CUET Accountancy - Partnership - Accounting | Free Questions - Page 5

Q1:

2025: 3 June Shift 2

Partnership

>

Accounting

Easy

Common

Which of the following is the feature of Fixed Capital Method in Partnership Accounts:-

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

Q2:

2025: 3 June Shift 2

Partnership

>

Accounting

Easy

Common

Neha contributed Rs. 30,000 and Solani Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?

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

Q3:

2025: 3 June Shift 2

Partnership

>

Accounting

Medium

Common

Calculate interest on drawing if Ram withdrew Rs. 3,000 per month at the beginning of each month for the whole year, if interest on drawing is charged @ 9 % per annum.

Rs. 1455

Rs. 1745

Rs. 1485

Rs. 1755

Correct Answer

Option 4

Correct Answer

Explanation

Q4:

2025: 3 June Shift 1

Partnership

>

Accounting

Medium

Common

Match List-I with List-II

List–I (Events)	List–II (Result)
(A) Profit share	(I) Gaining ratio.
(B) Admission of Partners	(II) Different concept
(C) Retirement of a partner.	(III) Equally among partners
(D) Dissolution of firm and partnership.	(IV) Sacrifice ratio.

Choose the correct answer from the options given below:

(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

Q5:

2025: 3 June Shift 1

Partnership

>

Accounting

Easy

Common

Which of the following will lead to the Reconstitution of a partnership Firm?

(A) Admission of a new partner

(B) Change in the profit sharing ratio among the existing partners

(C) Retirement of an existing partner

(D) Death of a partner

Choose the correct answer from the options given below:

(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

Q6:

2025: 2 June Shift 2

Partnership

>

Accounting

Easy

Common

In case of Fixed Capital Account, Interest on Drawings are

Debited to capital account.

Credited to capital accounts.

Debited to current account.

Credited to current account.

Correct Answer

Option 3

Correct Answer

Explanation

Q7:

2025: 2 June Shift 2

Partnership

>

Accounting

Easy

Common

Rent payable to partner is .

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

Q8:

2025: 2 June Shift 2

Partnership

>

Accounting

Medium

Common

Match List-I with List-II

List-I	List-II
(Different accounts. )	(Related transaction.)
(A) profit and loss account.	(I) dissolution of partnership.
(B) profit and loss appropriation account.	(II) dissolution of firm.
(C) revaluation account	(III) interest on loan to partner.
(D) realization account.	(IV) transfer to reserve.

Choose the correct answer from the options given below:

(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

Q9:

2025: 2 June Shift 2

Partnership

>

Accounting

Easy

Common

In the absence of partnership deed, interest on drawings is charged at.

6% p.a.

Nil

At the prevailing market rate.

6%p.m.

Correct Answer

Option 2

Correct Answer

Explanation

Q10:

2025: 2 June Shift 2

Partnership

>

Accounting

Easy

Common

When the date of drawing is not specified, interest on drawings are calculated for

One full year.

6.5 month.

5.5 months.

6 months.

Correct Answer

Option 4

Correct Answer

Explanation

Q11:

2025: 2 June Shift 2

Partnership

>

Accounting

Medium

Common

Identify the correct statement from the given below :-

Partners' Current Account will never be shown in Assets side of the Balance Sheet.

Partners' Current Account will either be shown in Assets side of the Balance Sheet or be shown in Liabilities side of the Balance Sheet.

Partners' Current Account will always be shown in Liabilities side of the Balance Sheet.

Partners' Current Account will always be shown in Assets side of the Balance Sheet.

Correct Answer

Option 2

Correct Answer

Explanation

Q12:

2025: 2 June Shift 2

Partnership

>

Accounting

Easy

Common

The liability of partners is

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

Q13:

2025: 2 June Shift 2

Partnership

>

Accounting

Medium

Common

When the capital accounts are fixed, additional capital introduced by the partner is.

Credited to current account.

Debted to current account.

Credited to capital account.

Debited to capital account.

Correct Answer

Option 3

Correct Answer

Explanation

Q14:

2025: 2 June Shift 2

Partnership

>

Accounting

Easy

Common

Reconstitution of partnership does not involves

Admission of partner

Dissolution of firm.

Death of partner.

Retirement of partner.

Correct Answer

Option 2

Correct Answer

Explanation

Q15:

2025: 31 May Shift 1

Partnership

>

Accounting

Easy

Common

If partnership deed is silent on the profit sharing ratio: interest @_____ per annum is allowed on loans advanced by partners-

8%

6%

10%

12%

Correct Answer

Option 2

Correct Answer

Explanation

Q16:

2025: 31 May Shift 1

Partnership

>

Accounting

Easy

Common

In case partner's capital is fixed, then where interest on drawings charged will be shown?

