Question 76: Ashmit, Abbas and Karman are partners sharing profits in the ratio of 3:2:1.Abbas is guaranteed minimum profit of ₹1,50,000 per annum. The firm incurred loss for the year ended 31st March, 2026 of ₹30,000.how much deficiency will Ashmit bear for the year.
Prepare Profit & Loss Appropriation Account for the year.
Answer:
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Profit & Loss Appropriation A/c |
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Particulars |
₹ |
Particulars |
₹ |
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To Profit and loss a/c |
30,000 |
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(Loss transferred from P&L account) |
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To Abbas’s Capital A/c |
1,50,000 |
By Loss transferred to; |
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(Profit transferred) |
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Ashmit’s Capital A/c |
1,35,000 |
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Karman’s Capital A/c |
45,000 |
1,80,000 |
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1,80,000 |
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1,80,000 |
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Working notes:
Note: Loss will be borne by Ashmitand Karmanin 3:1, Since Abbas is guaranteed minimum share of profit of 1,50,000.
Ashmit= 1,80,000×3÷4= 1,35,000
Karman= 1,80,000×1÷4= 45,000
Question 77: Asha, Disha and Raghav were partners in a firm sharing profits in the ratio of 2:3:1. According to the partnership agreement, Raghav was guaranteed an amount of Rs. 40,000 as his share of profits. The net profit for the year ended 31st March, 2022 amounted to 1,20,000.
Prepare Profit & Loss Appropriation Account of the firm for the year ended 31st March, 2022. (CBSE 2025)
Answer:
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Particulars |
Rs. |
Particulars |
Rs. |
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To profit transferred to; |
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By P&L A/c |
1,20,000 |
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Asha’s Capital A/c |
32,000 |
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Disha’s Capital A/c |
48,000 |
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Raghav’s Capital A/c |
40,000 |
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1,20,000 |
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1,20,000 |
Working Notes:
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Asha |
Disha |
Raghav |
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Profit as per 2:3:1 |
40,000 |
60,000 |
20,000 |
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Deficiency Adjusted |
(8,000) |
(12,000) |
20,000 |
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Share of each partner |
32,000 |
48,000 |
40,000 |
Question 78:
X, Y and Z entered into partnership on
1st October, 2025 to share profits in the ratio of 4 : 3 : 3. X, personally
guaranteed that Z's share of profit after charging interest on capital @ 10%
p.a. would not be less then ₹ 80,000 in any year. Capital contributions
were: X – ₹ 3,00,000, Y – ₹ 2,00,000 and Z – ₹ 1,50,000.
Profit for the year ended 31st March, 2026 was ₹ 1,60,000. Prepare
Profit and Loss Appropriation Account.
Answer:
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Profit and Loss Appropriation Account for the year ended March 31, 2026 |
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Dr. |
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Cr. |
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Particulars |
( ₹) |
Particulars |
( ₹) |
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Interest on Capital: |
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Net Profit b/d |
1,60,000 |
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X’s Capital a/c |
15,000 |
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Y’s Capital a/c |
10,000 |
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Z’s Capital a/c |
7,500 |
32,500 |
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Profit transferred to: |
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X (51,000 – 1,750) |
49,250 |
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Y (38,250) |
38,250 |
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Z (38,250 + 1,750) |
40,000 |
1,27,500 |
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1,60,000 |
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1,60,000 |
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Note: Since Z is admitted on 1st October, 2025 and Profit is ascertained on March 31, 2025, therefore, interest on capital is calculated for 6 months and guaranteed amount is considered as ₹ 40,000 (half of the total amount).
Question 79:
Aman, Raj and Suresh were partners in a firm sharing profits and losses in the ratio of 5:3:8.Suresh was quaranteed a minimum profit of ₹5,00,000 per year. Any deficiency on this account was to be borne by Aman and Raj equally. The net profit of the firm for the year ended 31st March, 2024 was ₹8,00,000.
Prepare Profit & Loss Appropriation Account of Aman, Raj and Suresh for the year ended 31st March, 2024. (CBSE 2025)
Answer:
Share of profit As per ratio of Profit sharing:
Aman’s share = 8,00,000×5/16=2,50,000
Raj’s share = 8,00,000×3/16=1,50,000
Suresh’s share = 8,00,000×8/16=4,00,000
Suresh’s quaranteed a minimum profit of ₹5,00,000.
Suresh’s share of profit Deficiency = ₹5,00,000-₹4,00,000=₹1,00,000
Deficiency will be borne by Aman, Raj in equally (1:1)
Aman = 1,00,000×1/2= 50,000
Raj = 1,00,000×1/2= 50,000
Final share of profit after adjustment of guarantee
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Aman |
Raj |
Suresh |
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Share of profit as per ratio (5:3:8) |
2,50,000 |
1,50,000 |
4,00,000 |
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Adjustment of guarantee |
(-) 50,000 |
(-)50,000 |
(+)1,00,000 |
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2,00,000 |
1,00,000 |
5,00,000 |
Question 80:
Atul, Bipul and Charu are partners sharing profits equally. Bipul is guaranteed minimum profit of ₹2,00,000 per annum. Salary is payable to Bipul of ₹10,000 per month. Net Profit for the year ended 31st March, 2026 is ₹6,60,000.
Prepare Profit & Loss Appropriation Account for the year.
Answer:
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Profit & Loss Appropriation A/c |
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Particulars |
₹ |
Particulars |
₹ |
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To Bipul’s Capital A/C (Salary) |
1,20,000 |
By Profit and loss a/c |
6,60,000 |
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To Profit transferred to: |
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(Profit) |
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Atul’s Capital A/c |
1,70,000 |
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Bipul’s Capital A/c |
2,00,000 |
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Charu’s Capital A/c |
1,70,000 |
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6,60,000 |
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6,60,000 |
Working Notes:
Profit after Bipul’s salary = 6,60,000 -1,20,000
Divisible Profit = 5,40,000
Share of Profits mas per profit sharing ratio 1:1:1
= 5,40,000÷3= 1,80,000
Guarantee of profit = 2,00,000
Deficiency of profit =2,00,000-1,80,000= 20,000
Deficiency of profit will be adjusted by Atul and Charu in 1:1
= 20,000÷2=10,000
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Adjustment Table of Profit |
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Partner |
Atul |
Bipul |
Charu |
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Share of Profits mas per profit sharing ratio 1:1:1 |
1,80,000 |
1,80,000 |
1,80,000 |
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Adjustment of Profit |
(-) 10,000 |
(+) 20,000 |
(-) 10,000 |
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Final share of profit |
1,70,000 |
2,00,000 |
1,70,000 |
Ts Grewal Solution 2026-2027
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Class 12 | Volume I
Chapter 1 – Accounting For Partnership Firms Fundamentals
Question No. 1 To 5
Question No. 6 To 10
Question No. 11 To 15
Question No. 16 To 20
Question No. 21 To 25
Question No. 26 To 30
Question No. 31 To 35
Question No. 36 To 40
Question No. 41 To 45
Question No. 46 To 50
Question No. 51 To 55
Question No. 56 To 60
Question No. 61 To 65
Question No. 66 To 70
Question No. 71 To 75
Question No. 76 To 80
Question No. 81 To 85
Question No. 86 To 90
Question No. 91 And 92