CUET UG Accountancy · Paper 2

Assertion: Each partner is a principal as well as an agent for all the other partners.

Reason: As per the definition of Partnership Act, partnership business may be carried on by all the partners or any of them acting for all.

Which of the following is debited to the Profit and Loss Appropriation Account?

A and B were partners sharing profits in the ratio 3 : 2. They admitted C for $\frac{1}{4}$ share. The new profit-sharing ratio of A, B and C is 2 : 1 : 1. The sacrificing ratio of A and B is:

X, Y and Z were partners sharing profits and losses in the ratio 5 : 3 : 2. Y retired, and he gifted half of his share to X and the remaining half was taken over equally by X and Z. Determine the new profit-sharing ratio.

X and Y were partners sharing profits in the ratio 3 : 2. They decided to share future profits equally. A General Reserve of ₹50,000 stood in the books, and the partners decided not to distribute it. The adjustment entry will be:

Match List I (transaction on dissolution) with List II (journal entry).

Choose the correct answer.

Jai and Veeru were in a partnership sharing profit and loss in the ratio 5 : 3. Their capitals were ₹10,00,000 and ₹8,00,000 respectively. The firm was also having reserves of ₹7,00,000. Normal rate of return was 10%. The firm made average profits of ₹2,30,000 for the year ended March 31, 2025 (after charging the abnormal loss on machinery of book value ₹2,00,000 destroyed by fire, against which an insurance claim of ₹1,50,000 was admitted). Value of goodwill as per capitalisation of super profits will be:

P and Q are partners sharing profits equally. Their capitals are ₹1,40,000 and ₹1,00,000, and a General Reserve of ₹40,000 appears in their books. R is admitted for $\frac{1}{4}$ share and brings ₹1,20,000 as his capital, but nothing for goodwill. R's share of goodwill is:

In the Notes to Accounts on Share Capital, Calls in Arrears are:

Alfa Ltd. invited applications for 50,000 equity shares of ₹10 each at a premium of 30%. The whole amount was payable on application. Applications were received for 2,50,000 shares. The company decided to allot the shares on a pro-rata basis to all the applicants. The amount refunded by the company was:

Zen Ltd. issued shares of ₹10 each at a premium of ₹2, payable ₹4 on application, ₹5 on allotment (including premium) and ₹3 on first and final call. Meena, holding 800 shares, paid only the application money. Her shares were forfeited after the call was made. At the time of forfeiture, the amounts debited to Securities Premium Account and credited to Share Forfeiture Account are respectively:

Rex Ltd. issued 2,000, 10% Debentures of ₹100 each at a discount of 6%, redeemable at a premium of 5%. The amount debited to Loss on Issue of Debentures Account is:

Assertion: No interest is payable on debentures issued as collateral security, as long as the lender does not sell or use them.

Reason: Debentures form a part of the borrowed funds of a company.

Neo Ltd. offered 50,000 shares of ₹10 each at par: ₹3 on application, ₹4 on allotment and ₹3 on first and final call. Applications came in for 75,000 shares, and every applicant was allotted shares pro rata, with the excess application money credited towards allotment. Mohan, who had applied for 3,000 shares, failed to pay the balance of allotment and the call. His shares were forfeited, and 1,500 of them were reissued at ₹8 per share as fully paid. The amount transferred to Capital Reserve is:

In a common-size Statement of Profit and Loss, each item is expressed as a percentage of:

Which of the following is a cash flow from operating activities for a finance company?

From the following information, calculate the Trade Receivables Turnover Ratio:

As on 31.03.2024, the following information of Bartan Manufacturing Ltd. is available:

On 1st April 2024, it came to notice that the accountant had omitted recording the interest received on investment of ₹2,00,000 for the financial year 2023-24. The required rectification was done. What will be the effect of the same on the Net Profit ratio and the Operating Profit ratio?

As per Schedule III of the Companies Act, 2013, which of the following is shown under 'Long-term Provisions'?

From the following information, calculate the Net Profit before Tax for the year 2025-26, to be used in the Cash Flow Statement: