CBSE Class 12 Accountancy sample paper 2023-24: question 24(a)

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✓Verified: two independent solves agreeChecked 2026-11-01

1. Workings: PDD required 6% of ₹1,00,000 = ₹6,000 → increase ₹2,000. Stock: half (₹37,000) taken by Rajinder at ₹42,000, so remaining half also ₹42,000; total stock ₹84,000 → increase ₹10,000. Goodwill: average profit $=\frac{1,50,000+1,30,000+1,70,000}{3}=₹1,50,000$; firm's goodwill $=2\times 1,50,000=₹3,00,000$; Ranvijay's share $=\frac{2}{10}=₹60,000$. Sacrificing ratio: Rajinder $\frac{6}{10}-\frac{5}{10}=\frac{1}{10}$, Vijay $\frac{4}{10}-\frac{3}{10}=\frac{1}{10}$ → 1:1. Capitals are fixed, so adjustments go to Current A/cs.

2. No.	Particulars	Dr (₹)	Cr (₹)
   (i)	Revaluation A/c Dr	52,000
   	To Provision for Doubtful Debts A/c		2,000
   	To Outstanding Bill for Repairs A/c		50,000
   	(Increase in PDD and repair bill recorded)

   ½ mark

3. No.	Particulars	Dr (₹)	Cr (₹)
   (ii)	Accrued Interest A/c Dr	7,500
   	Stock A/c Dr	10,000
   	To Revaluation A/c		17,500
   	(Accrued interest and increase in stock recorded)

   ½ mark

4. Loss on revaluation $=52,000-17,500=₹34,500$, shared 3:2.

   No.	Particulars	Dr (₹)	Cr (₹)
   (iii)	Rajinder's Current A/c Dr	20,700
   	Vijay's Current A/c Dr	13,800
   	To Revaluation A/c		34,500
   	(Loss on revaluation transferred)

   1 mark

5. No.	Particulars	Dr (₹)	Cr (₹)
   (iv)	Bank A/c Dr	40,000
   	To Investments A/c		40,000
   	(Investments sold at book value)
   (v)	Rajinder's Current A/c Dr	42,000
   	To Stock A/c		42,000
   	(Half stock taken by Rajinder)

   1 mark

6. No.	Particulars	Dr (₹)	Cr (₹)
   (vi)	General Reserve A/c Dr	60,000
   	To Rajinder's Current A/c		36,000
   	To Vijay's Current A/c		24,000
   	(General reserve distributed 3:2)
   (vii)	Rajinder's Current A/c Dr	30,000
   	Vijay's Current A/c Dr	20,000
   	To Goodwill A/c		50,000
   	(Existing goodwill written off 3:2)

   1 mark

7. No.	Particulars	Dr (₹)	Cr (₹)
   (viii)	Bank A/c Dr	1,60,000
   	To Ranvijay's Capital A/c		1,00,000
   	To Premium for Goodwill A/c		60,000
   	(Capital and premium for goodwill brought in)

   1 mark

8. No.	Particulars	Dr (₹)	Cr (₹)
   (ix)	Premium for Goodwill A/c Dr	60,000
   	To Rajinder's Current A/c		30,000
   	To Vijay's Current A/c		30,000
   	(Premium credited in sacrificing ratio 1:1)

   1 mark

Answer: Revaluation loss ₹34,500 (Rajinder ₹20,700, Vijay ₹13,800); goodwill premium ₹60,000 shared 1:1 (₹30,000 each)

Revise the chapter

• Chapter: Reconstitution of a Partnership Firm – Admission of a Partner (notes, formulas, where marks are lost and every past question)