CUET UG 2025 — Accountancy Partnership
The Partnership agreement between Maneesh and Girish provides that:
(A) Profits will be shared equally
(B) Maneesh will be allowed a salary of Rs 400 pm
(C) Girish who manages the sales department will be allowed a commission of 10% of the net profits after deducting Maneesh's salary
(D) 7% p.a. interest will be allowed on Partner's fixed capital
(E) 5% p.a. interest will be charged on partner's annual drawings
(F) The fixed capitals of Maneesh and Girish are Rs 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and Rs 14,000 respectively. The net profit for the year ended March 31, 2018 amounted to Rs. 40,000
Calculate the profit allocated to each partner after all adjustments.
Held on 30 May 2025 · Verified 13 Jul 2026.
Rs 22,890 to each partner
Rs 8,790 to each partner
Rs 10,050 to each partner
Rs 10,290 to each partner
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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.