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CUET Accountancy 2026 PYQs6 June Shift 1. Free, no login required.

Partnership

past year questions, CUET Accountancy 2026 6 June Shift 1

Accounting

past year questions, Partnership, CUET Accountancy 2026 6 June Shift 1

Medium

common

Anuj and Varun are partners sharing profits equally, with capitals of Rs. 1,00,000 and Rs. 80,000 respectively. Interest on capital is agreed @ 6% p.a. Varun is to be allowed an annual salary of Rs. 10,000. Manager is to be allowed commission Rs. 5,000. Anuj has also given a Loan on April 01, 2024 of Rs. 50,000 to the firm without any agreement. During the year 2024-25, the profit earned was Rs. 42,500. State their share of profit after necessary appropriations.

Solution

✅ Correct Option: 1

Charges against profit: manager's commission Rs. 5,000Rs.\,5,000 and interest on Anuj's loan at 6%6\% p.a. =50,000×6%=Rs. 3,000= 50,000 \times 6\% = Rs.\,3,000. Net profit =42,500−5,000−3,000=Rs. 34,500= 42,500 - 5,000 - 3,000 = Rs.\,34,500. Appropriations: interest on capital 6,000+4,800=10,8006,000 + 4,800 = 10,800 and Varun's salary 10,00010,000, totalling 20,80020,800. Divisible profit =34,500−20,800=Rs. 13,700= 34,500 - 20,800 = Rs.\,13,700, shared equally =Rs. 6,850= Rs.\,6,850 each.

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