CUET (UG) entrance exam Question Bank Solutions

Carriage Inwards is shown in the Statement of Profit and Loss under ______.

Purchase of goods for reselling is shown in the Statement of Profit and Loss under ______.

______ are especially interested in the average payment period, since it provides them with a sense of the bill-paying patterns of the firm.

Change in profit sharing ratio among partners results in ______

In the event of dissolution of the firm, the partner’s assets are first used for payment of the following:

General Reserve appearing in the Balance Sheet is transferred to ______

Which of the following is/are required at the time of change in profit sharing ratio among partners?

At the time of dissolution, all assets are transferred to Realisation Account at their ______.

The ratio which is computed to determine the sacrifice of the old partners made in favour of new partner which is admitted into partnership is ______.

Which of the following is the characteristic of a partnership firm?

Which of the following does not result into reconstitution of a partnership firm?

Pick the odd one out.

At the time of the firm's dissolution, the balance of General Reserve shown in the Balance Sheet is credited to ______.

Assertion (A): Financial statements are the end products of the accounting process which reveal the financial results of a specified period and financial position as on a particular date.

Reason (R): The basic objective of these statements is to provide information required for decision making by the management as well as other outsiders who are interested in the affairs of the undertaking, as per Section 129 Schedule III to the Companies Act, 2013 every year.

How is goodwill treated when there is a change in the profit sharing ratio?

Securities Premium is shown under which head in the Balance Sheet ?

On dissolution of the firm, ______ will be debited to the Realisation Account.

A and Bare partners sharing profits in the ratio 3:2. C is admitted. C gets 3/20th share from A and 1/20th share from B. calculate their sacrificing ratio.

The court can make an order to dissolve the firm when ______.

How will you calculate New profit sharing ratio?