CUET Accountancy 2025 27 May Shift 1 PYQs

Which combination of statements are false about partnership?(A) Interest on partner's loan is to be given @ 12% p.a. if the deed is silent about the rate.(B) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner.(C) Methods of settlement of dispute among the partners can't be part of the partnership deed.(D) Each partner carrying on the business is the principal as well as the agent for all the other partners.Choose the correct answer from the options given below:

Match List-I with List-II:List-I (Feature)List-II (Description)(A) Separate Legal Entity(I) A company being a legal person can enter into contracts and can enforce the contractual rights against others.(B) Perpetual Succession(II) It can hold and deal with any type of property, it can enter into contracts and even open a bank account in its own name.(C) Common Seal(III) The company being an artificial person created by law continues to exist irrespective of the changes in its membership.(D) May Sue or be Sued(IV) The company being an artificial person, cannot sign its name by itself.Choose the correct answer from the options given below:

If the partnership deed is silent on interest on capital, then:

Unrecorded liabilities when paid are shown in:

Which of the following is not a way of issuing debentures?

Select the pair which is true about debentures:(A) Debenture is a part of owned capital.(B) The payment of interest on debentures is a charge on the profits of the company.(C) The debentures cannot be issued at a discount of more than 10% of the face value.(D) Redeemable debentures are those debentures, which are payable on the expiry of the specific period.Choose the correct answer from the options given below:

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

Cronic Limited issued $10,000$ equity shares of $\text{Rs. }10$ each payable as $\text{Rs. }2.50$ on application, $\text{Rs. }3$ on allotment, $\text{Rs. }2$ on first call, and the balance of $\text{Rs. }2.50$ on second and final call. All the shares were fully subscribed and paid except by a shareholder having $100$ shares who could not pay for the second and final call. Calls in Arrears A/c will be debited with:

Murli, Naveen and Omprakash are partners sharing profits in the ratio of $\frac{3}{8}$, $\frac{1}{2}$ and $\frac{1}{8}$. Murli retires and surrenders $\frac{2}{3}\text{rd}$ of his share in favour of Naveen and the remaining share in favour of Omprakash. The gaining ratio of the remaining partners is:

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

The balance in the securities premium account cannot be used for which of the following purposes?

Match List-I with List-II:List-IList-II(A) Interest on calls in arrears(I) Preference Shares(B) Interest on calls in advance(II) OPC (One Person Company)(C) Sec. 2(62) of The Companies Act, 2013 defines(III) 12%(D) Sec. 43 of The Companies Act, 2013 defines(IV) 10%Choose the correct answer from the options given below:

Dissolution by Court happens when:

Partner's current accounts are transferred to respective ________ partner's accounts.

Arrange the following in the correct chronological order for the issue of shares:(A) Share forfeiture(B) Share Application(C) Share Allotment(D) Unpaid CallChoose the correct answer from the options given below:

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

On dissolution of a firm, bank overdraft is transferred to:

Which of the following statements is incorrect?A private company is one which by its articles of association:

Arrange the various accounting aspects involved on retirement or death of a partner in logical sequence:(A) Ascertainment of share of profit or loss up to the date of retirement/death(B) Ascertainment of new profit sharing ratio and gaining ratio(C) Distribution of accumulated profits and losses(D) Settlement of the amounts due to retired/deceased partnerChoose the correct answer from the options given below:

Which of the following is not included in the Contents of the Partnership Deed?

The directors of Poly Plastic Limited resolved that $200$ equity shares of $\text{Rs. }100$ each be forfeited for non-payment of the second and final call of $\text{Rs. }30$ per share. Out of these, $150$ shares were re-issued at $\text{Rs. }60$ per share to Mohit. The profit on the reissue of forfeited shares is transferred to the capital reserve. The amount credited to the capital reserve account is:

Excess value of net assets over purchase consideration at the time of purchase of business is credited to:

X Limited Issued $10,000$, $12\%$ debentures of $\text{Rs. }100$ each payable $\text{Rs. }40$ on application and $\text{Rs. }60$ on allotment. The public applied for $14,000$ debentures. Applications for $9,000$ debentures were accepted in full, applications for $2,000$ debentures were allotted $1,000$ debentures and the remaining applications were rejected. All money was duly received. The $12\%$ Debenture Application A/c will be credited with:

According to section _______ of The Companies Act, 2013 'Debenture' includes debenture stock, bonds and any other securities of a company whether constituting a charge on the assets of the company or not.

