✓ Board-verified
Accountancy · 2023 · 1 mark
CBSE 2023 · Region 4 · Set 1 · Q4
On 1st October $\displaystyle 2020$, Amit, a partner, advanced a loan of ₹ $\displaystyle 1,20,000$ to the firm. In the absence of partnership deed, the amount of interest on loan to be paid on 31st March, $\displaystyle 2021$ will be :ORVijay, Ajay and Sanjay are partners in a firm sharing profits and losses in the ratio of $\displaystyle 7$ : $\displaystyle 5$ : 8. Sanjay died on 28th August, 2021. His share in the profits of the firm till the date of his death was determined at ₹ $\displaystyle 75$,000. It will be debited to which of the following accounts ?
OR
Vijay, Ajay and Sanjay are partners in a firm sharing profits and losses in the ratio of $\displaystyle 7$ : $\displaystyle 5$ : 8. Sanjay died on 28th August, 2021. His share in the profits of the firm till the date of his death was determined at ₹ $\displaystyle 75$,000. It will be debited to which of the following accounts ?Official answer
From CBSE’s own marking scheme for this paper.
(a) → (A)
(b) → (A)
Marking-scheme solution
(i)
₹$\displaystyle 3600$
Q.(ii) Vijay, Ajay and Sanjay are partners......................
Ans.
(a)
Profit and Loss Suspense Account
Practice Accounting for Partnership: Basic Concepts →All Accounting for Partnership: Basic Concepts questions
More from Accounting for Partnership: Basic Concepts
- Anita and Priyal were partners in a firm sharing profits and losses in the ratio of 3: 2. On 1st April, 2024,…2026
- Reema, Meesha and Shikha were partners in a partnership firm sharing profits and losses in the ratio of 8: 7:…2025
- Anuj and Kartik were partners in a firm sharing profits and losses in the ratio of 5: 4. Anuj withdrew ₹…2025
- Monika, Bhoomika and Kamolika are partners sharing profits in the ratio of 6: 4: 1. Kamolika is guaranteed a…2023
- Richa, Sheena and Tapti were partners in a firm sharing profits and losses in the ratio of 3: 2: 1. The…2024
- Radhika, Mehar and Shubha were partners in a firm sharing profits and losses in the ratio of 9: 8: 7. If…2025
- Sun and Moon were partners in a firm sharing profits and losses equally. Their fixed capitals were ₹ 5,00,000…2025
- Nandita and Prabha were partners in a firm manufacturing furniture. They were sharing profits and losses in…2026
CBSE Class 12 Accountancy past-paper question from the 2023board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.