CUET Accountancy - Mohan and Shyam are partners in a firm. Which statement among the below can be claimed valid if the Partnership Agreement is silent regarding the same. | PYQs + Solutions

CUET Accountancy 2025 30 May Shift 2

Partnership

Medium

common

Mohan is an active partner. He wants a salary of Rs. 10,000 per year.

Shyam had advanced a loan to the firm. He claims interest of @ 10% per annum.

Mohan contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants an equal share in profits.

Shyam wants interest on capital to be credited @ 6% per annum.

✅ Correct Option: 3

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There is a need for valuation of goodwill under which of the following cases

(A) Admission of new partner

(B) Retirement of a partner

(D) Amalgamation of partnership firms.

Choose the correct answer from the options given below:

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Under the fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners. Which among the following is NOT the feature of the fixed capital method?

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Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Babul is to be allowed an annual salary of Rs. 2,500. Manager is to be allowed commission @ 5,000. Amitabh has also given a Loan on April 01 , 2019 of Rs. 50,000 to the firm without any agreement. During the year 2019-20, the profits earned is Rs. 22,250. Profit and Loss Appropriation account shows balance of the Profit and Loss A/c (Net profit before Babul's salary) amounted to:

CUET Accountancy 2025 30 May Shift 2 PYQs

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