CUET Accountancy - Which of the following is not a features of partnership: | PYQs + Solutions

CUET Accountancy 2025 30 May Shift 2

Partnership

Easy

common

In order to form partnership, there should be at least two persons coming together for a common goal.

Partnership is the result of an agreement between two or more persons to do business and share its profits and losses.

The agreement should be to carry on some business.

The business of partnership concern may be carried on by all the partners but any one of them can't act for all.

✅ Correct Option: 4

Related questions:

31 May Shift 1

Contents of the Partnership Deed does not include

27 May Shift 2

J and K are partners sharing profits and losses in the ratio of 3:1. Their capitals at the end of the financial year 2024-2025 were Rs. 1,50,000 and Rs. 75,000 respectively. During the year 2024-2025, J's drawings were Rs. 20,000 and the drawings of K were Rs. 5,000, which had been duly debited to partner's capital accounts. Profit before charging interest on capital for the year was Rs. 16,000. The same had also been credited in their profit sharing ratio in their capital accounts. Additional capital of Rs. 16,000 on October 1, 2024. Calculate interest on capital @ 12% p.a. for the year 2024-2025 for J.

27 May Shift 2

Which of the following statements relates to Fixed Capital Method?

(A) The capitals of the partners shall remain fixed unless additional capital is introduced or capital is withdrawn.

(B) All items like share of profit or loss, interest on capital, drawings, interest on drawings, etc. are recorded in Partner's Current Account.

(D) The partners' current account may show a debit or a credit balance.

Choose the correct answer from the options given below:

CUET Accountancy 2025 30 May Shift 2 PYQs

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