Skip to content

Jai and Veeru were… (Class 12 Accountancy SQP 2025-26, Q6)

questionbuddy.in/q/cbse-12-accountancy-2025-26-sqp-q6-jai-veeru-partnership-sharing-profit

AccountancyCBSE Class 12 · Sample paper, session 2025-26 · 1 mark · MCQ

CBSE Class 12 Accountancy sample paper 2025-26: question 6

From the official CBSE sample question paper for 2025-26, section A, question 6, for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q6 · 1 mark · MCQReconstitution of a Partnership Firm – Admission of a Partner

Jai and Veeru were in a partnership sharing Profit &Loss in the ratio 5:3. Their Capitals were ₹ 10,00,000 and ₹ 8,00,000 respectively. The firm was also having reserves of ₹ 7,00,000. Normal rate of return was 10%. Firm made average profits of ₹ 2,30,000 for the year ended March 31, 2025 (after adjustment of loss of machinery of book value of ₹2,00,000 by fire against which insurance claim of ₹1,50,000 was admitted). Value of goodwill as per Capitalisation of super profits will be:

  1. (A)₹ 10,00,000
  2. (B)₹ 3,00,000
  3. (C)₹ 18,00,000
  4. (D)Nil.

Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2025-26.

Hints

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

Hint 1

Reserves are part of capital employed.

Hint 2

An abnormal loss (net of insurance) must be added back to average profit.

Hint 3

Goodwill = super profit × 100 / normal rate.

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. Capital employed = ₹ 10,00,000 + ₹ 8,00,000 + reserves ₹ 7,00,000 = ₹ 25,00,000. Normal profit at 10% = ₹ 2,50,000.

  2. The fire loss is abnormal: net loss = ₹ 2,00,000 − ₹ 1,50,000 = ₹ 50,000, so normal average profit = ₹ 2,30,000 + ₹ 50,000 = ₹ 2,80,000. Super profit = ₹ 30,000; goodwill = ₹ 30,000 × 100/10 = ₹ 3,00,000. Option (B).

    1 mark

Answer: (B) ₹ 3,00,000

Where the marks are

  • Adjusts abnormal loss, finds super profit ₹ 30,000 and capitalises at 10% (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 2025-26: 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.