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Accountancy · 2025 · 3 marks
CBSE 2025 · Region 4 · Set 1 · Q20
Abhay and Sujoy entered into partnership on 1st April, 2024 with capitals of ₹ 80,00,000 and ₹ 60,00,000 respectively. The partners decided to share…
Abhay and Sujoy entered into partnership on 1st April, $\displaystyle 2024$ with capitals of ₹ $\displaystyle 80,00,000$ and ₹ $\displaystyle 60,00,000$ respectively. The partners decided to share profits in the ratio of their capital contribution. They withdrew ₹ $\displaystyle 6,00,000$ and ₹ $\displaystyle 4,00,000$ respectively during the year. The partners were charged interest on drawings @ $\displaystyle 10$% per annum as per the provisions of t e partnership deed. Abhay's share of profit was guaranteed by Sujoy at a minimum of ₹ $\displaystyle 3,50,000$ per annum. The profit of the firm for the year ended 31st March, $\displaystyle 2024$ amounted to ₹ $\displaystyle 6,50$,000. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2024.
Sonia and Shruti were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : 3. On 1st April, $\displaystyle 2023$ the balance in their fixed capital accounts were ₹ $\displaystyle 25,00,000$ and ₹ $\displaystyle 15,00,000$ respectively. The profit of the firm for the year ended 31st March, $\displaystyle 2024$ was ₹ $\displaystyle 24,00$,000. Calculate their share of profit if : (i) the partnership deed is silent as to the payment of interest on capital. (ii) the partnership deed provides for interest on capital @ $\displaystyle 10$% per annum.
Marking-scheme solution
Profit and Loss Appropriation Account
Dr. for the year ended 31st March $\displaystyle 2024$ Cr.
Particulars Amount Particulars Amount
( ₹) ( ₹)
To Profit transferred to By P&L A/c
Abhay’s Capital $\displaystyle 4,00,000$ (Net Profit) $\displaystyle 6,50,000$
Sujoy’s Capital $\displaystyle 3,00,000$ $\displaystyle 7,00,000$ By Interest on Drawings
Abhay $\displaystyle 30,000$
Sujoy $\displaystyle 20,000$ $\displaystyle 50,000$
$\displaystyle 7,00,000$ $\displaystyle 7,00,000$
Q. Sonia and Shruti were partners ……………………………
Ans.(i)
Sonia’s share of profit = $\displaystyle 5$/$\displaystyle 8$ x $\displaystyle 24,00,000$ = ₹$\displaystyle 15,00,000$
Shruti’s share of profit = $\displaystyle 3$/$\displaystyle 8$ x $\displaystyle 24,00,000$ = ₹ $\displaystyle 9,00,000$
(Note – No Interest on Capital will be provided)
(ii)
Sonia’s share of profit = $\displaystyle 5$/$\displaystyle 8$ x ($\displaystyle 24,00,000$ – $\displaystyle 4,00,000$) = ₹$\displaystyle 12,50,000$
Shruti’s share of profit = $\displaystyle 3$/$\displaystyle 8$ x ($\displaystyle 24,00,000$ – $\displaystyle 4,00,000$) = ₹ $\displaystyle 7,50,000$
Working :
Sonia’s Interest on Capital = $\displaystyle 10$/$\displaystyle 100$ x $\displaystyle 25,00,000$ = ₹$\displaystyle 2,50,000$
Shruti’s Interest on Capital = $\displaystyle 10$/$\displaystyle 100$ x $\displaystyle 15,00,000$ = ₹$\displaystyle 1,50,000$
₹$\displaystyle 4,00,000$
Appropriation A/c
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CBSE Class 12 Accountancy past-paper question from the 2025 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.