NCERT Solutions for Class 12 Accountancy Part 1 Chapter 4 Reconstitution of a Partnership Firm: Chapter Four in Part One in Accountancy for CBSE Class 12 is the Reconstitution of a Partnership Firm Retirement/Death of a Partner. You will get NCERT solutions Class 12 Accountancy that tells you about the various aspects of the chapter, including what happens when a partner dies and how the profit-sharing occurs among the remaining members.
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NCERT Solutions for Class 12 Accountancy Part 1 Chapter 4 PDF- Reconstitution of a Partnership Firm
Download Class 12 Accountancy Part 1 Chapter 4 NCERT Solutions PDF
You will learn about share of reserve, accounting treatment, adjusting entry, unrecorded asset, Balance Sheet, liability, legal executor, Executor’s Account, loss on issue, Plant and Machinery, Factory building, Mohan Lal’s losses in proportion, Partners’ Capital Accounts.
Class 12 Accountancy Part 1 Chapter 4 Reconstitution of a Partnership Firm – Overview
Chapter four starts off with the new profit-sharing ratio concept. The new profit-sharing ratio is about how the remaining partners share the profits when one of the other partners dies or retires.
The profit ratio is the ratio in which the remaining or successive partners get a share of the deceased or retired partners. However, it is unnecessary to calculate this ratio as the person who succeeds the dead or retired partner will continue to get the same share.
The only time you may need to estimate the new profit-share ratio is in the case of successive partners. At that time, the profit ratio is the difference between the remaining partner’s new share and the old share.
The remaining partners can also share the goodwill of the deceased or retired partner. If the company or firm pays a lumpsum amount to the account of the deceased or former partner and what they owe, they would also credit the adjusted balance to their capital accounts. So, the gains and losses that the deceased or retired partner accumulates along with the revaluation of their assets and liabilities are also part of the goodwill, called ‘Hidden Goodwill.’
Concepts covered in NCERT Solutions for Class 12 Accountancy Part 1 Chapter 4
- Ascertaining the amount due to retiring or deceased partner
- New profit sharing ratio
- Gaining ratio
- Treatment of Goodwill
- Adjustment of the partner’s capital
- Death of a partner
Highly Important Links For CBSE Class 12 Accountancy
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Benefits of Using NCERT Solutions for Class 12 Accountancy Part 1 Chapter 4
There are few benefits of studying chapter four in Accountancy for CBSE class 12 from NCERT solutions. You will find such advantages in the following sections.
1. Questions for Practice
NCERT Solutions for chapter four in Accountancy gives you hundreds of questions that you need to be answering to become thorough with all the concepts. The questions range from short- and long-answer questions to multiple-choice and numerical problems. And by solving them, you become acquainted with answering different types of questions, which, in turn, will help you to write the exams.
2. Available as PDF
You also get NCERT solutions in PDF format, besides the physical copies. So, you can download them from various websites and start preparing for the exams.
3. Easy to Understand
The solutions in NCERT study materials are concise. So, you will be clear with each concept by going through them.
4. Latest Curriculum
The various concepts that the current chapter talks about are as per the latest syllabus prescribed by the board. You also have all the latest questions that are likely to appear in the exams. Thus, you can score better by studying from NCERT solutions.
We have covered the detailed guide on CBSE NCERT Solutions for Class 12 Accountancy Part 1 Chapter 4. Feel free to ask any questions in the comment section below.
FAQs on NCERT Solutions for Class 12 Accountancy Part 1 Chapter 4
What Does the Term “Gaining Ratio” Mean?
It is defined as the profit split between a partner and a partner who is leaving the company.
What are the benefits of the CBSE NCERT Solutions for Class 12 Accountancy Part 1 Chapter 4?
Go through the above blog for the benefits of solving NCERT Solutions for Class 12 Accountancy Part 1 Chapter 4.
I’ve been absent from many of my school classes. I’d like to get caught up. Is Kopykitab able to assist you?
It is very typical for students to miss lessons and fall behind in their studies. Students can catch up by attending live classes at Kopykitab or studying more at home using our study materials.
How many questions are there in NCERT Solutions for Class 12 Accountancy Chapter 4?
NCERT Solutions for Class 12 Accountancy Part 1 Ch 4 PDF consists of twenty-one questions and solutions.
Is it possible to get the NCERT Solutions for Class 12 Accountancy Part 1 Chapter 4 for free?
Yes, students can get the NCERT Solutions for Class 12 Accountancy Part 1 Chapter 4 in PDF format for free from the above article.