CUET Accountancy - Ravi, one of the partners, provided Rs 1,00,000 loan to the firm. In the absence of partnership deed, interest on partner's loan is allowed @ _____? | PYQs + Solutions

CUET Accountancy 2025 13 May Shift 2

Partnership

Easy

6% p.a

5% p.a

✅ Correct Option: 2

Related questions:

29 May Shift 2

Identify which statement is FALSE-

3 June Shift 2

Match List-I with List-II

List-I	List-II
(A) Bank (fresh capital introduced)	(I) Debit side of Partner's Current Account
(B) Interest on drawings	(II) Debit side of Partner's Capital Account
(C) Bank (permanent withdrawal of capital)	(III) Credit side of Partner's Current Account
(D) Commission	(IV) Credit side of Partner's Capital Account

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 13 May Shift 2 PYQs

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