Maharashtra Board Class 12th Solutions for Accountancy Chapter 5 Reconstitution of Partnership Death of Partner – Download PDF with Solutions
Students of Maharashtra Board Class 12 Commerce have an important chapter included in their Accountancy syllabus. The chapter titled ‘Reconstitution of Partnership Death of a Partner’ is, no doubt, an essential chapter for the students. In this chapter, students can learn about the conditions and adjustments that are made to a partnership in case one of the partners dies. To understand the chapter in more detail, download the notes provided by Vedantu for this chapter.
For students who seek some help in gaining a proper idea about the concepts in this chapter, there are notes and solutions provided by Vedantu. The solutions will guide the students through the important contents in the chapter and give them good foundational knowledge about it. Vedantu experts have managed to create reliable solutions for the exercise questions in order to make the learning process easier for students. Download Maharashtra Board 12th Textbook Solutions Chapter 5 Reconstitution of Partnership Death of Partner for learning assistance.
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FAQs on Maharashtra Board Class 12 Solutions for Accountancy Chapter 5 Reconstitution of Partnership Death of Partner
1. What happens when a partner dies in a partnership?
The person will cease to become a partner in the firm, and hence it will be considered a compulsory retirement.
2. What happens to the profit-sharing ratio after the death of a partner?
There is a new profit-sharing ratio between the existing partners after the death of one of the partners. The profit sharing of the deceased partner is then divided amongst the remaining partners.
3. Where is the General Reserve transferred to after the death of a partner?
The general reserve is transferred to the capital accounts of the partners in the old profit sharing ratio.
4. What does the Benefit Ratio mean?
The ratio by which the remaining partners are benefitted from the death of a partner is called the Benefit Ratio.
5. On which side of the balance sheet is the Profit and Loss Suspense Account shown?
The Profit and Loss Suspense account is shown on the Assets side of the balance sheet.