✓ Board-verified
Accountancy · 2025 · 3 marks
Reconstitution of a Partnership Firm – Admission of a PartnerAdjustment for Accumulated Profits and Losses3 marksshort answer
CBSE 2025 · Region 2 · Set 2 · Q18
Rocky and Vicky were partners in a firm sharing profits and losses in the ratio of $\displaystyle 4$ : 3. On 1st April, $\displaystyle 2024$ Shivay was admitted as a new partner for Qth share in profits which he acquired equally from Rocky and Vicky. On $\displaystyle 7$ the date of Shivay's admission, the Balance Sheet of Rocky and Vicky showed Workmen Compensation Reserve of ₹ $\displaystyle 7,00$,000. Pass necessary journal entries for treatment of workmen compensation reserve on the date of Shivay's admission in each of the following cases : (i) Claim on account of workmen compensation amounted to ₹ $\displaystyle 5,60$,000. (ii) Claim on account of workmen compensation amounted to ₹ $\displaystyle 7,00$,000. (iii) Claim on account of workmen compensation amounted to ₹ $\displaystyle 7,20$,000.
Marking-scheme solution
Books of Rocky and Vicky
Journal
Date Particulars L.F. Dr. Cr.
Amount Amount
(₹) (₹)
(i) $\displaystyle 2024$ Workmen Compensation Reserve A/c Dr. $\displaystyle 7,00,000$
Apr1 To Workmen Compensation Claim A/c $\displaystyle 5,60,000$
To Rocky’s Capital A/c $\displaystyle 80,000$
To Vicky’s Capital A/c $\displaystyle 60,000$
(Amount of claim credited and balance in Workmen
Compensation Reserve credited to old partners in their
old profit sharing ratio)
(ii)
” Workmen Compensation Reserve A/c Dr. $\displaystyle 7,00,000$
To Workmen Compensation Claim A/c $\displaystyle 7,00,000$
(Workmen Compensation Claim met out of Workmen’s
Compensation Reserve)
(iii)
” Workmen Compensation Reserve A/c Dr. $\displaystyle 7,00,000$
Revaluation A/c Dr. $\displaystyle 20,000$
To Workmen Compensation Claim A/c $\displaystyle 7,20,000$
(Workmen Compensation Claim met out of Workmen’s
Compensation Reserve and balance out of Revaluation
Practice Reconstitution of a Partnership Firm – Admission of a Partner →All Reconstitution of a Partnership Firm – Admission of a Partner questions
More from Reconstitution of a Partnership Firm – Admission of a Partner
- Asha and Indra were partners in a firm sharing profits and losses in the ratio of 3: 2. Their Balance Sheet…2026
- Devki and Neena were partners in a firm sharing profits and losses in the ratio of 4:3. Amar was admitted as…2026
- Alex, Benn and Cole were partners in a firm sharing profits and losses in 1th the ratio of 5: 3: 2. They…2024
- Sanjay and Vijay were partners in a firm sharing profits and losses in the ratio of 4: 3. On 1st April, 2025…2026
- The goodwill of a firm was valued on the basis of 3 years purchase of average profits for the last four…2023
- Mansi and Uma were partners in a firm and their capitals were 4,00,000 and ₹ 2,00,000 respectively. Normal…2026
- Atul, Beena and Sita were partners in a firm sharing profits and losses in the ratio of 8: 7: 5. Damini was…2024
- P hawana and Vedika were partners in a firm sharing profits and losses in the ratio of 5: 4. From 1st April,…2025
CBSE Class 12 Accountancy past-paper question from the 2025board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.