CUET Accountancy - Partnership - Accounting | Free Questions

Q1:

4 June Shift 2

Partnership

>

Medium

Common

Q1:

(A), (B) and (D) only

(A), (B) and (C) only

(A), (C) and (D) only

(B), (C) and (D) only

Correct Answer

Option 2

Correct Answer

Explanation →

Q2:

4 June Shift 2

Partnership

>

Medium

Common

Q2:

Nil

Rs. 6,000

Rs. 1,500

Rs. 3,000

Correct Answer

Option 4

Correct Answer

Explanation →

Q3:

4 June Shift 2

Partnership

>

Medium

Common

Q3:

Yadu Rs. 30,000 Madhu Rs. 30,000 Vidu Rs. 15,000

Yadu Rs. 25,000 Madhu Rs. 25,000 Vidu Rs. 25,000

Yadu Rs. 39,600 Madhu Rs. 39,600 Vidu Rs. 19,800

Yadu Rs. 35,000 Madhu Rs. 25,000 Vidu Rs. 15,000

Correct Answer

Option 1

Correct Answer

Explanation →

Q4:

4 June Shift 2

Partnership

>

Medium

Common

Q4:

Rs. 12,700

Rs. 18,000

Rs. 25,500

Rs. 21,750

Correct Answer

Option 4

Correct Answer

Explanation →

Q5:

4 June Shift 2

Partnership

>

Easy

Common

Q5:

Interest on Capital are allowed.

Interest on partner drawing is charged.

Remuneration or salary is given to partners.

Partners shall share the profit and losses equally.

Correct Answer

Option 4

Correct Answer

Explanation →

Q6:

4 June Shift 2

Partnership

>

Medium

Common

Q6:

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (II), (B) - (IV), (C) - (I), (D) - (III)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 2

Correct Answer

Explanation →

Q7:

4 June Shift 2

Partnership

>

Medium

Common

Q7:

(A) - (III), (B) - (II), (C) - (IV), (D) - (I)

(A) - (II), (B) - (III), (C) - (IV), (D) - (I)

(A) - (II), (B) - (III), (C) - (I), (D) - (IV)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 3

Correct Answer

Explanation →

Q8:

3 June Shift 2

Partnership

>

Easy

Common

Q8:

There should be at least two persons coming together for a common goal.

Partnership is the result of an agreement between two or more persons to do business and share its profits only.

The business of a partnership concern may be carried on by all the partners or any of them acting for all.

The business profits and losses are shared by all the partners as per profit sharing ratio

Correct Answer

Option 2

Correct Answer

Explanation →

Q9:

3 June Shift 2

Partnership

>

Easy

Common

Q9:

All adjustments in respect of partner's salary.

All adjustments in respect of payment to Vendor.

All adjustments in respect of interest on capital

All adjustments in respect of interest on drawings

Correct Answer

Option 2

Correct Answer

Explanation →

Q10:

3 June Shift 2

Partnership

>

Medium

Common

Q10:

(A) - (IV), (B) - (I), (C) - (II), (D) - (III)

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 1

Correct Answer

Explanation →

Q11:

3 June Shift 2

Partnership

>

Easy

Common

Q11:

Profit and Loss Appropriation A/c

Profit and Loss Adjustment A/c

Profit and Loss A/c

Balance Sheet

Correct Answer

Option 1

Correct Answer

Explanation →

Q12:

3 June Shift 2

Partnership

>

Easy

Common

Q12:

Government Authority

Registrar of Firms

All the partners

State Government

Correct Answer

Option 3

Correct Answer

Explanation →

Q13:

3 June Shift 2

Partnership

>

Easy

Common

Q13:

Each partner has one account.

The capital accounts always show a credit balance.

The balance of the capital account fluctuates from year to year.

In the absence of any instruction, the capital account should be prepared by this method.

Correct Answer

Option 2

Correct Answer

Explanation →

Q14:

3 June Shift 2

Partnership

>

Easy

Common

Q14:

One third of total profit.

One fourth of total profit.

Half of total profit.

Two third of total profit.

