CUET Accountancy 2025 27 May Shift 2 PYQs

When a new partner is admitted, the undistributed profits that appear in the balance sheet of the old firm are transferred to the capital account of:

J and K are partners sharing profits and losses in the ratio of $3:1$. Their capitals at the end of the financial year 2024-2025 were Rs. $1,50,000$ and Rs. $75,000$ respectively. During the year 2024-2025, J’s drawings were Rs. $20,000$ and the drawings of K were Rs. $5,000$, which had been duly debited to partner’s capital accounts. Profit before charging interest on capital for the year was Rs. $16,000$. The same had also been credited in their profit sharing ratio. K had brought additional capital of Rs. $16,000$ on October 1, 2024. Calculate interest on capital @ $12\%$ p.a. for the year 2024-2025 for J.

Identify the steps involved in calculating goodwill under the capitalized value of average profits method:(A) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalized value of average profits(B) Ascertain the average profits based on the past few years' performance(C) Compute the value of goodwill by deducting net assets from the capitalized value of average profits(D) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets (excluding goodwill and fictitious assets)Choose the correct answer from the options given below:

On the basis of the number of members, companies can be divided into:(A) Unlimited Company(B) Public Company(C) Private Company(D) One Person Company (OPC)Choose the correct answer from the options given below:

Under which method is the goodwill valued at an agreed number of years' purchase of the average profits of the past few years?