NCERT Solutions for Class 12 Accountancy Chapter 3 - Reconstitution of a Partnership Firm: Admission of a Partner

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Class 12 Accountancy NCERT Solutions Chapter 3 - Reconstitution of a Partnership Firm: Admission of a Partner
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Accountancy or accounts is one of those subjects that have a number of real-world applications. However, this does not mean that this subject is easier to study or learn in any way. Rather, many students claim every single year that Accountancy is a tricky subject. They often face many issues while solving questions related to accounts. We, at Vedantu, understand that all of this can be a very frustrating experience for students. This is why we have made it our aim to provide students with Class 12 Accountancy NCERT Solutions Chapter 3. Students can also find solutions to other Accountancy chapters on Vedantu.

We, at Vedantu, provide the solution of Chapter 3 Accounts Part 1 Class 12 PDF completely free. This means that students do not have to pay us anything to learn the correct answers to all the Accountancy questions mentioned in their books.

Class 12 Accountancy Part 1 Chapter 3 part-1
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FAQ (Frequently Asked Questions)

Question 1. What is the Definition of Sacrificing Ratio? What is the Formula for Calculating the Sacrificing Ratio?

Answer: Sacrificing ratio is the ratio of shared profits that are sacrificed by the current members of a firm when a new partner joins them.

The formula for calculating the sacrificing ratio is:

Sacrificing ratio = old profit sharing ratio - new profit sharing ratio

Question 2. Define Goodwill.

Answer: Goodwill can be defined as the intangible assets that are used for representing the firm value and the reputation of the brand name in the current market.

Question 3. What are the Various Methods for the Treatment of Goodwill on the Addition of a New Member?

Answer: These methods for the treatment of goodwill on the addition of a new member are:

  • Revaluation method.

  • Premium method.

Question 4. Is the Solution PDF Free to Download?

Answer: Yes. Students can download the solutions of all chapters for free on Vedantu.