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CUET Accountancy 2026 PYQs13 May Shift 1. Free, no login required.

Partnership

past year questions, CUET Accountancy 2026 13 May Shift 1

Accounting

past year questions, Partnership, CUET Accountancy 2026 13 May Shift 1

Medium

common

Arun and Barun are partners in firm. The net divisible profit as per Profit and Loss Appropriation A/c of the firm is Rs. 7,50,000. The total interest on partner's drawing is Rs. 12,000. Arun's salary is Rs. 12,000 per quarter and Barun's salary is Rs.1,20,000 per annum. The net profit/loss earned during this year was:

Solution

✅ Correct Option: 4

Work backwards up the Appropriation A/c.

Salaries =(12,000×4)+1,20,000=48,000+1,20,000=1,68,000= (12,000 \times 4) + 1,20,000 = 48,000 + 1,20,000 = 1,68,000.

Net Profit == Divisible Profit ++ Salaries −- Interest on Drawings

=7,50,000+1,68,000−12,000=9,06,000= 7,50,000 + 1,68,000 - 12,000 = 9,06,000.

Interest on drawings is deducted because it was a credit that increased the divisible profit.

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