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Hemant and Pankaj… (Class 12 Accountancy SQP 2025-26, Q18)

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AccountancyCBSE Class 12 · Sample paper, session 2025-26 · 3 marks · Short answer

CBSE Class 12 Accountancy sample paper 2025-26: question 18

From the official CBSE sample question paper for 2025-26, section A, question 18, for 3 marks. Try it first; the hints and our step-by-step solution are below.

Q18 · 3 marks · Short answerDissolution of Partnership Firm

Hemant and Pankaj were partners sharing Profit & Loss in the ratio of 3:2. The firm was dissolved on March 31, 2024 and the following balances were appearing in the books of the firm.
a. Hemant’s Loan ₹ 80,000
b. Ruby’s Loan ₹ 50,000
c. Creditors ₹ 1,00,000
d. Capital Balances after all adjustments – Hemant ₹ 1,60,000 and Pankaj - ₹ 1,40,000
Assets of the firm realised at ₹ 6,00,000. You are required to show the amounts and order of payments as per section 48 of Indian Partnership Act 1932 at the time of Dissolution of the firm.

Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2025-26.

Hints

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

Hint 1

Outsiders are paid before partners.

Hint 2

A partner's loan ranks ahead of capital.

Hint 3

Whatever is left after capitals is profit, shared in the profit sharing ratio.

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. Section 48 of the Indian Partnership Act, 1932 sets the order: (i) debts of the firm to third parties, (ii) loans and advances from partners, (iii) partners' capitals, (iv) any surplus shared in the profit sharing ratio.

    ½ mark

  2. First, outside liabilities: Creditors ₹ 1,00,000 and Ruby's Loan ₹ 50,000 (total ₹ 1,50,000). Second, Hemant's Loan ₹ 80,000.

    1 mark

  3. Third, capitals: Hemant ₹ 1,60,000 and Pankaj ₹ 1,40,000 (total ₹ 3,00,000). Total paid so far = ₹ 5,30,000.

    ½ mark

  4. Fourth, surplus = ₹ 6,00,000 − ₹ 5,30,000 = ₹ 70,000, shared 3 : 2: Hemant ₹ 42,000, Pankaj ₹ 28,000.

    1 mark

Answer: Creditors ₹ 1,00,000 and Ruby's Loan ₹ 50,000; then Hemant's Loan ₹ 80,000; then capitals Hemant ₹ 1,60,000 and Pankaj ₹ 1,40,000; surplus ₹ 70,000 to Hemant ₹ 42,000 and Pankaj ₹ 28,000

Where the marks are

  • Outside liabilities paid first (1 mark)
  • Partner's loan, then capitals (1 mark)
  • Surplus ₹ 70,000 shared 3 : 2 (1 mark)

Revise the chapter

Practise this chapterBoard-style questions from Dissolution of Partnership Firm, one at a time, marked against the answer key and marking points.Back to the full paperSample paper 2025-26: 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.