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

Q17:

2025: 31 May Shift 1

Partnership

>

Accounting

Easy

Common

Which statement is not true about Capital Accounts of Partner-

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

Q18:

2025: 31 May Shift 1

Partnership

>

Accounting

Medium

Common

Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Babul is to be allowed an annual salary of Rs. 2,500. Manager is to be allowed commission @ 5,000. Amitabh has also given a Loan on April 01 , 2019 of Rs. 50,000 to the firm without any agreement. During the year 2019-20, the profits earned is Rs. 22,250. Profit and Loss Appropriation account shows balance of the Profit and Loss A/c (Net profit before Babul's salary) amounted to:

Rs. 14500

Rs. 14250

Rs. 14750

Rs. 14350

Correct Answer

Option 2

Correct Answer

Explanation

Q19:

2025: 31 May Shift 1

Partnership

>

Accounting

Medium

Common

Match List-I with List-II

List-I	List-II
Interest on Drawings	Time (Month)
(A) When the amount is withdrawn at the beginning of each month.	(I) 6 months
(B) When the amount is withdrawn at the end of each month.	(II) 6.5 months.
(C) When the amount is withdrawn at the middle of each month.	(III) 5.5 months.
(D) When the amount is withdrawn at the end of each quarter.	(IV) 4.5 months.

Choose the correct answer from the options given below:

(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

Q20:

2025: 31 May Shift 1

Partnership

>

Accounting

Medium

Common

Match List-I with List-II

List-I	List-II
(A) Gaining Ratio	(I) New Share - old Share.
(B) Sacrificing Ratio	(II) Old Share - New Share.
(C) Admission of Partner	(III) Partner may be paid amount more that what has actually due to him for hidden goodwill share.
(D) Retirement of Partner	(IV) Partner may or may not bring his share of goodwill in cash.

Choose the correct answer from the options given below:

(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

Q21:

2025: 31 May Shift 1

Partnership

>

Accounting

Medium

Common

Which combination of statements is true about partnership-

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

(B) Methods of settlement of disputes among the partners can't be part of the partnership deed.

(C) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner.

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

Choose the correct answer from the options given below:

(A) and (D) only

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

(C) and (D) only

(C) and (B) only

Correct Answer

Option 1

Correct Answer

Explanation

Q22:

2025: 31 May Shift 1

Partnership

>

Accounting

Medium

Common

Saloni and Srishti are partners in a firm. Their capital accounts as on April 01, 2019 showed a balance of Rs. 2,00,000 and Rs. 3,00,000 respectively. On July 01, 2019 Saloni introduced additional capital of Rs. 50,000 and Srishti, Rs. 60,000. On October 01, 2019 Saloni withdrew Rs. 30,000, and on January 01, 2020 Srishti withdrew Rs. 15,000 from their capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to Saloni during the financial year 2019–2020.

Rs. 8,800

Rs. 17,800

Rs. 14,400

Rs. 20,800

Correct Answer

Option 2

Correct Answer

Explanation

Q23:

2025: 31 May Shift 1

Partnership

>

Accounting

Easy

Common

Contents of the Partnership Deed does not include

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

Q24:

2025: 30 May Shift 2

Partnership

>

Accounting

Easy

Common

Which of the following is not a features of partnership:

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

Q25:

2025: 30 May Shift 2

Partnership

>

Accounting

Easy

Common

A partnership deed usually doesn't contain the following details:

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

Q26:

2025: 30 May Shift 2

Partnership

>

Accounting

Medium

Common

Aashish withdrew Rs. 10,000 per month from the firm for his personal use during the year ending March 31, 2017. What will be the amount of interest if the amount is withdrawn at the beginning of each month and rate of interest on drawings is 8% per annum?

Rs. 4,800.

Rs. 5,000.

Rs. 5,200.

Rs. 4,200.

Correct Answer

Option 3

Correct Answer

Explanation

Q27:

2025: 30 May Shift 2

Partnership

>

Accounting

Medium

Common

If there are some accumulated losses in the form of a debit balance of profit and loss account appearing in the balance sheet of the firm, it should be transferred to:

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

Q28:

2025: 30 May Shift 2

Partnership

>

Accounting

Medium

Common

Mohan and Shyam are partners in a firm. Which statement among the below can be claimed valid if the Partnership Agreement is silent regarding the same.

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

Q29:

2025: 30 May Shift 2

Partnership

>

Accounting

Medium

Common

Anupam and Abhishek are partners. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively on April 01, 2019. Show the interest on capital for the year ending march 31, 2020 allowed, if the partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 14,000 during the year:

20,000

28,000

26,000

14,000

Correct Answer

Option 4

Correct Answer

Explanation

Q30:

2025: 30 May Shift 2

Partnership

>

Accounting

Easy

Common

Under which Section & Act, the Central Government is empowered to prescribe a maximum number of partners in a partnership firm?

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

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