CUET Accountancy - Partnership - Accounting | Free Questions - Page 9

Q1:

2025: 15 May Shift 1

Partnership

>

Accounting

Medium

Comprehension:

Read the following passage and answer the questions

A Solid Partnership

A, V and T were partners of a law firm sharing profits in the ratio of 5:3:2. Their partnership deed provided the following:

(i) Interest on partners’ capital @ 5% p.a.

(ii) A guaranteed that he would earn a minimum annual fee of Rs. 6,00,000 for the firm.

(iii) T was guaranteed a profit of Rs. 2,50,000 (excluding interest on capital) and any deficiency on account of this was to be borne by A and V in the ratio of 2:3.

During the year ending March 31, 2019, A earned a fee of Rs. 3,20,000 and net profits earned by the firm were Rs. 8,60,000. Partner’s capital on April 01, 2018 were A - Rs. 3,00,000; V - Rs. 3,00,000 and T - Rs. 2,00,000.

What is the amount of T's deficiency in profits?

Rs. 20,000

Rs. 30,000

Rs. 40,000

Rs. 57,000

Correct Answer

Option 2

Correct Answer

Explanation

Q2:

2025: 15 May Shift 1

Partnership

>

Accounting

Medium

Comprehension:

Read the following passage and answer the questions

A Solid Partnership

A, V and T were partners of a law firm sharing profits in the ratio of 5:3:2. Their partnership deed provided the following:

(i) Interest on partners’ capital @ 5% p.a.

(ii) A guaranteed that he would earn a minimum annual fee of Rs. 6,00,000 for the firm.

(iii) T was guaranteed a profit of Rs. 2,50,000 (excluding interest on capital) and any deficiency on account of this was to be borne by A and V in the ratio of 2:3.

During the year ending March 31, 2019, A earned a fee of Rs. 3,20,000 and net profits earned by the firm were Rs. 8,60,000. Partner’s capital on April 01, 2018 were A - Rs. 3,00,000; V - Rs. 3,00,000 and T - Rs. 2,00,000.

What is the amount of profit to be credited to V's Capital account?

Rs.3,10,000

Rs.3,11,000

Rs.3,12,000

Rs.3,13,000

Correct Answer

Option 3

Correct Answer

Explanation

Q3:

2025: 15 May Shift 1

Partnership

>

Accounting

Easy

Comprehension:

Read the following passage and answer the questions

A Solid Partnership

A, V and T were partners of a law firm sharing profits in the ratio of 5:3:2. Their partnership deed provided the following:

(i) Interest on partners’ capital @ 5% p.a.

(ii) A guaranteed that he would earn a minimum annual fee of Rs. 6,00,000 for the firm.

(iii) T was guaranteed a profit of Rs. 2,50,000 (excluding interest on capital) and any deficiency on account of this was to be borne by A and V in the ratio of 2:3.

During the year ending March 31, 2019, A earned a fee of Rs. 3,20,000 and net profits earned by the firm were Rs. 8,60,000. Partner’s capital on April 01, 2018 were A - Rs. 3,00,000; V - Rs. 3,00,000 and T - Rs. 2,00,000.

In which ratio the deficiency of T will be borne by A & V.

5:3

2:3

2:4

2:1

Correct Answer

Option 2

Correct Answer

Explanation

Q4:

2025: 14 May Shift 2

Partnership

>

Accounting

Easy

Partnership comes into existence as a result of an agreement among the partners, that agreement is called......

Partnership

Partnership Document

Partnership Deed

Partnership Constitution.

Correct Answer

Option 3

Correct Answer

Explanation

Q5:

2025: 14 May Shift 2

Partnership

>

Accounting

Easy

Which of the following is not a general feature 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.

Liability of Partners are limited to the extent of capital contribution.

Correct Answer

Option 4

Correct Answer

Explanation

Q6:

2025: 14 May Shift 2

Partnership

>

Accounting

Medium

Aashish withdrew Rs. 10,000 per month from the firm for his personal use during the year ending March 31, 2017. Calculate the interest on drawings, which is charged @8% p.a., when the amount is withdrawn at the beginning of each month .

