CUET Accountancy - In which of the following case, claim is valid if the partnership agreement is silent? | PYQs + Solutions

CUET Accountancy 2023 29 May Shift 2

Partnership

Medium

Sanjay is an active partner and wants a salary of Rs. 1,00,000 per year.

Monika had advanced a loan to the firm and claims interest @10% per annum.

Sanjay and Monika contributed Rs. 2,00,000 and Rs. 5,00,000 as capital respectively and Monika wants equal share.

Monika wants interest on capital to be credited @10% per annum.

✅ Correct Option: 3

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For distribution of profits among the partners, the following account is debited to the partners:

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List-I	List-II
Interest on Drawings	Time (Month)
(A) When the amount is withdrawn at the beginning of each month.	(I) 6 months
(B) When the amount is withdrawn at the end of each month.	(II) 6.5 months.
(C) When the amount is withdrawn at the middle of each month.	(III) 5.5 months.
(D) When the amount is withdrawn at the end of each quarter.	(IV) 4.5 months.

Choose the correct answer from the options given below:

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CUET Accountancy 2023 29 May Shift 2 PYQs