CUET Accountancy 2025 31 May Shift 1 PYQs

Which statement is not true about Capital Accounts of Partner-

Amitabh and Babul are partners sharing profits in the ratio of $3:2$, with capitals of $\text{Rs. }50,000$ and $\text{Rs. }30,000$ respectively. Interest on capital is agreed @ $6\%$ p.a. Babul is to be allowed an annual salary of $\text{Rs. }2,500$. Manager is to be allowed commission @ $5,000$. Amitabh has also given a Loan on April 01 , 2019 of $\text{Rs. }50,000$ to the firm without any agreement. During the year 2019-20, the profits earned is $\text{Rs. }22,250$. Profit and Loss Appropriation account shows balance of the Profit and Loss A/c (Net profit before Babul's salary) amounted to:

Match List-I with List-II
$$\begin{array}{ll}\text{List-I (Interest on Drawings)}& \text{List-II (Average Time)}\\ \text{(A) When the amount is withdrawn at the beginning of each month.}& \text{(I) }6\text{ months}\\ \text{(B) When the amount is withdrawn at the end of each month.}& \text{(II) }6.5\text{ months.}\\ \text{(C) When the amount is withdrawn at the middle of each month.}& \text{(III) }5.5\text{ months.}\\ \text{(D) When the amount is withdrawn at the end of each quarter.}& \text{(IV) }4.5\text{ months.}\end{array}$$
Choose the correct answer from the options given below:

At the time of retirement of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

In the case of dissolution of a partnership firm, the accumulated profits and reserves are transferred to :