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Accountancy · 2026 · 4 marks
Reconstitution of a Partnership Firm – Admission of a PartnerAdmission of a New Partner4 marksshort answer
CBSE 2026 · Region 5 · Set 3 · Q22
Jain and Gupta were partners in a firm sharing profits and losses in the ratio of 3: 1. On 1st April, 2024, Agarwal was admitted as a new partner for…
Jain and Gupta were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$ : 1. On 1st April, $\displaystyle 2024$, Agarwal was admitted as a new partner for $\displaystyle 1$/5th share in the profits of the firm with a minimum guaranteed amount of ₹ $\displaystyle 75$,000. Any deficiency arising out of this account will be borne by Jain and Gupta in the ratio of $\displaystyle 1$ : 3. During the year ended 31st March, $\displaystyle 2025$, the firm earned a net profit of ₹ $\displaystyle 3,00$,000. Prepare Profit and Loss Appropriation Account of Jain, Gupta and Agarwal for the year ended 31st March, 2025.
Annu, Bandhu, Sheelu and Golu were partners in a firm sharing profits and losses in the ratio of $\displaystyle 4$ : $\displaystyle 3$ : $\displaystyle 2$ : 1. On 1st April, $\displaystyle 2025$, they decided to share the future profits equally. For this purpose the goodwill of the firm was valued at ₹ $\displaystyle 4,00$,000. Calculate gain or sacrifice of the partners on change in profit sharing ratio and pass a single adjustment journal entry for the treatment of goodwill.
Marking-scheme solution
Books of Jain, Gupta and Agarwal
Profit and Loss Appropriation A/c
Dr. for the year ending $\displaystyle 31$ March $\displaystyle 2025$ Cr.
Particulars Amount(₹) Particulars Amount
(₹)
To Partners’ Capital A/cs: $\displaystyle 3,00,000$
By Profit and Loss A/c
(for share of profit)
(Net Profit)
Jain $\displaystyle 1,80,000$
Less: Deficiency ($\displaystyle 3750$)
$\displaystyle 1,76,250$
Gupta $\displaystyle 60,000$
Less: Deficiency $\displaystyle (11,250)$
$\displaystyle 48,750$
Aggarwal $\displaystyle 60,000$
Add: Deficiency
recovered from:
Jain $\displaystyle 3,750$
Gupta $\displaystyle 11,250$
$\displaystyle 75,000$
$\displaystyle 3,00,000$ $\displaystyle 3,00,000$
Q.(b) Annu, Bandhu, Sheelu and Golu were partners ……………….
Ans.
Calculation of gain or sacrifice of the partners
Sacrificing share = Old Share – New Share
Annu $\displaystyle 4$/$\displaystyle 10$ - $\displaystyle 1$/$\displaystyle 4$ = $\displaystyle 6$/$\displaystyle 40$ or $\displaystyle 3$/$\displaystyle 20$ Sacrifice
Bandhu $\displaystyle 3$/$\displaystyle 10$ - $\displaystyle 1$/$\displaystyle 4$ = $\displaystyle 2$/$\displaystyle 40$ or $\displaystyle 1$/$\displaystyle 20$ Sacrifice
Sheelu $\displaystyle 2$/$\displaystyle 10$ - $\displaystyle 1$/$\displaystyle 4$ = ($\displaystyle 2$/$\displaystyle 40$) or ($\displaystyle 1$/$\displaystyle 20$) (Gain)
Golu $\displaystyle 1$/$\displaystyle 10$ - $\displaystyle 1$/$\displaystyle 4$ = ($\displaystyle 6$/$\displaystyle 40$) or ($\displaystyle 3$/$\displaystyle 20$) (Gain)
Books of Annu, Bandhu, Sheelu and Golu
Journal
Date Particulars L.F. Dr. Cr.
Amount(₹) Amount(₹)
$\displaystyle 2025$ Sheelu’s Capital A/c Dr. $\displaystyle 20,000$
April $\displaystyle 1$ Golu’s Capital A/c Dr. $\displaystyle 60,000$
To Annu’s Capital A/c $\displaystyle 60,000$
To Bandhu’s Capital A/c $\displaystyle 20,000$
(Adjustment entry for goodwill
due to change in profit sharing
ratio)
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CBSE Class 12 Accountancy past-paper question from the 2026 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.