List of top Accountancy Questions on Partnership Accounts asked in CUET (UG)

At the time of admission of a new partner, if Profit and Loss Account debit balance exist in the books, then which of the following entry will be done in order to distribute it?
Match List-I with List-II
List-IList-II
(A) Intangible assets should be written off as early as possible but not exceeding its estimated life in ......... years(I) 4
(B) AS ..... deals with intangible assets(II) 10
(C) In the absence of any agreement, Section ...... of the Indian Partnership Act, 1932 is applicable, which states that the retiring partner has an option to receive either interest @ 6% p.a. till the date of payment or such share of profits which has been earned with his/her money (i.e., based on capital ratio).(III) 26
(D) Section ...... of the Indian Partnership Act 1932 defines partnership.(IV) 37

Choose the correct answer from the options given below:
Radha and Rani are partners in a firm. Their capital accounts as on April 01, 2024 showed a balance of Rs. 2,00,000 and Rs. 3,00,000 respectively. On July 01, 2024, Radha introduced additional capital of Rs. 50,000. On October 01, Radha withdrew Rs. 30,000, from her capital. Interest is allowed @ 8% p.a. Calculate the interest payable to Radha on her capital during the financial year 2024-2025.
Ansh and Abhi are partners sharing profits and losses in the ratio of 3 : 2. Their capital accounts showed balances of Rs. 3,00,000 and Rs. 4,00,000 respectively on April 01, 2024. Calculate interest on Ansh's Capital for the year ending March 31, 2025, 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.
If the capital of partners is fixed, then the salary provided to the partner is posted in which of the following account?
Select the essential features of partnership from the following:
(A) Partnership is the result of an agreement between partners.
(B) Co-ownership of a property between people amounts to partnership.
(C) Sharing of profits and losses of a business.
(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:
In case there is no partnership deed between the partners, then at what rate interest on capital will be provided?
As per Section 464 of the Companies Act, 2013, the maximum prescribed number of partners in a firm is:
An act done by a partner in the course of the firm's business is:
Abhay, Boris and Chetan were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Boris was guaranteed profit of ₹ 95,000. Any deficiency on account of this was to be borne by Abhay and Chetan equally. The firm earned a profit of ₹ 2,00,000 for the year ended 31st March, 2023. The amount given by Abhay to Boris as guaranteed amount will be:
Which of the following statements most precisely reflects the doctrine of separate legal entity as established under company law?
At the time of admission of a partner when Partners' Capital Accounts are maintained following Fixed Capital Accounts Method, Unrecorded Assets or Liabilities are transferred to:
Under what circumstances, a partner can get exemption from sharing losses in a firm?
Under Section 48 of the Partnership Act, 1932, the residue remaining after payment of debts, advances, and capital shall be divided among partners in their:
Under Section 37 of the Indian Partnership Act, 1932, an outgoing partner may receive interest at the rate of:
According to Section 4 of the Indian Partnership Act, 1932, partnership is the relation between persons who have agreed to share the profits of a business carried on by:
A, B and C are partners in a firm whose books are closed on March 31st each year. A died on 30th June, 2017 and according to the agreement, the share of profits of a deceased partner up to the date of death is to be calculated on the basis of the average profits for the last five years. The net profits for the last 5 years have been: \[ 2013 = Rs.14,000 \] \[ 2014 = Rs.18,000 \] \[ 2015 = Rs.16,000 \] \[ 2016 = Rs.10,000 \text{ (Loss)} \] \[ 2017 = Rs.16,000 \] Calculate A's share of profits up to the date of death.
A and B are partners in a firm sharing profits and losses in the ratio of \(1:3\). C was admitted for \( \frac{1}{4} \)th share of profit. Machinery would be depreciated by \(20%\) (book value Rs.1,00,000) and building would be appreciated by \(10%\) (book value Rs.80,000), unrecorded debtors of Rs.2,000 would be brought in books. What was B's and C's share of revaluation?
Ashu and Nisha are partners having Opening Capitals of Rs. 5,00,000 each without a Partnership Deed. Nisha, on 1st June, 2024 introduced further capital of Rs. 1,00,000 and advanced loan of Rs. 1,00,000 to the firm on 1st October, 2024. Interest payable to Nisha will be:
The meaning of “Debentures” is covered under which section of Companies Act, 2013:
According to Section 39 of the Partnership Act, 1932, dissolution of partnership between all the partners of a firm is called:
Under Section 48 of the Partnership Act, 1932, the residue remaining after payment of debts, advances, and capital shall be divided among partners in their:
Under what circumstances, a partner can get exemption from sharing losses in a firm?
At the time of admission of a partner when Partners' Capital Accounts are maintained following Fixed Capital Accounts Method, Unrecorded Assets or Liabilities are transferred to:
Which of the following statements most precisely reflects the doctrine of separate legal entity as established under company law?