Correct Answer

Option 3

Correct Answer

Explanation →

Q15:

3 June Shift 2

Partnership

>

Medium

Common

Q15:

Rs. 1455

Rs. 1745

Rs. 1485

Rs. 1755

Correct Answer

Option 4

Correct Answer

Explanation →

Q16:

3 June Shift 1

Partnership

>

Medium

Common

Q16:

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 4

Correct Answer

Explanation →

Q17:

3 June Shift 1

Partnership

>

Easy

Common

Q17:

(A), (C) and (D) only

(A), (B) and (D) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 3

Correct Answer

Explanation →

Q18:

2 June Shift 2

Partnership

>

Easy

Common

Q18:

Debited to capital account.

Credited to capital accounts.

Debited to current account.

Credited to current account.

Correct Answer

Option 3

Correct Answer

Explanation →

Q19:

2 June Shift 2

Partnership

>

Easy

Common

Q19:

Debited to trading account.

Credited to profit and loss account.

Debited to profit and loss account.

Debited to profit and loss appropriation account.

Correct Answer

Option 3

Correct Answer

Explanation →

Q20:

2 June Shift 2

Partnership

>

Medium

Common

Q20:

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 4

Correct Answer

Explanation →

Q21:

2 June Shift 2

Partnership

>

Easy

Common

Q21:

6% p.a.

Nil

At the prevailing market rate.

6%p.m.

Correct Answer

Option 2

Correct Answer

Explanation →

Q22:

2 June Shift 2

Partnership

>

Easy

Common

Q22:

One full year.

6.5 month.

5.5 months.

6 months.

Correct Answer

Option 4

Correct Answer

Explanation →

Q23:

2 June Shift 2

Partnership

>

Easy

Common

Q23:

Limited to the value of shares held

Limited to amount of investment

Limited to the amount of guarantee

Unlimited

Correct Answer

Option 4

Correct Answer

Explanation →

Q24:

2 June Shift 2

Partnership

>

Medium

Common

Q24:

Credited to current account.

Debted to current account.

Credited to capital account.

Debited to capital account.

Correct Answer

Option 3

Correct Answer

Explanation →

Q25:

2 June Shift 2

Partnership

>

Easy

Common

Q25:

Admission of partner

Dissolution of firm.

Death of partner.

Retirement of partner.

Correct Answer

Option 2

Correct Answer

Explanation →

Q26:

31 May Shift 1

Partnership

>

Easy

Common

Q26:

8%

6%

10%

12%

Correct Answer

Option 2

Correct Answer

Explanation →

Q27:

31 May Shift 1

Partnership

>

Easy

Common

Q27:

Debit side of partner's capital account

Credit side of partner's capital account

Debit side of partner's current account

Credit side of partner's current account

Correct Answer

Option 3

Correct Answer

Explanation →

Q28:

31 May Shift 1

Partnership

>

Easy

Common

Q28:

Under the fixed capital method, the capitals of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement among the partners.

Under the fluctuating capital method, two account, i.e. capital account and current account is maintained for each partner.

Under the fixed capital method, While the partners' capital accounts shall always appear on the liabilities side in the balance sheet, the partners' current account's balance shall be shown on the liabilities side, if they have credit balance and on the assets side, if they have debit balance.

Under the fluctuating capital method, only one account, i.e. capital account is maintained for each partner.

Correct Answer

Option 2

Correct Answer

Explanation →

Q29:

31 May Shift 1

Partnership

>

Medium

Common

Q29:

Rs. 14500

Rs. 14250

Rs. 14750

Rs. 14350

Correct Answer

Option 2

Correct Answer

Explanation →

Q30:

31 May Shift 1

Partnership

>

Medium

Common

Q30:

(A) - (III), (B) - (II), (C) - (IV), (D) - (I)

(A) - (I), (B) - (III), (C) - (IV), (D) - (I)

(A) - (II), (B) - (III), (C) - (I), (D) - (IV)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 3

Correct Answer

Explanation →

Q31:

31 May Shift 1

Partnership

>

Medium

Common

Q31:

