CUET UG Accountancy · Paper 3

Consider the following statements about goodwill:

I. Goodwill is an intangible asset.

II. Goodwill is a fictitious asset.

III. Goodwill can be sold only along with the business as a whole.

IV. Only purchased goodwill is recorded in the books; self-generated goodwill is not.

Which of the statements are correct?

A and B share profits in the ratio 3 : 2. They admit C for $\frac{1}{5}$ share. The goodwill of the firm is valued at ₹1,50,000. C brings only ₹20,000 of his share of goodwill in cash. The amount debited to C's Current Account for goodwill is:

Assertion: Batman, a partner in a firm with four partners, has advanced a loan of ₹50,000 to the firm for the last six months of the financial year without any agreement. He claims an interest on loan of ₹3,000 despite the firm being in loss for the year.

Reason: In the absence of any agreement or provision in the partnership deed, the provisions of the Indian Partnership Act, 1932 would apply.

Arun, Basu and Tarun were partners sharing profit and loss in the ratio 5 : 3 : 2. Their firm was dissolved on March 31, 2025. On this date, the following assets and liabilities were appearing in their books of accounts:

Assets were realised for ₹3,40,000. Determine the amount of Realisation Gain/Loss.

A, B and C were partners sharing profits in the ratio 4 : 3 : 2. C retired, and A and B decided to share future profits in the ratio 3 : 2. The goodwill of the firm was valued at ₹90,000. For C's share of goodwill, A's and B's Capital Accounts will be debited respectively with:

Assertion: On a change in the profit-sharing ratio among existing partners, the profit on revaluation of assets and liabilities is shared by the partners in their old ratio.

Reason: The Revaluation Account is a real account.

A and B are partners sharing profits and losses in the ratio of 3 : 2. C is admitted for $\frac{1}{4}$ share, for which ₹30,000 and ₹10,000 are credited as premium for goodwill to A and B respectively. The new profit-sharing ratio of A : B : C will be:

X, Y and Z are partners sharing profits in the ratio 2 : 2 : 1. Their capitals, maintained under the fluctuating capital method, were ₹3,00,000, ₹2,00,000 and ₹1,00,000 on 1 April 2025. After the profit for 2025-26 had been distributed, it was found that interest on capital at 6% p.a., as provided in the deed, had been omitted. The adjustment entry will be:

Assertion: Irredeemable debentures are also known as perpetual debentures.

Reason: The company does not give any undertaking for the repayment of money borrowed by issuing such debentures. They are repayable on the winding up of the company or on the expiry of a long period.

If the articles of a company are silent, Table F of the Companies Act, 2013 allows interest on calls in advance at a rate not exceeding:

10,000 shares of ₹10 each were forfeited for non-payment of final call money of ₹3 per share, and only 7,000 of these shares were reissued @ ₹11 per share as fully paid up. What is the minimum amount that the company must collect at the time of reissue of the remaining 3,000 shares?

Match List I with List II.

Choose the correct answer.

Opal Ltd. issued 10,000, 9% Debentures of ₹100 each at a discount of 4%, redeemable at a premium of 6%. The balance in Securities Premium Account was ₹70,000. The Loss on Issue of Debentures to be written off from the Statement of Profit and Loss is:

Ace Ltd. invited applications for 1,00,000 shares of ₹10 each, payable ₹3 on application, ₹5 on allotment and ₹2 on call. Applications were received for 1,60,000 shares and allotment was made as follows:

Excess application money was adjusted towards allotment. If all money due on allotment was received, the amount received on allotment was:

While computing cash from operating activities, which of the following items will be added to the net profit?

I. Decrease in value of inventory

II. Increase in share capital

III. Increase in the value of trade receivables

IV. Increase in the amount of outstanding expenses

Match List I (ratio) with List II (type of ratio).

Choose the correct answer.

Extract of a comparative Statement of Profit and Loss:

The tax rate is 30% in both years. The percentage change in profit after tax is:

Aditya Sunrise Ltd. provides you the following information:

Additional information:

1. Equity share capital raised during the year ₹3,00,000.

2. 10% Bank Loan was repaid on 01.04.2022.

3. Dividend received during the year was ₹20,000.

4. Dividend proposed for the year 2021-22 was ₹50,000, but only ₹20,000 was approved by the shareholders.

Find out the cash flow from financing activities.

Under which major head and sub-head is 'Unpaid Dividend' shown in a company's Balance Sheet as per Schedule III?

A company's current ratio is 2.5 : 1 and its quick ratio is 1.5 : 1. Its working capital is ₹1,20,000. Its current assets include prepaid expenses of ₹10,000. The value of its inventory is: