Skip to main content
Super TutorResources
Chapter 3 of 10
QuestionsNotesFlashcardsSummaryFormulasQuizConceptsSyllabusPlan
Important Questions

Reconstitution of Partnership : Admission of a Partner

ICSE · Class 12 · Accountancy

Most important questions from Reconstitution of Partnership : Admission of a Partner for ICSE Class 12 Accountancy board exam 2026. MCQs, short answer, and long answer questions with marks.

68 questions38 flashcards5 concepts

Interactive on Super Tutor

Studying Reconstitution of Partnership : Admission of a Partner? Get the full interactive chapter.

Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for important questions and more.

Try Super Tutor — Free

1,000+ Class 12 students started this chapter today

68 Questions·
multiple choicemultiple correcttrue false

Sample Questions

1multiple choice
3 marks

A firm has average profit of ₹5,00,000 and goodwill is valued at 2 years' purchase. What is the value of goodwill?

Show answer

₹10,00,000

Value of goodwill = Average profit × Number of years' purchase = ₹5,00,000 × 2 = ₹10,00,000.

2multiple choice
3 marks

The profits for four years are ₹3,50,000, ₹4,75,000, ₹6,70,000 and ₹7,45,000. Closing stock was overvalued by ₹15,000, and annual management cost of ₹56,250 must be deducted before goodwill valuation. If goodwill is valued at 2 years' purchase, what is the goodwill?

Show answer

₹10,00,000

Total profits = 3,50,000 + 4,75,000 + 6,70,000 + 7,45,000 - 15,000 = ₹22,25,000. Average profit = ₹22,25,000 / 4 = ₹5,56,250. Actual average profit = ₹5,56,250 - ₹56,250 = ₹5,00,000. Goodwill = ₹5,00,000 × 2 = ₹10,00,000.

3multiple choice
3 marks

A new partner brings ₹2,00,000 as capital and his share of goodwill is 4/10 of the total firm's goodwill. If the firm's goodwill is ₹70,000, what is the new partner's share of goodwill?

Show answer

₹28,000

New partner's share of goodwill = total goodwill × new partner's share = ₹70,000 × 4/10 = ₹28,000.

4multiple choice
3 marks

A and B have capitals of ₹13,000 and ₹9,000. C is admitted for 1/5 share and brings ₹8,000 as capital. What is the hidden goodwill of the firm?

Show answer

₹10,000

Total capital of the new firm = ₹8,000 × 5 = ₹40,000. Existing combined capital including C = ₹13,000 + ₹9,000 + ₹8,000 = ₹30,000. Hidden goodwill = ₹40,000 - ₹30,000 = ₹10,000.

+64 more questions available

Practice All

Frequently Asked Questions

What are the important topics in Reconstitution of Partnership : Admission of a Partner for ICSE Class 12 Accountancy?
Key topics in Reconstitution of Partnership : Admission of a Partner include Overview of Admission of a Partner: Key Concepts, Admission of a Partner — Complete Concept Map, Chapter Overview: Admission of a Partner. These are the concepts ICSE Class 12 examiners draw on most — study them first, then practise related questions.
How to score full marks in Reconstitution of Partnership : Admission of a Partner — ICSE Class 12 Accountancy?
Understand the core concepts first, then work through the 68 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.
How many important questions are there in Reconstitution of Partnership : Admission of a Partner?
There are 68 practice questions available for Reconstitution of Partnership : Admission of a Partner. These cover multiple question types including MCQs, short answer, and long answer questions.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

More resources for Reconstitution of Partnership : Admission of a Partner

All 10 chapters — ICSE Class 12 Accountancy Important Questions

For serious students

Get the full Reconstitution of Partnership : Admission of a Partner chapter — for free.

Quizzes, flashcards, AI doubt-solver and a step-by-step study plan for ICSE Class 12 Accountancy.

Try Super Tutor Free
Try the full chapter — Free