(A) - (i), (B) - (ii), (C) - (iii), (D) - (iv)

(A) - (i), (B) - (ii), (C) - (ii), (D) - (iv)

(A) - (i), (B) - (ii), (C) - (iv), (D) - (iii)

(A) - (iii), (B) - (iv), (C) - (i), (D) - (ii)

Correct Answer

Option 3

Correct Answer

Explanation →

Q32:

31 May Shift 1

Partnership

>

Medium

Common

Q32:

(A) and (D) only

(A), (B) and (D) only

(C) and (D) only

(C) and (B) only

Correct Answer

Option 1

Correct Answer

Explanation →

Q33:

31 May Shift 1

Partnership

>

Medium

Common

Q33:

Rs. 8,800

Rs. 17,800

Rs. 14,400

Rs. 20,800

Correct Answer

Option 2

Correct Answer

Explanation →

Q34:

31 May Shift 1

Partnership

>

Easy

Common

Q34:

Names and Addresses of all partners

Mode of auditor's appointment, if any

The date of commencement of partnership

Bank Details of Nominee

Correct Answer

Option 4

Correct Answer

Explanation →

Q35:

30 May Shift 2

Partnership

>

Easy

Common

Q35:

In order to form partnership, there should be at least two persons coming together for a common goal.

Partnership is the result of an agreement between two or more persons to do business and share its profits and losses.

The agreement should be to carry on some business.

The business of partnership concern may be carried on by all the partners but any one of them can't act for all.

Correct Answer

Option 4

Correct Answer

Explanation →

Q36:

30 May Shift 2

Partnership

>

Easy

Common

Q36:

Name and address of all the partners

Profit and Loss Sharing Ratio

Mode of auditor's appointment

The date of dissolving the partnership firm

Correct Answer

Option 4

Correct Answer

Explanation →

Q37:

30 May Shift 2

Partnership

>

Medium

Common

Q37:

Rs. 4,800.

Rs. 5,000.

Rs. 5,200.

Rs. 4,200.

Correct Answer

Option 3

Correct Answer

Explanation →

Q38:

30 May Shift 2

Partnership

>

Medium

Common

Q38:

The old partners' capital accounts.

The new partners' capital accounts.

All partners' capital accounts.

Not to any partners' capital accounts.

Correct Answer

Option 1

Correct Answer

Explanation →

Q39:

30 May Shift 2

Partnership

>

Medium

Common

Q39:

Mohan is an active partner. He wants a salary of Rs. 10,000 per year.

Shyam had advanced a loan to the firm. He claims interest of @ 10% per annum.

Mohan contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants an equal share in profits.

Shyam wants interest on capital to be credited @ 6% per annum.

Correct Answer

Option 3

Correct Answer

Explanation →

Q40:

30 May Shift 2

Partnership

>

Medium

Common

Q40:

20,000

28,000

26,000

14,000

Correct Answer

Option 4

Correct Answer

Explanation →

Q41:

30 May Shift 2

Partnership

>

Easy

Common

Q41:

Section 464 of the Companies Act 1932

Section 464 of the Companies Act 2013

Section 4 of the Companies Act 2013

Section 4 of the Companies Act 1932

Correct Answer

Option 2

Correct Answer

Explanation →

Q42:

30 May Shift 2

Partnership

>

Easy

Common

Q42:

Under this method, two separate accounts are maintained for each partner, viz., 'capital account' and 'current account'.

Drawings, salary, interest on capital, etc. are posted (transferred) in the current accounts and not in the capital accounts.

The capital account shows debit balance.

The capital account balance remains unchanged unless there is an addition to or withdrawal of capital.

Correct Answer

Option 3

Correct Answer

Explanation →

Q43:

30 May Shift 2

Partnership

>

Easy

Common

Q43:

No interest on capital is payable

Interest on capital is only paid to partner contributing more capital.

Interest on capital is paid equally to all partners

Interest on capital is paid @ 6% p.a.

Correct Answer

Option 1

Correct Answer

Explanation →

Q44:

30 May Shift 2

Partnership

>

Easy

Common

Q44:

Under this method, two separate accounts are maintained for each partner, viz., 'capital account' and 'current account'.

