If some goodwill already exists in the b | Class 12 Accountancy Chapter Reconstitution of a Partnership Firm - Admission of a Partner, Reconstitution of a Partnership Firm - Admission of a Partner NCERT Solutions

Identify various matters that need adjustments at the time of admission of a new partner.

What is sacrificing ratio? Why is it calculated?

 Why there is need for the revaluation of assets and liabilities on the admission of a partner? 

On what occasions sacrificing ratio is used?

Why it is necessary to ascertain new profit sharing ratio even for old partners when a new partner is admitted?

What is Capital Fund? How is it calculated?

If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?

What is subscription? How is it calculated?

List the items which may be debited or credited in capital accounts of the partners when:

(i) Capitals are fixed.
(ii) Capital are fluctuating.

Why is Profit and Loss Adjustment Account prepared? Explain.

 Why it is considered desirable to make the  partnership agreement in writing.

Give two circumstances under which the fixed capitals of partners may change.

What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

What are the different ways in which a partner can retire from the firm?

In the absence of Partnership deed, specify the rules relating to the following :

(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.

Illustrate how interest on drawings will be calculated under various situations.

What is Capital Fund? How is it calculated?

Reproduce the format of Realisation Account.

What are the different ways in which a partner can retire from the firm?

State the order of settlement of accounts on dissolution.

Give two circumstances under which the fixed capitals of partners may change.

 Why it is considered desirable to make the  partnership agreement in writing.

How deficiency of crditors is paid off at the time of dissolution of firm.

Explain the process dissolution of partnership firm?

Distinguish between firm’s debts and partner’s private debts.