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Ram and Shyam were… (Class 12 Accountancy SQP 2024-25, Q4b)

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

CBSE Class 12 Accountancy sample paper 2024-25: question 4(b)

From the official CBSE sample question paper for 2024-25, section A, question 4(b), for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q4(b) · 1 mark · MCQReconstitution of a Partnership Firm – Admission of a Partner

Ram and Shyam were partners sharing profits and losses in the ratio of 3:2. Their balance sheet shows building at ₹ 1,60,000. They admitted Mohan as a new partner for 1/4th share. In additional information it is given that building is undervalued by 20%. The share of loss/gain of revaluation of Shyam is ____________ & current value of building shown in new balance sheet is _______.

  1. (A)Gain ₹ 12,800, Value ₹ 1,92,000
  2. (B)Loss ₹ 12,800, Value ₹ 1,28,000
  3. (C)Gain ₹ 16,000, Value ₹ 2,00,000
  4. (D)Gain ₹ 40,000, Value ₹ 2,00,000

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

Undervaluation is measured against the true value.

Hint 2

Revaluation gain is shared by old partners only.

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. "Undervalued by 20%" means book value = 80% of true value. True value = ₹ 1,60,000 × 100/80 = ₹ 2,00,000, a gain of ₹ 40,000.

  2. The gain goes to old partners 3 : 2, so Shyam gets ₹ 16,000; the building appears at ₹ 2,00,000. Option (C).

    1 mark

Answer: (C) Gain ₹ 16,000, Value ₹ 2,00,000

Where the marks are

  • True value ₹ 2,00,000 and Shyam's 2/5 of ₹ 40,000 (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.