Maharashtra Board Class 12th Solutions for Accountancy Chapter 3 Reconstitution of Partnership Admission of Partner – Download PDF with Solutions
Accountancy is a tricky subject and students of Maharashtra Board Class 12 can attest to this fact. Amongst the many chapters included in their syllabus, Reconstitution of Partnership Admission of Partner is one of the most important for sure. This chapter entails all the information about changes made in a partnership after the addition of a new partner. Students can get a firm grip over the chapter by practising all the exercise questions in the chapter.
If you are facing any issues while solving the questions related to the chapter, Vedantu is offering solutions for students who need some help. The experts of Vedantu have aimed to provide the students of Maharashtra Board Class 12 with proper information and resources for their exam preparation. Download Reconstitution of Partnership (Admission of Partner) notes from Vedantu, and you can start your preparation easily.
Maharashtra Board Class 12 Solutions for Accountancy Chapter 3 Reconstitution of Partnership Admission of Partner - PDF will be uploaded soon
Importance of Maharashtra Board Accountancy Class 12 Chapter 3
Reconstitution of Partnership Admission of Partner is, without a doubt, one of the most significant chapters included in the Accountancy syllabus for MSBSHSE Class 12 students. Aside from the important concepts of the chapter, students can also learn from the solutions provided by Vedantu’s subject matter experts for the exercise questions.
In the chapter, students will learn the meaning of ways of reconstituting a partnership and the different methods that can help in the process. Also, they will learn about the need for admission of a partner in a particular partnership. The chapter provides information about the adjustments that are made due to the inclusion of a new partner.
Studying the chapter in further detail will enable students to calculate the new profit sharing and sacrifice ratios when a new partner is added. Apart from that, they will learn the methods of goodwill valuation and the treatment of goodwill as well.
The chapter also provides important information about the accounting treatment of accumulated profits or losses. Students will make necessary adjustments for the revaluation of liabilities and assets. They can learn about adjusting the capital of the partnerships according to the new profit-sharing ratio.
These concepts and conditions have been explained with the help of examples and definitions in the chapter. By downloading the Class 12th Accounts Chapter 3 Solutions Reconstitution of Partnership Admission of Partner PDF, students can understand the chapter easily.
Benefits of MSBSHSE Class 12 Accountancy Chapter 3 Solutions
The solutions for this chapter have been created by the best teaching experts at Vedantu. These learned experts are well-versed in the contents related to the chapter and also in the syllabus of the Maharashtra Board. Hence, the solutions will provide a crisp and comprehensive understanding of the chapter to students.
By repeatedly practising the solutions, students will understand all the concepts of the chapter. This will help them in tackling other complicated questions related to the topics in the chapter.
In case there are any doubts about the exercise questions, students can refer to these solutions and clarify their doubts very easily. They can revise their answers to see where the mistakes are and rectify them as well.
Start Your Prep With MSBSHSE Class 12 Accountancy Chapter 3 Solutions
Download the PDF of Maharashtra State Board 12th Book Keeping & Accountancy Solutions Chapter 3 Reconstitution of Partnership Admission of Partner and get detailed insights about the concepts explained in the chapter. You can easily prepare for your exams with these resources.
FAQs on Maharashtra Board Class 12 Solutions for Accountancy Chapter 3 Reconstitution of Partnership Admission of Partner
1. What happens with the admission of a new partner?
The old partnership agreement will end when a new partner is added, and a new agreement with new terms is created.
2. When can a new partner be added to a firm?
According to the Indian Partnership Act, 1932, a new partner can be added when the agreement states so and when the other partners agree to the admission.
3. What rights are provided to a newly admitted partner?
The new partner has rights to profit-sharing as well as the new assets of the firm.
4. Define the New Profit Sharing Ratio.
The new profit sharing ratio is the ratio by which the profits and losses of the firm will be shared by the existing as well as the new partner.
5. Where is the General Reserve transferred to with the admission of a new partner?
With the admission of a new partner, the General Reserve in that case is transferred to the capital accounts of the old partners.