CUET Accountancy - Which of the following statements are correct about partnership:- (A) Each partner carrying on the business is the principal as well as the agent for all the other partners (B) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner (C) If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared equally by partners (D) Interest on partner's loan is to be given @ 12% p.a., if the deed is silent about the rate Choose the correct answer from the options given below: | PYQs + Solutions

CUET Accountancy 2025 26 May Shift 2

Partnership

Medium

common

(B) and (D) only

(A), (B) and (D) only

(A) and (C) only

✅ Correct Option: 4

Related questions:

30 May Shift 2

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

13 May Shift 1

Which statements are true about partnership:

(A) Each partner carrying on the business is the principal as well as the agent for all the other partners.

(B) Valid partnership can be formulated even without a written agreement between the partners.

(D) The maximum number of partners can be 50.

Choose the correct answer from the options given below:

30 May Shift 1

The Partnership agreement between Maneesh and Girish provides that:

(A) Profits will be shared equally

(B) Maneesh will be allowed a salary of Rs 400 pm

(C) Girish who manages the sales department will be allowed a commission of 10% of the net profits after deducting Maneesh's salary

(D) 7% p.a. interest will be allowed on Partner's fixed capital

(E) 5% p.a. interest will be charged on partner's annual drawings

(F) The fixed capitals of Maneesh and Girish are Rs 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and Rs 14,000 respectively. The net profit for the year ended March 31, 2018 amounted to Rs. 40,000

Calculate the profit allocated to each partner after all adjustments.

CUET Accountancy 2025 26 May Shift 2 PYQs

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