Each partner has one account, i.e. capital account under this method

Each partner has one account, i.e. current account under this method

The capital account balance remain unchanged unless there is addition or withdrawal of capital.

Correct Answer

Option 2

Correct Answer

Explanation →

Q45:

30 May Shift 1

Partnership

>

Easy

Common

Q45:

The old partners' capital accounts.

The new partners' capital accounts.

All partners' capital accounts.

Not any partners' capital accounts.

Correct Answer

Option 1

Correct Answer

Explanation →

Q46:

30 May Shift 1

Partnership

>

Medium

Common

Q46:

Section 364

Section 464

Section 460

Section 454

Correct Answer

Option 2

Correct Answer

Explanation →

Q47:

30 May Shift 1

Partnership

>

Medium

Common

Q47:

Case I - Rs 500 each by Pinki and Deepti

Case II - Rs 0 each by Pinki and Deepti

Case I - Rs 0 each by Pinki and Deepti

Case II - Rs 500 each by Pinki and Deepti

Case I - Rs 1000 each by Pinki and Deepti

Case II - Rs 500 each by Pinki and Deepti

Case I - Rs 500 each by Pinki and Deepti

Case II - Rs 100 each by Pinki and Deepti

Correct Answer

Option 1

Correct Answer

Explanation →

Q48:

30 May Shift 1

Partnership

>

Medium

Common

Q48:

Rs 22,890 to each partner

Rs 8,790 to each partner

Rs 10,050 to each partner

Rs 10,290 to each partner

Correct Answer

Option 4

Correct Answer

Explanation →

Q49:

30 May Shift 1

Partnership

>

Medium

Common

Q49:

(A), (B), (C), (D)

(D), (C), (B), (A)

(C), (B), (A), (D)

(B), (C), (D), (A)

Correct Answer

Option 3

Correct Answer

Explanation →

Q50:

30 May Shift 1

Partnership

>

Medium

Common

Q50:

(A), (B) and (C) only

(A), (B) and (D) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 2

Correct Answer

Explanation →

Q51:

30 May Shift 1

Partnership

>

Easy

Common

Q51:

Each partner is liable jointly with all the other partners and also severally to the third party for all the acts of the firm done while he is a partner.

Partnership is the result of an agreement between two or more persons to do business and share their profits and losses.

If persons join hands for the purpose of some charitable activity it can be termed as partnership.

The minimum number of partners in a firm can be two.

Correct Answer

Option 3

Correct Answer

Explanation →

Q52:

30 May Shift 1

Partnership

>

Medium

Common

Q52:

(A), (B) and (C) only

(A), (B), (C) and (D)

(A), (B) and (D) only

(B), (C) and (D) only

Correct Answer

Option 3

Correct Answer

Explanation →

Q53:

30 May Shift 1

Partnership

>

Medium

Common

Q53:

Rs 1,950

Rs 1,650

Rs 3,600

Rs 1,675

Correct Answer

Option 2

Correct Answer

Explanation →

Q54:

29 May Shift 2

Partnership

>

Easy

Common

Q54:

(A), (B) and (C) only

(A), (B) and (D) only

(A), (C), and (D) only

(B), (C) and (D) only

Correct Answer

Option 2

Correct Answer

Explanation →

Q55:

29 May Shift 2

Partnership

>

Easy

Common

Q55:

Partnership deed .

Partnership act 1932.

Companies Act 2013

Central Government.

Correct Answer

Option 4

Correct Answer

Explanation →

Q56:

29 May Shift 2

Partnership

>

Easy

Common

Q56:

Rs 1,950

Rs 1,650

Rs 3,600

Rs 1,800

Correct Answer

Option 2

Correct Answer

Explanation →

Q57:

29 May Shift 2

Partnership

>

Easy

Common

Q57:

One Year.

6.5 months

6 months.

5.5 months.

Correct Answer

Option 2

Correct Answer

Explanation →

Q58:

29 May Shift 2

Partnership

>

Easy

Common

Q58:

In case of no written agreement between partners, a partnership can be started.