Rs. 5,400

Rs. 5,200

Rs. 4,400

Rs. 4,800

Correct Answer

Option 2

Correct Answer

Explanation

Q7:

2025: 14 May Shift 2

Partnership

>

Accounting

Medium

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

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

Correct Answer

Option 1

Correct Answer

Explanation

Q8:

2025: 14 May Shift 2

Partnership

>

Accounting

Easy

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

Q9:

2025: 14 May Shift 2

Partnership

>

Accounting

Medium

Match List-I with List-II

List-I	List-II
(A) Sacrificing ratio	(I) Dissolution of Partnership
(B) Gaining Ratio	(II) Admission of a New Partner
(C) Executors Account	(III) Retirement of a Partner
(D) Realisation Account	(IV) Death of a Partner

Choose the correct answer from the options given below:

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

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

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

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

Correct Answer

Option 2

Correct Answer

Explanation

Q10:

2025: 14 May Shift 2

Partnership

>

Accounting

Medium

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 respective 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

Q11:

2025: 14 May Shift 1

Partnership

>

Accounting

Easy

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

Q12:

2025: 14 May Shift 1

Partnership

>

Accounting

Easy

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

8%

6%

10%

12%

Correct Answer

Option 2

Correct Answer

Explanation

Q13:

2025: 14 May Shift 1

Partnership

>

Accounting

Medium

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 Rs. 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. What amount of profit will be transferred to Profit and Loss Appropriation account :

Rs. 14,500

Rs. 14,250

Rs. 14,750

Rs. 14,350

Correct Answer

Option 2

Correct Answer

Explanation

Q14:

2025: 14 May Shift 1

Partnership

>

Accounting

Easy

Which of the following is the feature of fluctuating capital:

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

The capital accounts always show a credit balance

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

Correct Answer

Option 2

Correct Answer

Explanation

Q15:

2025: 14 May Shift 1

Partnership

>

Accounting

Easy

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

Q16:

2025: 13 May Shift 2

Partnership

>

Accounting

Easy

Ravi, one of the partners, provided Rs 1,00,000 loan to the firm. In the absence of partnership deed, interest on partner's loan is allowed @ _____?

6%

6% p.a

5%

5% p.a

Correct Answer

Option 2

Correct Answer

Explanation

Q17:

2025: 13 May Shift 2

Partnership

>

Accounting

Easy

For distribution of profits made during a year among the partners, the following account is debited:

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

Q18:

2025: 13 May Shift 2

Partnership

>

Accounting

Easy

"The business of a partnership concern may be carried on by all the partners or any one of them acting for all", indicate which feature of the partnership?

Agreement

Mutual agency

Business

Liability of partners

Correct Answer

Option 2

Correct Answer

Explanation

Q19:

2025: 13 May Shift 2

Partnership

>

Accounting

Easy

In the case of fixed capital method, following two accounts are maintained.

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

Q20:

2025: 13 May Shift 2

Partnership

>

Accounting

Medium

A and B are partners in a firm with their fixed capital Rs 4,00,000 and 5,00,000 respectively. After preparation of accounts, it was found that interest on capital @ 10% p.a as provided by the partnership deed is omitted. In order to rectify the mistake, A's Current account will be _____?

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

Q21:

2025: 13 May Shift 2

Partnership

>

Accounting

Easy

Which section of the Partnership Act 1932, defines partnership?

Section 4

Section 5

Section 6

Section 7

Correct Answer

Option 1

Correct Answer

Explanation

Q22:

2025: 13 May Shift 1

Partnership

>

Accounting

Medium

Which statements are true about partnership:

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

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

(C) Interest on partner's loan is to be given @ 12% p.a., if the deed is silent about the rate

(D) The maximum number of partners can be 50.

Choose the correct answer from the options given below:

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

(B) and (C) only

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

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

Correct Answer

Option 1

Correct Answer

Explanation

Q23:

2025: 13 May Shift 1

Partnership

>

Accounting

Medium

Match List-I with List-II

List-I	List-II
(A) Admission of a partner	(I) Executor Accounts
(B) Retirement of a partner	(II) Sacrificing Ratio
(C) Death of a partner	(III) Realisation Account
(D) Dissolution of a partnership	(IV) Gaining Ratio

Choose the correct answer from the options given below:

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

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

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

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

Correct Answer

Option 2

Correct Answer

Explanation

Q24:

2025: 13 May Shift 1

Partnership

>

Accounting

Easy

Comprehension:

Read the information carefully and answer the questions

A partner withdrew money during the year ending March 31, 2020 from his capital account, for his personal use.

