# CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set C

Read and download free pdf of CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set C. Download printable Accountancy Class 12 Worksheets in pdf format, CBSE Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Worksheet has been prepared as per the latest syllabus and exam pattern issued by CBSE, NCERT and KVS. Also download free pdf Accountancy Class 12 Assignments and practice them daily to get better marks in tests and exams for Class 12. Free chapter wise worksheets with answers have been designed by Class 12 teachers as per latest examination pattern

## Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Accountancy Worksheet for Class 12

Class 12 Accountancy students should refer to the following printable worksheet in Pdf in Class 12. This test paper with questions and solutions for Class 12 Accountancy will be very useful for tests and exams and help you to score better marks

### Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Worksheet Pdf

Question. In case of change in profit-sharing ratio, the gaining partner must compensate the sacrificing partners by paying the proportional amount of
(a) capital
( b) cash
(c) goodwill
(d) none of the above

Question. In case of change in profit-sharing ratio, the accumulated profits are distributed to the partners in
(a) new ratio
(b) old ratio
(c) sacrificing ratio
(d) equal ratio

Question. A partnership is reconstituted due to change in profit sharing ratio.State whether True or False

Question. A,B and C are sharing profits in the ratio of 3:2:1.They decided to share equally in future .B’s has neither sacrificed nor gained . State whether True or False

Question. A,B and C were are partners in a firm sharing profits in the ratio of 3:4:1 .They decided to share profits equally w.e.f from 1 .4.2019. On that date the profit and loss account showed the credit balance of 96,000.instead of closing the profit and loss account ,it was decided to record an adjustment entry reflecting the change in profit sharing ratio .In the journal entry:
a) Dr. A by 4,000; Dr. B by 16,000; Cr C by 20,000
b) Cr. A by 4,000; Cr. B by 16,000; Dr C by 20,000
c) Cr. A by 16,000; Cr. B by 4,000; Dr C by 20,000
d) Dr. A by 16,000; Dr. B by 4,000; Cr C by 20,000

Question. Increase in the value of assets and decrease in the value of liabilities result in……………for the existing partners and should be ……….to P/L Adjustment a/c

Question. Out of the following which is not a part of change in profit sharing ratio
(a) Determination of sacrificing and gaining ratio
(b) Accounting of goodwill
(c) Accounting of reserves, accumulated profits and losses
(d) Dissolution of partnership firm

Question. Ankita and Neha are sharing profits in the ratio of 2:1.Now they have decided that new profit sharing ratio will be equal. What will be the Gain/Sacrifice ratio?
(A) Ankitagain1/6and Nehasacrifice1/6
(B) Ankitasacrifice1/6andNehagain1/6
(C)Ankita gain 4/5 and Neha sacrifice 4/5
(D)Ankitasacrifice2/3andNehagain1/6

Question. In which of the following situation, partner’s capital a/c is credited?
(a) Transfer of accumulated profit or reserves
(b) Transfer of revaluation loss
(c) Writing off the existing book value of goodwill
(d) All of the above

1. Joseph and Monu were partners in a firm carrying on a tiffin service in Mumbai. Joseph noticed that a lot of food is left at the end of the day. To avoid wastage, she suggested that it should be distributed to the needy. Monu wanted that it should be mixed with the food being served the next day. Monu then gave a proposal that if his share in the profit is increased, he will not mind free distribution of left over food. Joseph happily agreed. So they decided to change their profit sharing ratio to 2:3 with immediate effect. On that date, revaluation of assets and reassessment of liabilities was carried out that resulted into a profit of ₹8,000. On that date, the good will of the firm was valued as₹30,000.

