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Worksheet for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner
Class 12 Accountancy students should refer to the following printable worksheet in Pdf for Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner in Grade 12. This test paper with questions and solutions for Standard 12 Accountancy will be very useful for tests and exams and help you to score better marks
Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Class 12 Accountancy Worksheet Pdf
Admission of a Partner
1 P and Q are in partnership sharing profits and losses in the ratio of 3:2 respectively. R joins the partnership for 25% share. Calculate the new profit sharing ratio and sacrificing ratio after R’s admission.
(Ans : New profit sharing ratio 9:6:5 ; Sacrificing ratio P:Q 3:2)
2 P and Q are in partnership sharing profits and losses in the ratio of 2:1 respectively. R joins the partnership for 1/5th share. Calculate the new profit sharing ratio and sacrificing ratio after R’s admission.
(Ans : New Ratio of P:Q:R=8:4:3 ; Sacrificing Ratio of P:Q=2:1)
3 X and Y are in partnership sharing profits and losses in the ratio of 3:2. Z is admitted for 1/4th share. Afterwards W enters for 20%. Compute the profit sharing ratio of X, Y, Z and W after W’s admission
(Ans.: New Ratio X:Y:Z:W = 9:6:5:5)
4 T and U are in partnership sharing profits and losses in the ratio of 2:1 respectively. V joins the partnership for 1/5th share and the share becomes 8:4:3. Calculate the Sacrificing Ratio. The new partner is physically challenged. State the value highlighted.
(Ans : Sacrificing Ratio T:U = 2:1)
5 E and F are in partnership sharing profits and losses in the ratio of 3:2 respectively. R joins the partnership for 25% share and new ratio becomes 9:6:5. Calculate the sacrificing ratio.
(Ans : Sacrificing Ratio of E:F= 3:2)
6 A and B are partners sharing profits in the ratio of 3:2. A surrenders 1/6th of his share and B surrenders 1/4th of his share in favour of C, a new partner. What is the new ratio?
(Ans : New Ratio of A,B and C = 5:3:2)
7 R and T are partners in a firm sharing profits in the ratio of 3:2. S joins the firm. R surrenders ¼th of his share and T 1/5th of his share in favour of S. Find the new profit sharing ratio.
(Ans : New profit sharing ratio =45:32:23)
8 D and R are partners in a firm, sharing profits in the ratio of 7:3. They admit S for 3/7th share of profits, which he takes 2/7th from D and1/7th from R. Calculate their new profit sharing ratio.
(Ans : New Profit Sharing Ratio = 29:11:30)
9 A and B are partners in a firm, sharing profits in the ratio of 7:5. They admit C for 1/6th share of profits, which he takes 1/24th from A and 1/8th from B. Calculate the new profit sharing ratio.
(Ans : New Ratio A, B and C = 13:7:4)
10 A, B, C and D are in partnership sharing profits and losses in the ratio of 36:24:20:20 respectively. E joins the partnership for 1/5th share. A, B, C and D would share profits in future among themselves as 3:4:2:1. Calculate the new profit sharing ratio.
(Ans : New Profit Sharing Ratio = 6:8:4:2:5)
11 X and Y are partners in a firm sharing profits and losses in the ratio of 3:2. Z is admitted as partner with 1/8th share in profits. It is decided that X and Y will share profits and losses in future in the ratio of 4:3. Calculate the new profit sharing ratio.
(Ans : New Ratio = 4:3:1)
12 X, Y and Z are partners in the ratio of 3:2:1. W is admitted with 1/6th share in profits. Z would retain his original share. Find out new profit sharing ratio.
(Ans : New Ratio = 12:8:5:5)
13 Ram and Shyam share profits and losses in the ratio of 5:3. Bhush?an is admitted for 3/10th share of profits half of which was gifted by Ram and the remaining share was taken by Z equally from Ram and Sham. Calculate the new ratio.
(Ans : New Ratio = 4:3:3)
14 Ram and Shyam are partners in a firm sharing profits and losses in the ratio of 3:2. They admit Rahim as a partner for 1/5th share. Rahim acquires his share from Ram and Shyam in the ratio 2:3. The goodwill stands in the books at ₹.25,000. Rahim paid ₹.15,000 privately to Ram and Shyam as his share of goodwill. Journalise.
15 Amit and Bablu are partners sharing profits in the ratio of 3:2. Chintu is admitted paying a premium for 1/4th share of profit of which he acquires 1/6th from Amit and 1/12th from bablu. Goodwill of the firm is valued at ₹.8,400. Goodwill already appears in the books at ₹.5,000. Partners withdrew 40% of goodwill credited to them. Give journal entries.
