CUET Accountancy - Which of the following is correct? The important provision affecting partnership accounting, in the absence of a partnership deed is: | PYQs + Solutions

CUET Accountancy 2025 15 May Shift 1

Partnership

Medium

Profit Sharing Ratio: If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared by partners in their capital ratio.

Interest on Capital: Partner is entitled to claim higher interest on the amount of capital contributed by him in the firm as a matter of right.

Interest on Drawings: No interest is to be charged on the drawings made by the partners, if there is no mention in the Deed.

Interest on Loan: If any partner has advanced loan to the firm for the purpose of business, he/she shall be entitled to get an interest on the loan amount at the rate of 16 per cent per annum.

✅ Correct Option: 3

CUET Accountancy 2025 15 May Shift 1 PYQs

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