List of top Questions asked in CUET (UG)

S and T are partners in a firm sharing profits in the ratio of 3:2. They admit U as a new partner. S surrenders \(\frac{1}{4}\) of his share and T surrenders 1/3 of his share in favour of U. Sacrificing ratio of S and T will be:
Choose the correct answer from the options given below:

A, B, and C are partners sharing profits in the ratio of 3:3:4. They decide to share future profits equally. The sacrifice or gain of partners are

The journal entry for treatment of goodwill, when a new partner brings his share of goodwill in cash and one of the old partners gains, involves the following
(A) Gaining Partner’s Capital Account is debited
(B) Premium for Goodwill Account is debited
(C) Sacrificing Partner’s Capital Account is credited
(D) Gaining Partner’s Capital Account is credited

Libraries run by charitable trusts are an example of

On the date of admission of a partner, there was a balance of ₹45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at

If a delay occurs beyond 8 days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of

Loss on realization of 84,000 was to be distributed between Sam and Shafiq (partners) in the ratio of 4:3 at the time of the dissolution of the partnership firm. Calculate the amount to be transferred to Shafiq’s capital account.

In case of dissolution of a Partnership Firm, assets of the firm shall be applied in the following order:
(A) Paying unsecured debts of the firm
(B) Paying secured debts of the firm
(C) Paying partner’s loan
(D) Paying partners’ capital
Choose the correct answer from the options given below:

Which Accounting Standard governs the preparation of Cash Flow Statement?

Match List-I with List-II.

List-I	List-II
(A) Test of Activity	(I) Acid Test Ratio
(B) Test of Liquidity	(II) Debt Equity Ratio
(C) Test of Solvency	(III) Debtor Turnover Ratio
(D) Test of Profitability	(IV) Return on Investment Ratio

The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is:
(A) reduction from concerned years profit.
(B) reduction from next years profit.
(C) addition to next years profit.
(D) addition to previous years profit.
Choose the correct answer from the options given below :

Journal entry for recording unrecorded computers at the time of admission of a partner is:

Oversubscription is a situation where the

Identify the correct sequence to be followed while preparing the final account of a partnership firm:
(A) Profit and Loss Appropriation Account
(B) Profit and Loss Account
(C) Trading Account
(D) Balance Sheet

While preparing the Cash Flow Statement, purchase of goodwill is treated as

The components of computerized accounting system refer to:

Calculate the resulting cash flow and state the nature of cash flow from the following information:,
Acquired machinery for ₹3,50,000 by issuing cheque.

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: \(50\%\)

Steps in sequence in the preparation of Receipt and Payment Account will be:
1. Find out the difference between the total of debit side and the total of credit side
2. Show the total amounts of all receipts on debit side
3. Take the opening balance of cash in hand and bank and enter on the debit side
4. Show the total amounts of all payments on credit side
Choose the correct answer from the options given below:

A newly admitted partner acquires two main rights in the partnership firm.
Identify the correct rights of the newly admitted partner.
(A) Right to share assets of the partnership firm
(B) Right to claim interest on capital
(C) Right to claim remuneration for firm’s work
(D) Right to share profits of the partnership firm
Choose the correct answer from the options given below:

Arrange the following steps in the correct sequence of the life of a company:
(A) Commencement of Business
(B) Incorporation
(C) Promotion
(D) Floatation

Window dressing is a practice

A, B, and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹1,75,000 to the firm. To give effect to the above

Match List-I with List-II.

List-I	List-II
(A) Capital Reserve	(I) Cash and Cash Equivalent
(B) Call in advance	(II) Intangible Fixed Assets
(C) Licence and Franchise	(III) Other Current Liabilities
(D) Marketable Securities	(IV) Reserve and Surplus