Class 12 Accountancy NCERT Solutions Chapter 3 - Reconstitution of a Partnership Firm: Admission of a Partner
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.
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NCERT Solution for Class 12 Accountancy Partnership Accounts Chapter 3 PDF - Free PDF Download
Scoring good marks in a subject like Accountancy is not an easy task. However, a student can manage to score well if he or she follows a few easy tips. The first tip that a student must always follow is to focus on the concepts. It is extremely important for students to have clarity of concept. Second, the student must solve as many questions as possible. If a student is solving questions from NCERT but is unable to find the right answer, then he or she can also take the help of the experts at Vedantu. We provide students with Accounts Part 1 Chapter 3 Class 12 solutions.
NCERT Solutions for Class 12 Accountancy Partnership Accounts Chapter 3 Reconstitution of a Partnership Firm- Admission of a Partner can be downloaded from Vedantu in a PDF format.
NCERT Solution for Class 12 Accountancy Chapter 3 Part 1 - Free PDF Download
You must have heard from many teachers and adults that it is always a good idea for students to take many mock exams before the final examination. This is great advice. We, at Vedantu, suggest students go a step beyond this and always analyze their answer sheets after taking the exam. The benefit of analyzing the answer sheet is that students will become more aware of all the mistakes that they make while solving questions. Once students are aware of their mistakes, then they can take notes and make it a point to not make the same mistakes again. How will a student even identify if he or she has written the correct answer or not? The simple answer to this question is with the help of Accountancy ch 3 Class 12 Partnership Accounts solutions. Students can download this file from Vedantu and begin practicing. If students follow these tips, then they can score better marks in their final examination. It is also important for students to continue learning even if they face many difficulties.
NCERT Solutions for Class 12 Accountancy Part 1 Chapter 3
Chapter 3: Reconstitution of a Partnership Firm - Admission of a Partner
Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner discusses everything that students need to know about the addition of a partner in a firm. If a student is facing issues in understanding this chapter, he or she can search for real-life case studies. Using case studies will allow students to gain a better understanding of everything that is discussed in the chapter. If this tip does not work, students can take live classes on Vedantu. We, at Vedantu, have a team of in-house teachers who go to great lengths to ensure that students always score the best possible marks.
Marks Weightage of CBSE Chapter 3 of Accounts Part 1 Class 12
Class 12th Accounts Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner falls under unit 1 and Part A. According to the guidelines set by CBSE, Part A of Accountancy will constitute a total of 52 marks in the final examination.
BENEFITS of NCERT Solutions of Class 12 Accountancy Part 1 Chapter 3
We have mentioned many times that students should download NCERT Solutions of Chapter 3 Part 1 Accountancy Class 12th. Why should do a student do this? What are the benefits that a student can get by downloading these solutions? If you want to know the answer to these questions, then go through the list of benefits mentioned below.
All solutions are written according to the final examination guidelines that were set by CBSE. Following the same pattern for writing answers will ensure that students get the best marks.
Solutions are only written by the best teaching experts. This means that solutions are 100% accurate and reliable.
The file is available in a PDF format and can be downloaded for free.
Students can also ask questions that they might have related to the chapter on Vedantu’s platform.
Students can also engage in discussion with other students and take live classes.
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FAQs (Frequently Asked Questions)
1. What is the Definition of Sacrificing Ratio? What is the Formula for Calculating the Sacrificing Ratio?
Ans: 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
2. Define Goodwill.
Ans: 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.
3. What are the Various Methods for the Treatment of Goodwill on the Addition of a New Member?
Ans: These methods for the treatment of goodwill on the addition of a new member are:
4. Is the Solution PDF Free to Download?
Ans: Yes. Students can download the solutions of all chapters for free on Vedantu.
5. Where can I find NCERT Solutions for Class 12 Accountancy Chapter 3: Partnership?
Ans: NCERT Solutions for Class 12 Accountancy chapter 3: Partnership can be found on Vedantu. Subjects like Accountancy have a lot of real-world applications which students can use in their daily lives. Vedantu provides students with the opportunity to download NCERT Solutions for Class 12 Accountancy Chapter 3 Partnership for free. NCERT Solutions are helpful for all Class 12 students as they will help them score well in their examinations. All the Chapters in NCERT Solutions are written in detail and are explained in simple language. These solutions are available at free of cost on Vedantu(vedantu.com) and mobile app.
6. Why is it important to ascertain a new profit sharing ratio for old partners when a new partner is admitted?
Ans: A new partner can join a firm depending on the terms and conditions of the partnership firm. When a new partner is admitted into a new firm, then the old partners in the partnership firm have to sacrifice their share of profit in favour of the new partner. This in turn leads to the reduction of the share of profit for the old partner. Therefore, for this reason, it is important to ascertain a new profit sharing ratio for old partners whenever a new partner joins the firm.
7. Is there a need to reevaluate the assets and liabilities of a firm on the admission of a new partner?
Ans: Yes, there is a need to reevaluate the assets and liabilities of a firm on the admission of new partners. When a new partner enters the firm partnership, it becomes necessary to re-evaluate the assets and liabilities of a firm. This is mainly so that in case of admission of a partner, this incoming partner is put to neither an advantage nor a disadvantage. This happens because of the change in the market value of all assets and liabilities when a new partner enters the firm.
8. What are the factors that affect goodwill according to Chapter 3 of Class 12 Accountancy?
Ans: Factors that affect goodwill can be internal and external. Internal factors refer to the factors which are within the company. While external factors refer to the factors that are a part of the economic environment of the company. Some of the factors that affect goodwill include Efficient Management, Location, Quality of Goods and Services, Contracts, Access to Supplies, After-Sale Services to Customers, Patents owned by the Firm, Effective Advertisement, and Good Customer Relations. These are important factors in terms of the goodwill of a company.
9. What is Sacrificing Ratio and why is it calculated?
Ans: Sacrificing ratio refers to the portion of profit sharing which is sacrificed by current partners when a new partner joins a firm. It is calculated as the difference between the new profit ratio and the old profit ratio. The sacrificing ratio is calculated because the new partner needs to reimburse the existing partner in order for the new partner to make the sacrifice of profit. This reimbursement is paid to the partner in terms of goodwill.