Worksheets › Class 12 › Reconstitution of a Partnership Firm – Admission of a Partner
Class 12 Reconstitution of a Partnership Firm – Admission of a Partner worksheet
CBSE Accountancy. New and sacrificing ratios, goodwill by average, super profit and capitalisation methods, premium and hidden goodwill, revaluation, reserves and capital adjustment. Every sheet has 20 questions in three sections and an answer key, and the numbers change every time.
Sample questions
Real questions from this chapter, as the app sets them. Tap Answer to see the answer and working.
Section A · multiple choice
- 1.
On admission, the ratio in which the old partners give up their share is the:
- new ratio
- capital ratio
- gaining ratio
- sacrificing ratio
Answer
(d) sacrificing ratio
- 2.
What is meant by “premium for goodwill”?
- the amount a new partner brings in for a share of the firm’s goodwill
- the ratio in which all the partners share profits after the admission
- the number of years’ profits for which goodwill is valued
- reserves and profit balances that belong to the old partners in the old ratio
Answer
(a) the amount a new partner brings in for a share of the firm’s goodwill
- 3.
Which of these affects the value of a firm’s goodwill?
- the partners’ private houses
- the age of the partners
- the number of partners
- special advantages such as licences
Answer
(d) special advantages such as licences
Section B · short answer
- 4.
Name the modes of reconstitution of a partnership firm.
Answer
Change in the profit-sharing ratio, admission of a partner, retirement of a partner, death of a partner, and amalgamation of firms.
- 5.
Explain each term: (a) accumulated profits (b) new profit-sharing ratio
Answer
(a) reserves and profit balances that belong to the old partners in the old ratio (b) the ratio in which all the partners share profits after the admission
Section C · long answer
- 6.
Explain the adjustments needed on the admission of a new partner.
Answer
New profit-sharing ratio and sacrificing ratio, goodwill, revaluation of assets and liabilities, distribution of accumulated profits and losses, and adjustment of capitals.
Fresh sheets for your child
In the app, every Reconstitution of a Partnership Firm – Admission of a Partner sheet is new: the app remembers the questions your child has already had and leaves them out. Print the sheet as a PDF, or use notebook mode and write the answers in a notebook.
Coming soon for Android and iPhone.