CUET Accountancy - Choose the correct statement if a partnership deed is not present. | PYQs + Solutions

CUET Accountancy 2025 4 June Shift 2

Partnership

Easy

common

Interest on Capital are allowed.

Interest on partner drawing is charged.

Remuneration or salary is given to partners.

Partners shall share the profit and losses equally.

✅ Correct Option: 4

Related questions:

4 June Shift 2

Yadu, Madhu and Vidu are partners, sharing profit and losses in the ratio of 2:2:1. Their fixed capitals on April 01,2018 were:

Yadu Rs. 5,00,000, Madhu Rs. 4,00,000 and Vidu is 3,50,000. As per a partnership deed, partners are entitled to interest on capital of @5% p.a. and Yadu has to be paid a salary of Rs. 2000 per month. The net loss of the firm as per profit and loss account for the year ending March 31, 2019, amounted to Rs. 75,000. On the basis of the profit and loss appropriation account, Partners' distribution of loss would be:

14 May Shift 1

In case partner's capital is fixed, then where interest on drawings charged will be shown?

15 May Shift 2

Net loss of the firm as per profit and loss account for the year ending March 31, 2024 amounted to Rs. 75,000. Yaduvanshi, Madhulika and Vidushi are partners, sharing profits and losses in the ratio of 2:2:1. Their fixed capitals on April 01, 2019 were: Yaduvanshi Rs. 5,00,000, Madhulika Rs. 4,00,000 and Vidushi Rs. 3,50,000. On the basis of the above information, pass the necessary journal entry

CUET Accountancy 2025 4 June Shift 2 PYQs

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