{"id":18868,"date":"2015-12-17T16:09:33","date_gmt":"2015-12-17T10:39:33","guid":{"rendered":"https:\/\/www.cbselabs.com\/?p=18868"},"modified":"2021-09-18T15:27:17","modified_gmt":"2021-09-18T09:57:17","slug":"important-questions-for-class-12-accountancy-cbse-introduction-and-new-profit-sharing-ratio-and-sacrificing-ratio","status":"publish","type":"post","link":"https:\/\/www.cbselabs.com\/important-questions-for-class-12-accountancy-cbse-introduction-and-new-profit-sharing-ratio-and-sacrificing-ratio\/","title":{"rendered":"Important Questions for CBSE Class 12 Accountancy Introduction and New profit Sharing Ratio and Sacrificing Ratio"},"content":{"rendered":"

Reconstitution of a partnership Firm:Admission of a partner\u00a0Important Questions for CBSE Class 12 Accountancy Introduction and New profit Sharing Ratio and Sacrificing Ratio<\/strong><\/span><\/h2>\n

1. Meaning<\/strong> Admission of a partner is one of the modes of reconstituting the firm under which old partnership comes to an end and a new one between all partners (including incoming partner) comes into existence.
\nAccording to Section 31(1) of Indian Partnership Act, 1932, \u2018A new partner can be admitted only with the consent of all the existing partners\u2019.
\nA new partner is admitted for the following purposes:
\n(i) For procuring additional capital.
\n(ii) For acquiring additional managerial skills.
\nA newly admitted partner acquires following two main rights in the firm:
\n(i) Share in the future profits of the firm.
\n(ii) Share in the assets of the firm.<\/p>\n

2. Adjustments Required at the Time of Admission of a New Partner<\/strong>
\n(i) Calculation of new profit sharing ratio and sacrificing ratio.
\n(ii) Accounting treatment of goodwill.
\n(iii) Accounting treatment of revaluation of assets and re-assessment of liabilities.
\n(iv) Accounting treatment of reserves accumulated profit and losses.
\n(v) Adjustment of capital.<\/p>\n

3. New Profit Sharing Ratio<\/strong> The ratio in which all the partners (including incoming partner) share the future profits and losses is known as new profit sharing ratio.
\nNew Profit Sharing Ratio = Old Ratio – Sacrificing Ratio<\/p>\n

4. Sacrificing Ratio<\/strong> It is the ratio in which the old partners have agreed to sacrifice their share of profits in favour of new or incoming partner.
\nSacrificing Ratio = Old Ratio – New Ratio<\/p>\n

Previous Years\u00a0Examination Questions<\/strong><\/span>
\n1 Mark Questions<\/strong><\/span><\/p>\n

1. State the right acquired by a newly admitted partner. (All India 2014,2009; Delhi 2008)<\/strong>
\nAns.<\/strong> The right acquired by a newly admitted partner is (Any one):
\n(i) Share in the future profits of the firm.
\n(ii) Share in the assets of the firm.<\/p>\n

2. What is meant by sacrificing ratio? (Compartment 2014)<\/strong>
\nor<\/strong>
\nState the meaning of sacrificing ratio. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(All India 2011)<\/strong>
\nAns<\/strong>. It is the ratio in whicfi the old partners have agreed to sacrifice their share of profits in favour of new or incoming partner.
\nSacrificing Ratio = Old Ratio – New Ratio<\/p>\n

3. List any two items that need adjustments in the books of accounts of a
\nfirm at the<\/strong>
\ntime of admission of a partner.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (Compartment 2014)<\/strong>
\nAns.<\/strong> Two items that need adjustment at the time of admission are:
\n(i) Goodwill of the firm.
\n(ii) Reserves and accumulated profits\/losses.<\/p>\n

4. X and Y are partners. Y wants to admit his son K into business. Can K become the\u00a0<\/strong>partner of the firm? Give reason.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (Compartment 2014)<\/strong>
\nAns.<\/strong> K can be admitted as a partner with the consent of X, and that to if he is a major.<\/p>\n

5. State any one purpose for admitting a new partner in a firm. (All India 2012)<\/strong>
\nAns.<\/strong> A new partner may be admitted for the following purpose (Any one)
\n(i) For procuring additional capital.
\n(ii) For acquiring additional managerial skills.<\/p>\n

6. How is a new partner admitted to a firm?<\/strong>
\nAns.<\/strong> A new partner is admitted to a firm with the consent of all the existing partners.<\/p>\n

7. State the other rights which a newly admitted partner acquires besides the right to\u00a0<\/strong>share the profits of the firm. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(All India 2009)<\/strong>
\nAns.<\/strong> The rights that a newly admitted partner acquires besides the right to share the profits of the firm are: (Any two)
\n(i) Right to share in the assets of the firm.
\n(ii) Right to take part in the business.
\n(iii) Right to inspect the books of account.<\/p>\n

8. A and B are partners sharing profits in the ratio of 5 : 4. They admit C for l\/9 th share,\u00a0which he acquires from A. Find the new profit sharing ratio.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (Delhi 2008C)<\/strong>
\n\"important-questions-for-class-12-accountancy-cbse-introduction-and-new-profit-sharing-ratio-and-sacrificing-ratio-t1-1\"
\n2 Marks Questions<\/strong><\/span><\/p>\n

9. A and B are partners sharing profits in the ratio of 5 : 4. They admit C for 1\/1 Oth share of profit which he acquires in equal proportion from both. Find the new profit sharing ratio. (Delhi 2011c, 2009)<\/strong>
\n\"important-questions-for-class-12-accountancy-cbse-introduction-and-new-profit-sharing-ratio-and-sacrificing-ratio-t1-2\"
\n10. A and B are partners sharing profits in the ratio of 5 : 4. They admit C for l\/3rd\u00a0<\/strong>share, which he acquires in equal proportion from both. Find the new profit sharing ratio.\u00a0\u00a0\u00a0\u00a0 (All India 2011)<\/strong>
\n\"important-questions-for-class-12-accountancy-cbse-introduction-and-new-profit-sharing-ratio-and-sacrificing-ratio-t1-3\"
\n11. A and B are partners sharing profits in the ratio of 7 : 3. They admit C for l\/5th\u00a0<\/strong>share,which he acquires in equal proportion from both. Find the new profit sharing ratio.\u00a0\u00a0\u00a0 (All India 2009)<\/strong>
\n\"important-questions-for-class-12-accountancy-cbse-introduction-and-new-profit-sharing-ratio-and-sacrificing-ratio-t1-4\"
\n4 Marks Questions<\/strong><\/span><\/p>\n

12. (i) Rajeev and Sanjeev are partners in a firm sharing profits in the ratio of 3 : 2<\/strong>
\nrespectively. They admit Vijay as a new partner. Rajeev surrenders 1\/4 of his share\u00a0<\/strong>and Sanjeev 1\/3\u00a0of his share in favour of Vijay. Calculate new profit sharing ratio of Rajeev, Sanjeev and Vijay.<\/strong>
\n(ii)Anita and Sunita are partners in a firm sharing profits in the ratio of 3 : 2\u00a0<\/strong>respectively. They admitted Vinita as a new partner for1\/4 share. The new profit\u00a0<\/strong>sharing ratio between Anita and Sunita will be 2 : 1. Calculate their sacrificing ratio.\u00a0<\/strong>(Compartment 2014)<\/strong>
\n\"important-questions-for-class-12-accountancy-cbse-introduction-and-new-profit-sharing-ratio-and-sacrificing-ratio-t1-5\"
\n13. i) Rohan and Mohan are partners in a firm sharing profits in the ratio of 5 : 3\u00a0<\/strong>respectively. They admit Bhim as a partner for 1\/7\u00a0share in the profit. The new profit\u00a0<\/strong>sharing ratio will be 4 : 2 : 1. Calculate the sacrificing ratio of Rohan and Mohan.<\/strong>
\n(ii) Amla and Kamla are partners in a firm sharing profits in the ratio of 4 : 1\u00a0<\/strong>respectively. They admitted Bimla as a new partner for1\/4\u00a0share in the profits, which\u00a0<\/strong>she acquired wholly from Amla. Determine the new profit sharing ratio of the partners.\u00a0\u00a0\u00a0 (Compartment 2014)<\/strong>
\n\"important-questions-for-class-12-accountancy-cbse-introduction-and-new-profit-sharing-ratio-and-sacrificing-ratio-t1-6\"
\n14. A and B are partners sharing profits and losses in the ratio of 2 : 1. They admit C for l\/3 rd share which he acquires in equal proportion from both. Find the new profit\u00a0<\/strong>sharing ratio. \u00a0(Foreign 2009)<\/strong>
\n\"important-questions-for-class-12-accountancy-cbse-introduction-and-new-profit-sharing-ratio-and-sacrificing-ratio-t1-7\"
\nImportant Questions for Class 12 Accountancy<\/a>Class 12 Accountancy<\/a>NCERT Solutions Home Page<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Reconstitution of a partnership Firm:Admission of a partner\u00a0Important Questions for CBSE Class 12 Accountancy Introduction and New profit Sharing Ratio and Sacrificing Ratio 1. Meaning Admission of a partner is one of the modes of reconstituting the firm under which old partnership comes to an end and a new one between all partners (including incoming …<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[2],"tags":[],"yoast_head":"\nImportant Questions for CBSE Class 12 Accountancy Introduction and New profit Sharing Ratio and Sacrificing Ratio<\/title>\n<meta name=\"description\" content=\"Reconstitution of a partnership Firm:Admission of a partner Important Questions for CBSE Class 12 Accountancy Introduction and New profit Sharing Ratio and Sacrificing Ratio\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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