Reconstitution of Partnership Firm Admission of Partner

27 solved questions from Class 12 Accountancy, each with the full working. Tap any question to see the step-by-step solution.

• 1 What is the primary topic or theoretical principle explored in 'Reconstitution of Partnership Firm Admission of Partner' (Class 12 ACCOUNTANCY)? medium MCQ Chapter Core Principle
• 2 Which key mechanism or analytical rule is highlighted in 'Reconstitution of Partnership Firm Admission of Partner'? medium MCQ Key Analytical Mechanism
• 3 What is the primary topic or principle explained in 'Reconstitution of Partnership Firm Admission of Partner' (Class 12 Accountancy)? medium MCQ Chapter Core Concept
• 4 Which key observation or fact is central to understanding 'Reconstitution of Partnership Firm Admission of Partner'? medium MCQ Key Fact & Mechanism
• 5 Why is the study of 'Reconstitution of Partnership Firm Admission of Partner' important for students of Class 12? medium MCQ Learning Significance
• 6 What is a common application or real-world example related to 'Reconstitution of Partnership Firm Admission of Partner'? medium MCQ Real World Application
• 7 What key takeaway should students retain after completing 'Reconstitution of Partnership Firm Admission of Partner'? medium MCQ Chapter Summary & Takeaway
• 8 Partnership between A and B, each having capital ₹100,000, profit share 2:1. After 4 years, new partner C joins with ₹30,000 capital. Partners agree that C will receive 10% interest on his capital for the period he is admitted, and profit share ratio will be 3:2:1 (A:B:C). Compute (i) C’s total interest payable, and (ii) profit share of each partner after admission. hard 4 marks Interest on capital and profit share after admission
• 9 Partners A and B have capital ₹50,000 and ₹70,000 respectively and profit share ratio 5:3. After 6 months, the partnership earned ₹12,000 profit and incurred ₹4,000 loss. What is the loss borne by each partner? medium 2 marks Loss allocation in partnership
• 10 Partners X and Y have capital ₹20,000 and ₹30,000 respectively and profit share 2:3. A new partner Z joins with ₹15,000 capital. If the new profit share ratio is to be in proportion to the capital amounts after admission, what is the ratio of profit shares among X, Y, and Z? easy MCQ 1 mark Profit share proportion to capital
• 11 Partnership between D and E with capital ₹70,000 and ₹100,000 respectively, profit share 1:1. After 5 years, they admit new partner F with ₹20,000 capital. Partners agree that F will receive interest at 8% per annum on his capital for the period he is admitted, and profit share ratio will be 2:1:1 (D:E:F). Compute (i) interest payable to F, and (ii) profit share of each partner after admission. hard 4 marks Interest on capital and new profit share ratio
• 12 Partners P and Q have capitals ₹40,000 and ₹60,000 respectively, with a profit‐sharing ratio of 2:3. After 3 years, partner R joins with ₹20,000 capital. The partners agree that R will receive 6% interest on his capital for the period he is admitted, and the new profit‑sharing ratio will be 3:4:3 (P : Q : R). If the partnership makes a profit of ₹50,000 during the year of admission, calculate (i) the interest payable to R and (ii) the profit share of each partner. easy 2 marks Interest on admitted partner and new profit sharing
• 13 A partnership consists of partners X, Y, and Z with capitals ₹70,000, ₹90,000, and ₹50,000 respectively, and a profit‑sharing ratio of 4:3:2. After 3 years, partner W joins with ₹25,000 capital. The partners agree that W will receive 10% interest on his capital for the period he is admitted, and the new profit ratio will be 6:5:4:3 (X : Y : Z : W). If the partnership earns a profit of ₹70,000 during the year of admission, calculate (i) the total interest payable to W, (ii) the profit share of each partner after admission. hard 4 marks Interest on admission and new profit split
• 14 Partners S and T have capitals ₹80,000 and ₹120,000 respectively, with a profit‑sharing ratio of 5:3. After 2 years, partner U joins with ₹50,000 capital. The partners agree that U will receive 7% interest on his capital for the period he is admitted, and the new profit ratio will be 4:3:3 (S : T : U). If the partnership makes a profit of ₹40,000 during the year of admission, which partner receives the largest share of the profit? medium MCQ 3 marks Profit sharing after admission
• 15 Partners M and N have capitals ₹90,000 and ₹110,000 respectively, with a profit‑sharing ratio of 3:2. After 5 years, partner O joins with ₹30,000 capital. The partners agree that O will receive interest at 9% per annum on his capital for the period he is admitted, and the new profit ratio will be 5:3:2 (M : N : O). If the partnership makes a profit of ₹60,000 during the year of admission, calculate (i) the total interest payable to O, (ii) the profit share of each partner after admission, and (iii) the change in profit‑sharing percentages for each partner compared to the original partnership. hard 4 marks Reconstitution and percentage changes
• 16 Partners P and Q each hold a profit‑sharing ratio of 1:1 with capitals ₹200,000 and ₹300,000 respectively. Before admitting partner R, the firm revalues its building, increasing its value by ₹120,000. The revaluation surplus is to be shared in the old profit‑sharing ratio. R is admitted with ₹100,000 capital and will receive interest at 8% per annum for 9 months before admission. After admission the profit‑sharing ratio becomes P:Q:R = 3:2:1. The partnership earns a profit of ₹150,000 during the year of admission. Compute (i) the amount of revaluation surplus credited to each existing partner, (ii) the interest payable to R, and (iii) the final profit share of each partner after adjusting for interest. hard 5 marks Revaluation surplus and profit distribution on admission
• 17 Partners A and B have a profit‑sharing ratio of 4:4. A new partner D is admitted with a capital of ₹30,000 and is to receive interest at 9% per annum for the 6 months before his admission. After admission the profit‑sharing ratio becomes A:D:B = 4:2:4. If the partnership makes a profit of ₹45,000 during the year of admission, determine (i) the interest payable to D and (ii) D’s share of the profit. medium 2 marks Interest on capital of new partner
• 18 Partners A and B have capitals ₹150,000 and ₹250,000 respectively and share profit in the ratio 3:2. After 2 years, partner C wishes to be admitted with a capital of ₹50,000. The goodwill of the firm is to be taken as 10% of the average profit of the last three years, which were ₹80,000, ₹90,000 and ₹100,000. Goodwill is to be shared between A and B in their existing profit‑sharing ratio. How much goodwill must C pay on admission? easy MCQ 1 mark Goodwill calculation on admission
• 19 Partners M and N have capitals ₹120,000 and ₹180,000 respectively with a profit‑sharing ratio of 2:3. After 4 years, partner O wishes to be admitted with a capital of ₹80,000. Goodwill of the firm is valued at 12% of the average profit of the last five years, which are ₹110,000, ₹130,000, ₹120,000, ₹140,000 and ₹150,000. O will not pay cash for goodwill; instead, the existing partners will adjust O’s goodwill share in their capital accounts. O’s profit‑sharing ratio after admission will be 2/9 of total profit. Determine (i) total goodwill of the firm, (ii) the amount of goodwill attributed to O, and (iii) the amounts credited to M’s and N’s capital accounts respectively. hard 4 marks Goodwill allocation on admission without cash
• 20 Partners M and N have capital ₹80,000 and ₹120,000 respectively with a profit‑sharing ratio of 2:3. After three years, Partner O joins with a capital of ₹30,000 and will receive interest at 7% per annum for 4 months before admission. After admission the profit‑sharing ratio becomes M:N:O = 5:3:2. The partnership earns a profit of ₹90,000 during the year of admission. Find (i) the interest payable to O and (ii) O’s share of the profit. medium 4 marks Interest on capital before admission and profit distribution
• 21 Partners P and Q hold capital ₹100,000 and ₹150,000 respectively with a profit‑sharing ratio of 4:3. They revalue the firm’s building, increasing its value by ₹80,000; the surplus is shared in the old profit‑sharing ratio. Partner R joins with capital ₹40,000 and will receive interest at 6% per annum for 9 months before admission. After admission the profit‑sharing ratio becomes P : Q : R = 6 : 3 : 1. The partnership earns a profit of ₹200,000 during the year of admission. Compute (i) the amount of revaluation surplus credited to each existing partner, (ii) the interest payable to R, and (iii) the final profit share of each partner after adjusting for interest. hard 5 marks Revaluation surplus, interest and profit sharing on admission
• 22 Partners S and T have capitals ₹90,000 and ₹110,000 respectively with a profit‑sharing ratio of 3:2. After four years, Partner U joins with capital ₹60,000 and will receive interest at 9% per annum for 6 months before admission. After admission the profit‑sharing ratio becomes S : T : U = 4 : 3 : 3. The partnership makes a profit of ₹150,000 during the year of admission. Determine (i) the interest payable to U, (ii) the profit share of each partner after admission, and (iii) the change in profit‑sharing percentages for each partner compared to the original partnership. hard 5 marks Interest, profit sharing and percentage change on admission
• 23 Partner A has capital ₹60,000 and Partner B has capital ₹40,000. Their profit–sharing ratio is 3:2. After two years, Partner C wishes to join with a capital of ₹20,000. The goodwill of the firm is to be taken as 8% of the average profit of the last two years, which were ₹50,000 and ₹70,000. Goodwill is to be shared between A and B in their existing profit‑sharing ratio. How much goodwill must C pay on admission? easy 3 marks Goodwill calculation on admission
• 24 Partners X and Y have capital amounts of ₹80,000 and ₹120,000 respectively and share profit in the ratio 2:3. The partnership revalues its building, increasing its value by ₹60,000. The revaluation surplus is to be shared in the old profit‑sharing ratio. After revaluation, partner Z joins with a capital of ₹40,000 and will receive interest at 5 % per annum for 3 months before admission. After admission the profit‑sharing ratio becomes X : Y : Z = 4 : 2 : 1. The firm makes a profit of ₹200,000 during the year of admission. Which of the following is the correct amount credited to X as revaluation surplus? easy MCQ 1 mark Revaluation surplus distribution
• 25 Partners P and Q have capitals of ₹90,000 and ₹110,000 respectively and share profit in the ratio 3:2. Before admission of a new partner R, the firm revalues its building, increasing its value by ₹50,000. The surplus is shared in the old ratio. R is admitted with a capital of ₹50,000 and will receive interest at 6 % per annum for 6 months before admission. After admission, the profit‑sharing ratio becomes P : Q : R = 3 : 2 : 1. The partnership earns a profit of ₹120,000 during the year of admission. Compute (i) the interest payable to R and (ii) R’s profit share after adjusting for interest. medium 2 marks Interest on admission & profit allocation
• 26 Partners A and B have capital amounts of ₹60,000 and ₹80,000 respectively and share profit in the ratio 3:2. The goodwill of the firm is to be taken as 10 % of the average profit of the last four years, whose profits were ₹70,000, ₹80,000, ₹90,000 and ₹100,000. A new partner C wishes to join with a capital of ₹50,000. Goodwill is to be shared between A and B in their existing profit‑sharing ratio and C will not pay cash for goodwill; instead, the existing partners will adjust the goodwill share in their capital accounts. Determine the amount of goodwill that C must pay on admission. hard 4 marks Goodwill valuation and admission
• 27 Partners L and M have capital amounts of ₹100,000 and ₹200,000 respectively and share profit in the ratio 2:3. A new partner N joins with a capital of ₹80,000 and will receive interest at 4 % per annum for 4 months before admission. After admission, the profit‑sharing ratio becomes L : M : N = 4 : 3 : 3. The partnership makes a profit of ₹250,000 during the year of admission. Calculate (i) the interest payable to N and (ii) the profit share of each partner after admission. medium 3 marks Interest calculation & profit‑sharing post‑admission