Class 12 Accountancy NCERT Solutions Chapter 3 - Reconstitution of a Partnership Firm:Retirement/Death of a Partner
FAQs on NCERT Solutions for Class 12 Accountancy I Chapter 3 Reconstitution of A Partnership Firmretirement/Death of A Partner
1. What is the Meaning of Gaining Ratio?
It is defined as the ratio of profits that a partner obtains from the partner who is leaving the firm.
2. What are the Ways in Which a Partner can Retire From a Firm?
The different ways in which a partner can retire from a firm are:
If all partner agrees and accepts the retirement of the partner who wishes to leave.
A notice can be issued by the partner who wishes to leave the firm. The other partners can reach an agreement or decline the notice.
Notice of retirement can be provided to the other partners. This can be done if there is a prior agreement.
3. I have Missed a Lot of my Classes at School. I Wish to Catch up. Can Vedantu Help?
It is common for students to miss their classes and fall behind on the school curriculum. To catch up, students can take live classes at Vedantu or study more at home with the help of Vedantu.
4. Do I have to Pay Anything to Get the NCERT Solutions?
No. Students do not have to pay anything to access NCERT Solutions.
5. What are the basics of the reconstitution of a partnership firm?
Partners in a business firm keep joining and leaving a partnership firm. Reconstitution of a partnership firm is the fourth chapter in the CBSE accounts book. In this chapter, students will learn about the various kinds of adjustments that need to be made every time a partner decides to leave the business firm. Every time there is a change of the profit-sharing ratio amongst the existing partner(s), the new partner(s), and the retirement or death of a partner, a reconstitution of a partnership firm occurs.
6. How can I master Class 12 Accountancy Chapter 3 using NCERT Solutions?
NCERT Solutions Class 12 Accountancy Chapter 3 helps students to understand and learn the chapter better. There are many important concepts and key definitions that are given in NCERT Solutions. Vedantu provides students with a free PDF of NCERT Solutions that they can download online or by using the Vedantu mobile app. These NCERT Solutions even include the practise papers and previous year’s papers that students can access. With the help of these concepts and study materials, students can master this chapter.
7. What is the meaning of the New Profit Ratio?
The new profit ratio refers to the sharing ratio that the remaining partners in the firm will share based on all the future profits after a partner of the firm dies or retires. The new share between each of the remaining partners will have the shares of the business firm as well as the shares of the deceased or retired partner’s stake. While continuing to take the shares of the deceased or retired partner is known as the old-profit sharing index.
8. What are the important concepts for Class 12 Accountancy Chapter 3?
CBSE Class 12 Accountancy is an important subject from the CBSE Board Examination point of view. This chapter comes under unit 2 of accounts which weighs 30 marks in the final examination. Hence, students can focus on this unit to ensure they score well. There are many important questions that come from this chapter. These questions are picked from important concepts. The important concepts in this chapter include the admission of a partner, profit sharing ratio, modes of reconstitution of a partnership firm, and many more.
9. What are the adjustments that need to be made at the time of admission of a new partner?
A Business firm can get/make a partner at any point in time based on the circumstances of the firm and the partners. When a new partner joins a business firm, there are certain adjustments that need to be made to the partnership contract. The profit-sharing ratio begins to change between the partners with the admission of a new partner. Apart from this, the goodwill, the revaluation of liabilities and assets, and even the adjustment of capital are changed on the admission of a new partner.