Match List-I with List-II:List-IList-II(A) Compulsory Dissolution(I) A partner persistently commits breach of partnership agreement.(B) Happening of contingencies(II) Death of a partner(C) Dissolution by Court(III) According to contract between the partners.(D) Dissolution by agreement(IV) Business becomes illegalChoose the correct answer from the options given below:

Gobind, Hari and Pratap are partners. On the retirement of Gobind, goodwill already appears in the Balance Sheet at $\text{Rs. }24,000$. This existing goodwill will be written-off by:

Lalit, Pankaj and Rahul are partners sharing profits in the ratio of $4:3:3$. After all adjustments on Lalit's retirement with respect to general reserve, goodwill, and revaluation etc., the balances in their capital accounts stood at $\text{Rs. }70,000$, $\text{Rs. }60,000$ and $\text{Rs. }50,000$ respectively. It was decided that the amount payable to Lalit will be brought by Pankaj and Rahul in such a way as to make their capitals proportionate to their new profit sharing ratio. After Lalit's retirement, the new profit sharing ratio between Pankaj and Rahul is $1:1$. The new capital of the firm will be:

In the case of a dissolution of a firm, accumulated losses are transferred to:

Unrecorded assets when taken over by a partner are shown on the:

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

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 $3:2$. They admit Ravi on October 1, 2019. Ravi brings $\text{Rs. }12,00,000$ as capital, and Sameer introduces an additional capital of $\text{Rs. }3,00,000$ on that same date. Interest on partner's capital is provided @ $5\%$ p.a. The amount of interest on the capital of Sameer for the financial year 2019-20 is:

Arrange the following steps in the correct accounting sequence in the case of dissolution of a partnership:(A) Preparing a Bank account(B) Realizing assets and payments of liabilities.(C) Transferring of assets and liabilities in realization account.(D) Preparation of capital account of partners.Choose the correct answer from the options given below:

The correct journal entry for transferring interest on capital to the Profit and Loss Appropriation Account is:

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

Choose the wrong statements about a joint-stock company:(A) A company is an artificial person.(B) The company's shares are generally transferable.(C) Shareholders of a company are liable for the acts of the company.(D) Every member of a company is entitled to take part in its management.Choose the correct answer from the options given below:

At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm are transferred to the capital account of:

Arrange the steps involved under the super profit method of calculating goodwill in the correct sequence:(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 goodwill by multiplying the super profits by the given number of years' purchase(D) Calculate the super profits by deducting normal profit from the average profitsChoose the correct answer from the options given below:

Choose the combination of statements that are true about dissolution:(A) Dissolution of partnership can not take place without intervention of the court.(B) Court can order a firm to be dissolved when a partner becomes insane.(C) A firm is compulsorily dissolved when a partner decides to retire.(D) A partnership is dissolved when there is a death of a partner.Choose the correct answer from the options given below:

Calculate the interest on drawings if Ram withdrew $\text{Rs. }3,000$ per month at the beginning of each month for the whole year, with interest charged @ $9\%$ per annum.

Arrange the steps in the correct accounting sequence at the time of admission of a partner:(A) Adjustments of capital accounts.(B) Valuation of goodwill(C) Calculation of new profit sharing ratio and sacrificing ratio.Choose the correct answer from the options given below:

In which of the following situations can the compulsory dissolution of a partnership firm take place?

Das and Sinha are partners in a firm sharing profits in a $4:1$ ratio. They admitted Pal as a new partner for $\frac{1}{4}\text{th}$ share in the profits, which he acquired wholly from Das. The new profit sharing ratio of the partners is:

Which of the following is NOT a feature of the fluctuating capital method in a partnership?

Under which Section and Act is the Central Government empowered to prescribe a maximum number of partners in a firm, up to a limit of $100$?

Gaining share of Continuing Partner =

Arrange the following items in the correct sequence as they appear under the 'Equity and Liabilities' section in the Balance Sheet of a company:(A) Non-current Liabilities(B) Shareholder's Funds(C) Current Liabilities(D) Contingent liabilitiesChoose the correct answer from the options given below:

Which of the following statements is NOT true about Comparative Statements?

Which of the following is NOT a Cash Inflow from Investing Activities?

Match List-I with List-II:List-IList-II(A) Comparative statements(I) Operating Activities(B) Common Size Statement(II) Horizontal Analysis(C) Cash flow Analysis(III) Debt Equity Ratio(D) Ratio Analysis(IV) Vertical AnalysisChoose the correct answer from the options given below:

The two basic measures of liquidity are:

$C4orC$ 4 is an example of a __________ reference.

__________ are numbered numerically from top to bottom while __________ are referred by alpha characters from left to right.

__________ is the function which adds the cells as per given specified criteria.

A cell reference identifies the location of a cell or group of cells in the spreadsheet, also referred to as a:

By default, a spreadsheet cell reference is: