CUET Accountancy 2025 3 June Shift 2 PYQs

Which of the following is not a feature of a partnership?

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

Match List-I with List-II:List-IList-II(A) Companies Limited by Shares(I) When the company's property is not sufficient to pay off its debts, the private property of its members can be used for the purpose.(B) Companies Limited by Guarantee(II) Restricts the right to transfer its shares(C) Unlimited Companies(III) If a member has paid the full amount of the shares, there is no liability on his part whatsoever for the debts of the company.(D) Private Company(IV) The liability of its members is limited to the amount they undertake to contribute in the event of the company being wound up.Choose the correct answer from the options given below:

The following are the features of the Dissolution of Partnership:(A) Assets and liabilities are revalued, and a new balance sheet is drawn.(B) Economic relationships between partners continue, though in a changed form.(C) The business is not terminated.(D) The books of account are closed.Choose the correct answer from the options given below:

Which among the following is NOT true?

Which among the following is NOT true for the New Profit Sharing Ratio?

What will be the journal entries when a call is due and the amount of the same is received?

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

P, Q and R share profits equally. At the time of P's retirement, goodwill appears in the books at $\text{Rs. }3000$. P will be credited with what amount for his Goodwill share?

The following are the features of a Debenture:(A) Debentures can be converted into shares if the terms of issue are so provided, and in that case these are known as convertible debentures.(B) Debentures are generally secured and carry a fixed or floating charge over the assets of the company.(C) The rate of interest on debentures may vary from year to year depending upon the profits of the company.(D) The debentures are issued for a specified period and repayable on the expiry of that period.Choose the correct answer from the options given below:

There must be an interval of how many months between the making of two calls unless otherwise provided by the articles of association of the company?

In the case of __________ the difference between the nominal value and the issue price is treated as the amount of interest related to the duration of the debentures.

According to Section ______ of the Partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.

Match List-I with List-II: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:

Ranjan and Anjan were partners in a firm sharing profits and losses in $3:2$. They admitted Sanjan for $\frac{1}{4}$ share of profit on 1 Jan 2024. Goodwill of the firm will be valued at 3 years' purchase of the average profit of the last 4 years, which were:2024: $\text{Rs. }80,000$ 2023: $\text{Rs. }1,40,000$ 2022: $\text{Rs. }2,00,000$ 2021: $\text{Rs. }1,60,000$ The goodwill of the reconstituted firm will be:

Which among the following items does not appear on the main face of the balance sheet of a company?

Which statement among the following is NOT true about Goodwill?

Which of the following accounts/statements is prepared to distribute the profit or loss among partners?

At the time of the Dissolution of a Partnership Firm, which statement is not false (i.e., true)?

At the time of admission of a new partner, in case there is no workmen's compensation claim, the total amount of workmen's compensation fund will be:

At the time of admission of a new partner, under the fixed capital method, if the sacrificing partners withdraw their amounts of goodwill (in full or in part), which of the following journal entries will be recorded?

When the directors opt to make a proportionate (pro-rata) allotment to all applicants, the excess application money received is normally adjusted towards the amount due on allotment. In case the excess application money received is more than the amount due on allotment of shares, such surplus amount may either be:

On the death of a partner, the deceased partner's capital account will NOT be credited with:

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

Rohan, Bharti and Leela are partners. On the retirement of Rohan, the goodwill already appears in the balance sheet at $\text{Rs. }24,000$. This existing goodwill will be written-off:

Arrange the following in the correct chronological/legal order in which assets of the firm must be utilized during the settlement of accounts upon dissolution (Section 48 of Indian Partnership Act):(A) Residue shall be divided between the partners in their profit sharing ratio.(B) In paying the partners proportionately what is due to him/her on account of capital.(C) In paying the partners proportionately what is due to him/her from the firm for advances/loans.(D) In paying the debts of the firm to the third parties.Choose the correct answer from the options given below:

At the time of dissolution, if an asset is taken over by a partner, what journal entry will be recorded in the books of the firm?

