List of top Accountancy Questions asked in CUET (UG)

Particulars	Amount (₹)
Inventory at the beginning	40,000
Credit Purchase	1,60,000
Inventory at the end	38,000
Trade payable at the beginning	14,000
Trade payable at the end	14,500

Cash paid for inventory is:

Securities premium cannot be used:

When a company reserve a portion of its uncalled capital to be called in the event of winding up, such uncalled capital is known as:-

The process of receiving minimum subscription of 90% of the entire issue must be completed within _____ days from date of issue of prospectus

Arrange the following in the context of "Buy Back of Shares".
A. Articles of Association must authorise Buy Back of share
B. Buy Back should be completed within 12 months
C. Maintaining debt equity ratio of not more than 2:1 after Buy Back
D. Passing Special Resolution in annual general meeting
E. Filing solvency declaration with registrar and SEBI
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Balance of Share Forfeiture account is shown in the Balance Sheet under the item:-

Arrange the following in the context of dissolution of partnership firm.
A. Payment of loan from Partners
B. Payment of secured outsider's liabilities
C. Realisation of assets into cash
D. Settlement of partner's capital
E. Payment of unsecured outsider's liability
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A, B and C are partners sharing profits in the ratio of 3:2:1. D is admitted into firm for\(\frac{1}{4}\)th share of profit, which he gets \(\frac{1}{8}\) from A and \(\frac{1}{8}\) from B. Calculate new profit sharing ratio of all the partners.

Select the partner(s) who will compensate the deceased partner for the share of goodwill at the time of death.

Profits made on Revaluation of Assets and Reassessment of Liabilities is distributed among whom?

Select the conditions required for computing interest on drawings using average period method:
A. Equal amount of drawings
B. Fixed interval of drawings
C. Varying amounts of drawings
D. Different interval of drawings
E. Rate of Interest
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Match List I with List II

LIST I		LIST II
A	Only Capital A/c exist	I	Credited to partner's capital account
B	Capital account balance remain unchanged	II	Debited to Partner's Capital Account
C	Fresh/additional capital brought in by partner	III	Fixed Capital Account
D	Permanent withdrawal	IV	Fluctuating Capital Account

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Select out of the following that is not considered as one of the modes of reconstitution of a partnership firm.

Salary of a partner is shown in

The content of Partnership deed includes:
A. Name and address of all partners
B. Method of settlement of disputes among partners
C. Deed once made cannot be altered
D. Rules regarding operation of Bank account
E. Verbal agreement between partners is considered as deed
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3 th 7 Vikas and Rahul are partners who shared profits in the ratio of 2:3. They admitted Sunil as a partner for share in future profits who brings ₹37,500 as his share of Goodwill. Half of which is withdrawn by sacrificing partners. Record Journal entry for Goodwill withdrawn by Partners.

A and B are partners sharing profits in the ratio of 2:1. C is admitted for the 1/4th share of profits, who brings *20,000 as capital. After all adjustments related to goodwill, revaluation of assets and reassessment of liabilities etc, Capital of A and B are ₹45,000 and ₹15,000 respectively. It is agreed that partners capitals should be according to the new profit sharing ratio.
Determine the new capital of B.

If at the time of admission, some positive balance of Profit and Loss A/C appears in the books, it will be transferred to:

The dissolution of Partnership may take place due to:
A. Retirement of Partner
B. Death of Partner
C. Insolvency of Partner
D. Admission of New Partner
E. Completion of Venture, if partnership formed for that purpose
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Arrange the following statements in proper sequence in context of admission of partner.
A. Finalising terms for admission of new partner
B. Calculation of sacrificing/ gaining ratio
C. Finalising balance in partner's capital A/c
D. Calculation of new profit sharing ratio
E. Valuation and adjustment of goodwill
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Match List I with List II

LIST I		LIST II
A	Capital Reserve	I	Current Assets
B	Inventories	II	Non-Current Liabilities
C	8% Debentures	III	Current Liabilities
D	Provision for tax	IV	Reserve and Surplus

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Which of the following items are part of Intangible non current Assets:
A. Patents
B. Furniture
C. Statement of Profit & Loss A/c (Dr)
D. Goodwill
E. Trademark
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The following are the items appearing in Equities and Liabilities side of Balance Sheet
A. Deferred tax Assets (Net)
B. Reserve and Surplus
C. Deferred tax Liabilities (Net)
D. Long term borrowings
E. Long term loans and Advances
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Which of the following item is not a tool of financial statement analysis?

Match List I with List II

LIST I		LIST II
A	Operating Profit Ratio	I	Solvency Ratios
B	Working Capital Turnover Ratio	II	Liquidity Ratios
C	Debt-Equity Ratio	III	Activity Ratios
D	Quick Ratio	IV	Profitability Ratios

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