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Accountancy · 2026 · 3 marks
CBSE 2026 · Region 3 · Set 3 · Q18
Laxmi, Rani and Priya were partners in a firm sharing profits and losses in the ratio of 5: 7: 8. Their fixed capitals were ₹ 8,00,000; 'e 7,00,000…
Laxmi, Rani and Priya were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : $\displaystyle 7$ : 8. Their fixed capitals were ₹ $\displaystyle 8,00,000$; 'e $\displaystyle 7,00,000$ and ₹ $\displaystyle 5,00,000$ respectively. The partnership deed provided interest on capital @ $\displaystyle 9$% per annum. For the year ending 31st March, $\displaystyle 2025$, interest on capital was provided @ $\displaystyle 12$% per annum. Showing your workings clearly, pass a single adjustment entry to rectify the error.
Sukesh and Surbhi were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : 3. On 1st April, $\displaystyle 2024$, they admitted $\displaystyle 1$ Suman, as a new partner for th share in the profits of the firm with a minimum guaranteed profit of ₹ $\displaystyle 1,20$,000. Any deficiency arising on that account will be borne by Sukesh. The net profit of the firm for the year ended 31st March, $\displaystyle 2025$ was ₹ $\displaystyle 5,50$,000. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2025.
Marking-scheme solution
Books of Laxmi, Rani, and Priya
Journal
Date Particulars L.F. Dr. Amount Cr. Amount
(₹) (₹)
$\displaystyle 2025$
March $\displaystyle 31$ Laxmi’s Current A/c Dr. $\displaystyle 9,000$
(1)
To Priya’s Current A/c $\displaystyle 9,000$
(Interest on capital provided in
excess by $\displaystyle 3$%, now rectified)
Working Note: Adjustment Table
Partners Dr. Cr. Net Effect Net Effect
(Interest on Capital (Profit in $\displaystyle 5$:$\displaystyle 7$:$\displaystyle 8$) Dr. Cr.
@ $\displaystyle 3$% p.a.)
(₹) (₹) (₹) (₹)
Laxmi $\displaystyle 24,000$ $\displaystyle 15,000$ $\displaystyle 9,000$ -
Rani $\displaystyle 21,000$ $\displaystyle 21,000$ - -
Priya $\displaystyle 15,000$ $\displaystyle 24,000$ - $\displaystyle 9,000$
$\displaystyle 60,000$ $\displaystyle 60,000$ $\displaystyle 9,000$ $\displaystyle 9,000$
Alternative:
Statement of Adjustment
Particulars Laxmi Ravi Priya Total
(₹) (₹) (₹) (₹)
Amount to be taken back $\displaystyle (24,000)$ $\displaystyle (21,000)$ $\displaystyle (15,000)$ $\displaystyle (60,000)$
(excess Interest on Capital)
Amount to be given (Profit in $\displaystyle 5$:$\displaystyle 7$:$\displaystyle 8$) $\displaystyle 15,000$ $\displaystyle 21,000$ $\displaystyle 24,000$ $\displaystyle 60,000$
Adjustment $\displaystyle (9,000)$ Dr - $\displaystyle 9,000$ Cr
Q. Sukesh and Surbhi were partners ….
Ans
Books of Sukesh, Surbhi and Suman
Profit & Loss Appropriation A/c
Dr. for the year ended 31st March $\displaystyle 2025$ Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Capital A/c (Profit): By P & L A/c $\displaystyle 5,50,000$
Sukesh $\displaystyle 2,75,000$ (Net Profit)
Less: guarantee to Suman $\displaystyle 10,000$ $\displaystyle 2,65,000$
Surbhi $\displaystyle 1,65,000$ $\displaystyle 1,65,000$
Suman $\displaystyle 1,10,000$
Add: guarantee from Sukesh $\displaystyle 10,000$ $\displaystyle 1,20,000$
$\displaystyle 5,50,000$ $\displaystyle 5,50,000$
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CBSE Class 12 Accountancy past-paper question from the 2026 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.