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Reconstitution of a Partnership Firm – Retirement/Death of a Partner

Haryana Board · Class 12 · Accountancy

Flashcards for Reconstitution of a Partnership Firm – Retirement/Death of a Partner — Haryana Board Class 12 Accountancy. Quick Q&A cards covering key concepts, definitions, and formulas.

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A flowchart showing the process of distributing accumulated profits (reserves) and losses among old partners in their old profit sharing ratio.
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22 Flashcards
Card 1Basic Concepts

What is reconstitution of a partnership firm in the context of retirement/death of a partner?

Answer

Reconstitution occurs when a partner retires or dies, leading to the end of the existing partnership deed. A new partnership deed is created where remaining partners continue business on changed terms…

Card 2Amount Due to Partner

List the items that are CREDITED to a retiring/deceased partner's account.

Answer

Items credited include: (1) Credit balance of capital account, (2) Credit balance of current account, (3) Share of goodwill, (4) Share of accumulated profits/reserves, (5) Share in gain from revaluati…

Card 3Amount Due to Partner

List the items that are DEBITED from a retiring/deceased partner's account.

Answer

Items debited include: (1) Debit balance of current account, (2) Share of goodwill to be written off, (3) Share of accumulated losses, (4) Share of loss on revaluation of assets and liabilities, (5) S…

Card 4New Profit Sharing Ratio

Define New Profit Sharing Ratio and explain when it needs to be calculated.

Answer

New Profit Sharing Ratio is the ratio in which remaining partners will share future profits after retirement/death of a partner. It needs calculation when: (1) Continuing partners acquire the retiring…

Card 5New Profit Sharing Ratio

Formula: How to calculate New Share of Continuing Partner?

Answer

New Share of Continuing Partner = Old Share + Acquired Share from Outgoing Partner Example: If A, B, C share profits 5:3:2 and B retires, with A and C acquiring B's share in ratio 2:1: A's new share …

Card 6Gaining Ratio

Define Gaining Ratio and provide its formula.

Answer

Gaining Ratio is the ratio in which continuing partners acquire the share from the retiring/deceased partner. Formula: Gaining Share = New Share - Old Share Example: If A, B, C share 5:3:2, B retir…

Card 7Treatment of Goodwill

Journal entry: Treatment of goodwill when goodwill does NOT appear in books at the time of retirement.

Answer

Gaining Partners' Capital A/c Dr. (Individually in gaining ratio) To Retiring Partner's Capital A/c (Share of goodwill of retiring partner adjusted) Example: If goodwill is ₹60,000 and gaining ra…

Card 8Treatment of Goodwill

What is Hidden Goodwill? Provide an example with journal entry.

Answer

Hidden Goodwill is the amount paid to retiring partner in excess of what is due based on his capital account balance after adjustments. Example: If R's capital shows ₹60,000 after adjustments but fi…

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