AfterBoards Logo
Skip to main contentSkip to solution

CUET Accountancy 2025 PYQs15 May Shift 1. Free, no login required.

Partnership

past year questions, CUET Accountancy 2025 15 May Shift 1

Accounting

past year questions, Partnership, CUET Accountancy 2025 15 May Shift 1

Easy

Comprehension:

Read the following passage and answer the questions

A Solid Partnership

A, V and T were partners of a law firm sharing profits in the ratio of 5:3:2. Their partnership deed provided the following:

(i) Interest on partners’ capital @ 5% p.a.

(ii) A guaranteed that he would earn a minimum annual fee of Rs. 6,00,000 for the firm.

(iii) T was guaranteed a profit of Rs. 2,50,000 (excluding interest on capital) and any deficiency on account of this was to be borne by A and V in the ratio of 2:3.

During the year ending March 31, 2019, A earned a fee of Rs. 3,20,000 and net profits earned by the firm were Rs. 8,60,000. Partner’s capital on April 01, 2018 were A - Rs. 3,00,000; V - Rs. 3,00,000 and T - Rs. 2,00,000.

What is the amount of A's deficiency of annual fee?

Solution

✅ Correct Option: 1

A guaranteed a minimum annual fee of Rs. 6,00,000 for the firm, but during the year he actually earned Rs. 3,20,000.

Deficiency in A's annual fee:

Guaranteed annual fee = Rs. 6,00,000

Actual fee earned = Rs. 3,20,000

Deficiency = Rs. 6,00,000 - Rs. 3,20,000 = Rs. 2,80,000

This deficiency amount will be debited to A's capital account as he failed to meet his guaranteed commitment to the firm.

Correct Option: 1 (Rs. 2,80,000)

Related questions:

2026: 29 May Shift 1

If the capital of a firm is Rs. 2,00,000 and profit earned by the firm is Rs. 48,000. Match the value of goodwill, according to the super profit method of goodwill valuation at the different normal rate of return on the firm's capital on the basis of 3 years of purchase.

List-I (Value of Goodwill)List-II (Normal Rate of Return on Capital)
(A) Rs. 54,000(I) 12%
(B) Rs. 72,000(II) 15%
(C) Rs. 84,000(III) 18%
(D) Rs. 36,000(IV) 10%

Choose the correct answer from the options given below:

2026: 12 May Shift 1

John and Mathew share profits and losses in the ratio of 3:2. They admit Mohanty into their firm for 1/6 share in profits. John personally guaranteed that Mohanty's share of profit, after charging interest on capital @ 10% per annum would not be less than Rs. 30,000 in any year. The capital provided was as follows: John Rs. 2,50,000, Mathew Rs. 2,00,000 and Mohanty Rs. 1,50,000. The profit for the year ending March 31, 2025 amounted to be Rs. 1,50,000 before providing interest on capital. New profit sharing ratio is 3:2:1. Based on this, choose the correct statements from the options given below:

(A) John's share of profit is Rs. 30,000

(B) Mathew's share of profit is Rs. 30,000

(C) Mohanty's share of profit is Rs. 30,000

(D) John's share of profit is Rs. 60,000

2026: 24 May Shift 1

By virtue of section ___________, the Central Government is empowered to prescribe a maximum number of partners in a firm.

2025: 14 May Shift 2

Which of the following is not a general feature of partnership-

2025: 13 May Shift 1

Calculate Interest on drawings for the amount of Rs. 7000 withdrawn on November 30, 2019

2025: 13 May Shift 1

Match List-I with List-II

List-IList-II
(A) Admission of a partner(I) Executor Accounts
(B) Retirement of a partner(II) Sacrificing Ratio
(C) Death of a partner(III) Realisation Account
(D) Dissolution of a partnership(IV) Gaining Ratio

Choose the correct answer from the options given below:

Keyboard Shortcuts

  • Left arrow: Previous question
  • Right arrow: Next question
  • S key: Jump to solution
  • Q key: Jump to question

CUET Accountancy Past Year Questions (Topic-Wise)