(Ans : New Ratio of Amit, Bablu and Chintu = 26:19:15 ; Sacrificing Ratio 2:1)
16 Raj and Nath are partners in a firm sharing profits in the ratio of 3:2. On 1st April, 2017 they admit Singh as a new partner for 3/13th share in the profits. The new ratio will be 5:5:3. Singh contributed the following assets towards his capital and for his share of goodwill. Stock ₹.1,00,000, Debtors ₹.90,000, Land ₹.70,000, Plant and Machinery ₹.Rs.1,10,000. On the date of admission of Singh, the goodwill of the firm was valued at ₹.6,50,000. Journalise in the books of the firm.
(Ans : Sacrificing Ratio is 14:1))
17 Ranvir and Seth are partners in a firm sharing profits and losses in the ratio of 3:2. They admit Zaman as a new partner for 1/5th of share as are between them. Ranvir and Seth decide to share future profits and losses in the ratio of 13:7. The goodwill of the firm is valued at ₹.25,000. Goodwill already appears in the books at ₹.20,000. Z brings in 60% of his requisite share of firm’s goodwill and ₹.1,00,000 as his capital in cash. The amount of goodwill brought in cash is withdrawn by the concerned partners to the extent of 30% of what is credited to them. The profits for the first year of new partnership amounts to ₹.50,000. Journalise.
18 A and B are partners in a firm sharing profits and losses in the ratio of 3:2. They admit Z as a partner for 1/5th share. Z acquires his share from A and B in the ratio of 2:3. The goodwill of the firm has been valued at ₹.20,000. Z brings in ₹.1,00,000 as his capital but is unable to bring in the necessary amount in cash as his share of firm’s goodwill. Pass journal entries under each of the following cases, assuming the capitals are fixed. : Case (a) When no goodwill appears in the books. Case (b) When goodwill appears in the books at ₹.15,000
19 Sethi and Brij are friends and after completion of their study they started a business of readymade garments by constituting a partnership firm with a profit sharing ratio of 3:2 respectively. Their partnership firm earned huge profits during few years. They decided to start a scholarship of ₹.10,000 p.a. for meritorious and poor students. On January, 1st 2014 they admit Manoj for 1/5th share in future profits and bring ₹.40,000 as capital. Manoj belongs to a religious community and is expert in business management. Journalise. Identify the value involved in this question and
(New Ratio 12:8:5; Sacrificing Ratio 3:2; Hidden Goodwill of the firm ₹.44,000)
20 Arjun, Ranveer and Shahid were partners in a firm sharing profits and losses in the ratio of 3:1:1. On April, 1st 2017 their Balance Sheet stood as follows
They agreed to take Ritesh into Partnership for 1/5th share of profits on the above date. A claim on account of Workmen’s Compensation is estimated at ₹.13,000 only. Give the necessary journal entries to adjust the accumulated profits and losses.
21 The following was the balance sheet of Anurag and Bhawna, who were sharing profits in the ratio of 2/3 and 1/3 as at 31st March, 2012.
On 1st April, 2012 they agreed to admit Monika into partnership on the following terms.
(a)Monika was to be given 1/3rd share in profits, and was to bring ₹.15,000 as capital and ₹.6,000 as share of goodwill.
(b)That the value of stock and plant and machinery were to be reduced by 10%.
(c)That a provision of 5% was to be created for doubtful debts.
(d)That the building account was to be appreciated by 20%
(e)Investments worth ₹.1,400 (not mentioned in the Balance Sheet) were to be taken into account.
(f)That the amount of goodwill was to be withdrawn by the old partners. Pass necessary journal entries and prepare the Revaluation A/c, Capital Accounts and the Opening Balance Sheet of the new firm.
(Ans : Revaluation Profit : ₹. 5,415 ; Capital A/c Anurag ₹.33,610 ; Bhawna ₹.21,805; Monika ₹. 15,000; Balance Sheet Total ₹.1,36,315)
22 X and Y were partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at 31st March 2016 was as follows:
They admit Z into partnership on 1st April, 2016 and the new profit sharing ratio is agreed at 2:1:1. It is estimated that :
(i)Claim on account of Workmen’s Compensation is estimated at ₹. 10,000
(ii)Market value of Investments is ₹. 46,000
Give necessary journal entries to adjust accumulated profits and losses.
Please click on below link to download CBSE Class 12 Accountancy Admission of A Partner Worksheet Set B
| CBSE Class 12 Accountancy Accounting For Not For Profit Organisation Worksheet |
| CBSE Class 12 Accountancy Not For Profit Organisation Worksheet Set A |
| CBSE Class 12 Accountancy Not For Profit Organisation Worksheet Set B |
| CBSE Class 12 Accountancy Accounting For Companies Worksheet |
| CBSE Class 12 Accountancy Accounting For Share Capital Worksheet |
| CBSE Class 12 Accountancy Financial Statements of A Company Worksheet |
| CBSE Class 12 Accountancy Analysis of Financial Statements Worksheet |
| CBSE Class 12 Accountancy Tools of Analysis Worksheet Set A |
| CBSE Class 12 Accountancy Tools of Analysis Worksheet Set B |