The amounts withdrawn were: Rs. 12,000 on June 01, 2019, Rs. 8,000; on August 31, 2019, Rs. 3,000; on September 30, 2019, Rs. 7,000; on November 30, 2019, and Rs. 6,000 on January 31, 2020.

Calculate interest on drawings, if the rate of interest is 9 percent per annum.

Calculate Interest on drawings for the amount Rs. 12000 on June 1, 2019.

1200

900

1080

800

Correct Answer

Option 2

Correct Answer

Explanation

Q25:

2025: 13 May Shift 1

Partnership

>

Accounting

Easy

Comprehension:

Read the information carefully and answer the questions

A partner withdrew money during the year ending March 31, 2020 from his capital account, for his personal use.

The amounts withdrawn were: Rs. 12,000 on June 01, 2019, Rs. 8,000; on August 31, 2019, Rs. 3,000; on September 30, 2019, Rs. 7,000; on November 30, 2019, and Rs. 6,000 on January 31, 2020.

Calculate interest on drawings, if the rate of interest is 9 percent per annum.

Calculate Interest on drawings for the amount of Rs. 3000 drawn on September 30, 2019

135

300

270

90

Correct Answer

Option 1

Correct Answer

Explanation

Q26:

2025: 13 May Shift 1

Partnership

>

Accounting

Medium

Comprehension:

Read the information carefully and answer the questions

A partner withdrew money during the year ending March 31, 2020 from his capital account, for his personal use.

The amounts withdrawn were: Rs. 12,000 on June 01, 2019, Rs. 8,000; on August 31, 2019, Rs. 3,000; on September 30, 2019, Rs. 7,000; on November 30, 2019, and Rs. 6,000 on January 31, 2020.

Calculate interest on drawings, if the rate of interest is 9 percent per annum.

The total amount of interest on drawings will be:

1595

1755

2000

1355

Correct Answer

Option 2

Correct Answer

Explanation

Q27:

2025: 13 May Shift 1

Partnership

>

Accounting

Easy

Comprehension:

Read the information carefully and answer the questions

A partner withdrew money during the year ending March 31, 2020 from his capital account, for his personal use.

The amounts withdrawn were: Rs. 12,000 on June 01, 2019, Rs. 8,000; on August 31, 2019, Rs. 3,000; on September 30, 2019, Rs. 7,000; on November 30, 2019, and Rs. 6,000 on January 31, 2020.

Calculate interest on drawings, if the rate of interest is 9 percent per annum.

Calculate interest on drawings for the amount Rs. 6000 on January 31, 2019.

90

180

54

120

Correct Answer

Option 1

Correct Answer

Explanation

Q28:

2025: 13 May Shift 1

Partnership

>

Accounting

Easy

Comprehension:

Read the information carefully and answer the questions

A partner withdrew money during the year ending March 31, 2020 from his capital account, for his personal use.

The amounts withdrawn were: Rs. 12,000 on June 01, 2019, Rs. 8,000; on August 31, 2019, Rs. 3,000; on September 30, 2019, Rs. 7,000; on November 30, 2019, and Rs. 6,000 on January 31, 2020.

Calculate interest on drawings, if the rate of interest is 9 percent per annum.

Calculate Interest on drawings for the amount of Rs. 7000 withdrawn on November 30, 2019

700

630

210

315

Correct Answer

Option 3

Correct Answer

Explanation

Q29:

2024

Partnership

>

Accounting

Easy

Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?

Increase in assets

Drawings against capital

Interest on capital

Partner's salary

Correct Answer

Option 1

Correct Answer

Explanation

Q30:

2024

Partnership

>

Accounting

Easy

Identify the correct sequence to be followed while preparing the final account of a partnership firm:

(A) Profit and Loss Appropriation Account
(B) Profit and Loss Account
(C) Trading Account
(D) Balance Sheet

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

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

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

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

Correct Answer

Option 1

Correct Answer

Explanation

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