Question. Profit on revaluation will be :
(A) Debited to capital account of partners in 2:3
(B) Debited to capital account of partners in
(C) 1:1
(D) Credited to capital account of partners in 2:3 \
(E) Credited tocapital account of partner sin 1:1

Question. Sacrifice/Gain of Joseph and Monu will be:
(A) Josephsacrifice1/10,Monugains1/10
(B) Monusacrifice1/10,Josephgains1/10
(C) OnlyJosephgain1/10
(D) OnlyMonusacrifice1/10

Question. At the time of change in profit sharing ratio, gaining partner capital is and Sacrificing partner is _for adjustment of goodwill.
(A) Credited, Debited
(B) Debited, Credited
(C) Increased, Decreased
(D) Decreased, Credited

Question. The journal entry for adjustment of goodwill will be
(A) Monu’s capitalA/c   Dr.  30,000
To Joseph’s capitalA/c               30,000
(B) Joseph’scapital A/c  Dr. 15,000
To Monu’s capital A/c        15,000
(C) Monu’s capitalA/c    Dr. 3,000
To Joseph’s capitalA/c        3,000
(D) Joseph’s capitalA/c   Dr. 27,000
To Monu’s capitalA/c         27,000

Question. Nithya and Anand are partners in a firm sharing profits and losses equally. With effect from 1st April,2022, they decided to share profits in the ratio of 3:2. On the date of change in the profit sharing ratio, he profit and loss A/c had a credit balance of Rs.1,50,000.
Pass necessary journal entry for the distribution of the balance in the profit & loss A/c before the change in the profit sharing ratio.
Answer. Profit & Loss A/c Dr 1,50,000
To Nithya’s capital A/c 75,000
To Anand’s capital A/c 75,000

2. A, B and C are partners sharing profits and losses in the ratio of 5:3:2. A was unable to devote time to business due to her other commitments. Therefore adjustments were required in the agreed terms of partnership. They decided to share future profits and losses in the ratio of 2:3:5. With effect from 1st April,2021.The values of assets and liabilities did not require any adjustments. However, an unrecorded computer of value Rs.60,000 and a claim of a customer of Rs.30,000 was to be brought in the books. The balance sheet has goodwill of Rs.10,000 as an asset, other assets(excluding goodwill were Rs.6,00,000 whereas liabilities were Rs.50,000.
Normal rate of return is 15% and average profit is Rs.90,000.

Question. Calculate Goodwill under capitalisation of average profit will be

Question. Calculate Sacrificing and gaining ratio of the partners

Question. Who is neither a gaining nor a sacrificing partner

Question. Sonu and Monu are partners in a firm sharing profits in the ratio of 3:2. With effect from 1st April,2022 they agreed to share profits equally. For this purpose goodwill of the firm is valued at Rs.75,000. You are required to fill up the following journal entry:
Monu’s capital A/c Dr --------
To Sonu’s capital A/c ----

Monu’s capital A/c (7500 x 1/10) 7500
To Sonu’s capital A/c 7500
The profit sharing ratio)

Change in PSR

I. Following QUESTIONS are of 3 Marks .

1 X ,Y and Z are sharing profit and loss in the ratio of 5:3:2. They decide to share future profit and losses in the ratio of 2:3:5 with effect from 1.4.2013. They also decide to record the effect of the following accumulated profits, losses and
reserves without affecting their book figure by passing a single entry. Pass the necessary Journal Entry.

General Reserve 6000 ,Profit and Loss a/c 24000, Advertisement Suspense a/c 12000

2 X ,Y and Z are partners sharing profits and losses in the ratio of 4:3:2. Goodwill does not appear in the books but it worth 72000. The partners decide to share future profits in equal proportions. Give a journal entry to record the above
change without opening goodwill account. Also indicate the individual partner’s gain or loss due to change in the ratio.

3 P, Q and R are partners sharing profits and losses in the ratio of 3:2:1. It is now agreed that they will share profits equally in future. Goodwill of the firm is valued at 90,000. There is no goodwill account in the books. Pass necessary journal entry to give effect the above change, when goodwill account is not raised.

4 P, Q and R sharing profits in the ratio of 3:1. R is admitted as a partner for which he pays 60,000 for goodwill in cash. P, Q and R decided to share future profits in equal proportions. You are required to pass a single journal entry to give effect to this change.

