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Accountancy · 2025 · 1 mark
CBSE 2025 · Region 7 · Set 2 · Q8
Jim and Joy were partners in a firm sharing profits and losses equally. On 1st April, 2024, they admitted John as a new partner for 1/5th share in…
Jim and Joy were partners in a firm sharing profits and losses equally. On 1st April, $\displaystyle 2024$, they admitted John as a new partner for $\displaystyle 1$/5th share in the profits of the firm. On the date of John's admission, the Balance Sheet of Jim and Joy showed a debit balance of $\displaystyle 45,000$ in Profit and Loss Account. From the following, what will be the accounting treatment for this balance on John's admission ?
Official answer
(A)
Debit Jim and Joy by ₹ $\displaystyle 22,500$ each and Credit Profit and Loss Account by $\displaystyle 45,000$
Marking-scheme solution
(A)
Debit Jim and Joy by ₹$\displaystyle 22,500$ each and credit Profit and Loss Account by ₹$\displaystyle 45$,000.
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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.