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CUET Accountancy 2026 PYQs11 May Shift 2. Free, no login required.

Partnership

past year questions, CUET Accountancy 2026 11 May Shift 2

Accounting

past year questions, Partnership, CUET Accountancy 2026 11 May Shift 2

Medium

common

Anu and Shikha are partners sharing profits and losses in the ratio of 3:2. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively on April 01, 2024. The partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 21,000 during the year. Show the calculation of interest on capital for the year ending March 31, 2025, by which Anu and Shikha would be:

Solution

✅ Correct Option: 1

Interest due is 1,50,000×8%=12,0001{,}50{,}000 \times 8\% = 12{,}000 and 2,00,000×8%=16,0002{,}00{,}000 \times 8\% = 16{,}000, totalling 28,000, but the profit is only 21,000. Interest on capital is an appropriation, so the available profit is distributed in the ratio of interest 12:1612:16, giving 9,000 to Anu and 12,000 to Shikha.

Related questions:

2022: 15 July Shift 2

Calculate manager's commission at 10% on Net profit, if the Divisible profit of a firm is Rs. 10,000, salary to partners is Rs. 3000 and Interest on drawings is Rs. 2000.

2025: 29 May Shift 2

A and B are partners, sharing profits equally. Their fixed capitals were Rs 2,00,000 and Rs 3,00,000 respectively. Interest on capital as provided under partnership deed @10% p.a was omitted. Select the correct option from the following:

2026: 24 May Shift 1

Profit and Loss Appropriation Account has the following features:

(A) It is merely an extension of the Profit and Loss Account of the firm.

(B) It shows how the profits are appropriated or distributed among the partners.

(C) It starts always with the net profit as per Profit and Loss Account.

(D) All adjustments in respect of partner's salary, partner's commission, interest on capital, interest on drawings, etc. are made through this account.

Choose the correct answer from the options given below:

2023: 11 June Shift 3

In the absence of a partnership deed which of the following are correct.

(A) Profit sharing ratio will be on the basis of capital contributed by the partners

(B) No interest on capital will be provided

(C) No interest on Drawing will be charged

(D) 6% p.a. interest on partner's loan will be provided

(E) Partner will get salary for extra time devoted for the firm

Choose the correct answer from the options given below :

2026: 13 May Shift 1

John, Janardan and Javed are partners in a firm. Their existing profit sharing ratio is 5 : 3 : 2. From 1st April 2025, they decide to share the future profits in the ratio 3 : 2 : 1. Workmen compensation reserve is appearing in the balance sheet on this date, if no information is available for the same, then it will be :

2025: 24 May Shift 1

If the partnership deed is silent, at what rate, the interest would be charged on the drawings made by the partner:

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