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Rohit, Virat and… (Class 12 Accountancy SQP 2024-25, Q15a)

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AccountancyCBSE Class 12 · Sample paper, session 2024-25 · 1 mark · MCQ

CBSE Class 12 Accountancy sample paper 2024-25: question 15(a)

From the official CBSE sample question paper for 2024-25, section A, question 15(a), for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q15(a) · 1 mark · MCQReconstitution of a Partnership Firm – Admission of a Partner

Rohit, Virat and Shikhar were partners sharing profits and losses in the ratio 3:1:1. Their Capital balance as on March 31, 2024 was ₹ 3,00,000; ₹ 2,70,000 and ₹ 2,50,000 respectively. On the same date, they admitted Hardik as a new partner for 20% share. Hardik was to bring ₹ 80,000 for his share of goodwill and 1/5 of the combined capital of all the partners of new firm. What will be the amount of capital brought in by Hardik on his admission as a new partner?

  1. (A)₹ 2,25,000
  2. (B)₹ 1,80,000
  3. (C)₹ 2,60,000
  4. (D)₹ 3,05,000

Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2024-25.

Hints

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

Hint 1

Credit the goodwill premium to the old partners first.

Hint 2

Old partners hold 80% after admission.

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. Hardik's ₹ 80,000 for goodwill is credited to the old partners, so their capitals become ₹ 8,20,000 + ₹ 80,000 = ₹ 9,00,000 for an 80% share.

  2. Total capital = ₹ 9,00,000 / 80% = ₹ 11,25,000; Hardik's 1/5 = ₹ 2,25,000. Option (A).

    1 mark

Answer: (A) ₹ 2,25,000

Where the marks are

  • Adjusted old capitals ₹ 9,00,000 are 4/5 of the total (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 2024-25: 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.