Class 12 Vol 1 Chapter 3 – Admission of a Partner DK Goel Solution 2021-22

DK Goel Accountancy Class 12 Solutions Vol 1 Chapter 3 will be provided in this article. Chapter 3 of DK Goel Accountancy Class 12 is one of the most interesting and scoring chapters for Accountancy subject CBSE Class 12 Board exams.

• Know more about CBSE Class 12 Accountancy

Download DK Goel Accountancy Class 12 Chapter 3 Solutions PDF

In this section, the students will get a sample of questions and answers which will help them in clearing their concepts. Here is the pdf which students can easily download and it provides accurate DK Goel Accountancy Class 12 solutions Vol 1  Chapter 3 for the questions.

DK Goel Accountancy Class 12 solutions Vol 1 Chapter 3

While preparing for any concept it is important to understand the concept in detail to solve those accurately. This pdf of DK Goel Accountancy Class 12 Solutions Vol 1 Chapter 3 is outlined keeping in mind the current CBSE syllabus of Class 12th.

It also helps the students to learn and comprehend the accounting basics which assists them to crack the complex questions simply. Just like the book contains a wide range of questions, here you can have these solutions easily.  

Important Topics Covered in DK Goel Accountancy Class 12 Solutions Vol 1 Chapter 3 

Some important topics are discussed in Class 12 Accountancy Chapter 3 Solutions DK Goel. Also, the questions are based on these important topics.  

1. Meaning: According to the Partnership Act 1932, a new partner can be admitted into the firm only with the consent of all the existing partners unless otherwise agreed upon. With the admission of a new partner, the partnership firm is reconstituted and a new agreement is entered into to carry on the business of the firm.  
2. Need for a new partner  
3. Calculation of new profit sharing ratio: when the ratio of only new Partner is given, when new partner purchases his share of profit from the old partners equally when new partner purchases his share of profit from the old partners in a particular ratio when new Partners’ share of profit is not given and the old partners sacrifice some part of their share in favour of the new partner. 
4. Adjustment required at the time of admission of a new partner  
5. Net profit sharing ratio  
6. Sacrificing ratio  
7. Treatment of goodwill, hidden goodwill,  
8. When a new partner brings in proportionate capital  
9. Revaluation of assets and re-assessment of liabilities.  
10. Accounting treatment of reserves, undisturbed profits, and losses  
11. Adjustment of capital 
12. Adjustment of old partners accounts  
13. Steps involved in the adjustment of capital  

These are the topics explained in detail in Admission of a Partner.  

Class 12 Vol 1 Admission of a Partner DK Goel Solution- Sample Questions  

Q1. Mention the various matters that need adjustment at the time of admission of a partner.

A. below are the matters that need adjustment at the time of admission of a partner:-

• Adjustment of Accumulated profits, Reserves, and Losses.
• adjustment of Goodwill.

Q2. Explain the accounting treatment of Goodwill when the new partner brings his share of goodwill on cash.

A. Here is the accounting treatment of goodwill:-

1. For bringing goodwill in cash

Bank A/c Dr.

To premium of Goodwill A/c

      2. For distributing the amount of goodwill brought in by a new partner.

A premium of goodwill A/c Dr.

To Sacrificing Partner’s Capital A/c (in sacrificing ratio)

      3.What is a convention of full disclosure?  

A. There should be sufficient disclosure of information that is of significant interest to the users of financial statements.  

We have included all the information regarding DK Goel Accountancy Class 12 solutions Vol 1 Chapter 3. If you have any query feel free to ask in the comment section. 

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