If a partnership deed does not exist, each partner will share profit in equal ratio.

In a partnership deed, the method of settlement of dispute among the partner cannot be included / mentioned.

Maximum number of partners in a Partnership Firm must not exceed 50.

Correct Answer

Option 3

Correct Answer

Explanation →

Q59:

29 May Shift 2

Partnership

>

Medium

Common

Q59:

A capital account will be debited by 25,000

A capital account will be debited by 5,000

B capital account will be debited by 5,000

B capital account will be debited by 25,000

Correct Answer

Option 2

Correct Answer

Explanation →

Q60:

29 May Shift 2

Partnership

>

Medium

Common

Q60:

(A), (B), (C), (D)

(A), (B), (D), (C)

(B), (A), (D), (C)

(C), (B), (D), (A)

Correct Answer

Option 3

Correct Answer

Explanation →

Q61:

29 May Shift 2

Partnership

>

Easy

Common

Q61:

All partners' residential addresses and their names.

Partnership commencement Date

Ratio in which Profit / Loss will be shared among the partners.

Date on which the Partnership firm will be dissolved.

Correct Answer

Option 4

Correct Answer

Explanation →

Q62:

27 May Shift 2

Partnership

>

Easy

Common

Q62:

The Balance of Partners' Capital Account will be positive/credit.

The Balance of Partners' Capital Account may be negative / Debit or may be nil/zero.

The Balance of Partners' Capital Account may be negative / Debit or may be positive/Credit.

The Balance of Partners' Capital Account will never be positive/Credit.

Correct Answer

Option 1

Correct Answer

Explanation →

Q63:

27 May Shift 2

Partnership

>

Easy

Common

Q63:

The partners' capital accounts will always show a credit balance.

All adjustments for drawings, salary, interest on capital, etc., are posted (transferred) in the capital accounts.

Under this method, two accounts are maintained for each partner.

The partners' current account, on the other hand, may show a debit or a credit balance.

Correct Answer

Option 2

Correct Answer

Explanation →

Q64:

27 May Shift 2

Partnership

>

Hard

Common

Q64:

Rs. 3,960

Rs. 7,200

Rs. 8,160

Rs. 18,960

Correct Answer

Option 4

Correct Answer

Explanation →

Q65:

27 May Shift 2

Partnership

>

Medium

Common

Q65:

Rent paid to a partner is a charge and interest on loan from the partner is an appropriation for the firm.

Rent paid to partner and Interest on loan from the partner, both are charges for the firm.

Rent paid to a partner is an appropriation and interest on loan from the partner is a charge for the firm.

Rent paid to partner and Interest on loan from the partner, both are appropriation for the firm.

Correct Answer

Option 2

Correct Answer

Explanation →

Q66:

27 May Shift 2

Partnership

>

Medium

Common

Q66:

(A) - (IV), (B) - (I), (C) - (II), (D) - (III)

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 1

Correct Answer

Explanation →

Q67:

27 May Shift 2

Partnership

>

Medium

Common

Q67:

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 1

Correct Answer

Explanation →

Q68:

27 May Shift 2

Partnership

>

Easy

Common

Q68:

The Companies Act 2014

The Partnership Act 2013

The Companies Act 2013

The Partnership Act 1932

Correct Answer

Option 3

Correct Answer

Explanation →

Q69:

27 May Shift 2

Partnership

>

Easy

Common

Q69:

All adjustments in respect of partner's salary.

All adjustments in respect of payment to Vendor.

All adjustments in respect of interest on capital

All adjustments in respect of interest on drawings

Correct Answer

Option 2

Correct Answer

Explanation →

Q70:

27 May Shift 1

Partnership

>

Medium

Common

Q70:

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 2

Correct Answer

Explanation →

Q71:

27 May Shift 1

Partnership

>

Easy

Common

Q71:

No interest on capital is payable

Interest on capital is only paid to partner contributing more capital

Interest on capital paid equally to all partners

Interest on capital is paid @6% p.a.

Correct Answer

Option 1

Correct Answer

Explanation →

Q72:

27 May Shift 1

Partnership

>

Medium

Common

Q72:

(A), (B) and (C) only

(A), (B) and (D) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 2

Correct Answer

Explanation →

Q73:

27 May Shift 1

Partnership

>

Easy

Common

Q73:

Names and Addresses of all partners

Profit and loss sharing ratio

Rate of interest on capital, loan, drawings, etc

The rights, duties and liabilities of each partner's spouse

Correct Answer

Option 4

Correct Answer

Explanation →

Q74:

27 May Shift 1

Partnership

>

Easy

Common

Q74:

Profit and Loss Appropriation A/c Dr. To Interest on Capital A/c

Interest on Capital A/c Dr. To Partner's Capital/Current A/cs

Interest on Capital A/c Dr. To Profit and Loss Appropriation A/c

Partners Capital/Current A/c's Dr. To Interest on Capital A/c

Correct Answer

Option 1

Correct Answer

Explanation →

Q75:

27 May Shift 1

Partnership

>

Medium

Common

Q75:

Rs 1455

Rs 1745

Rs 1485

Rs 1755

Correct Answer

Option 4

Correct Answer

Explanation →

Q76:

27 May Shift 1

Partnership

>

Medium

Common

Q76:

Under the fluctuating capital method, only one account, i.e. capital account is maintained for each partner

The partners' capital accounts will always show a credit balance, which shall remain the same (fixed) year after year unless there is any addition or withdrawal of capital.

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.

In the absence of any instruction, the capital account should be prepared by this method.

Correct Answer

Option 2

Correct Answer

Explanation →

Q77:

27 May Shift 1

Partnership

>

Medium

Common

Q77:

Section 464 of the Companies Act 1932

Section 464 of the Companies Act 2013

Section 4 of the Companies Act 2013

Section 4 of the Companies Act 1932

Correct Answer

Option 2

Correct Answer

Explanation →

Q78:

26 May Shift 2

Partnership

>

Medium

Common

Q78:

The partners' capital accounts will always show a credit balance.

All adjustments for drawings, salary, interest on capital, etc., are posted in the current accounts.

Under this method, two capital accounts are maintained for each partner.

The partners' current account may show a debit or a credit balance.

Correct Answer

Option 3

Correct Answer

Explanation →

Q79:

26 May Shift 2

Partnership

>

Easy

Common

Q79:

One third of total profit.

One fourth of total profit.

Half of total profit.

Two third of total profit.

Correct Answer

Option 3

Correct Answer

Explanation →

Q80:

26 May Shift 2

Partnership

>

Easy

Common

Q80:

Government Authority

Registrar of Firms

All the partners

State Government

Correct Answer

Option 3

Correct Answer

Explanation →

Q81:

26 May Shift 2

Partnership

>

Medium

Common

Q81:

(B) and (D) only

(A), (B) and (D) only

(C) and (D) only

(A) and (C) only

Correct Answer

Option 4

Correct Answer

Explanation →

Q82:

26 May Shift 2

Partnership

>

Medium

Common

Q82:

Rs. 1485

Rs. 1755

Rs. 1795

Rs. 1685

Correct Answer

Option 2

Correct Answer

Explanation →

Q83:

26 May Shift 2

Partnership

>

Easy

Common

Q83:

Profit and Loss Appropriation A/c Dr. To Profit and Loss A/c

Profit and Loss A/c Dr. To Profit and Loss Appropriation A/c

Profit and Loss Appropriation A/c Dr. To Partner's Capital/Current A/c's

Partner's Capital/Current A/c Dr. To Profit and Loss Appropriation A/c

Correct Answer

Option 2

Correct Answer

Explanation →

Q84:

26 May Shift 2

Partnership

>

Medium

Common

Q84:

(A), (B) and (C) only

(A), (B) and (D) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 2

Correct Answer

Explanation →

Q85:

26 May Shift 2

Partnership

>

Medium

Common

Q85:

(A) - (IV), (B) - (I), (C) - (II), (D) - (III)

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 1

Correct Answer

Explanation →

Q86:

26 May Shift 2

Partnership

>

Easy

Common

Q86:

All adjustments in respect of partner's salary.

