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Accountancy · 2023 · 3 marks
CBSE 2023 · Region 5 · Set 1 · Q18
Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of 2: 3: 1. According to the partnership agreement, Raghav was guaranteed…
Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of $\displaystyle 2$ : $\displaystyle 3$ : 1. According to the partnership agreement, Raghav was guaranteed an amount of ₹ $\displaystyle 40,000$ as his share of profits. The net profit for the year ended 31st March, $\displaystyle 2022$ amounted to ₹ $\displaystyle 1,20$,000. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2022.
Akhil and Nikhil were partners sharing profits and losses in the ratio of $\displaystyle 3$ : 2. Their fixed capitals were ₹ $\displaystyle 1,00,000$ and ₹ $\displaystyle 80,000$ respectively. Interest on capital was agreed @ $\displaystyle 6$% p.a. Nikhil was to be allowed an annual salary of ₹ $\displaystyle 9$,200. During the year $\displaystyle 2021$-$\displaystyle 22$, the net profit prior to the calculation of interest on capital but after charging Nikhil's salary amounted to ₹ $\displaystyle 1,20$,000. Prepare Profit and Loss Appropriation Account of the firm for the year ending 31st March, 2022.
Marking-scheme solution
Profit and Loss Appropriation Account
Dr. for the year ended 31st March $\displaystyle 2022$ Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Profit transferred to Partners’ By P&L A/c $\displaystyle 1,20,000$
Capital A/c (Net Profit)
Asha $\displaystyle 40,000$
(-) guarantee to Raghav $\displaystyle 8,000$ $\displaystyle 32,000$
Disha $\displaystyle 60,000$
(-) guarantee to Raghav $\displaystyle 12,000$ $\displaystyle 48,000$
Raghav $\displaystyle 20,000$
(+) guarantee from Asha $\displaystyle 8,000$
(+) guarantee from Disha $\displaystyle 12,000$ $\displaystyle 40,000$
$\displaystyle 1,20,000$ $\displaystyle 1,20,000$
Q. Akhil and Nikhil were partners………………………………..
Ans.
Profit and Loss Appropriation Account
Dr. for the year ended 31st March $\displaystyle 2022$ Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Salary By P&L A/c
Nikhil’s Current A/c $\displaystyle 9,200$ $\displaystyle 9,200$ Net Profit $\displaystyle 1,20,000$
(+) Nikhil’s Salary $\displaystyle 9,200$ $\displaystyle 1,29,200$
To Interest on Capital
Akhil’s Current A/c $\displaystyle 6,000$
Nikhil’s Current A/c $\displaystyle 4,800$ $\displaystyle 10,800$
(1)
To Profit transferred to Partners’
Current A/c
Akhil $\displaystyle 65,520$
Nikhil $\displaystyle 43,680$ $\displaystyle 1,09,200$
(1)
$\displaystyle 1,29,200$ $\displaystyle 1,29,200$
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CBSE Class 12 Accountancy past-paper question from the 2023 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.