{"id":585,"date":"2026-07-30T13:18:40","date_gmt":"2026-07-30T13:18:40","guid":{"rendered":"https:\/\/sukrishna.in\/blog\/?p=585"},"modified":"2026-07-30T13:18:41","modified_gmt":"2026-07-30T13:18:41","slug":"partnership-accounts-class-12-solved-problems","status":"publish","type":"post","link":"https:\/\/sukrishna.in\/blog\/partnership-accounts-class-12-solved-problems\/","title":{"rendered":"Accountancy Partnership Problems: Step-by-Step Solved with Journal Entries"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Class 12 Accountancy is one of the highest-scoring subjects for commerce students. However, when students open the Partnership Accounts chapters, many feel overwhelmed by long numerical questions and complex adjustments. Partnership accounting forms a major part of the Class 12 board exam syllabus, covering basic concepts, admission, retirement, death, and dissolution.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you are looking for <strong>partnership accounts class 12 solved problems<\/strong> or want to master <strong>journal entries partnership<\/strong> concepts without getting confused, you have come to the right place! In this detailed guide, we will break down <strong>partnership accounts solved problems step by step class 12,<\/strong> using very simple language, clear rules, and complete journal entries with working notes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Fundamental Rules for Partnership Journal Entries<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To solve any <strong>accounting problems<\/strong> correctly, you must remember the Modern Rules of Debit and Credit:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Assets:<\/strong> Increase $\\rightarrow$ Debit (Dr.), Decrease $\\rightarrow$ Credit (Cr.)<\/li>\n\n\n\n<li><strong>Liabilities:<\/strong> Increase $\\rightarrow$ Credit (Cr.), Decrease $\\rightarrow$ Debit (Dr.)<\/li>\n\n\n\n<li><strong>Capital:<\/strong> Increase $\\rightarrow$ Credit (Cr.), Decrease $\\rightarrow$ Debit (Dr.)<\/li>\n\n\n\n<li><strong>Expenses &amp; Losses:<\/strong> Increase $\\rightarrow$ Debit (Dr.), Decrease $\\rightarrow$ Credit (Cr.)<\/li>\n\n\n\n<li><strong>Incomes &amp; Gains:<\/strong> Increase $\\rightarrow$ Credit (Cr.), Decrease $\\rightarrow$ Debit (Dr.)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In partnership accounting, remember that the firm and the partners are separate entity concepts for record-keeping. Whatever is an expense for the firm (such as interest on capital or partner salary) is an addition to the partner&#8217;s capital account. Conversely, whatever is an income for the firm (such as interest on drawings) reduces the partner&#8217;s capital or current balance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Solved Problem 1: Basic Concepts &amp; Profit &amp; Loss Appropriation Account<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Let us start with a fundamental question that frequently appears in board exams under Chapter 1.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Question<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A and B are partners in a firm sharing profits and losses in the ratio of $3:2$. On April 1, 2025, their capital balances were \u20b91,00,000 and \u20b950,000, respectively. According to the partnership deed:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Interest on capital is allowed at 6% per annum.<\/li>\n\n\n\n<li>Partner A is entitled to a salary of \u20b91,000 per month.<\/li>\n\n\n\n<li>The net profit of the firm for the year ended March 31, 2026, before any adjustments, was \u20b940,000.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Pass the necessary journal entries in the books of the firm for the distribution of profit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Step-by-Step Solution &amp; Working Notes<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Step 1: Calculate Interest on Capital<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A&#8217;s Interest on Capital = $\u20b91,00,000 \\times \\frac{6}{100} = \u20b96,000$<\/li>\n\n\n\n<li>B&#8217;s Interest on Capital = $\u20b950,000 \\times \\frac{6}{100} = \u20b93,000$<\/li>\n\n\n\n<li>Total Interest on Capital = $\u20b96,000 + \u20b93,000 = \u20b99,000$<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Step 2: Calculate Partner A&#8217;s Salary<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Annual Salary for A = $\u20b91,000 \\times 12 = \u20b912,000$<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Step 3: Calculate Remaining Divisible Profit<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Net Profit available = \u20b940,000<\/li>\n\n\n\n<li>Less: Total Interest on Capital = \u20b99,000<\/li>\n\n\n\n<li>Less: Partner A&#8217;s Salary = \u20b912,000<\/li>\n\n\n\n<li>Remaining Profit = $\u20b940,000 &#8211; \u20b99,000 &#8211; \u20b912,000 = \u20b919,000$<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Now, divide \u20b919,000 between A and B in their profit-sharing ratio ($3:2$):<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A&#8217;s Share = $\u20b919,000 \\times \\frac{3}{5} = \u20b911,400$<\/li>\n\n\n\n<li>B&#8217;s Share = $\u20b919,000 \\times \\frac{2}{5} = \u20b97,600$<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Journal Entries<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>1. Transferring Net Profit to P&amp;L Appropriation Account<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Profit &amp; Loss A\/c<\/strong> &#8230; Dr. \u20b940,000<br>To <strong>Profit &amp; Loss Appropriation A\/c<\/strong> \u20b940,000<br><em>(Being net profit transferred to Profit &amp; Loss Appropriation Account)<\/em><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2. Allowing Interest on Capital to Partners<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Interest on Capital A\/c<\/strong> &#8230; Dr. \u20b99,000<br>To <strong>A&#8217;s Capital A\/c<\/strong> \u20b96,000<br>To <strong>B&#8217;s Capital A\/c<\/strong> \u20b93,000<br><em>(Being interest on capital allowed to partners at 6% p.a.)