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Accountancy · 2025 · 3 marks
CBSE 2025 · Region 6 · Set 3 · Q19
Aman, Raj and Suresh were partners in a firm sharing profits and losses in the ratio of 5: 3: 8. Suresh was guaranteed a minimum profit of ₹ 5,00,000…
Aman, Raj and Suresh were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : $\displaystyle 3$ : 8. Suresh was guaranteed a minimum profit of ₹ $\displaystyle 5,00,000$ per year. Any deficiency on this account was to be borne by Aman and Raj equally. The net profit of the firm for the year ended 31st March, $\displaystyle 2024$ was $\displaystyle 8,00$,000. Prepare Profit and Loss Appropriation Account of Aman, Raj and Suresh for the year ended 31st March, 2024.
Jay and Vijay were partners in a firm sharing profits and losses in the ratio of $\displaystyle 7$ : 3. Their respective fixed capitals were ₹ $\displaystyle 9,00,000$ and ₹ $\displaystyle 7,00$,000. The partnership deed provided for interest on capital @ $\displaystyle 8$% per annum. After preparing the accounts for the year ended 31st March, $\displaystyle 2024$, it was discovered that interest on capital was allowed @ $\displaystyle 9$% per annum. Showing your workings clearly, pass the necessary journal entry to rectify the error.
Marking-scheme solution
In the books of Aman, Raj and Suresh
Profit and Loss Appropriation A/c
Dr. For the year ending $\displaystyle 31$ March, $\displaystyle 2024$ Cr.
Particulars Amount(₹) Particulars Amount(₹)
To Profit transferred to: By Profit and Loss A/c $\displaystyle 8,00,000$
Aman’s capital A/c $\displaystyle 2,50,000$ (Net Profit)
Less: Deficiency
borne $\displaystyle (50,000)$ $\displaystyle 2,00,000$
Raj’s capital A/c $\displaystyle 1,50,000$
Less: Deficiency
borne $\displaystyle (50,000)$ $\displaystyle 1,00,000$
Suresh’s capital A/c $\displaystyle 4,00,000$
Add: Deficiency
recovered from
Aman $\displaystyle 50,000$
Raj $\displaystyle 50,000$ $\displaystyle 5,00,000$
$\displaystyle 8,00,000$ $\displaystyle 8,00,000$
Q.(b) Jay and Vijay were partners in a firm……………………….
Ans.
In the books of Jay and Vijay
Journal
Date Particulars L.F. Dr. Cr.
Amount(₹) Amount(₹)
$\displaystyle 2024$
April1 Vijay’s Current A/c Dr. $\displaystyle 2,200$
To Jay’s Current A/c $\displaystyle 2,200$
(Rectification entry for interest
on capital provided at $\displaystyle 9$%
instead of $\displaystyle 8$%)
Working notes:
Adjustment Table
Particulars Jay(₹) Vijay(₹) Total(₹)
$\displaystyle 1$% Excess Interest on capital taken back $\displaystyle 9,000$ Dr. $\displaystyle 7,000$ Dr. $\displaystyle 16,000$ Cr.
Profit of ₹$\displaystyle 16,000$ distributed in the profit $\displaystyle 11,200$ Cr. $\displaystyle 4,800$ Cr. $\displaystyle 16,000$ Dr.
sharing ratio $\displaystyle 7$:$\displaystyle 3$
Net Effect $\displaystyle 2,200$ Cr. $\displaystyle 2,200$ Dr. ------
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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.