CUET 2026 Accountancy Mock Test 1

Questions in this Accountancy paper

Preview all 10 questions below. Attempt the test to check your answers, see your score and review the solution for each question.

1. If a company fails to receive minimum subscription within 120 days from the date of issue of the prospectus, in how many days should the company refund the amount of application money from the date of issue of prospectus?

   • A150 days
   • B230 days
   • C130 days
   • D120 days

2. Ram, Manohar and Joshi were partners. Joshi died on 28 Feb 2018. His share of profit is calculated on average of 3 years profits. Find Joshi’s share. Profits: 2015 = 8000, 2016 = 9000, 2017 = 10000.

   • A500
   • B3000
   • C4500
   • D2750

3. Sarvesh, Sriniketan and Srinivas are partners in ratio 5:3:2. If Sriniketan’s share of profit is ₹1,50,000, find Sarvesh’s share.

   • A₹5,00,000
   • B₹1,50,000
   • C₹3,00,000
   • D₹2,50,000

4. On dissolution, furniture having a book value of ₹5,000 is taken over at ₹4,300. Which account is debited?

   • ACash Account ₹5,000
   • BRealisation Account ₹700
   • CPartner’s Capital Account ₹5,000
   • DRealisation Account ₹4,300

5. Final payment: Capital debit ₹50,000, profit ₹1,00,000, liability taken over ₹8,000. Find the payment.

   • A₹32,000
   • B₹58,000
   • C₹42,000
   • D₹52,000

6. In the books of a partnership firm maintaining fluctuating capital accounts, which of the following appropriations or adjustments would result in a credit to the Partners’ Current Accounts?

   • AInterest allowed on partners’ capitals
   • BRemuneration, salary or commission payable to partners
   • CShare of divisible profits transferred to partners
   • DAll of the above items

7. Under Section 37 of the Indian Partnership Act, 1932, what is the right of an outgoing partner if the amount remains unpaid?

   • AInterest @ 12% only
   • BInterest @ 6% or share of profits attributable
   • COnly share in profits
   • DNo interest or profit

8. At the time of death of a partner, the balance of Investment Fluctuation Reserve after adjusting fall in investment value is treated as:

   • ACredited to Revaluation Account
   • BCredited to all partners’ capital accounts
   • CDebited to deceased partner
   • DCredited to deceased partner

9. When partners decide not to revalue assets and liabilities at the time of death of a partner, Deceased Partner’s Capital Account is credited with revaluation gain and Gaining Partners’ Capital Accounts are adjusted in:

   • AOld ratio
   • BSacrificing ratio
   • CGaining ratio
   • DNew profit-sharing ratio

10. If a partner withdraws equal amounts at the beginning of each quarter, what average period should be considered for interest on total drawings?

    • A5.5 months
    • B6 months
    • C4.5 months
    • D7.5 months