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A & B are partners… (Class 12 Accountancy SQP 2023-24, Q1)

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AccountancyCBSE Class 12 · Sample paper, session 2023-24 · 1 mark · MCQ

CBSE Class 12 Accountancy sample paper 2023-24: question 1

From the official CBSE sample question paper for 2023-24, section A, question 1, for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q1 · 1 mark · MCQReconstitution of a Partnership Firm – Admission of a Partner

A & B are partners sharing profits and losses in the ratio of 3:2. C is admitted for ¼ and for which ₹30,000 and ₹10,000 are credited as a premium for goodwill to A and B respectively. The new profit-sharing ratio of A:B:C will be:

  1. (A)3:2:1
  2. (B)12:8:5
  3. (C)9:6:5
  4. (D)33:27:20

Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2023-24.

Hints

Open one hint at a time and try again before the next.

Hint 1

The premium for goodwill is shared in the sacrificing ratio, so read the sacrifice off the amounts credited.

Hint 2

New share = old share − share sacrificed.

Hint 3

Use 80 as the common denominator.

Step-by-step solution

Each step shows the marks it earns, as an examiner would award them. Checked by an independent re-solve from the question paper.

  1. C gets 1/4. The premium is credited to A and B as ₹ 30,000 : ₹ 10,000, so they sacrificed in the ratio 3 : 1: A gives 3/16 and B gives 1/16.

  2. A = 3/5 − 3/16 = 33/80; B = 2/5 − 1/16 = 27/80; C = 1/4 = 20/80. New ratio = 33 : 27 : 20. Option (D).

    1 mark

Answer: (D) 33:27:20

Where the marks are

  • Sacrificing ratio 3 : 1 from the premium credited, new ratio 33 : 27 : 20 (1 mark)

Revise the chapter

Practise this chapterBoard-style questions from Reconstitution of a Partnership Firm – Admission of a Partner, one at a time, marked against the answer key and marking points.Back to the full paperSample paper 2023-24: every question, by section.

The question is transcribed from the official paper; figures are described in words. The solution, hints and chapter tag are ours. Spotted an error? Write tosupport@questionbuddy.in.