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CUET Accountancy 2025 PYQs31 May Shift 1. Free, no login required.

Partnership

past year questions, CUET Accountancy 2025 31 May Shift 1

Accounting

past year questions, Partnership, CUET Accountancy 2025 31 May Shift 1

Easy

common

If partnership deed is silent on the profit sharing ratio: interest @_____ per annum is allowed on loans advanced by partners-

Solution

✅ Correct Option: 2

When the partnership deed is silent about interest on loans advanced by partners, the Indian Partnership Act, 1932 provides specific guidelines under Section 13(d).

According to this provision, interest is allowed at 6% per annum on any loans advanced by partners to the firm, in addition to their capital contribution.

It's important to understand that this applies specifically to loans (which are over and above the capital contribution) and not to capital itself. When the deed is silent, no interest is allowed on capital, but interest on loans is specifically provided for at 6% per annum.

This is a statutory provision that applies automatically when there is no contrary agreement in the partnership deed.

Correct Answer: Option 2 (6%)

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