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Anuj, Divij and Shilpa… (Class 12 Accountancy 2026, Q25b)

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AccountancyCBSE Class 12 · Board exam 2026, set 67/1/1 · 6 marks · Long answer

CBSE Class 12 Accountancy 2026: question 25(b)

Set in the CBSE Class 12 board exam of 2026, paper 67/1/1, section A, question 25(b), for 6 marks. Try it first; the hints and our step-by-step solution are below.

Q25(b) · 6 marks · Long answerReconstitution of a Partnership Firm – Retirement/Death of a Partner

Anuj, Divij and Shilpa were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their Balance Sheet as at 31st March, 2023 was as follows :

Balance Sheet of Anuj, Divij and Shilpa as at 31st March, 2023

LiabilitiesAmount (₹)AssetsAmount (₹)
Capitals :Land & Building8,00,000
Anuj 3,00,000Furniture2,40,000
Divij 4,00,000Stock1,20,000
Shilpa 5,00,00012,00,000Debtors1,70,000
Bills Payable60,000Cash50,000
Creditors1,20,000
13,80,00013,80,000

Anuj retired on the above date on the following terms :

(i) Anuj's share of goodwill was valued at ₹ 90,000 and the same was to be treated without opening goodwill account.

(ii) Revaluation of assets and reassessment of liabilities resulted in a gain of ₹ 25,000.

(iii) Amount due to Anuj was transferred to his loan account, to be paid in two equal yearly instalments plus interest @ 12% p.a. on the unpaid balance starting from 31st March, 2024.

Prepare Partners' Capital Accounts and Anuj's Loan Account till it is fully discharged.

Source: official question paper from cbse.gov.in (PDF). See it in the full 2026 board paper, set 67/1/1.

Hints

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

Hint 1

Divij and Shilpa gain Anuj's share in their old ratio 1 : 2.

Hint 2

Anuj's balance after adjustments becomes his loan.

Hint 3

Interest falls as the unpaid balance falls.

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. Goodwill. Anuj's ₹ 90,000 is paid by the gainers Divij and Shilpa in their ratio 1 : 2: ₹ 30,000 and ₹ 60,000. Revaluation gain ₹ 25,000 in 2 : 1 : 2: ₹ 10,000, ₹ 5,000, ₹ 10,000.

    ½ mark

  2. Partners' Capital Accounts

    ParticularsAnuj (₹)Divij (₹)Shilpa (₹)ParticularsAnuj (₹)Divij (₹)Shilpa (₹)
    To Anuj's Capital A/c30,00060,000By Balance b/d3,00,0004,00,0005,00,000
    To Anuj's Loan A/c4,00,000By Divij's Capital A/c30,000
    To Balance c/d3,75,0004,50,000By Shilpa's Capital A/c60,000
    By Revaluation A/c (gain)10,0005,00010,000
    4,00,0004,05,0005,10,0004,00,0004,05,0005,10,000
    2½ marks

  3. Loan ₹ 4,00,000 repaid in two equal instalments of ₹ 2,00,000 with 12% interest on the balance: ₹ 48,000 in 2024, ₹ 24,000 in 2025.

    ½ mark

  4. Anuj's Loan Account

    Particulars₹Particulars₹
    31.03.2023 To Balance c/d4,00,00031.03.2023 By Anuj's Capital A/c4,00,000
    4,00,0004,00,000
    31.03.2024 To Bank A/c2,48,00001.04.2023 By Balance b/d4,00,000
    31.03.2024 To Balance c/d2,00,00031.03.2024 By Interest A/c48,000
    4,48,0004,48,000
    31.03.2025 To Bank A/c2,24,00001.04.2024 By Balance b/d2,00,000
    31.03.2025 By Interest A/c24,000
    2,24,0002,24,000
    2½ marks

Answer: Anuj's loan ₹ 4,00,000; Divij ₹ 3,75,000, Shilpa ₹ 4,50,000; instalments ₹ 2,48,000 (2024) and ₹ 2,24,000 (2025)

Where the marks are

  • Goodwill and revaluation shares (½ mark)
  • Capital accounts (2½ marks)
  • Interest workings (½ mark)
  • Loan account till discharged (2½ marks)

Revise the chapter

Practise this chapterBoard-style questions from Reconstitution of a Partnership Firm – Retirement/Death of a Partner, one at a time, marked against the answer key and marking points.Back to the full paper2026 board paper, set 67/1/1: 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.