In NCERT Class 12 Accountancy Chapter 3, titled "Reconstitution of a Partnership Firm – Retirement/Death of a Partner", students explore the accounting implications of changes in a partnership due to a partner's retirement or death. The chapter focuses on adjustments related to profit-sharing ratios, goodwill treatment, revaluation of assets and liabilities, and settlement of the retiring/deceased partner’s account.
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 3 MCQs and previous year questions for detailed practice of NCERT Class 12 Reconstitution of a Partnership Firm – Retirement/Death of a Partner.
NCERT Class 12 Accountancy Chapters
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NCERT Class 12 Accountancy Chapters
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CUET Free Master Classes:
Class 12 Accountancy Chapter 3 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 3: Reconstitution of a Partnership Firm – Retirement/Death of a Partner. For the full set of 50 questions, download the PDF using the link provided below.
1- Which of the following will be shown on the credit side of Deceased Partner A/C?
A. Revaluation Gain Share B. Goodwill written off
C. Share of profit till date of death D. Drawings till date of death
E. Interest on capital till date of death
Choose the correct answer from the options given below:
(a) A and C only (b) B, D and E only (c) A, B and D only (d) A, C and E only
2. In case of retirement, a retiring partner is entitled to get -
A. Share in profits made by firm after his retirement B. His share of Goodwill
C. His share in Accumulated Reserve D. Share in Employees Provident Fund
E. Share in Revalution Gain
Choose the correct answer from the options given below:
(a) A, Band C only (b) A, C and E only (c) B, C and E only (d) C, D and E only
3. On retirement, the retiring partner's capital account will be credited with:
(A) His / Her Capital Balance (B) His / Her share of goodwill
(C) Share of goodwill of remaining partners (D) His / Her share of Reserve
(E) His / Her drawings
Choose the correct answer from the options given below :
(a) (A), (B) and (C) only (b) (A), (B) and (D) only
(c) (B), (C) and (D) only (d) (C), (B) and (D) only
4. Shweta, Shreya and Shaniya were partners sharing profits in the ratio of 3 : 2: 1. Shaniya retired from the firm and her capital, after making adjustments for reserves and gain of revaluation amounted to Rs. 4,50,000. Shaniya took 25% of the furniture, accepted bill of exchange for Rs. 52,000. Finally Rs. 2,75,000 was transferred to her loan account. The total value of furniture was:
(a) Rs. 2,58,000 (b) Rs. 3,60,000 (c) Rs. 3,68,000 (d) Rs. 4 92,000
5. Pooja, Nita and Anita were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Pooja retired and her share is taken up by Nita and Anita equally. The new profit-sharing ratio of Nita and Anita will be:
(a) 2 : 1 (b) 7 : 5 (c) 1 : 1 (d) 3 : 2
Class 12 Accountancy Chapter 3 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 3: Reconstitution of a Partnership Firm – Retirement/Death of a Partner. To access all questions, download the PDF from the link provided below.
- Suman, Shubham, and Siya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Shubham retired from the firm, and Suman and Siya decided to continue the business. Their gaining ratio was 3 : 2. Calculate the new profit-sharing ratio of Suman and Siya.
(CBSE 2022, 2M)
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- A, B, and C are partners in a firm sharing profits and losses equally. C retired, and his share was acquired by A and B in the ratio of 3 : 2. Calculate the new profit-sharing ratio of A and B.
(CBSE 2022, 2M)
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- A, B, C, and D were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3 : 4. On 31.3.2022, C retired from the firm, and his share was acquired by A and B in the ratio of 3 : 2. Calculate the new profit-sharing ratio of A, B, and D.
(CBSE 2022, 2M)
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- A, B, C, and D were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 31.3.2022, C retired from the firm, and his share was taken over by B and D equally. Calculate the new profit-sharing ratio of A, B, and D.
(CBSE 2022, 2M)
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- A, B, C, and D were partners in a firm sharing profits in the ratio of 3 : 4 : 2 : 1. On 31.3.2022, C retired, and his share was taken over equally by A and D. Calculate the new profit-sharing ratio of A, B, and D.
(CBSE 2022, 2M)
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NCERT Commerce Subjects
Sub Areas of Chapter 3: Reconstitution of a Partnership Firm – Retirement/Death of a Partner
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Chapter Name
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Sub Topics
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Reconstitution of a Partnership Firm – Retirement/Death of a Partner
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3.1 Introduction
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3.2 Changes in Profit-Sharing Ratio
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3.3 Goodwill Treatment
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3.4 Revaluation of Assets and Liabilities
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3.5 Settlement of Retiring Partner’s Account
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3.6 Adjustments for Deceased Partner’s Share
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3.7 Accounting Entries for Retirement/Death
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Review of NCERT Class 12 Accountancy Chapter 3
In NCERT Class 12 Accountancy Chapter 3, "Reconstitution of a Partnership Firm – Retirement/Death of a Partner," students learn about the significant adjustments required during a partner's retirement or death. This includes understanding profit-sharing ratios, goodwill, and the settlement of accounts for the retiring/deceased partner.
Mastering this chapter is crucial for understanding partnership reconstitution in practical scenarios. By practicing MCQs and subjective questions, students can develop a strong grasp of the accounting adjustments required in such situations.
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