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CUET Accountancy 2025 PYQs24 May Shift 1. Free, no login required.

Partnership

past year questions, CUET Accountancy 2025 24 May Shift 1

Accounting

past year questions, Partnership, CUET Accountancy 2025 24 May Shift 1

Medium

common

Opening capital balances of partners will be calculated by using which of the following formula :-

Solution

✅ Correct Option: 3

The relationship between Opening and Closing Capital:

Closing Capital = Opening Capital + Additional Capital − Withdrawal of Capital + Interest on Capital − Drawings − Interest on Drawings + Share of Profit − Share of Loss

Rearranging to find Opening Capital:

Opening Capital = Closing Capital − Additional Capital + Withdrawal of Capital − Interest on Capital + Drawings + Interest on Drawings − Share of Profit + Share of Loss

Items that increased capital during the year must be subtracted:

  • Additional Capital → Subtract
  • Interest on Capital → Subtract
  • Share of Profit → Subtract

Items that decreased capital during the year must be added back:

  • Withdrawal of Capital → Add
  • Drawings → Add
  • Interest on Drawings → Add
  • Share of Loss → Add

Opening Capital = Closing Capital − Addition to the Capital + Withdrawal of Capital − Interest on Capital + Drawings + Interest on Drawings + Share of Loss − Share of Profit

This matches Option 3.

Related questions:

2026: 13 May Shift 1

Arun and Barun are partners in firm. The net divisible profit as per Profit and Loss Appropriation A/c of the firm is Rs. 7,50,000. The total interest on partner's drawing is Rs. 12,000. Arun's salary is Rs. 12,000 per quarter and Barun's salary is Rs.1,20,000 per annum. The net profit/loss earned during this year was:

2026: 13 May Shift 2

When Capital accounts of partners are maintained on the basis of fixed capital method, interest on drawings will be :-

2025: 30 May Shift 1

Which among the following is NOT true about the Partnership?

2023: 28 May Shift 1

Partnership deed should be drafted and prepared as per :

2025: 15 May Shift 2

Match List-I with List-II

Match the accounts with their purpose

List-IList-II
(A) Profit and Loss adjustment A/c(I) Changes in amount of capital
(B) Profit and loss appropriation A/c(II) Generally no change in amount of capital
(C) Fixed capital A/c(III) Errors and omissions found after preparation of final A/c
(D) Fluctuating capital method(IV) Extention of Profit & loss A/c

Choose the correct answer from the options given below:

2026: 29 May Shift 2

Varun, Vansh and Vinay are partners sharing profits in the ratio of 5:3:2. They decided to share future profits in the ratio of 2:3:5. What will be the accounting treatment of Workmen Compensation Reserve existing in the balance sheet on that date when further information is not available.

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CUET Accountancy Past Year Questions (Topic-Wise)