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Accountancy · 2026 · 3 marks
Accounting for Partnership: Basic ConceptsMaintenance of Capital Accounts of Partners3 marksshort answer
CBSE 2026 · Region 1 · Set 1 · Q18
Sultan, Singh and Tutsi were partners in a firm sharing profits and losses in the ratio of 9: 7: 4. Their fixed capitals were ₹ 6,00,000, ₹ 5,00,000…
Sultan, Singh and Tutsi were partners in a firm sharing profits and losses in the ratio of $\displaystyle 9$ : $\displaystyle 7$ : 4. Their fixed capitals were ₹ $\displaystyle 6,00,000$, ₹ $\displaystyle 5,00,000$ and ₹ $\displaystyle 4,00$,000. The partnership deed provided that interest on partners capital accounts will be allowed at $\displaystyle 10$% per annum. After the final accounts for the year were prepared, it was found that interest on capital was allowed @ $\displaystyle 12$% per annum. Pass the necessary adjusting journal entry.
Sameer and Mar veer were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : 3. On 1st April, $\displaystyle 2024$, they admitted Sandeep as a new partner for $\displaystyle 1$/5th share in the profits with a guaranteed minimum amount of ₹ $\displaystyle 80$,000. Sameer and Mar veer continue to share profits as before but agreed to bear any deficiency on account of guarantee to Sandeep in the ratio of $\displaystyle 3$ : 5. The net profit of the firm for the year ended 31st March, $\displaystyle 2025$ was ₹ $\displaystyle 3,20$,000. Prepare Profit and Loss Appropriation Account of Sameer, Mar veer and Sandeep for the year ended 31st March, 2025.
Marking-scheme solution
Books of Sultan, Singh and Tulsi
Journal
Date Particulars L.F. Dr. Cr.
Amount Amount
(₹) (₹)
Tulsi’s Current A/c Dr. $\displaystyle 2,000$
To Sultan’s Current A/c $\displaystyle 1,500$
To Singh’s Current A/c $\displaystyle 500$
(Interest on capital provided at a higher rate, now
rectified)
Adjustment Table
Partners Dr. Interest on capital Cr. Profits (₹) Net Effect
@ $\displaystyle 2$% (₹) $\displaystyle 9$:$\displaystyle 7$:$\displaystyle 4$ Dr. (₹) Cr. (₹)
Sultan $\displaystyle 12,000$ $\displaystyle 13,500$ - $\displaystyle 1,500$
Singh $\displaystyle 10,000$ $\displaystyle 10,500$ - $\displaystyle 500$
Tulsi $\displaystyle 8,000$ $\displaystyle 6,000$ $\displaystyle 2,000$ -
$\displaystyle 30,000$ $\displaystyle 30,000$ $\displaystyle 2,000$ $\displaystyle 2,000$
Q. (b) Sameer and Manveer were partners in a firm…
Ans.
Books of Sameer, Manveer and Sandeep
Profit and Loss Appropriation A/c
Dr. for the year ended 31st March $\displaystyle 2025$ Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Profit transferred to: By Profit and Loss A/c $\displaystyle 3,20,000$
(Net Profit)
Sameer’s Capital A/c $\displaystyle 1,60,000$
$\displaystyle 1,54,000$
Less Share of deficiency$\displaystyle (6,000)$
Manveer’s Capital A/c $\displaystyle 96,000$
$\displaystyle 86,000$
Less Share of deficiency$\displaystyle (10,000)$
Sandeep’s Capital A/c $\displaystyle 64,000$
Add Share of deficiency from:
Sameer $\displaystyle 6,000$
$\displaystyle 80,000$
Manveer $\displaystyle 10,000$
$\displaystyle 3,20,000$ $\displaystyle 3,20,000$
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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.