Which of the following is a key feature of the Fixed Capital Method in Partnership Accounts?

Discount on issue of 8% debentures (to be written off within 12 months from the reporting date) is shown in the balance sheet as:

Identify the type of Share Capital, which is clearly shown in the Notes to Accounts, but not included in the main column total of the Balance Sheet under the SHARE CAPITAL head:

Which market conditions enable firms to earn high/supernormal profits over an extended period due to lack of competitive substitutes?

Dissolution of a partnership firm may be ordered by the court on the following grounds:(A) when a partner becomes insane.(B) when a partner becomes permanently incapable of performing his duties as partner.(C) when a partner acts in good faith.(D) when it is regarded just and equitable by the court.Choose the correct answer from the options given below:

Hem and Nem are partners in a firm sharing profits in the ratio of $3:2$. Their capitals were $\text{Rs. }80,000$ and $\text{Rs. }50,000$ respectively. They admitted Sam on Jan. 1, 2017 as a new partner for $\frac{1}{5}$ share in the future profits. Sam brought $\text{Rs. }60,000$ as his capital. Calculate the value of the goodwill of the firm:

The dissolution of partnership may take place in any of the following ways EXCEPT:

Which statement is NOT false (i.e., true), in respect of the dissolution of a partnership firm?

On retirement/death of a partner, the retiring/deceased partner's capital account will be credited with:

At the time of dissolution of a firm, the Bank Loan was $\text{Rs. }60,000$ which was paid by Bhuvan (a partner) along with one-year interest at $6\%$. Which journal entry will be passed in the books of the firm?

At the time of retirement of a partner, the difference between the Old Profit Sharing Ratio and the New Profit Sharing Ratio $(\text{Old Ratio}-\text{New Ratio})$ yields a negative outcome for a remaining partner. It indicates that the:

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

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

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 the profit-sharing ratio?

The balance of the share forfeiture account (in respect of shares not yet reissued) is shown in the balance sheet under which item?

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

The profit on the reissue of forfeited shares is transferred to which of the following accounts?

Arrange the following events in the correct chronological order with respect to the issue and lifecycle of shares:(A) Application received(B) Issue of prospectus(C) Forfeiture of shares(D) Allotment of Shares(E) Reissue of forfeited sharesChoose the correct answer from the options given below:

Calculate the Gross Profit Ratio from the following information:Revenue from operations: $\text{Rs. }3,40,000$ Cost of revenue from operations: $\text{Rs. }1,20,000$

To assess the long-term solvency of a business, which of the following ratios are used?(A) Interest coverage ratio(B) Proprietary ratio(C) Acid test ratio(D) Debt to capital employed ratioChoose the correct answer from the options given below:

Compute Earning per share (EPS) from the following information:Net profit after tax but before dividend: $\text{Rs. }1,75,000$ Equity shares of $\text{Rs. }10$ each: $\text{Rs. }7,00,000$ Dividend declared: @ $15\%$ Market price of a share: $\text{Rs. }13$

Match List-I with List-II:List-IList-II(A) Measure of liquidity(I) Return on capital employed(B) Measure of earning capacity(II) Inventory turnover ratio(C) Measure of activity of firm's inventory(III) Profitability ratio(D) Measure of Productive efficiency of funds(IV) Current ratioChoose the correct answer from the options given below:

The current ratio of a firm is $2:1$. What will be the impact of purchasing goods on credit on this ratio?

What is the standard formula for calculating Basic Pay Earned (BPE) inside computerized accounting payroll modules?

Which Excel function is used to calculate depreciation under the Straight Line Method (SLM)?

How is the Net Salary (NS) of an employee determined in automated payroll accounting?

What kind of data values or comparisons are best displayed with a bar chart?

What is the difference between the TODAY() and NOW() functions in spreadsheet applications?