Out of the Capital of Partners(C) By partners individually in their profit-sharing ratio(D) Out of Creditors' Personal AssetsChoose the correct answer from the options given below:

Arrange the following steps in the correct logical sequence to calculate Goodwill using the Super Profits Method:(A) Calculate the normal profit on the firm's capital based on the normal rate of return.(B) Calculate the average historical maintainable profit.(C) Calculate the super profits by deducting normal profit from the average profit.(D) Calculate goodwill by multiplying the super profit by the specified number of years' purchase.Choose the correct answer from the options given below:

Which of the following is NOT an essential feature of a partnership?

Which of the following statements regarding partnership rules is NOT true?

R, S, and K are partners sharing profits in the ratio of $4:3:2$. R retires, and S and K decide to share future profits in the ratio of $5:3$. Calculate their gaining ratio.

When a partnership firm is dissolved, any accumulated losses (such as a debit balance in the Profit and Loss Account) are transferred directly to the:

Das and Sinha are partners in a firm sharing profits in a $4:1$ ratio. They admit Pal as a new partner for a $\frac{1}{4}$ share in the profits, which he acquires entirely from Das. Calculate the new profit-sharing ratio of all three partners.

Rohan, Bharti, and Leela are partners. Upon Rohan's retirement, it is noted that goodwill already appears in the balance sheet valued at $\text{Rs. }24,000$. This existing goodwill must be written off by:

Vijay and Manohar share profits and losses in the ratio of $2:1$. They admit Prakash as a partner with a $\frac{1}{4}$ share in profits, guaranteeing that his annual share of profit will be at least $\text{Rs. }50,000$. The net profit of the firm for the financial year ending March 31, 2015, was $\text{Rs. }1,60,000$. Calculate the final amount of profit Vijay will receive.

Given: Revenue from operations = $\text{Rs }4,00,000$, Average Inventory = $\text{Rs }55,000$, and Gross Profit Ratio = $10\%$. Calculate the Inventory Turnover Ratio.

Arrange the following steps in the correct logical sequence to prepare Comparative Financial Statements:(A) List the absolute financial figures in rupees for both points of time.(B) Prepare the required statement format with columns.(C) Find the change in absolute figures by subtracting the base year from the current year, indicating the change as an increase or decrease.(D) Calculate the percentage change using the base year as the benchmark.Choose the correct answer from the options given below:

Which of the following cash transactions is NOT classified as an operating activity in a Cash Flow Statement?

Match List-I with List-II regarding the modes of dissolution of a partnership firm:List-IList-II(A) Dissolution of firm by agreement(I) When a partner becomes insane(B) Compulsory dissolution of firm(II) With the consent of all partners(C) Dissolution of firm by notice(III) When business of a firm becomes illegal(D) Dissolution of firm by Court(IV) At the request of any one partnerChoose the correct answer from the options given below:

The ________ ratios are primarily designed to measure the operational returns and financial yield performance of an enterprise.

This accounting sub-system deals explicitly with recording different inventory items purchased and issued, tracking their respective prices, quantities, and transaction dates:

This specialized subsystem processes system inputs to generate the final Profit and Loss accounts, Balance Sheets, and Cash Flow statements for external corporate reporting:

The __________ sub-system automates the calculation and payment of employee wages, salaries, statutory deductions, and incentives.

__________ secures financial data by converting it into an unreadable format, ensuring that even if unauthorized users access the file, they cannot decode or interpret its contents without a decryption key.

Which of the following is NOT an inherent operational advantage of using a Computerised Accounting System (CAS)?