List of top Accountancy Questions on Profit and Loss Account asked in CUET (UG)

Calculate goodwill on the basis of two years’ purchase of average profit of the last four years. Profit/Loss of the last four years is given below:
• 2020: 1,00,000
• 2021: 1,50,000
• 2022: 2,20,000
• 2023: (70,000)
Additional information: Closing Stock of the year 2022 was overvalued by 20,000.

Ram and Shyam are partners sharing profits/losses equally. They admitted Radha into partnership for $\frac{1}{3}^{rd}$ share. At the time of her admission, the book value of Machinery was 1,35,000. It was provided at the time of admission that the Machinery was undervalued by $10\%$. Show its impact on Revaluation A/c?

Calculate Cash Flow from Financing Activities from the following information:
• Buy back of own shares: 1,00,000
• Issue of bonus shares: 50,000
• Current Year Proposed Dividend: 40,000
• Previous Year Proposed Dividend: 10,000

Calculate the amount of Profit after Tax if:
• Revenue from Operations: 4,00,000
• Cost of Revenue from Operations: $20\%$ of Revenue from Operations
• Tax rate: $50\%$

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

Which of the following is not a charge against profit ?

Capital employed by a Partnership firm is ₹ 5,00,00. Its average profit is Rs. 60,000. The normal rate of return in similar type of business is 10%. The amount of super profits of the firm will be :-

Super profit refers to:

Reserves and Surplus includes:
(A) Statement of Profits and Loss (Credit Balance) 
(B) Reserve Capital 
(C) Securities Premium Reserve 
(D) Capital Redemption Reserve 
(E) Share Application Money Pending Allotment 
Choose the correct answer from the options given below: