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

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

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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.

Important points to note:

• Meaning of Reconstruction

• Change in Profit Sharing Ratio

• Accounting Treatment of Goodwill

• Format of Revaluation Account

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

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• 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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Important Questions from Reconstitution for Partnership Firm: Admission of A Partner (Short, Long & Practice)

Short Answer Type Questions

1. What is meant by Issued Capital ?

2. What is meant by ‘ Employees Stock Option Plan?

3. A and B are in partnership sharing profits and losses in the ratio of 3:2. They admit C into partnership with 1/5th share which he acquires equally from A and B. Accountant has calculated a new profit sharing ratio as 5:3:2. Is the accountant correct?

Long Answer Type Questions

1. A firm earned an average profit of₹ 3,00,000 during the last few years. The normal rate of return of the industry is 15%. The assets of the business were ₹ 17,00,000 and its liabilities were ₹ 2,00,000. Calculate the goodwill of the firm by capitalisation of average profits.  

2. Amar and Akbar are equal partners in a firm. They admitted Anthony as a new partner and the new profit sharing ratio is 4 : 3 : 2. Anthony could not bring his share of goodwill ₹ 45,000 in cash. It is decided to do adjustments for goodwill without opening goodwill accounts. Pass the necessary journal entry for the treatment of goodwill.

3. New Profit Sharing ratio = 5:2:3 .Sacrificing ratio = 2:1 .On April 1, 2018, a firm had assets of ₹ 1,00,000 excluding stock of ₹ 20,000. The current liabilities were ₹ 10,000 and the balance constituted Partners’ Capital Accounts. If the normal rate of return is 8%, the Goodwill of the firm is valued at ₹ 60,000 at four years purchase of super profit, find the actual profits of the firm.

Practice Questions

1. At the time of admission of a partner, who decides the share of profit of the new partner out of the firm’s profit?

2. Geeta, Sunita and Anita were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 1.1.2015 they admitted Yogita as a new partner for 1/10 th share in the profits. On Yogita’s admission, the Profit and Loss Account of the firm was showing a debit balance of ₹ 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and Anita in their profit sharing ratio. Did the accountant give the correct treatment? Give reason in support of your answer.

3. State one occasion on which a firm can be reconstituted.

Key Features of NCERT Solutions for CBSE Class 12 Accountancy Chapter 3

• All the Solutions are accurately written to help students in quickly finding solutions.

• Concepts are explained in detail for all questions from CBSE Class 12 Accountancy  Chapter 3, Reconstitution for Partnership Firm: Admission of A Partner.

• All solutions are easy to understand and learn as they are clearly written by subject experts to match the curriculum.

• NCERT solutions for CBSE Class 12 Accountancy Chapter 3 help in developing a good conceptual foundation for students, which is important in the final stages of preparation for board and competitive exams.

• These solutions are absolutely free and available in a PDF format.

Access Other Chapters of NCERT Solutions for Class 12 Accountancy - Partnership Accounts (Part 1)

• Chapter 1 - Accounting for Not for Profit Organisation

• Chapter 2 - Accounting for Partnership

• Chapter 4 - Reconstitution of a Partnership Firm: Retirement/Death of a Partner

• Chapter 5 - Dissolution of Partnership Firm

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Access Other Chapters of NCERT Solutions for Class 12 Accountancy - Partnership Accounts (Part 1)

• NCERT Solutions for Class 12 Accountancy I Chapter 1

• NCERT Solutions for Class 12 Accountancy I Chapter 2

• NCERT Solutions for Class 12 Accountancy I Chapter 4

• NCERT Solutions for Class 12 Accountancy I Chapter 5

Related Links

• NCERT Solutions for Class 12 Accountancy Part 1 and Part 2

• CBSE Syllabus for Class 12 Accountancy Term (1 & 2) 2022

• NCERT Book for Class 12 Accountancy PDF

• Previous Year Question Paper for CBSE Class 12 Accountancy with Solutions

• CBSE Sample Papers 2022 for Class 12 Accountancy with Solution & Marking Scheme