In NCERT Class 12 Accountancy Chapter 2, titled "Reconstitution of a Partnership Firm – Admission of a Partner", students explore the adjustments required when a new partner is admitted to an existing partnership firm. The chapter focuses on changes in profit-sharing ratios, revaluation of assets and liabilities, goodwill treatment, and capital adjustments among partners.
This article provides a comprehensive resource for exam preparation. It includes sample MCQs and subjective questions for CBSE and CUET, alongside downloadable PDFs of Class 12 Accountancy Chapter 2 MCQs and previous year questions for detailed practice of NCERT Class 12 Reconstitution of a Partnership Firm – Admission of a Partner.
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NCERT Class 12 Accountancy Chapters
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NCERT Class 12 Accountancy Chapters
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Class 12 Accountancy Chapter 2 MCQs
This question bank includes previous years' CUET and CBSE MCQs, along with questions curated by subject experts. Below are 5 sample multiple-choice questions (MCQs) for Class 12 Accountancy Chapter 2: Reconstitution of a Partnership Firm – Admission of a Partner. For the full set of 50 questions, download the PDF using the link provided below.
1- A, B and C are partners in a firm. If D is admitted as a new partner:
(a) Old firm is dissolved. (b) Old firm and old partnership is dissolved.
(c) Old partnership is reconstituted. (d) New partnership firm is established
2. Which of the following facts are related to modes of reconstitution of a partnership firm
(A) Admission of a new partner
(B) Dissolution of a partnership firm
(C) Death of a partner
(D) Change in the profit-sharing ratio among the existing partners
(E) Retirement of a partner
Choose the correct answer from the options given below
(a) (A), (B), (C) and (D) Only (b) (A), (C), (D) and (E) Only
(c) (A), (B), (D) and (E) Only (d) (B), (C), (D) and (E) Only
3. Y and Z are partners in a firm. If W is admitted as a new partner, what will happen?
(a) Old firm is dissolved (b) Old partnership is reconstituted
(c) Old firm and Old partnership is dissolved (d) Old firm assets realised
4. A new partner can be admitted:
(a) If all the existing partners agree (b) If Majority of the existing partner agree
(c) If any one of the existing partner agree (d) If 4/5 of the existing partner agree
5. Niva, Naman and Nityam were partners sharing profits in the ratio of 4 : 3 : 2. Niva and Naman each
give 91from their share to Nityam on reconstitution of the firm. The new profit sharing ratio among
Niva, Naman and Nityam will be:
(a) 3 : 4 : 2 (b) 2 : 3 : 4 (c) 4 : 2 : 3 (d) 3 : 2 : 4
Class 12 Accountancy Chapter 2 Subjective Questions Without Solutions
This question bank includes previous years' CBSE subjective questions (2 marks and above) without solutions, along with expert-curated questions. Below are 5 sample subjective questions for Class 12 Accountancy Chapter 2: Reconstitution of a Partnership Firm – Admission of a Partner. To access all questions, download the PDF from the link provided below.
- On 1st April, 2022, the capital of the firm of Ashu and Madhav is Rs. 1,50,000. The normal rate of return on capital employed is 10%. Average profits of the firm are Rs. 23,500. Calculate goodwill of the firm based on three years purchase of super profits.
(CBSE 2023, 3M)
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- A and B were partners in a firm sharing profits equally. Their capitals were: A Rs. 1,20,000 and B Rs. 80,000. The annual rate of interest is 20%. The profits of the firm for the last three years were Rs. 34,000; Rs. 38,000 and Rs. 30,000. They admitted C as a new partner. On C’s admission, the goodwill of the firm was valued at 2 years purchase of the super profits. Calculate the value of goodwill of the firm on C's admission.
(CBSE 2023, 3M)
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- Vanshika and Shikha were partners in a firm with capitals of Rs. 1,00,000 and Rs. 80,000 respectively. They admitted Nisha on 1st April 2022 as a new partner for 1/4 share in the future profits of the firm. Nisha brought Rs. 90,000 as her capital. Nisha acquired her share equally from Vanshika and Shikha. Calculate the value of goodwill of the firm and pass necessary journal entries on Nisha’s admission, assuming that Nisha did not bring her share of goodwill premium in cash. Show the working clearly.
(CBSE 2023, 3M)
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- Niti and Aditi were partners in a firm sharing profits and losses in the ratio of 2 : 3. They admitted John into partnership for 1/4th share in the profits of the firm, which he acquired equally from Niti and Aditi. John brought Rs. 5,00,000 as his capital and Rs. 1,00,000 as premium for goodwill. One-fourth of the goodwill was withdrawn by the old partners. Pass necessary journal entries for the above transactions in the books of the firm.
(CBSE 2023, 3M)
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- Mahesh and Suresh were partners in a firm sharing profits and losses in the ratio of 2 : 1. They decided to admit Nita into partnership with 1/4th share in the profits. Nita brought Rs. 2,00,000 for her capital and the requisite amount of goodwill premium in cash. The goodwill of the firm is valued at Rs. 12,00,000. The new profit-sharing ratio of the partners is 2 : 1 : 1. Mahesh and Suresh withdraw their share of goodwill. Pass necessary journal entries in the books of the firm for the above transactions.
(CBSE 2023, 3M)
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Sub Areas of Chapter 2: Reconstitution of a Partnership Firm – Admission of a Partner
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Chapter Name
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Sub Topics
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Reconstitution of a Partnership Firm – Admission of a Partner
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2.1 Introduction
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2.2 Changes in Profit-Sharing Ratio
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2.3 Goodwill Treatment
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2.4 Revaluation of Assets and Liabilities
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2.5 Capital Adjustments
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2.6 Sacrificing Ratio
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2.7 Accounting Entries for Admission
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Review of NCERT Class 12 Accountancy Chapter 2
In NCERT Class 12 Accountancy Chapter 2, "Reconstitution of a Partnership Firm – Admission of a Partner," students learn about the significant adjustments needed when a new partner joins a firm. This includes understanding goodwill, revaluation of assets and liabilities, and capital adjustments among partners.
Mastering this chapter is crucial for understanding partnership reconstitution and its financial implications. By practicing MCQs and subjective questions, students can develop a strong understanding of partnership accounting principles.
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