{"id":76162,"date":"2022-02-13T23:50:22","date_gmt":"2022-02-13T18:20:22","guid":{"rendered":"https:\/\/infinitylearn.com\/surge\/?p=76162"},"modified":"2024-10-18T13:08:39","modified_gmt":"2024-10-18T07:38:39","slug":"important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner","status":"publish","type":"post","link":"https:\/\/infinitylearn.com\/surge\/cbse-important-questions\/class-12\/accountancy\/important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner\/","title":{"rendered":"Important Questions for CBSE Class 12 Accountancy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_37 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><label for=\"item\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input type=\"checkbox\" id=\"item\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' style='display:block'><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/infinitylearn.com\/surge\/cbse-important-questions\/class-12\/accountancy\/important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner\/#Important_Topics\" title=\"Important Topics\">Important Topics<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/infinitylearn.com\/surge\/cbse-important-questions\/class-12\/accountancy\/important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner\/#CBSE_Class_12_Important_Questions_for_Accountancy_Chapter_wise\" title=\"CBSE Class 12 Important Questions for Accountancy : Chapter wise\">CBSE Class 12 Important Questions for Accountancy : Chapter wise<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/infinitylearn.com\/surge\/cbse-important-questions\/class-12\/accountancy\/important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner\/#Previous_Years_Examination_Questions\" title=\"Previous Years Examination Questions\">Previous Years Examination Questions<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/infinitylearn.com\/surge\/cbse-important-questions\/class-12\/accountancy\/important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner\/#Important_Questions_for_CBSE_Class_12_Accountancy_FAQs\" title=\"Important Questions for CBSE Class 12 Accountancy FAQs\">Important Questions for CBSE Class 12 Accountancy FAQs<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/infinitylearn.com\/surge\/cbse-important-questions\/class-12\/accountancy\/important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner\/#Was_Class_10_maths_paper_tough_in_2023\" title=\"Was Class 10 maths paper tough in 2023?\">Was Class 10 maths paper tough in 2023?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/infinitylearn.com\/surge\/cbse-important-questions\/class-12\/accountancy\/important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner\/#How_was_CBSE_maths_paper_2023\" title=\"How was CBSE maths paper 2023?\">How was CBSE maths paper 2023?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/infinitylearn.com\/surge\/cbse-important-questions\/class-12\/accountancy\/important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner\/#Will_CBSE_2023_be_easy_for_Class_10\" title=\"Will CBSE 2023 be easy for Class 10?\">Will CBSE 2023 be easy for Class 10?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/infinitylearn.com\/surge\/cbse-important-questions\/class-12\/accountancy\/important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner\/#How_was_the_Class_10_maths_paper_in_2023\" title=\"How was the Class 10 maths paper in 2023?\">How was the Class 10 maths paper in 2023?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/infinitylearn.com\/surge\/cbse-important-questions\/class-12\/accountancy\/important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner\/#Is_CBSE_releasing_the_answer_key_for_2023\" title=\"Is CBSE releasing the answer key for 2023?\">Is CBSE releasing the answer key for 2023?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>This section focuses on key Past Adjustments in partnership accounts and the Guarantee of Profits to partners. These concepts are crucial for Class 12 CBSE Accountancy and frequently appear in exams.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Important_Topics\"><\/span>Important Topics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><strong>Past Adjustments in Partnership<\/strong>:\n<ul>\n<li>Adjustments due to errors in the previous year&#8217;s profit distribution.<\/li>\n<li>Calculation methods for interest, salary, or share of profits.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Guarantee of Profits to Partners<\/strong>:\n<ul>\n<li>Scenarios where a partner is guaranteed a fixed amount of profit.<\/li>\n<li>Steps to adjust profits among partners.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p>The Class 12 Accountancy important questions are made by experts based on the latest CBSE books. It&#8217;s a good idea for students to go through these chapter-wise questions and answers. Doing this can really improve their marks in the upcoming board exams.<\/p>\n<p style=\"text-align: center;\"><strong>Also Check: <a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-syllabus\/\" target=\"_blank\" rel=\"noopener\">CBSE Syllabus 2024<\/a><\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter wp-image-698906 size-large\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/02\/CBSE-6-1024x577.jpg\" alt=\"Important Questions for CBSE Class 12 Accountancy \" width=\"640\" height=\"361\" srcset=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/02\/CBSE-6-1024x577.jpg 1024w, https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/02\/CBSE-6-300x169.jpg 300w, https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/02\/CBSE-6-768x433.jpg 768w, https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/02\/CBSE-6-1536x865.jpg 1536w, https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/02\/CBSE-6.jpg 1640w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"CBSE_Class_12_Important_Questions_for_Accountancy_Chapter_wise\"><\/span>CBSE Class 12 Important Questions for Accountancy : Chapter wise<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Volume 1<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered table-striped\" cellspacing=\"0\" cellpadding=\"5\">\n<tbody>\n<tr style=\"background-color: #89cff0; color: black;\">\n<td style=\"text-align: center;\"><strong>Class 12 Solutions <\/strong><\/td>\n<\/tr>\n<tr>\n<td>Chapter 1- Company Accounts Financial Statements of Not-for-Profit Organizations<\/td>\n<\/tr>\n<tr>\n<td>Chapter 2- Accounting for Partnership Firms- Fundamentals<\/td>\n<\/tr>\n<tr>\n<td>Chapter 3- Goodwill- Nature and Valuation<\/td>\n<\/tr>\n<tr>\n<td>Chapter 4- Change in Profit \u2013 Sharing Ratio Among the Existing Partners<\/td>\n<\/tr>\n<tr>\n<td>Chapter 5- Admission of a Partner<\/td>\n<\/tr>\n<tr>\n<td>Chapter 6- Retirement\/Death of a Partner<\/td>\n<\/tr>\n<tr>\n<td>Chapter 7- Dissolution of Partnership Firm<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Volume 1<\/strong><\/p>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered table-striped\" style=\"width: 53.4922%;\" cellspacing=\"0\" cellpadding=\"5\">\n<tbody>\n<tr style=\"background-color: #89cff0; color: black;\">\n<td style=\"width: 100%; text-align: center;\"><strong>Class 12 Solutions <\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\">Chapter 8- Accounting for Share Capital<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\">Chapter 9- Issue of Debentures<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\">Chapter 10- Redemption of Debentures<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"text-align: center;\"><button style=\"width: 50%;\"><a class=\"btn btn-primary\" href=\"https:\/\/infinitylearn.com\/online-mock-tests?utm_source=surge&amp;utm_medium=interlinking\"><strong>Free Online Mock Tests For IIT-JEE, NEET And CBSE Exams<\/strong><\/a><\/button><\/p>\n<p><strong>1. Past Adjustments<\/strong> Sometimes, after the final accounts of a firm have been closed, it is found that certain matters have been left out by mistake. In such cases, instead of altering the final accounts which have already been closed, the firm rectifies the error or omission by passing an adjustment entry in the beginning of the financial year. Such adjustments are called past adjustments as they relate to past period.<\/p>\n<p>Steps to pass adjusting journal entry:<\/p>\n<ol>\n<li><strong>Step 1<\/strong> Calculate the amount already recorded.<\/li>\n<li><strong>Step 2<\/strong> Calculate the amount which should have been recorded.<\/li>\n<li><strong>Step 3<\/strong> Calculate the difference between Step 1 and Step 2.<\/li>\n<li><strong>Step 4<\/strong> Find out the partner who received excess and the partner who received short.<\/li>\n<li><strong>Step 5<\/strong> Pass the adjusting journal entry by debiting the partner who received excess and by crediting the partner who received short.<\/li>\n<\/ol>\n<p><strong>2. Guarantee<\/strong> A partner may be admitted into the firm with a guarantee of minimum profit, which means that if his share of profit is less than that of guaranteed profit, then he would be paid the guaranteed share of profit.<\/p>\n<p>The deficiency (difference between guaranteed profit and actual profit) is borne by partner or partners who have guaranteed the profit in agreed ratio.<br \/>\nDifferent conditions regarding guarantee of profit are:<\/p>\n<p>(i) Guarantee by the firm to a partner.<\/p>\n<p>(ii) Guarantee by one partner to another partner.<\/p>\n<p>(iii) Guarantee given by the partner to the firm.<\/p>\n<p>(iv) Simultaneous guarantee by the firm to the partner and by the partner to the firm.<\/p>\n<p><strong>Steps Involved in the Distribution of Profits under Guarantee <\/strong><\/p>\n<p><strong>Arrangement<\/strong><\/p>\n<p><strong>Step 1<\/strong> Calculate the actual share of profit\/loss of guaranteed partner.<\/p>\n<p><strong>Step 2<\/strong> Calculate the guaranteed amount.<\/p>\n<p><strong>Step 3<\/strong> Calculate the amount of deficiency<\/p>\n<p>Deficiency = Guaranteed Amount \u2013 Actual Share of Profit<\/p>\n<p><strong>Step 4<\/strong> Distribute the deficiency among the guaranteeing partners in their guaranteeing ratio.<\/p>\n<p><strong>Step 5<\/strong> Distribute the actual profits\/losses among all the partners in their profit sharing ratio as if there is no guarantee arrangement.<\/p>\n<p><strong>Step 6<\/strong> Recover share of deficiency (as per step 3) from the guaranteeing partners and give credit for the same to guaranteed partner.<\/p>\n<p style=\"text-align: center;\"><button style=\"width: 50%;\"><a class=\"btn btn-primary\" href=\"https:\/\/infinitylearn.com\/one-stop-solutions-for-school-prep?utm_source=surge&amp;utm_medium=interlinking\"><strong>One Stop Solutions for School Preparation<\/strong><\/a><\/button><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered table-striped\" style=\"width: 57.948%;\" cellspacing=\"0\" cellpadding=\"5\">\n<tbody>\n<tr style=\"background-color: #89cff0; color: black;\">\n<td style=\"text-align: center; width: 122.484%;\" colspan=\"2\" align=\"left\"><b>Related Link<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 54.8667%;\" align=\"left\"><a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-class-12-physical-education-syllabus\/\" target=\"_blank\" rel=\"noopener\"><strong>CBSE Class 12 Physical Education Syllabus<\/strong><\/a><\/td>\n<td style=\"width: 67.6175%; text-align: left;\" align=\"right\"><a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-class-12-physics-syllabus\/\" target=\"_blank\" rel=\"noopener\"><strong>CBSE Class 12 Physics Syllabus<\/strong><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 54.8667%;\" align=\"left\"><a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-class-12-chemistry-syllabus\/\" target=\"_blank\" rel=\"noopener\"><strong>CBSE Class 12 Chemistry <\/strong><strong>Syllabus<\/strong><\/a><\/td>\n<td style=\"width: 67.6175%; text-align: left;\" align=\"right\"><a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-class-12-math-syllabus\/\" target=\"_blank\" rel=\"noopener\"><strong>CBSE Class 12 Math Syllabus<\/strong><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 54.8667%;\" align=\"left\"><a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-class-12-biology-syllabus\/\" target=\"_blank\" rel=\"noopener\"><strong>CBSE Class 12 Biology Syllabus<\/strong><\/a><\/td>\n<td style=\"width: 67.6175%; text-align: left;\" align=\"right\"><a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-class-12-english-syllabus\/\" target=\"_blank\" rel=\"noopener\"><strong>CBSE Class 12 English Syllabus<\/strong><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 54.8667%;\" align=\"left\"><a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-class-12-computer-science-syllabus\/\" target=\"_blank\" rel=\"noopener\"><strong>CBSE Class 12 Computer Science Syllabus<\/strong><\/a><\/td>\n<td style=\"width: 67.6175%; text-align: left;\" align=\"right\"><a href=\"https:\/\/infinitylearn.com\/surge\/cbse\/cbse-class-12-hindi-syllabus\/\" target=\"_blank\" rel=\"noopener\"><strong>CBSE Class 12 Hindi Syllabus<\/strong><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Previous_Years_Examination_Questions\"><\/span>Previous Years Examination Questions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>3 Marks Questions<\/strong><\/p>\n<p><strong>Q1. Mukesh and Ramesh are partners sharing profits and losses in the ratio of 2 : 1 respectively. They admit Rupesh as a partner with 1\/4 share in profits with a guarantee that his share of profit shall be atleast Rs 55,000. The net profit of the firm for the year ending 31st March, 2013 was Rs. 1,60,000. Prepare profit and loss appropriation account.  <\/strong><br \/>\n<strong>(Compartment 2014)<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/25075976836_6203216a56_o.png\" alt=\"CBSE Class 12 Accountancy\" width=\"695\" height=\"530\" \/><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24984126232_5c988bbf88_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-3m-1.2\" width=\"705\" height=\"121\" \/><\/p>\n<p style=\"text-align: center;\"><button style=\"width: 50%;\"><a class=\"btn btn-primary\" href=\"https:\/\/infinitylearn.com\/neet-class-12-online-course?utm_source=surge&amp;utm_medium=interlinking\"><strong>Enroll Now to NEET Class 12 Course<\/strong><\/a><\/button><\/p>\n<p><strong>Q2. Mona, Nisha and Priyanka are partners in a firm. They contributed Rs. 50,000 each as capital three years ago. At that time, Priyanka agreed to look after the business as Mona and Nisha were busy. The profits for the past three years were Rs. 15,000, Rs. 15,000 and Rs. 50,000 respectively. While going through the books of accounts, Mona noticed that the profit had been distributed in the ratio of 1 : 1 : 2. When she enquired from Priyanka about this, Priyanka answered that since she looked after the business she should get more profit. Mona disagreed and it was decided to distribute profit equally retrospectively for the last three years.<br \/>\n<strong>(i) You are required to make necessary correction in the books of accounts of Mona, Nisha and Priyanka by passing an adjustment entry.<\/strong><br \/>\n<strong>(ii) Identify the value which was not practised by Priyanka while distributing profits<\/strong><\/strong><\/p>\n<p><strong><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24984126062_1c136d216e_o.png\" alt=\"CBSE Class 12 Accountancy\" width=\"693\" height=\"292\" \/><br \/>\n<\/strong><\/p>\n<p><strong>(ii) Value not practised by Priyanka while distributing profits is (Any one)<br \/>\n<em>(a)   <\/em><strong>Honesty<\/strong> Priyanka has not shown honesty towards co-partners by not distributing profits as per the provision of Partnership Act.<br \/>\n<em>(b)   <\/em><strong>Transparency<\/strong> Priyanka has not shown transparency while distributing profits as per her wish and not communicating the same to other partners.<br \/>\n<em>(c)   <\/em><strong>Equity<\/strong> Priyanka has not shown equity in profit distribution.<br \/>\n<em>(d)  <\/em><strong>Team work<\/strong> Priyanka has not shown team work by hiding profit sharing ratio from other partners.<\/strong><\/p>\n<p><strong>Q3. Mohan, Neeraj and Peeyush are partners in a firm. They contributed Rs. 75,000 each as capital three years ago. At that time, Peeyush agreed to look after the business as Mohan and Neeraj were busy. The profits for the past three years were Rs. 45,000, Rs. 30,000 and Rs. 60,000 respectively. While going through the books of accounts, Mohan noticed that profit had been distributed in 1 : 1 : 2 ratio. When he enquired from Peeyush about this, Peeyush answered that since he looked after the business he should get more profit. Mohan disagreed and it was decided to distributed profits equally with respectively effect for the last three years.<\/strong><\/p>\n<p><strong>(i) You are required to make necessary corrections in the books of accounts of Mohan, Neeraj and Peeyush by passing an adjustment entry.<\/strong><\/p>\n<p><strong>(ii) Identify the value which is being ignored by Peeyush. <\/strong><strong>(All India 2013; VBQ)<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24471625454_b281caf706_o.png\" alt=\"CBSE Class 12 Accountancy Past Adjustments\" width=\"692\" height=\"342\" \/><br \/>\n(ii) Value not followed by Peeyush while distributing profits is (Any one)<\/p>\n<p>(a) <strong>Honesty<\/strong> Peeyush has not shown honesty towards co-partners by not distributing profits as per Partnership Act.<\/p>\n<p>(b) <strong>Transparency<\/strong> Peeyush has not shown transparency while distributing profits as per his wish and not communicating the same to other partners.<\/p>\n<p>(c) <strong>Equity<\/strong> Peeyush has not shown equity in profits distribution.<\/p>\n<p>(d)<strong> Team work<\/strong> Peeyush has not shown team work by hiding profit sharing ratio from other partners.<\/p>\n<p style=\"text-align: center;\"><button style=\"width: 50%;\"><a class=\"btn btn-primary\" href=\"https:\/\/infinitylearn.com\/jee-class-12-online-course?utm_source=surge&amp;utm_medium=interlinking\"><strong>Enroll Now to JEE Class 12 Course<\/strong><\/a><\/button><\/p>\n<p><strong>4 Marks Questions<\/strong><\/p>\n<p><strong>4. P<span style=\"font-size: 13.3333px; line-height: 20px;\">,<\/span>Q and R are partners sharing profits in the ratio of 3 : 2 : 1. However, R is guaranteed Rs. 20,000 as his share of profits every year. Deficiency if any would be borne by the other partners. The profits for the two years ending 31st March, 2008 and 31st March, 2009 had been Rs. 75,000 and Rs. 80,000 respectively. Show the profit and loss appropriation account for the two years.<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24475449453_2886c79d56_o.png\" alt=\"CBSE Class 12 Accountancy Past Adjustments\" width=\"697\" height=\"202\" \/><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24984125122_fab7b6ac03_o.png\" alt=\"CBSE Class 12 Accountancy Past Adjustments\" width=\"692\" height=\"600\" \/><br \/>\n<strong>Q5. A and B are partners in a firm sharing profit and losses in the ratio of 3 : 2. The following was the balance sheet of the firm as at 31st March, 2010.<br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/25009020711_7ddbbeeb0d_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-4m-5.1\" width=\"679\" height=\"163\" \/><br \/>\n<strong>The profits Rs. 30,000 for the year ended 31st March, 2010 were divided between the partners without allowing interest on capital @ 12% per annum and salary to A @ Rs. 1,000 per month. During the year, A withdrew Rs. 10,000 and B Rs. 20,000.<\/strong><br \/>\n<strong>Pass the necessary adjustment journal entry and show your working clearly. <\/strong><strong>(Delhi 2011)<\/strong><\/strong><\/p>\n<p><strong><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24806698870_23c7d1bf4b_o.png\" alt=\"CBSE Class 12 Accountancy Past Adjustments\" width=\"693\" height=\"437\" \/><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24806698490_4cbef7ab1d_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-4m-5.3\" width=\"690\" height=\"233\" \/><\/strong><\/p>\n<p><strong>Q6. A, B<span style=\"font-size: 13.3333px; line-height: 20px;\">,<\/span> C and D are partners sharing profits and losses in the ratio of 4 : 3 : 3 : 2. Their respective fixed capitals on 31st March, 2010 were Rs. 60,000, Rs. 90,000, Rs. 1,20,000 and Rs. 90,000 respectively. After preparing the final accounts for the year ended 31st March, 2010, it was discovered that interest on capital @ 12% per annum was not allowed and interest on drawings amounting to Rs. 2,000, Rs. 2,500, Rs. 1,500 and Rs. 1,000 respectively was also not charged.<\/strong><br \/>\n<strong>Pass the necessary adjustment journal entry showing your working clearly. <\/strong><strong>(All India 2011)<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24734637819_6968bd4580_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-4m-6\" width=\"693\" height=\"433\" \/><br \/>\n<strong>Q7. A, B and C were partners in a firm. On 1st April, 2008, their fixed capitals stood at Rs. 50,000, Rs. 25,000 and Rs. 25,000 respectively.<\/strong><br \/>\n<strong>As per the provisions of the partnership deed<\/strong><\/p>\n<p><strong>(i) B was entitled for a salary of Rs. 5,000 per annum.<\/strong><\/p>\n<p><strong>(ii) All the partners were entitled to interest on capital at 5% per annum.<br \/>\n<\/strong><\/p>\n<p><strong><strong>(iii) Profits were to be shared in the ratio of capitals.<\/strong><br \/>\n<\/strong><\/p>\n<p><strong><strong>The net profit for the year ending 31st March, 2009 of Rs. 33,000 and 31st March, 2010 of Rs. 45,000 was divided equally without providing for the above terms.<\/strong><br \/>\n<strong>Pass an adjustment journal entry to rectify the above error. (All India 2011)<\/strong><\/strong><\/p>\n<p><strong><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/25102307505_e8be9f97df_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-4m-7.1\" width=\"695\" height=\"169\" \/><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24471622684_750f3e47d8_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-4m-7.2\" width=\"673\" height=\"519\" \/><br \/>\n<\/strong><\/p>\n<p style=\"text-align: center;\"><a class=\"btn btn-primary\" href=\"https:\/\/infinitylearn.com\/previous-year-papers?utm_source=surge&amp;utm_medium=interlinking\"><button><strong>IIT-JEE &amp; NEET Previous Year Papers<\/strong><\/button><\/a><\/p>\n<p><strong><strong>Q8. A, B and C were partners. Their capitals were Rs. 30,000, Rs. 20,000 and Rs. 10,000 respectively. According to the partnership deed, they were entitled to interest on capital @ 5% per annum. In addition, B was also entitled to draw a salary of Rs. 500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capitals but before charging the salary payable to B. The net profits for the year were Rs. 30,000 distributed in the ratio of their capitals without providing for any of the above adjustments. The profits were to be shared in the ratio of 2 : 2 :1. Pass the necessary adjustment entry showing the working clearly. (Delhi 2010)<\/strong><\/strong><\/p>\n<p><strong><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24806697210_7d26c726cb_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-4m-8.1\" width=\"695\" height=\"159\" \/><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24471622174_fe3b22a9d5_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-4m-8.2\" width=\"690\" height=\"316\" \/><\/strong><\/p>\n<p><strong>Q9. Ravi and Mohan were partners in a firm sharing profits in the ratio of <strong>7 : 5. Their respective fixed capitals were Ravi Rs. 10,00,000 and Mohan Rs. 7,00,000.<\/strong><br \/>\n<strong>The partnership deed provided for the following<\/strong><br \/>\n<\/strong><\/p>\n<p><strong><strong>(i) Interest on capital @ 12% per annum.<\/strong><br \/>\n<\/strong><\/p>\n<p><strong><strong>(ii) Ravi\u2019s salary Rs. 6,000 per month and Mohan\u2019s salary Rs. 60,000 per year.<\/strong><br \/>\n<\/strong><\/p>\n<p><strong><strong>The profit for the year ended 31st March, 2007 was Rs. 5,04,000 which was distributed equally, without providing for the above. Pass an adjustment entry. <\/strong><strong>(Delhi 2008)<\/strong><\/strong><\/p>\n<p><strong><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/25075972146_687b34e1f8_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-4m-9\" width=\"695\" height=\"412\" \/><br \/>\nQ10. R and S were partners in a firm sharing profits in the ratio of 3 : 2. Their respective fixed capitals were R Rs. 10,00,000 and S Rs. 15,00,000. The partnership deed provided the following<br \/>\n<\/strong><\/p>\n<p><strong>(i) Interest on capital @ 10% per annum.<br \/>\n<\/strong><\/p>\n<p><strong>(ii) Interest on drawings @ 12% per annum.<br \/>\n<\/strong><\/p>\n<p><strong>During the year ended 31st March, 2007, R\u2019s drawings were Rs. 1,000 per month drawn at the end of every month and S\u2019s drawings were Rs. 2,000 per month drawn in the beginning of the every month. After the preparation of final accounts for the year ended 31st March, 2007, it was discovered that interest on R\u2019s drawings were not taken into consideration.<br \/>\n<\/strong><\/p>\n<p><strong>Calculate interest on R\u2019s drawings and give necessary adjustment entry for the<br \/>\nThe profit for the year ended 31st March, 2007 was Rs. 2,78,000. Which was distributed equally without treating the above adjustments.<\/strong><\/p>\n<p><strong><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24806696100_c17208eb0c_o.png\" alt=\"journal\" width=\"700\" height=\"390\" \/><\/strong><\/p>\n<p><strong>Q11. Kumar and Raja were partners in a firm sharing profits in the ratio of 7 : 3. Their fixed capitals were Kumar ? 9,00,000 and Raja ? 4,00,000. The partnership deed provided for the following but the profit for the year was distributed without providing for:<\/strong><\/p>\n<p><strong>(i) Interest on capital @ 9% per annum.<\/strong><\/p>\n<p><strong>(ii) Kumar\u2019s salary Rs. 50,000 per year and Raja\u2019s salary Rs. 3,000 per month. <\/strong><strong>Pass the adjustment entry.        (All India 2008)<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/25102305315_86f8d9dfc2_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-4m-11\" width=\"690\" height=\"410\" \/><br \/>\n<strong>Q12. A, B and C were partners in a firm. They had no partnership deed. They had been in business for 4 years and their profit and loss for this period was, year ended March 2004 Rs. 39,000, March 2005 Rs. 54,000, March 2006 Rs. 18,000 (loss) and March 2007 Rs. 75,000. During the year 2007-08, they agreed to share profits and losses in the ratio of 2 : 2 : 1 with retrospective effect from the year 2003-04. It was also decided that an interest (charge) of 5% per annum was to be provided on capitals (fixed). Their capitals were Rs. 80,000, Rs. 60,000 and Rs. 60,000 respectively. Pass a single adjustment entry to adjust the capital accounts of the partners. (All India 2008)<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/25075970576_85dd9d5932_o.png\" alt=\"journal \" width=\"689\" height=\"223\" \/><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24475444063_b857691f12_o.png\" alt=\"caluclation of amount to be adjusted\" width=\"684\" height=\"277\" \/><\/p>\n<p><strong>6 Marks Questions<\/strong><\/p>\n<p><strong>Q13. Seema, Tanuja and Tripti were partners in a firm trading in garments. They were sharing profits in the ratio of 5 : 3 : 2. Their capitals on 1st April, 2012 were Rs. 3,00,000, Rs. 4,00,000 and Rs. 8,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally.<\/strong><br \/>\n<strong>For this, Seema withdrew Rs. 20,000 from the firm on 15th September, 2012. On the same date, Tanuja instead of withdrawing cash from the firm, took garments amounting to Rs. 24,000 from the firm and distributed those to the flood victims. On the other hand, Tripti withdrew Rs. 2,00,000 from her capital on 1st January, 2013 and provided a mobile medical van in the flood affected area.<\/strong><br \/>\n<strong>The partnership deed provides for charging interest on drawings @ 6% per annum. After the final accounts were prepared, it was discovered that interest on drawings had not been charged. Give the necessary adjusting journal entry and show the working notes clearly. Also, state any two values which the partners wanted to communicate to the society.    (Modified; All India 2014)<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24471619224_36a100d781_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-6m-13.1\" width=\"693\" height=\"152\" \/><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24471619084_2daaca9624_o.png\" alt=\"statement for adjustment\" width=\"688\" height=\"335\" \/><br \/>\n<strong>The values which partners wanted to communicate to the society are<\/strong><\/p>\n<p>(i) <strong>Concern and care towards flood victims<\/strong> By donating garments and providing medical facilities to the flood victims partners have shown care and concern towards them.<\/p>\n<p>(ii) <strong>Doing your best and compassion<\/strong> Partners have done their best and have shown compassionate behaviour by helping the flood victims.<\/p>\n<p><strong>NOTE<\/strong> It has been assumed that Tanuja has made drawings on the same date as of Seema.<\/p>\n<p><strong>Q14. A, B and C were partners. They started business in one of the remote tribal areas of Odisha. They were interested in the development of the tribal community by providing good education and health.<\/strong><br \/>\n<strong>On 31st March, 2013, after making adjustments for profits and drawings their capitals were A \u2013 Rs. 4,00,000, B \u2013 Rs. 3,00,000 and C  Rs. 2,00,000. The drawings of the partners were A \u2013 Rs. 4,000 per month, B \u2013 Rs. 3,000 per month and C \u2013 Rs. 2,000 per month.<\/strong><br \/>\n<strong>The profit of the firm for the year ended 31st March, 2013 was ? 6,00,000. Subsequently it was found that the interest on capital @ 6% per annum due, had been omitted.<\/strong><br \/>\n<strong>Showing your working notes clearly, pass necessary adjustment entry for the above. Also, identify any two values highlighted in the above question.<\/strong><br \/>\n<strong>(Compartment 2014)<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24806694140_e512abc6a3_o.png\" alt=\"important-questions-for-class-12-accountancy-cbse-past-adjustments-and-guarantee-of-profits-to-a-partner-tp5-6m-14.1\" width=\"694\" height=\"139\" \/><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/25009015381_b87542a875_o.png\" alt=\"adjustment table\" width=\"697\" height=\"507\" \/><br \/>\n<strong>Values highlighted in the above question are<\/strong><\/p>\n<p>(i) Development of remote tribal area, by providing employment opportunities.<\/p>\n<p>(ii) Equity, even though capital contributions are unequal, still the partners are sharing profits equally, thereby promoting harmony and brotherhood.<\/p>\n<p><strong>Q15. A, B and C were partners in a firm. On 1st April, 2012 their capitals stood as Rs. 5,00,000; Rs. 2,50,000 and Rs. 2,50,000 respectively.<\/strong><br \/>\n<strong>As per provisions of the partnership deed<\/strong><\/p>\n<p><strong>(i) C was entitled for a salary of Rs. 5,000 per month.<\/strong><\/p>\n<p><strong>(ii) A was entitled for a commission of Rs. 80,000 per annum.<\/strong><\/p>\n<p><strong>(iii) Partners were entitled to interest on capital @ 6% per annum.<\/strong><\/p>\n<p><strong>(iv) Partners will share profits in the ratio of capitals.<\/strong><\/p>\n<p><strong>Net profit for the year ended 31st March, 2013 was Rs. 3,00,000 which was distributed equally, without taking into consideration the above provisions. Showing your working clearly, pass necessary adjustment entry for the above. (Compartment 2014)<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/25009014781_4e5361de66_o.png\" alt=\"Adjustments entry\" width=\"699\" height=\"537\" \/><br \/>\n<img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24806692930_86d5c99173_o.png\" alt=\"CBSE Class 12 Accountancy Past Adjustments\" width=\"686\" height=\"160\" \/><\/p>\n<p><strong>Q16. Ali, Bimal and Deepak are partners in a firm. On 1st April, 2011 their capital accounts stood at Rs. 4,00,000, Rs. 3,00,000 and Rs. 2,00,000 respectively. They shared profits and losses in the ratio of 5 :3 : 2 respectively. Partners are entitled to interest on capital @ 10% per annum and salary to Bimal and Deepak @ 12,000 per month and Rs. 3,000 per quarter respectively as per the provisions of the partnership deed.<\/strong><br \/>\n<strong>Bimal\u2019s share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of Rs. 50,000 per annum. Any deficiency arising on that account shall be met by Deepak. The profits of the firm for the year ended 31st March, 2012 amount to Rs.  2,00,000. Prepare profit and loss appropriation account for the year ended on 31st March, 2012. (Delhi 2013)<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/24734631589_21c8d5d9df_o.png\" alt=\"profit and loss account\" width=\"695\" height=\"567\" \/><\/p>\n<p><strong>Q17. Anwar, Biswas and Divya are partners in a firm. Their capital accounts stood at Rs. 8,00,000, Rs. 6,00,000 and Rs. 4,00,000 respectively on 1st April, 2011. They shared profits and losses in the ratio of 3 : 2 :1 respectively. Partners are entitled to interest on capital @ 6% per annum and salary to Biswas and Divya @ Rs. 4,000 per month and Rs. 6,000 per quarter respectively as per the provisions of partnership deed.<\/strong><br \/>\n<strong>Biswas\u2019s share of profit (including interest on capital but excluding salary) is guaranteed at a minimum of ?82,000 per annum. Any deficiency arising on that account shall be met by Divya. The profits for the year ended 31st March, 2012 amounted to Rs. 3,12,000. Prepare profit and loss appropriation account for the year ended 31st March,2012.  (Deihi 2013)<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/25102301725_b52d4d0216_o.png\" alt=\"profit and loss appropriation account\" width=\"693\" height=\"610\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Important_Questions_for_CBSE_Class_12_Accountancy_FAQs\"><\/span>Important Questions for CBSE Class 12 Accountancy FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t<section class=\"sc_fs_faq sc_card \">\n\t\t\t<div>\n\t\t\t\t<h3><span class=\"ez-toc-section\" id=\"Was_Class_10_maths_paper_tough_in_2023\"><\/span>Was Class 10 maths paper tough in 2023?<span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t<p>\n\t\t\t\t\t\tThe difficulty of the Class 10 maths paper in 2023 varied for different students.\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"sc_fs_faq sc_card \">\n\t\t\t<div>\n\t\t\t\t<h3><span class=\"ez-toc-section\" id=\"How_was_CBSE_maths_paper_2023\"><\/span>How was CBSE maths paper 2023?<span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t<p>\n\t\t\t\t\t\tThe CBSE maths paper in 2023 had mixed opinions on its difficulty.\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"sc_fs_faq sc_card \">\n\t\t\t<div>\n\t\t\t\t<h3><span class=\"ez-toc-section\" id=\"Will_CBSE_2023_be_easy_for_Class_10\"><\/span>Will CBSE 2023 be easy for Class 10?<span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t<p>\n\t\t\t\t\t\tThe ease of CBSE exams in 2023 for Class 10 varied across subjects.\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"sc_fs_faq sc_card \">\n\t\t\t<div>\n\t\t\t\t<h3><span class=\"ez-toc-section\" id=\"How_was_the_Class_10_maths_paper_in_2023\"><\/span>How was the Class 10 maths paper in 2023?<span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t<p>\n\t\t\t\t\t\tThe Class 10 maths paper in 2023 had differing opinions regarding its level of difficulty.\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"sc_fs_faq sc_card \">\n\t\t\t<div>\n\t\t\t\t<h3><span class=\"ez-toc-section\" id=\"Is_CBSE_releasing_the_answer_key_for_2023\"><\/span>Is CBSE releasing the answer key for 2023?<span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t<p>\n\t\t\t\t\t\tCBSE's release of the answer key for exams in 2023 varied and wasn't consistent for all subjects.\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\n<script type=\"application\/ld+json\">\n\t{\n\t\t\"@context\": \"https:\/\/schema.org\",\n\t\t\"@type\": \"FAQPage\",\n\t\t\"mainEntity\": [\n\t\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"Was Class 10 maths paper tough in 2023?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"The difficulty of the Class 10 maths paper in 2023 varied for different students.\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"How was CBSE maths paper 2023?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"The CBSE maths paper in 2023 had mixed opinions on its difficulty.\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"Will CBSE 2023 be easy for Class 10?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"The ease of CBSE exams in 2023 for Class 10 varied across subjects.\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"How was the Class 10 maths paper in 2023?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"The Class 10 maths paper in 2023 had differing opinions regarding its level of difficulty.\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"Is CBSE releasing the answer key for 2023?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"CBSE's release of the answer key for exams in 2023 varied and wasn't consistent for all subjects.\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t\t\t\t]\n\t}\n<\/script>\n\n","protected":false},"excerpt":{"rendered":"<p>This section focuses on key Past Adjustments in partnership accounts and the Guarantee of Profits to partners. These concepts are [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"Important Questions for CBSE Class 12 Accountancy","_yoast_wpseo_title":"Important Questions for Class 12 Accountancy: Past Adjustments and Guarantee of Profits","_yoast_wpseo_metadesc":"Get Important Questions for CBSE Class 12 Accountancy Past Adjustments and Guarantee of profits to a partner on Infinity Learn.","custom_permalink":"cbse-important-questions\/class-12\/accountancy\/important-questions-for-cbse-class-12-accountancy-past-adjustments-and-guarantee-of-profits-to-a-partner\/"},"categories":[3325,93],"tags":[7950,7949,7954,7948,7951,7953,7945,7952,7947,7946],"table_tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Important Questions for Class 12 Accountancy: 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