Reconstitution of a Partnership Firm: Retirement or Death of a Partner: Class 12 Accountancy (Bihar Board) important questions and practice
Reconstitution of a Partnership Firm: Retirement or Death of a Partner is chapter 3 of 10 in Bihar Board Class 12 Accountancy. Below are the topics the paper draws from, the question types that come up again and again, and a free practice test on this chapter alone.
Topics in this chapter
- New profit sharing ratio and gaining ratio
- Treatment of goodwill on retirement/death
- Revaluation of assets and liabilities and distribution of reserves
- Settlement of the retiring partner's dues: lump sum, instalments, loan account
- Adjustment of remaining partners' capitals
- Death of a partner: share of profit till date of death (time or sales basis) and executor's account
What examiners usually ask
- A, B and C share profits 5:3:2; B retires and his share is taken by A and C in 2:1; calculate the new ratio and the gaining ratio
- Calculate the deceased partner's share of profit up to the date of death on the basis of the previous year's profit when he died four months into the year
- Prepare the retiring partner's capital account and the Balance Sheet of the reconstituted firm
Exam tip
Gaining ratio equals new ratio minus old ratio and goodwill is debited to the gaining partners in that ratio; for death, show the deceased partner's share of profit as a debit to Profit and Loss Suspense Account and transfer his balance to the Executor's Account.
Reconstitution of a Partnership Firm: Retirement or Death of a Partner on other boards and exams
Frequently asked questions
What are the important questions from Reconstitution of a Partnership Firm: Retirement or Death of a Partner for Bihar Board Class 12?
The question types listed above repeat most often in Bihar Board Class 12 Accountancy papers for this chapter. Practise them with the chapter test and then attempt them inside a full previous-year paper under time.
Is Reconstitution of a Partnership Firm: Retirement or Death of a Partner in the Bihar Board Class 12 Accountancy syllabus?
Yes. Reconstitution of a Partnership Firm: Retirement or Death of a Partner is part of the current Bihar Board Class 12 Accountancy syllabus, as listed on this site from the prescribed textbook.
Can I practise Reconstitution of a Partnership Firm: Retirement or Death of a Partner MCQs in Hindi?
Yes. The chapter test and explanations are available in Hindi and English, with an AI doubt solver for any question.