✓ Board-verified
Accountancy · 2026 · 4 marks
Reconstitution of a Partnership Firm – Admission of a PartnerChange in Profit Sharing Ratio among the Existing Partners4 marksshort answer
CBSE 2026 · Region 3 · Set 2 · Q22
Vikas, Saurav and Govind were partners in a firm sharing profits and losses in the ratio of $\displaystyle 2$ : $\displaystyle 3$ : 5. On 31st March, $\displaystyle 2025$, their capitals were $\displaystyle 5,00,000$; ₹ $\displaystyle 3,00,000$ and $\displaystyle 2$° $\displaystyle 2,00,000$ respectively. With effect from 1st April, $\displaystyle 2025$, they decided to share the future profits equally. Due to change in profit sharing ratio, it was agreed that : (i) Goodwill of the firm will be valued at ₹ $\displaystyle 9,00$,000. (ii) Revaluation of assets and liabilities will be carried out. The revaluation of assets and reassessment of liabilities resulted in a loss of ₹ $\displaystyle 1,00$,000. (iii) The total capital of the reconstituted firm will be ₹ $\displaystyle 12,00,000$ and the same will be in proportion of the new profit sharing ratio of the partners. For this purpose, necessary cash will be brought in by the partners or paid off to the partners, as the case may be. Prepare Partners' Capital Accounts on the reconstitution of the firm.
Marking-scheme solution
Dr. Partners’ Capital Accounts Cr.
Particulars Vikas Saurav Govind Particulars Vikas Saurav Govind
(`) (`) (`) (`) (`) (`)
To Govind’s By Balance
Capital $\displaystyle 1,20,000$ $\displaystyle 30,000$ - b/d (½) $\displaystyle 5,00,000$ $\displaystyle 3,00,000$ $\displaystyle 2,00,000$
A/c (½)
By Vikas’s
To Capital - - $\displaystyle 1,20,000$
Revaluation $\displaystyle 20,000$ $\displaystyle 30,000$ $\displaystyle 50,000$ A/c (½)
A/c (loss)
By Saurav’s
Capital - - $\displaystyle 30,000$
A/c
By Cash
/ Bank A/c $\displaystyle 40,000$ $\displaystyle 1,60,000$ $\displaystyle 1,00,000$
(1)
To balance
c/d (½) $\displaystyle 4,00,000$ $\displaystyle 4,00,000$ $\displaystyle 4,00,000$
$\displaystyle 5,40,000$ $\displaystyle 4,60,000$ $\displaystyle 4,50,000$ $\displaystyle 5,40,000$ $\displaystyle 4,60,000$ $\displaystyle 4,50,000$
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 2026board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.