All adjustments in respect of payment to Vendor.

All adjustments in respect of interest on capital

All adjustments in respect of interest on drawings

Correct Answer

Option 2

Correct Answer

Explanation →

Q87:

26 May Shift 2

Partnership

>

Medium

Common

Q87:

Sharing of profits and losses

Relationship of mutual agency among the partners.

Liability of partners is always unlimited.

Agreement to carry lawful business

Correct Answer

Option 3

Correct Answer

Explanation →

Q88:

26 May Shift 2

Partnership

>

Medium

Common

Q88:

Valid partnership can be formulated even without a written agreement between the partners.

Each partner carrying on the business is the principal as well as the agent for all the other partners.

Mere co-ownership of a property can amount to partnership.

Persons who have entered into partnership with one another are individually called 'partners' and collectively called 'firm'.

Correct Answer

Option 3

Correct Answer

Explanation →

Q89:

24 May Shift 1

Partnership

>

Easy

Common

Q89:

Section 1

Section 4

Section 2

Section 3

Correct Answer

Option 2

Correct Answer

Explanation →

Q90:

24 May Shift 1

Partnership

>

Easy

Common

Q90:

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 3

Correct Answer

Explanation →

Q91:

24 May Shift 1

Partnership

>

Easy

Common

Q91:

Closing Balance of Partners' Current Account will never be a zero.

Closing Balance of Partners' Capital Account may be a debit or may be a credit.

Closing Balance of Partners' Capital Account will always be a credit.

Closing Balance of Partners' Current Account will never be a credit.

Correct Answer

Option 3

Correct Answer

Explanation →

Q92:

24 May Shift 1

Partnership

>

Easy

Common

Q92:

Partner's Salary

Interest on Drawings

Interest on Capital

Depreciation

Correct Answer

Option 4

Correct Answer

Explanation →

Q93:

24 May Shift 1

Partnership

>

Medium

Common

Q93:

2100

2020

2200

2050

Correct Answer

Option 3

Correct Answer

Explanation →

Q94:

24 May Shift 1

Partnership

>

Easy

Common

Q94:

Agreement between Partners

Liability of Partners

Sharing of Profit

Mutual Agency

Correct Answer

Option 4

Correct Answer

Explanation →

Q95:

24 May Shift 1

Partnership

>

Easy

Common

Q95:

0%

8%

12%

5%

Correct Answer

Option 1

Correct Answer

Explanation →

Q96:

24 May Shift 1

Partnership

>

Easy

Common

Q96:

Two or more persons

Disagreement

Mutual agency

Sharing of profit

Correct Answer

Option 2

Correct Answer

Explanation →

Q97:

24 May Shift 1

Partnership

>

Medium

Common

Q97:

Closing Capital + Addition to the Capital + Withdrawal of Capital - interest on Capital + Drawings + interest on drawings + Share of Loss + Share of Profit

Closing Capital + Addition to the Capital + Withdrawal of Capital - interest on Capital + Drawings + interest on drawings - Share of Loss - Share of Profit

Closing Capital + Addition to the Capital + Withdrawal of Capital - interest on Capital + Drawings + interest on drawings + Share of Loss - Share of Profit

Closing Capital + Addition to the Capital + Withdrawal of Capital - interest on Capital + Drawings + interest on drawings - Share of Loss + Share of Profit

Correct Answer

Option 3

Correct Answer

Explanation →

Q98:

22 May Shift 2

Partnership

>

Easy

Common

Q98:

Business

Agreement

Mutual agency

Profit sharing

Correct Answer

Option 3

Correct Answer

Explanation →

Q99:

22 May Shift 2

Partnership

>

Easy

Common

Q99:

Profit and Loss Appropriation A/c

Partner's Capital A/c

Goodwill A/c

Profit and Loss A/c

Correct Answer

Option 1

Correct Answer

Explanation →

Q100:

22 May Shift 2

Partnership

>

Medium

Common

Q100:

Rs 20,000

Rs 12,000

Rs 9,000

Rs 6,000

Correct Answer

Option 3

Correct Answer

Explanation →

Q101:

22 May Shift 2

Partnership

>

Medium

Common

Q101:

Credited by Rs 5,000.

