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Anthony a partner… (Class 12 Accountancy SQP 2024-25, Q1)

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AccountancyCBSE Class 12 · Sample paper, session 2024-25 · 1 mark · MCQ

CBSE Class 12 Accountancy sample paper 2024-25: question 1

From the official CBSE sample question paper for 2024-25, section A, question 1, for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q1 · 1 mark · MCQAccounting for Partnership: Basic Concepts

Anthony a partner was being guaranteed that his share of profits will not be less than ₹ 60,000 p.a. Deficiency, if any was to be borne by other partners Amar and Akbar equally. For the year ended 31st March, 2024 the firm incurred loss of ₹ 1,80,000. What amount will be debited to Amar’s Capital Account in total at the end of the year?

  1. (A)₹ 60,000
  2. (B)₹ 1,20,000
  3. (C)₹ 90,000
  4. (D)₹ 80,000

Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2024-25.

Hints

Open one hint at a time and try again before the next.

Hint 1

With no agreement, how is the loss shared?

Hint 2

The guaranteed partner's deficiency includes making good his share of the loss.

Hint 3

Add Amar's own loss to his share of the deficiency.

Step-by-step solution

Each step shows the marks it earns, as an examiner would award them. Checked by an independent re-solve from the question paper.

  1. No ratio is given, so the three partners share equally: each bears ₹ 60,000 of the ₹ 1,80,000 loss. Anthony must still get ₹ 60,000, so the deficiency is ₹ 60,000 + ₹ 60,000 = ₹ 1,20,000, borne by Amar and Akbar equally (₹ 60,000 each).

  2. Amar is debited with his own loss ₹ 60,000 plus ₹ 60,000 for the guarantee = ₹ 1,20,000. Option (B).

    1 mark

Answer: (B) ₹ 1,20,000

Where the marks are

  • Loss share plus half the deficiency on the guarantee (1 mark)

Revise the chapter

Practise this chapterBoard-style questions from Accounting for Partnership: Basic Concepts, one at a time, marked against the answer key and marking points.Back to the full paperSample paper 2024-25: every question, by section.

The question is transcribed from the official paper; figures are described in words. The solution, hints and chapter tag are ours. Spotted an error? Write tosupport@questionbuddy.in.