Skip to content

Amit, Sumit and… (Class 12 Accountancy SQP 2025-26, Q22)

questionbuddy.in/q/cbse-12-accountancy-2025-26-sqp-q22-amit-sumit-pulkit-partners-sharing

AccountancyCBSE Class 12 · Sample paper, session 2025-26 · 4 marks · Long answer

CBSE Class 12 Accountancy sample paper 2025-26: question 22

From the official CBSE sample question paper for 2025-26, section A, question 22, for 4 marks. Try it first; the hints and our step-by-step solution are below.

Q22 · 4 marks · Long answerAccounting for Partnership: Basic Concepts

Amit, Sumit and Pulkit were partners sharing Profit &Loss in the ratio 5:3:2. Their Capitals were ₹ 8,00,000; ₹ 7,00,000 and ₹ 5,00,000 respectively. According to Partnership Deed:-
(a) Interest on Capital @ 10% p.a.
(b) Salary to Amit ₹ 10,000 p.m and Pulkit ₹ 15,000 per quarter.
(c) Commission to Sumit ₹ 70,000.
(d) Sumit was being guaranteed that his share of profits will not be less than ₹ 65,000. Deficiency if any will be borne by Amit and Pulkit equally.
Ignoring the above terms the profits of ₹ 6,00,000, for the year ended March 31, 2025 were divided equally between partners. You are required to pass necessary adjustment entry. Show your workings clearly.

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

Work out what each partner should have got under the deed.

Hint 2

Remember Sumit's guarantee: the shortfall is borne by Amit and Pulkit equally.

Hint 3

Compare with the ₹ 2,00,000 each actually credited and pass one net entry.

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. Correct distribution of ₹ 6,00,000. Interest on capital at 10%: Amit 80,000, Sumit 70,000, Pulkit 50,000. Salary: Amit 1,20,000 (10,000 × 12), Pulkit 60,000 (15,000 × 4). Commission to Sumit 70,000. Divisible profit = 6,00,000 − 2,00,000 − 1,80,000 − 70,000 = ₹ 1,50,000, shared 5 : 3 : 2 = 75,000 : 45,000 : 30,000. Sumit's share is ₹ 20,000 short of his ₹ 65,000 guarantee; Amit and Pulkit bear ₹ 10,000 each.

    1½ marks

  2. Adjustment table (Cr. = to be credited, Dr. = to be debited)

    ParticularsAmit (₹)Sumit (₹)Pulkit (₹)Total (₹)
    Interest on capital (Cr.)80,00070,00050,0002,00,000
    Salary (Cr.)1,20,00060,0001,80,000
    Commission (Cr.)70,00070,000
    Profit after guarantee (Cr.)65,00065,00020,0001,50,000
    Total due2,65,0002,05,0001,30,0006,00,000
    Less: profit already credited (equal)2,00,0002,00,0002,00,0006,00,000
    Net effect65,000 (Cr.)5,000 (Cr.)70,000 (Dr.)Nil
    1½ marks

  3. Adjustment entry (31st March, 2025)

    ParticularsDr. (₹)Cr. (₹)
    Pulkit's Capital A/c Dr.70,000
    To Amit's Capital A/c65,000
    To Sumit's Capital A/c5,000
    (Being adjustment for profits wrongly distributed)
    1 mark

Answer: Pulkit's Capital A/c Dr. ₹ 70,000 to Amit's Capital A/c ₹ 65,000 and Sumit's Capital A/c ₹ 5,000

Where the marks are

  • Correct appropriation including guarantee to Sumit (1½ marks)
  • Net effect table (1½ marks)
  • Adjustment entry (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 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.