Debited by Rs 5,000

Credited by Rs 10,000

Debited by Rs 10,000

Correct Answer

Option 2

Correct Answer

Explanation →

Q102:

22 May Shift 2

Partnership

>

Easy

Common

Q102:

Partnership deed can be oral

Partnership deed can be in writing

Partnership deed helps to resolve disputes

Partnership deed can be presented as evidence in court

Correct Answer

Option 1

Correct Answer

Explanation →

Q103:

22 May Shift 2

Partnership

>

Easy

Common

Q103:

Capital account and Balance sheet

Current account and Balance sheet

Capital account and Current account

Revaluation and Capital account

Correct Answer

Option 3

Correct Answer

Explanation →

Q104:

22 May Shift 2

Partnership

>

Easy

Common

Q104:

(A), (B) and (D) only

(A), (C) and (D) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 1

Correct Answer

Explanation →

Q105:

22 May Shift 2

Partnership

>

Easy

Common

Q105:

Permanent Withdrawl from capital

Opening Balance of Capital

Drawings

Additional Capital

Correct Answer

Option 3

Correct Answer

Explanation →

Q106:

22 May Shift 1

Partnership

>

Medium

Common

Q106:

Rs. 12,750

Rs. 18,000

Rs. 25,500

Rs. 21,750

Correct Answer

Option 4

Correct Answer

Explanation →

Q107:

22 May Shift 1

Partnership

>

Easy

Common

Q107:

One full year.

6.5 month.

5.5 months.

6 months.

Correct Answer

Option 4

Correct Answer

Explanation →

Q108:

22 May Shift 1

Partnership

>

Medium

Common

Q108:

Valid partnership can be formulated even without a written agreement between the partners.

Each partner will share profit in same proportion as other in case partnership deed is not there.

Maximum number of partners as prescribed by Central Government can be 50

The method of settlement of dispute among the partner cannot be part of the partnership deed.

Correct Answer

Option 4

Correct Answer

Explanation →

Q109:

22 May Shift 1

Partnership

>

Medium

Common

Q109:

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (II), (B) - (IV), (C) - (I), (D) - (III)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 2

Correct Answer

Explanation →

Q110:

22 May Shift 1

Partnership

>

Easy

Common

Q110:

100

50

20

10

Correct Answer

Option 2

Correct Answer

Explanation →

Q111:

22 May Shift 1

Partnership

>

Easy

Common

Q111:

Interest on Capital are allowed.

Interest on partner drawing is charged.

Remuneration or salary is given to partners.

Partners shall share the profit and losses equally.

Correct Answer

Option 4

Correct Answer

Explanation →

Q112:

22 May Shift 1

Partnership

>

Easy

Common

Q112:

Profit and Loss Account

Profit and Loss Appropriation Account

Partners' Capital Accounts

Revaluation Account

Correct Answer

Option 2

Correct Answer

Explanation →

Q113:

22 May Shift 1

Partnership

>

Medium

Common

Q113:

Yadu Rs. 30,000 Madhu Rs. 30,000 Vidu Rs. 15,000

Yadu Rs. 25,000 Madhu Rs. 25,000 Vidu Rs. 25000

Yadu Rs. 39,600 Madhu Rs. 39,600 Vidu Rs. 19,800

Yadu Rs. 35,000 Madhu Rs. 25,000 Vidu Rs. 15,000

Correct Answer

Option 1

Correct Answer

Explanation →

Q114:

22 May Shift 1

To Yaduvanshi capital A/c 30,000

To Madhulika capital A/c 30,000

To Vidushi capital A/c 15,000

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (IV), (B) - (III), (C) - (I), (D) - (III)

(A) - (IV), (B) - (III), (C) - (II), (D) - (I)

Correct Answer

Option 4

Correct Answer

Explanation →

CUET Accountancy Partnership > Accounting PYQs

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