CUET Accountancy 2025 3 June Shift 1 PYQs

After transferring liabilities like creditors and bills payables in the Realization Account, in the absence of any information regarding their payment, such liabilities are treated as:

The following are the features of Debentures:(A) The payment of interest is a charge on profits and is to be paid even if there is no profit.(B) The debentures, which are issued for a specified period are repayable on the expiry of that period.(C) If the debentures are generally secured, they carry a fixed or floating charge over the assets of the company.(D) Debentures can not be converted into shares in any case.Choose the correct answer from the options given below:

A new partner can be admitted:

A firm is dissolved compulsorily in the following cases: (A) when all the partners or all but one partner, become insolvent, rendering them incompetent to sign a contract(B) when the business of the firm becomes illegal(C) when the business of the firm is earning a large amount of profit.(D) when some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership Choose the correct answer from the options given below:

In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order:(A) In paying to each partner proportionately what is due to him on account of capital.(B) The residue, if any, shall be divided among the partners in their profit sharing ratio.(C) In paying the debts of the firm to third parties.(D) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan).Choose the correct answer from the options given below: