Solution 22 of cbse sample Paper 2025-26 | Accountancy Class 12 ‪@sethsaccountancytricks‬

Solution 22 of cbse sample Paper 2025-26 | Accountancy Class 12 ‎⁨@sethsaccountancytricks⁩  22. Amit, Sumit and Pulkit were partners sharing Profit &Loss in the ratio 5:3:2. Their Capitals were ₹ 8,00,000; ₹ 7,00,000 and ₹ 5,00,000 respectively. According to Partnership Deed:- (a) Interest on Capital @ 10% p.a. (b) Salary to Amit ₹ 10,000 p.m and Pulkit ₹ 15,000 per quarter. (c) Commission to Sumit ₹ 70,000. (d) Sumit was being guaranteed that his share of profits will not be less than ₹ 65,000. Deficiency if any will be borne by Amit and Pulkit equally. Ignoring the above terms the profits of ₹ 6,00,000, for the year ended March 31, 2025 were divided equally between partners. You are required to pass necessary adjustment entry. Show your workings clearly.