Partnership

Accounting

Medium

common

Aman, Billu and Sonu were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Sonu was guaranteed that her share of profit will not be less than Rs. 25,000. The firm's profit for the year ending on 31st March, 2025 was Rs. 1,00,000. The amount of deficiency to be borne by Aman was:

Rs. 37,500

Rs. 5,000

Rs. 2,500

Rs. 1,250

✅ Correct Option: 3

Sonu's normal share $= 1,00,000 \times \frac{1}{5} = 20,000$ .

Guaranteed amount $= 25,000$ , so deficiency $= 5,000$ .

As no partner is named as guarantor, Aman and Billu bear it in their mutual ratio $2:2$ , that is equally.

Aman's share of deficiency $= 5,000 \times \frac{1}{2} = 2,500$ .

Note: The question does not specify who gave the guarantee. We have taken it as given by the remaining partners jointly, shared in their mutual ratio.

2025: 15 May Shift 1

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

2026: 11 May Shift 2

The clauses of partnership deed:

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: 3 June Shift 2

Match List-I with List-II

List-I	List-II
(A) Bank (fresh capital introduced)	(I) Debit side of Partner's Current Account
(B) Interest on drawings	(II) Debit side of Partner's Capital Account
(C) Bank (permanent withdrawal of capital)	(III) Credit side of Partner's Current Account
(D) Commission	(IV) Credit side of Partner's Capital Account

Choose the correct answer from the options given below:

2026: 29 May Shift 1

Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of 3:3:2. From April 1, 2025, they decided to share profits and losses equally. The value of fixed assets on March 31, 2025, in the balance sheet was Rs. 2,80,000 and it was revalued at Rs. 3,31,000 on April 1, 2025. What journal entry will be passed in the books of the firm related to fixed Assets?

2026: 13 May Shift 1

Consider the below given statements related to the partnership and select the correct statements :-

(A) Partners may contribute capital in proportion to profit-sharing ratio.

(B) Partners must not get any interest on the loan provided by him to the firm in the absence of partnership deed.

(D) Partners must contribute capital only in cash.

Choose the correct combination of statements from the options given below:

Solution

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CUET Accountancy Past Year Questions (Topic-Wise)