<\/em><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>3. Closing Interest on Capital Account<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Profit &amp; Loss Appropriation A\/c<\/strong> &#8230; Dr. \u20b99,000<br>To <strong>Interest on Capital A\/c<\/strong> \u20b99,000<br><em>(Being interest on capital transferred to P&amp;L Appropriation Account)<\/em><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>4. Allowing Salary to Partner A<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Partner&#8217;s Salary A\/c<\/strong> &#8230; Dr. \u20b912,000<br>To <strong>A&#8217;s Capital A\/c<\/strong> \u20b912,000<br><em>(Being salary credited to partner A&#8217;s capital account)<\/em><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>5. Closing Partner&#8217;s Salary Account<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Profit &amp; Loss Appropriation A\/c<\/strong> &#8230; Dr. \u20b912,000<br>To <strong>Partner&#8217;s Salary A\/c<\/strong> \u20b912,000<br><em>(Being partner&#8217;s salary transferred to P&amp;L Appropriation Account)<\/em><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>6. Distributing Remaining Divisible Profit<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Profit &amp; Loss Appropriation A\/c<\/strong> &#8230; Dr. \u20b919,000<br>To <strong>A&#8217;s Capital A\/c<\/strong> \u20b911,400<br>To <strong>B&#8217;s Capital A\/c<\/strong> \u20b97,600<br><em>(Being remaining profit distributed among partners in 3:2 ratio)<\/em><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Solved Problem 2: Admission of a Partner (Capital &amp; Goodwill)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When a new partner enters a firm, they bring capital and a premium for goodwill to compensate existing partners for their sacrifice.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Question<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">X and Y are partners sharing profits in the ratio of $3:1$. They admit Z as a new partner for $1\/4\\text{th}$ share in future profits. Z brings \u20b91,00,000 as capital and \u20b920,000 in cash as his share of premium for goodwill. The existing partners sacrifice in their old profit-sharing ratio ($3:1$). Pass necessary journal entries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Step-by-Step Solution &amp; Working Notes<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Total cash brought by Z:<\/strong> $\u20b91,00,000 \\text{ (Capital)} + \u20b920,000 \\text{ (Goodwill)} = \u20b91,20,000$<\/li>\n\n\n\n<li><strong>Distribution of Goodwill Premium:<\/strong> The premium of \u20b920,000 must be credited to sacrificing partners (X and Y) in their sacrificing ratio ($3:1$).\n<ul class=\"wp-block-list\">\n<li>X&#8217;s share = $\u20b920,000 \\times \\frac{3}{4} = \u20b915,000$<\/li>\n\n\n\n<li>Y&#8217;s share = $\u20b920,000 \\times \\frac{1}{4} = \u20b95,000$<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Journal Entries<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>1. Cash Brought in by New Partner<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Bank A\/c<\/strong> &#8230; Dr. \u20b91,20,000<br>To <strong>Z&#8217;s Capital A\/c<\/strong> \u20b91,00,000<br>To <strong>Premium for Goodwill A\/c<\/strong> \u20b920,000<br><em>(Being capital and premium for goodwill brought in cash by Z)<\/em><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2. Distributing Premium for Goodwill<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Premium for Goodwill A\/c<\/strong> &#8230; Dr. \u20b920,000<br>To <strong>X&#8217;s Capital A\/c<\/strong> \u20b915,000<br>To <strong>Y&#8217;s Capital A\/c<\/strong> \u20b95,000<br><em>(Being goodwill premium credited to sacrificing partners X and Y in 3:1 ratio)<\/em><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Solved Problem 3: Dissolution of a Partnership Firm<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Upon dissolution, all asset and liability accounts are closed by transferring them to a <strong>Realisation Account<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Question<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Rohan and Sohan were partners in a firm. They decided to dissolve their partnership firm. Pass necessary journal entries for the following transactions:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Assets (other than cash) realized \u20b980,000 in cash.<\/li>\n\n\n\n<li>Paid off third-party liabilities of \u20b925,000 in cash.<\/li>\n\n\n\n<li>Dissolution expenses paid by the firm amounted to \u20b92,000.