CUET Accountancy - Sumit, a partner in Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. Calculate interest on drawings at simple rate of interest of 10 percent per annum and if an amount of Rs. 4,000 per month was withdrawn by sumit at the end of each month. | PYQs + Solutions

CUET Accountancy 2025 24 May Shift 1

Partnership

Medium

common

2100

2020

2200

2050

✅ Correct Option: 3

Related questions:

22 May Shift 2

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

27 May Shift 1

If the partnership deed is silent on interest on capital, then:

22 May Shift 1

Yadu, Madhu and Vidu are partners, sharing profit and losses in the ratio of 2:2:1. Their fixed capitals on April 01, 2018 were:

Yadu Rs. 5,00,000, Madhu Rs. 4,00,000 and Vidu is 3,50,000.

As per the partnership deed, partners are entitled to interest on capital @5% p.a. and Yadu has to be paid a salary of Rs. 2000 per month. The net loss of the firm as per profit and loss account for the year ending March 31, 2019, amounted to Rs. 75,000. On the basis of the profit and loss appropriation account, Partners' distribution of loss would be:

CUET Accountancy 2025 24 May Shift 1 PYQs

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