5 A, B and C were partners sharing profits and losses in the ratio of 3:2:1. On 1.1.2014, they decided in future they will share profits in the ratio of 2:2:3. Calculate sacrificing and gaining ratio.

6 P,Q and R are partners sharing profits equally. They decided that in future R will get 1/5th share in profits and remaining profits will be shared by P and Q equally. On the day of change, firm’s goodwill is valued at 30,000. Give journal entries arising on account of change in profit-sharing ratio.

7 A, B and C are partners sharing profits and losses in the ratio of 3:2:1. On 1.1.2014, they decided to share profits and losses equally in future profits. The X and Y are partners in a firm sharing profits and losses in the ratio of 3:2. They decided to that w.e.f April 1,2014, they shared the profits equally. The Balance Sheet of X and Y as at 31.3.14 and the terms of reconstitution are given below:

a) Capital of the firm was fixed at 800000 to be contributed by partners in the profit sharing ratio. The difference will be adjusted in cash.
b) Goodwill of the firm is to be valued on the basis of two years’ purchase of super profit. The average net profit expected in future by the firm is 100000 per year. The normal rate of return on capital in similar business is 10%.

Prepare partners’ capital accounts and Balance sheet of the reconstituted firm.

 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 Partnership Firms Worksheet Set A CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set B CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set A CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set B CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set C CBSE Class 12 Accountancy Fundamentals Partnership Worksheet Set D CBSE Class 12 Accountancy Fundamentals Worksheet Set A CBSE Class 12 Accountancy Fundamentals Worksheet Set B CBSE Class 12 Accountancy Partnership Volume Worksheet
 CBSE Class 12 Accountancy Admission of A Partner Worksheet Set A CBSE Class 12 Accountancy Admission of A Partner Worksheet Set B CBSE Class 12 Accountancy Admission of A Partner Worksheet Set C CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set A CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set B CBSE Class 12 Accountancy Change in Profit Sharing Worksheet Set C CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set A CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set B CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet Set C
 CBSE Class 12 Accountancy Death of A Partner Worksheet Set A CBSE Class 12 Accountancy Death of A Partner Worksheet Set B CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set A CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set B CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set D CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set A CBSE Class 12 Accountancy Retirement or Death of a Partner Worksheet Set B
 CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set A CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set B CBSE Class 12 Accountancy Dissoultion of Partnership Firm Worksheet Set C
 CBSE Class 12 Accountancy Accounting For Companies Worksheet CBSE Class 12 Accountancy Accounting For Share Capital Worksheet
 CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set A CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set B CBSE Class 12 Accountancy Issue And Redemption of Debentures Worksheet Set C
 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
 CBSE Class 12 Accountancy Ratio Analysis Worksheet Set A CBSE Class 12 Accountancy Ratio Analysis Worksheet Set B CBSE Class 12 Accountancy Ratio Analysis Worksheet Set C
 CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set A CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set B CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set C
 CBSE Class 12 Accountancy All Chapters Question Bank CBSE Class 12 Accountancy All Chapters Worksheet CBSE Class 12 Accountancy Worksheet Set A Solved CBSE Class 12 Accountancy Worksheet Set B Solved CBSE Class 12 Accountancy Worksheet Set C Solved CBSE Class 12 Accountancy Worksheet Set D Solved CBSE Class 12 Accountancy Worksheet Set E Solved CBSE Class 12 Accountancy Worksheet Set F Solved CBSE Class 12 Accountancy Worksheet Set G Solved CBSE Class 12 Accountancy Worksheet Set H Solved CBSE Class 12 Accountancy Worksheet Set I Solved

## More Study Material

### CBSE Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Worksheet

The above practice worksheet for Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner has been designed as per the current syllabus for Class 12 Accountancy released by CBSE. Students studying in Class 12 can easily download in Pdf format and practice the questions and answers given in the above practice worksheet for Class 12 Accountancy on a daily basis. All the latest practice worksheets with solutions have been developed for Accountancy by referring to the most important and regularly asked topics that the students should learn and practice to get better scores in their examinations. Studiestoday is the best portal for Printable Worksheets for Class 12 Accountancy students to get all the latest study material free of cost.

### Worksheet for Accountancy CBSE Class 12 Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

Teachers of studiestoday have referred to the NCERT book for Class 12 Accountancy to develop the Accountancy Class 12 worksheet. If you download the practice worksheet for the above chapter daily, you will get better scores in Class 12 exams this year as you will have stronger concepts. Daily questions practice of Accountancy printable worksheet and its study material will help students to have a stronger understanding of all concepts and also make them experts on all scoring topics. You can easily download and save all revision Worksheets for Class 12 Accountancy also from www.studiestoday.com without paying anything in Pdf format. After solving the questions given in the practice sheet which have been developed as per the latest course books also refer to the NCERT solutions for Class 12 Accountancy designed by our teachers

#### Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner worksheet Accountancy CBSE Class 12

All practice paper sheet given above for Class 12 Accountancy have been made as per the latest syllabus and books issued for the current academic year. The students of Class 12 can be assured that the answers have been also provided by our teachers for all test paper of Accountancy so that you are able to solve the problems and then compare your answers with the solutions provided by us. We have also provided a lot of MCQ questions for Class 12 Accountancy in the worksheet so that you can solve questions relating to all topics given in each chapter. All study material for Class 12 Accountancy students have been given on studiestoday.

#### Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner CBSE Class 12 Accountancy Worksheet

Regular printable worksheet practice helps to gain more practice in solving questions to obtain a more comprehensive understanding of Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner concepts. Practice worksheets play an important role in developing an understanding of Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner in CBSE Class 12. Students can download and save or print all the printable worksheets, assignments, and practice sheets of the above chapter in Class 12 Accountancy in Pdf format from studiestoday. You can print or read them online on your computer or mobile or any other device. After solving these you should also refer to Class 12 Accountancy MCQ Test for the same chapter.

#### Worksheet for CBSE Accountancy Class 12 Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

CBSE Class 12 Accountancy best textbooks have been used for writing the problems given in the above worksheet. If you have tests coming up then you should revise all concepts relating to Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner and then take out a print of the above practice sheet and attempt all problems. We have also provided a lot of other Worksheets for Class 12 Accountancy which you can use to further make yourself better in Accountancy

Where can I download latest CBSE Practice worksheets for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

You can download the CBSE Practice worksheets for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner for the latest session from StudiesToday.com

Can I download the Practice worksheets of Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner in Pdf

Yes, you can click on the links above and download chapter-wise Practice worksheets in PDFs for Class 12 for Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

Are the Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Practice worksheets available for the latest session

Yes, the Practice worksheets issued for Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Class 12 Accountancy have been made available here for the latest academic session

How can I download the Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Class 12 Accountancy Practice worksheets

You can easily access the links above and download the Class 12 Practice worksheets Accountancy for Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

Is there any charge for the Practice worksheets for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

There is no charge for the Practice worksheets for Class 12 CBSE Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner you can download everything free

How can I improve my scores by solving questions given in Practice worksheets in Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Class 12 Accountancy

Regular revision of practice worksheets given on studiestoday for Class 12 subject Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner can help you to score better marks in exams

Are there any websites that offer free Practice test papers for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner

Yes, studiestoday.com provides all the latest Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner test practice sheets with answers based on the latest books for the current academic session

Can test sheet papers for Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Class 12 Accountancy be accessed on mobile devices

Yes, studiestoday provides worksheets in Pdf for Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner Class 12 Accountancy in mobile-friendly format and can be accessed on smartphones and tablets.

Are practice worksheets for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner available in multiple languages

Yes, practice worksheets for Class 12 Accountancy Part 1 Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner are available in multiple languages, including English, Hindi