In absence of partnership deed: Interest on partner's loan is allowed @ 6% p.a. (A-III). Interest on drawings will not be charged (B-II). Salary will not be allowed/provided (C-IV). Profit sharing ratio is equal (D-I).
CUET UG 2022 — Accountancy Partnership
Match List I with List II in context of not having partnership deed.
| LIST I | LIST II | ||
|---|---|---|---|
| A. | Interest on loan | I. | Equal |
| B. | Interest on drawings | II. | Will not be charged |
| C. | Salary | III. | @ 6% p.a. |
| D. | Profit sharing ratio | IV. | Will not be allowed/provided |
Choose the correct answer from the options given below:
Held on 30 Aug 2022 · Verified 13 Jul 2026.
A - IV, B - I, C - III, D - II
A - III, B - IV, C - II, D - I
A - IV, B - III, C - II, D - I
A - III, B - II, C - IV, D - I
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As per AS-26 Intangible assets like goodwill should be written off.
Match List-I with List-II | List-I | List-II | |---|---| | Revaluation of assets and reassessment of liabilities at the time of admission of a new partner | Journal Entry | | (A) For increase in the value of an asset | (I) Revaluation A/c Dr. To Asset A/c | | (B) For reduction in the amount of a liability | (II) Revaluation A/c Dr. To Liability A/c | | (C) For reduction in the value of an asset | (III) Asset A/c Dr. To Revaluation A/c | | (D) For appreciation in the amount of a liability | (IV) Liability A/c Dr. To Revaluation A/c | Choose the correct answer from the options given below:
Amount of Assets realized debited to Bank Account will be:
Match List-I with List-II If the partnership deed is silent regarding the items provided in List-I | List-I | List-II | |---|---| | (A) Interest on Capital | (I) to be shared equally | | (B) Interest on Loan | (II) not charged | | (C) Interest on Drawings | (III) not payable | | (D) Sharing of Profits | (IV) @6% p.a. | Choose the correct answer from the options given below:
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:
Work through every CUET UG Partnership PYQ, year by year.