CUET Accountancy 2025 30 May Shift 1 PYQs

Which among the following statements are NOT true?

Identify the correct sequence for finding out divisible Profit & Loss for a Partnership Firm manufacturing Steel pipes:(A) Transfer amount to general reserve, as per requirement.(B) Allow interest on capital and charge interest on drawing.(C) Transfer of the balance of profit and loss account to profit and loss appropriation A/c(D) Find out the balance amount to be distributed among partners.Choose the correct answer from the options given below:

Which item among the following is NOT listed on the credit side of a Realization Account?

The following are features of the fluctuating capital method by which capital accounts of partners are maintained:(A) Under the fluctuating capital method, only one account, i.e. capital account is maintained for each partner.(B) All adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, etc. are recorded directly in the capital accounts of the partners.(C) The capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners.(D) The capital account may sometimes show a debit balance.Choose the correct answer from the options given below:

A firm is dissolved compulsorily under Section 41 of the Indian Partnership Act in the following cases:(A) When all the partners or all but one partner, become insolvent.(B) When the business of the firm becomes illegal.(C) Change in existing profit sharing ratio among partners.(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: