CUET (UG) entrance exam Question Bank Solutions

A school purchased a furniture for ₹ 80,000 and spent ₹ 1,200 for carriage. The furniture should be capitalised for:

The Receipts and Payments Account is a summary of ______.

If a general donation of smaller amount is received by a school, that donation will be shown on ______.

Features of Income and Expenditure are:

(i) No opening or closing balance

(ii) Prepared on an accrual basis

(iii) Records only Revenue Items

(iv) Relevant only to the current year

Payment of Honorarium of Secretary is a ______.

In case the deed provides for payment of interest on capital but does not specify the rate, the interest will be paid at which rate per annum?

Consider the following statements

Statement 1: "No interest is to be charged on the drawings made by the partners if there is no mention in the Deed."

Statement 2: Specified provisions are required to be mentioned in the partnership deed to charge interest on drawings.

How you will calculate the average period and the interest on drawings when the amount is withdrawn in the middle of each month?

In a case where a partner may be guaranteed a minimum amount by way of his share in profits. If in any year, the share of profits is less than the guaranteed amount, the deficiency is made good by the guaranteeing partners' in which ratio?

Mohan and Sham are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:

"Shyam wants interest on capital to be credited @6% per annum".

How many members can be there in a partnership firm?

What would be the journal entry for the Share of Profit or Loss after appropriation?

When the new partner is admitted goodwill can be treated in how many ways?

Which method is followed when the new partner does not bring in his share of goodwill in cash.

Hem and Nern are partners in firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Sam on Jan. 1 2019 as a new partner for 1/5 share in the future profits. Sam brought Rs. 60,000 as his capital. Calculate the value of goodwill of the firm.

What would be the journal entry for revaluation of an increase in the value of an asset?

What would be the journal entry for revaluation of an increase in the value of a liability?

What would be the journal entry for if goodwill is raised at full value and retained in books?

Jaya, Kirti, Ekta and Shewta are partners in the firm sharing profits and losses in the ratio of 2:1:2:1. On Jaya's retirement, the goodwill of the firm is valued at Rs. 36,000. Kirti, Ekta and Shewta decided to share future profits equally. What will be the necessary journal entry for the treatment of goodwill without opening a 'Goodwill Account'.

Harry, Pammy and Sunny are partners sharing profits in the ratio of 3:2:1. Goodwill is appearing in the books at a value of Rs. 60, 000. What is the journal entry for the following case?