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CUET Accountancy 2026 PYQs31 May Shift 1. Free, no login required.

Partnership

past year questions, CUET Accountancy 2026 31 May Shift 1

Accounting

past year questions, Partnership, CUET Accountancy 2026 31 May Shift 1

Easy

common

Which of the following provisions of Partnership Act is not relevant for accounting?

Solution

✅ Correct Option: 3

In the absence of a deed, the Act supplies accounting rules on equal profit sharing, interest on a partner's loan at 6%6\% per annum, and no salary or remuneration for firm's work. Private assets are relevant only to settlement of unpaid firm debts on insolvency, not to the routine preparation of the firm's accounts.

Note: The option reads 'private assets of competitors'; the provision under the Act concerns partners' private assets, and we have read it that way.

Related questions:

2025: 13 May Shift 2

Which section of the Partnership Act 1932, defines partnership?

2025: 27 May Shift 1

Which of the following is not included in the Contents of the Partnership Deed-

2026: 11 May Shift 1

A business has earned average profits of Rs. 2,00,000 during the last few years and the normal rate of return in a similar business is 10%. Ascertain the value of goodwill by capitalisation of average profits method, given that the value of net assets of the business is Rs. 10,20,000.

2024

Match List-I with List-II

2026: 21 May Shift 1

Under fluctuating capital method,

(A) Only one account, i.e., a capital account is maintained for each partner

(B) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, salary or commission to partners, etc. are recorded directly in the current accounts of the partners.

(C) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, salary or commission to partners, etc. are recorded directly in the capital accounts of the partners.

(D) This makes the balance in the capital account fluctuate from time to time.

Choose the correct answer from the options given below:

2026: 21 May Shift 1

"In partnership, all the acts of omission and commission need adjustments for correction of their impact." Necessary adjustments can be made by:

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CUET Accountancy Past Year Questions (Topic-Wise)