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CUET Accountancy 2022 PYQs16 July Shift 2. Free, no login required.

Partnership

past year questions, CUET Accountancy 2022 16 July Shift 2

Accounting

past year questions, Partnership, CUET Accountancy 2022 16 July Shift 2

Medium

Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year.

A. Capital Accounts

B. Profit and Loss A/c

C. Profit and Loss Adjustment A/c

D. Balance Sheet

Choose the correct answer from the options given below:

Solution

✅ Correct Option: 4

At the year end, first the Profit and Loss A/c is prepared to determine net profit (B). Then the Profit and Loss Appropriation/Adjustment A/c distributes profit among partners (C). Then partners' Capital Accounts are updated (A). Finally the Balance Sheet is prepared (D). Correct sequence: B, C, A, D.

Note: We have interpreted 'Profit and Loss Adjustment A/c' in the question as Profit and Loss Appropriation A/c, which is the statement normally prepared in this sequence for a partnership firm.

Related questions:

2026: 31 May Shift 1

Reconstitution of a partnership firm takes place when:

2026: 24 May Shift 1

Mukesh and Vanshika are partners. They agreed to share profits in the ratio of 3:2.

Their capital balances on 01st April, 2024 were Rs.15,00,000 and Rs. 10,00,000 respectively. Additional capital contributed by Mukesh and Vanshika was Rs 3,00,000 and Rs 2,00,000 respectively on 01st Jan, 2025. Interest on capital was allowed @ 5 % p.a. Find the interest on Vanshika's Capital.

2022: 16 July Shift 2

Vivek, Virat and Vineet were partners in a firm. Their capital accounts as on April 1, 2019 showed a balance of Rs.4,00,000, Rs.6,00,000 and Rs.8,00,000 respectively. On 1st July 2019 Virat introduced additional capital of Rs.1,00,000 while Vineet withdraw 50,000 on 31 Oct 2019 from their capitals. Interest on capital is allowed @8%. Calculate Interest on capital to be given to each partner.

2022: 16 July Shift 2

Find the right sequence of appropriation of profits

A. Profits transferred to P and L appropriation A/c.

B. Interest on capital

C. Profits distributed to partner after appropriation

D. Interest on partner loan A/c

Choose the correct answer from the options given below

2025: 27 May Shift 1

Which of the following is not included in the Contents of the Partnership Deed-

2026: 23 May Shift 2

When partners' capital account is prepared under the fluctuating capital method, interest on drawings is shown under:

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CUET Accountancy Past Year Questions (Topic-Wise)