CUET (UG) entrance exam Question Bank Solutions for Accountancy

The financial statements of a business enterprise include ______.

What are the limitations of financial statements?

A partnership firm is compulsorily dissolved:

Anwar and Bashir were partners in the firm sharing profits or losses in the ratio of 7 : 5. With effect from 1st April 2021, they agreed to share profits in the ratio of 5 : 4. Due to the change in profit sharing ratio, what is Bashir's gain or sacrifice?

Which of the following does not result in the change in the profit sharing ratio?

At the time of change in profit sharing ratio, it is important to determine the ______ and ______ of partners.

Analyse the case given below and answer the question that follow:

Alia, Karan and Shilpa were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Goodwill appeared in their books at the value of ₹ 60,000. Karan decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at ₹ 2,40,000. The new profit sharing ratio decided among Alia and Shilpa was 2 : 3. Give the answer to the question given below:

What is Alia's gaining or sacrificing ratio:

Avya, Divya and Kavya were equal partners. They decided to change the profit-sharing ratio to 4 : 3 : 2. For this purpose, the goodwill of the firm was valued at ₹ 90,000. The journal entry for the treatment of goodwill on change in profit sharing ratio will be:

Analyse the case given below and answer the question that follow:

Alia, Karan and Shilpa were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Goodwill appeared in their books at the value of ₹ 60,000. Karan decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at ₹ 2,40,000. The new profit sharing ratio decided among Alia and Shilpa was 2 : 3. Give the answer to the question given below:

What is Shilpa's gaining or sacrificing ratio:

On the basis of the following data, how much final payment will be made to a partner on firm's dissolution?

Credit balance of capital account of the partner was ₹ 50,000. Share of loss on realisation amounted to ₹ 10,000. Firm's liability taken over by him was for ₹ 8,000.

The account which is prepared on dissolution of a partnership firm:

On dissolution of a firm, a liability taken over by a partner is credited to ______.

Which of the following is not a part of Finance Cost (in Statement of Profit and Loss)?

As per Schedule III, Part I of the Companies Act, 2013 'calls-in-arrears' will be presented under which of the following head/sub-head, in the Balance Sheet of a company?

Avi and Babi were partners in a firm sharing profit or loss equally. With effect from 1^st April 2021, they agreed to share profits in the ratio of 3 : 4. Due to the change in profit sharing ratio, Avi's gain or sacrifice will be:

Ramesh and Suresh are partners in the ratio of 3 : 2. Before profit distribution, 'Ramesh is entitled to 5% commission of the net profit (after charging such commission). Before charging commission, firm's profit was ₹ 84,000. Suresh's share in profit will be ______.

Which of the following is not required to be adjusted at the time of change in the profit sharing ratio?

Which of the following statements is not true?

Pick the odd one out: (In reference to Dissolution partnership firm)

What Journal Entry will be passed on dissolution of partnership firm, when creditors of ₹ 40,000 accepted investments of ₹ 50,000 (Book value)?