List of top Accountancy Questions on Partnership asked in CBSE CLASS XII

Arora and Gurmeet were partners in a firm sharing profits and losses in the ratio of 3 : 2. Starting from 1st October, 2024 Arora withdrew ₹ 30,000 at the beginning of each quarter for his personal use. Interest on drawings was to be charged @ 12% per annum. Interest on Arora's drawings for the year ended 31st March, 2025 was:

Sudama, Sharma and Varun were partners in a firm sharing profits and losses in the ratio of 6 : 4 : 3. Sharma retired from the firm on 31st March, 2025. The gaining ratio of Sudama and Varun will be:

Samta, Mamta and Geeta were partners in a firm sharing profits and losses in the ratio of 11 : 5 : 4. On 31st March, 2025 Samta died. On Samta's death, the goodwill of the firm was valued at ₹ 1,80,000. The necessary journal entry for the treatment of goodwill on Samta's death will be :

Shashi, Maya and Komal were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2025 Komal retired. The new profit sharing ratio between Shashi and Maya was decided as 3 : 5. The gain or sacrifice of Shashi and Maya on Komal's retirement was :

Guru and Prakash were partners in a firm sharing profits and losses in the ratio of 7 : 3. They admitted Anu as a new partner for 1/4th share in the profits of the firm. On the date of Anu's admission, the Profit and Loss Account of Guru and Prakash showed a credit balance of ₹ 40,000. The necessary journal entry for its treatment will be:

Sushil and Sapna were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2025, the firm was dissolved. On the date of dissolution there existed a balance of ₹ 1,20,000 in sundry creditors account. The sundry creditors were payable after three months. They were paid immediately at a discount of 12% p.a. The amount paid to sundry creditors was :

Sujata and Laxmi were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 1st April, 2025, they admitted Raghu as a new partner for 1/5th share in the profits of the firm. On the date of Raghu’s admission, it was found that the equipment is undervalued by ₹ 90,000. After revaluation, the Balance Sheet of Sujata, Laxmi and Raghu showed equipment at ₹ 3,00,000. The value of equipment shown in the books of the firm of Sujata and Laxmi before Raghu’s admission was :

There are two statements Assertion (A) and Reason (R):
Assertion (A): At the time of admission of a new partner in a partnership firm, the newly admitted partner brings an agreed amount of capital either in cash or in kind.
Reason (R): On admission, the new partner gets the right to acquire share in the assets and profits of the partnership firm.
Choose the correct option from the following:

Hari, Murari and Abhi were partners in a firm sharing profits and losses in the ratio of 8 : 7 : 4. Murari retired from the firm on 31st March, 2025. Hari and Abhi decided to share profits in the future in the ratio of 2 : 1. The gaining ratio of Hari and Abhi was:

John, Honey and Racob were partners in a firm sharing profits and losses equally. On 31st July, 2025 John died. His share in the profits of the firm from the date of last balance sheet till the date of his death will be:

Munna and Sonu were partners in a firm sharing profits and losses in the ratio of 4 : 1. Their fixed capitals were ₹ 40,00,000 and ₹ 30,00,000 respectively. During the year ended 31st March, 2025, Munna withdrew ₹ 50,000 for personal use. Interest on drawings was to be charged @ 6% p.a. The journal entry for charging interest on Munna’s drawings will be :

Anchal, Prabhat and Karan were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 2025, Anchal retired. The balance in her capital account after making the necessary adjustments on account of reserves and revaluation of assets and reassessment of liabilities was ₹ 5,10,000. Anchal was paid ₹ 5,90,000 in full settlement of her claim. The value of goodwill of the firm on the date of Anchal’s retirement was :

Aashree and Manvi were partners in a firm and their capitals were ₹ 6,00,000 and ₹ 4,00,000 respectively. Normal rate of return in a similar business was 15% and the goodwill of the firm was valued at ₹ 3,00,000. If goodwill was calculated at three years purchase of super profits, the average profits of the firm were :

Naisha, Mansi and Aakash were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 2. On 1st January, 2025, Aakash advanced a loan of ₹ 3,00,000 to the firm. In the absence of a partnership deed, the amount of interest on loan due to Aakash on 31st March, 2025 will be :

Asha and Indra were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet on 31st March, 2025 was as following : Balance Sheet of Asha and Indra as at 31st March, 2025

On 1st April, 2025, Suraj was admitted for 1/4th share in the profits of the firm on the following terms : (i) Suraj will bring capital proportionate to his share in the profits of the firm. (ii) Goodwill of the firm was valued at ₹ 1,00,000 and Suraj will bring his share of goodwill premium in cash. (iii) Furniture was taken over by Asha at ₹ 1,00,000. (iv) A liability of ₹ 5,000 included in creditors was not likely to arise. (v) Plant and Machinery was revalued at ₹ 4,35,000. Prepare Revaluation Account and Partners' capital accounts on Suraj's admission. Show the calculation of proportionate capital clearly.

