CUET Accountancy 2025 22 May Shift 2 PYQs

While doing adjustment of partners' capital, for the amount of capital to be brought in by the partner, the following entry will be passed:

The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied first for paying _____________.

For distribution of profits among the partners, the following account is debited to allocate profits to the partners:

Part of the subscribed capital which has been called up on the shares, i.e., what the company has asked the shareholders to pay is known as __________.

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of $5:3:2$. Tarun retires from the firm and his share was taken over by Naveen and Suresh in the ratio $2:1$. In such a case, the new profit sharing ratio will be: