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CUET Accountancy 2025 PYQs22 May Shift 2. Free, no login required.

Partnership

past year questions, CUET Accountancy 2025 22 May Shift 2

Accounting

past year questions, Partnership, CUET Accountancy 2025 22 May Shift 2

Easy

common

In the case of fixed capital method, following two accounts are maintained.

Solution

✅ Correct Option: 3

In partnership accounting, the Fixed Capital Method requires maintaining two separate accounts for each partner.

Capital Account remains fixed and shows only the following:

  • Initial capital introduced
  • Additional capital introduced
  • Capital withdrawn permanently

All other transactions and adjustments are recorded in the Current Account, which includes:

  • Interest on capital
  • Interest on drawings
  • Partner's salary/commission
  • Share of profit or loss
  • Drawings for personal use

This separation ensures that the capital balance remains constant unless there is a permanent change in capital contribution.

Balance Sheet is a financial statement, not an account maintained in the books. Revaluation Account is prepared only during specific events like admission, retirement, or death of a partner, not as a regular feature of the fixed capital method.

Therefore, Option 3: Capital account and Current account is correct.

Related questions:

2025: 26 May Shift 2

Which of the following statements are correct about partnership:-

(A) Each partner carrying on the business is the principal as well as the agent for all the other partners

(B) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner

(C) If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared equally by partners

(D) Interest on partner's loan is to be given @ 12% p.a., if the deed is silent about the rate

Choose the correct answer from the options given below:

2025: 27 May Shift 1

Which combination of statements are false about partnership-

(A) Interest on partner's loan is to be given @ 12% p.a. If the deed is silent about the rate.

(B) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner.

(C) Methods of settlement of dispute among the partners can't be part of the partnership deed.

(D) Each partner carrying on the business is the principal as well as the agent for all the other partners

Choose the correct answer from the options given below:

  1. (A), (B) and (D) only
  2. (A), (B) and (C) only
  3. (A), (B), (C) and (D)
  4. (B), (C) and (D) only

2025: 4 June Shift 2

Ram and Laxman started business on 1st Jan 2020 with a capital of Rs 1,20,000 and Rs 80,000 respectively. Ram introduced Rs. 50,000 to the firm on 1st July 2020 as additional capital. If the rate of interest is 15% p.a. Assuming that accounts are closed as per calender year then the Interest payable to Ram on Capital would be:

2025: 22 May Shift 1

The Central Government has prescribed the maximum number of partners in a firm to be .......

2022: 16 July Shift 2

Find the right sequence of appropriation of profits

A. Profits transferred to P and L appropriation A/c.

B. Interest on capital

C. Profits distributed to partner after appropriation

D. Interest on partner loan A/c

Choose the correct answer from the options given below

2025: 24 May Shift 1

Choose the correct statement in respect of the Fixed Capital Method for a Partnership Firm :-

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