Promil, Kamlesh and Ritika were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2025 they decided to share future profits in the ratio of 2 : 3 : 5. On 31st March, 2025, their Balance Sheet was as follows : Balance Sheet of Promil, Kamlesh and Ritika as at 31st March, 2025

The question seems incomplete. Based on the given information, typically we would need to pass adjustment entries for change in profit sharing ratio, including treatment of general reserve and goodwill. However, since the full question is not provided, I'll assume we need to pass the necessary adjustment entries for the change in profit sharing ratio.

Naik, Vinay and Vibhuti were partners in a firm sharing profits and losses in the ratio of $4:2:3$. On 31$^{\text{st}}$ March, 2025, Naik retired. General Reserve = ₹ 45,000. Revaluation resulted in a loss of ₹ 18,000. Goodwill of the firm was valued at ₹ 1,80,000 and adjusted without opening goodwill account. Amount payable to Naik was transferred to his loan account. Pass necessary journal entries.

Nandini, Shweta and Hiren were partners in a firm sharing profits and losses in the ratio of $9:7:4$. On 1$^{\text{st}}$ April, 2025, Shweta retired. On the date of Shweta’s retirement, there existed a balance of ₹ 1,00,000 in Workmen’s Compensation Fund. Pass necessary journal entries for treatment of Workmen’s Compensation Fund on Shweta’s retirement in each of the following cases:

• [(i)] Claim on account of Workmen’s Compensation was estimated at ₹ 1,20,000.
• [(ii)] Claim on account of Workmen’s Compensation was estimated at ₹ 80,000.
• [(iii)] Claim on account of Workmen’s Compensation was estimated at ₹ 1,00,000.

Pronnil, Kamlesh and Ritika were partners sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2025 they decided to share future profits in the ratio of 2 : 3 : 5. Their Balance Sheet as at 31st March, 2025 was given. Adjustments: (i) Land and Building revalued at ₹6,62,000 (ii) Provision for doubtful debts @5% on debtors (iii) Goodwill valued at ₹1,80,000 (without opening goodwill account) (iv) Stock reduced to ₹2,00,000 Pass necessary journal entries.

From the following information obtained from the books of Informatics India Ltd., calculate ‘Cash from Operations’: Net Profit for the year ended 31st March, 2025 after providing depreciation ₹60,000 and after writing off goodwill ₹2,000 was ₹3,40,000. Additional Information: \begin{center} \begin{tabular}{|l|r|r|} \hline Particulars & 31.3.2024 (₹) & 31.3.2025 (₹)
\hline Rent received in advance & 20,000 & 10,000
Accrued interest & 30,000 & 40,000
Prepaid insurance & 15,000 & 20,000
Outstanding salary & 25,000 & 40,000
Trade receivables & 1,24,000 & 1,25,000
Trade payables & 1,30,000 & 1,50,000
Inventory & 50,000 & 80,000
Other current assets & 1,00,000 & 1,20,000
\hline \end{tabular} \end{center}

Mr. Rinku and Mrs. Pinky were partners sharing profits in the ratio of 3 : 2. Their balance sheet was given. The firm was dissolved and various realisation transactions were given. Prepare Realisation Account.

From the following information, calculate ‘Proprietary Ratio’ and ‘Debt-to-Equity Ratio’: Equity Share Capital ₹3,00,000
Preference Share Capital ₹1,00,000
Reserves and Surplus ₹1,00,000
Plant and Machinery ₹3,50,000
Non-current Investments ₹1,00,000
Current Assets ₹2,00,000
Long-term Borrowings ₹1,50,000

Namita, Narendra and Kunwar were partners in a firm sharing profits and losses in the ratio of 3 : 1 : 1. The firm closes its books on 31st March every year. Kunwar died on 30th September, 2025. His share in the profits of the firm from 1st April, 2025 to 30th September, 2025 was calculated as per the provisions of the partnership deed which amounted to ₹ 15,600. On the date of Kunwar's death, the Balance Sheet of the firm showed General Reserve of ₹ 40,000 and Profit and Loss Account (Dr.) ₹ 80,000. Pass necessary journal entries on Kunwar's death in the books of the firm.

Anita, Gaurav and Suresh were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. On 1st April, 2025, Gaurav retired. On the date of Gaurav's retirement, there existed a balance of ₹ 1,50,000 in Workmen's Compensation Fund. Pass the necessary journal entries for treatment of Workmen's Compensation Fund on Gaurav's retirement in each of the following cases: (i) Claim on account of Workmen's Compensation was estimated at ₹ 2,00,000. (ii) Claim on account of Workmen's Compensation was estimated at ₹ 1,20,000. (iii) Claim on account of Workmen's Compensation was estimated at ₹ 1,50,000.

Jain and Gupta were partners in a firm sharing profits and losses in the ratio of 3 : 1. On 1st April, 2024, Agarwal was admitted as a new partner for 1/5th share in the profits of the firm with a minimum guaranteed amount of ₹ 75,000. Any deficiency arising out of this account will be borne by Jain and Gupta in the ratio of 1 : 3. During the year ended 31st March, 2025, the firm earned a net profit of ₹ 3,00,000. Prepare Profit and Loss Appropriation Account of Jain, Gupta and Agarwal for the year ended 31st March, 2025.