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Accountancy · 2026 · 3 marks
CBSE 2026 · Region 4 · Set 2 · Q20
Rohit, Ashish and Sameer entered into a partnership on 1st October, 2024 with capitals of 12,00,000; ₹ 6,00,000 and ₹ 6,00,000 respectively. They…
Rohit, Ashish and Sameer entered into a partnership on 1st October, $\displaystyle 2024$ with capitals of $\displaystyle 12,00,000$; ₹ $\displaystyle 6,00,000$ and ₹ $\displaystyle 6,00,000$ respectively. They decided to share the profits and losses in the ratio of $\displaystyle 3$ : $\displaystyle 1$ : 1. Partners were entitled to interest on capital @ $\displaystyle 5$% per annum as per the provisions of the partnership deed. Sameer was given a guarantee that his share of profit, after charging interest on capital, will not be less than ₹ $\displaystyle 1,50,000$ per annum. Any deficiency arising on that account shall be met by Rohit. The profit for the year ended 31st March, $\displaystyle 2025$ amounted to ₹ $\displaystyle 5,60$,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2025.
Tara, Dev and Ishaan were partners in a firm sharing profits and losses in the ratio of $\displaystyle 4$ : $\displaystyle 3$ : 1. The partnership deed provided for charging interest on drawings @ $\displaystyle 10$% p.a. The drawings of Tara, Dev and Ishaan during the year ending 31st March, $\displaystyle 2025$ amounted to ₹ $\displaystyle 30,000$; ₹ $\displaystyle 18,000$ and ₹ $\displaystyle 12,000$ respectively. After the final accounts were prepared, it was discovered that interest on drawings was not taken into consideration. Give necessary adjusting journal entry to correct the omission. Show your workings clearly.
Marking-scheme solution
Books of Rohit, Ashish and Sameer
Profit and Loss Appropriation A/c
Dr. for the year ended 31st March, $\displaystyle 2025$ Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Interest on Capital: By Profit and Loss A/c $\displaystyle 5,60,000$
Rohit $\displaystyle 30,000$ (Net profit)
Ashish $\displaystyle 15,000$
Sameer $\displaystyle 15,000$ $\displaystyle 60,000$
To Profit transferred to capital
A/c:
Rohit $\displaystyle 3,00,000$
Ashish $\displaystyle 1,00,000$
Sameer $\displaystyle 1,00,000$ $\displaystyle 5,00,000$
$\displaystyle 5,60,000$ $\displaystyle 5,60,000$
Q. (b) Tara, Dev and Ishaan were partners in a firm..…
Ans.
Books of Tara, Dev and Ishaan
Journal
Date Particulars L.F. Dr. Cr.
Amount Amount
(₹) (₹)
$\displaystyle 2025$
March $\displaystyle 31$ Ishaan’s Capital A/c Dr. $\displaystyle 225$
To Dev’s Capital A/c $\displaystyle 225$
(Adjustment of interest on drawing omitted
being recorded)
..
Working Note:
Table of Adjustment
Partner’s Capital Dr. Cr. Net Effect
A/c Interest on Drawings Profits ($\displaystyle 4$:$\displaystyle 3$:$\displaystyle 1$) Dr. Cr.
(₹) (₹) (₹) (₹)
Tara $\displaystyle 1,500$ $\displaystyle 1,500$ - -
Dev $\displaystyle 900$ $\displaystyle 1,125$ - $\displaystyle 225$
Ishaan $\displaystyle 600$ $\displaystyle 375$ $\displaystyle 225$ -
$\displaystyle 3,000$ $\displaystyle 3,000$ $\displaystyle 225$ $\displaystyle 225$
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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.