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Accountancy · 2025 · 4 marks
Reconstitution of a Partnership Firm – Retirement/Death of a PartnerDeath of a Partner4 marksshort answer
CBSE 2025 · Region 6 · Set 2 · Q22
Asha, Ashish and Naman were partners in a firm sharing profits and losses in the ratio of 2: 5: 3. The firm closes its books on 31st March every…
Asha, Ashish and Naman were partners in a firm sharing profits and losses in the ratio of $\displaystyle 2$ : $\displaystyle 5$ : 3. The firm closes its books on 31st March every year. On 31st December, $\displaystyle 2024$ Ashish died. On the date of his death, there was a balance of ₹ $\displaystyle 3,00,000$ in his capital account and ₹ $\displaystyle 2,00,000$ in General Reserve. The partnership deed provided that on the death of a partner, his representatives will be entitled to the following : (i) Balance in the capital account and interest on the same @ $\displaystyle 10$% p.a. (ii) His share in the goodwill of the firm. The goodwill of the firm on Ashish's death was valued at ₹ $\displaystyle 6,00$,000. (iii) His share in the profits of the firm to be calculated on the basis of previous year's profit. The profit of the firm for the year ended 31st March, $\displaystyle 2024$ was $\displaystyle 3,60$,000. Prepare Ashish's Capital Account to be presented to his executors .
Marking-scheme solution
In the books of Asha, Ashish and Naman
Dr. Ashish’s Capital A/c Cr.
Particulars Amount(₹) Particulars Amount(₹)
To Ashish’s Executor’s A/c $\displaystyle 8,57,500$ By Balance b/d $\displaystyle 3,00,000$
By General Reserve A/c $\displaystyle 1,00,000$
By Interest on capital A/c $\displaystyle 22,500$
$\displaystyle 1,20,000$
By Asha’s capital A/c
$\displaystyle 1,80,000$
By Naman’s capital A/c
$\displaystyle 1,35,000$
By Profit and Loss Suspense A/c
$\displaystyle 8,57,500$ $\displaystyle 8,57,500$
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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.