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Journal Entries<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>1. Realisation of Assets<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Bank A\/c<\/strong> &#8230; Dr. \u20b980,000<br>To <strong>Realisation A\/c<\/strong> \u20b980,000<br><em>(Being assets realized in cash on dissolution)<\/em><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2. Payment of Third-Party Liabilities<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Realisation A\/c<\/strong> &#8230; Dr. \u20b925,000<br>To <strong>Bank A\/c<\/strong> \u20b925,000<br><em>(Being third-party liabilities settled in cash)<\/em><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>3. Payment of Dissolution Expenses<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Realisation A\/c<\/strong> &#8230; Dr. \u20b92,000<br>To <strong>Bank A\/c<\/strong> \u20b92,000<br><em>(Being dissolution expenses paid by the firm)<\/em><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why Regular Practice is Key for Class 12 Board Exams<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Solving numerical <strong>accounting problems<\/strong> is just like practicing mathematics. Reading textbook theory alone will not help you score top marks unless you solve full-length questions by hand. Many students make simple errors in board exams\u2014such as using incorrect ledger titles, omitting narrations, or calculating sacrificing ratios incorrectly under time pressure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To build speed, accuracy, and total confidence, consistent practice is essential. Enrolling in structured preparation modules like <strong><a href=\"https:\/\/sukrishna.in\/\">Sukrishna Commerce Academy<\/a><\/strong> accounts practice sessions provides students with chapter-wise test series, board-pattern sample papers, and expert feedback. With structured guidance, students learn the exact presentation style required by board examiners to achieve 100% marks in long numerical questions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Checklist for Writing Perfect Journal Entries in Board Exams<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To avoid losing marks in your Class 12 board examination, keep this simple checklist in mind:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Draw Proper Formats:<\/strong> Always use neat columns for Date, Particulars, Ledger Folio (L.F.), Debit Amount (\u20b9), and Credit Amount (\u20b9).<\/li>\n\n\n\n<li><strong>Include Brief Narrations:<\/strong> Every single entry must end with a short narration starting with &#8220;Being&#8230;&#8221;.<\/li>\n\n\n\n<li><strong>Show Working Notes Clearly:<\/strong> Show calculations for goodwill distribution, interest rates, and sacrificing ratios directly below the solution.<\/li>\n\n\n\n<li><strong>Distinguish Fixed vs. Fluctuating Capital:<\/strong> Use &#8220;Partner&#8217;s Current A\/c&#8221; when capitals are fixed, and &#8220;Partner&#8217;s Capital A\/c&#8221; when capitals are fluctuating.<\/li>\n\n\n\n<li><strong>Verify Debits Equal Credits:<\/strong> Double-check that total debit values match total credit values before moving to the next question.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Mastering Class 12 Partnership Accounts does not require memorizing endless journal entries. By understanding the core accounting rules, practicing step-by-step solutions, and maintaining neat presentation habits, you can easily score full marks in this section. Start practicing these standard problems today, refine your working notes, and approach your Class 12 Accountancy board exams with complete confidence!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you want to make your exam preparation even smoother and guarantee top marks, getting the right guidance makes a huge difference. By joining the <a href=\"https:\/\/sukrishna.in\/\">best commerce coaching in patna<\/a> <strong>Sukrishna Commerce Academy <\/strong>accounts practice program, you get direct access to highly experienced teachers, simplified study materials, and regular mock tests designed exactly like the real board exams. Let the best mentors in the city clear all your tough doubts, strengthen your basics, and help you achieve the perfect score you truly deserve!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Frequently Asked Questions (FAQs)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. What is the difference between P&amp;L Account and P&amp;L Appropriation Account?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Profit &amp; Loss Account is prepared to calculate the net profit or net loss of a business. The Profit &amp; Loss Appropriation Account is prepared after the P&amp;L Account specifically to distribute the net profit among partners according to their partnership deed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Is narration mandatory for journal entries in Class 12 board exams?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, narrations are compulsory. Board evaluation guidelines dedicate marks to proper formatting and narrations. Omitting narrations can lead to mark deductions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. What happens if there is no Partnership Deed?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the absence of a partnership deed, the provisions of the Indian Partnership Act, 1932 apply: profits and losses are shared equally, no interest on capital or salary is allowed, no interest on drawings is charged, and interest on a partner&#8217;s loan is allowed at 6% p.a.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Class 12 Accountancy is one of the highest-scoring subjects for commerce students. However, when students open the Partnership Accounts chapters, many feel overwhelmed by long numerical questions and complex adjustments.&hellip; <\/p>\n","protected":false},"author":1,"featured_media":586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-commerce-classes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Partnership Accounts Class 12 Solved Problems<\/title>\n<meta name=\"description\" content=\"Learn Partnership Accounts Class 12 solved problems with step-by-step journal entries, working notes, and board exam solutions for top marks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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