Reconstitution Of A Partnership Firm – Admission Of A Partner Class 12 Accountancy Important Questions

Important Questions Class 12

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Class 12 Accountancy Important Questions Reconstitution Of A Partnership Firm – Admission Of A Partner

Short Answer Questions :

Question. Rahul and Sahil are partners sharing profits together in the ratio of 4:3. They admit Kamal as a new partner. Rahul surrenders 1/4th of his share and Sahil surrenders 1/3rd of his share in favour of Kamal. Calculate the new profit sharing ratio.
Answer : Rahul’s sacrificing share = 4/7 X 1/4  = 1/7
Sahil’s sacrificing share                = 3/7 X 1/3  = 1/7
Rahul’s new share                       = 4/7 – 1/7    = 3/7
Sahil’s New share                        = 3/7 – 1/7  = 2/7
Kamal’s share                             = 1/7+1/7    = 2/7
New profit sharing ratio = 3:2:2

Question. Ranzeet and Priya are two partners sharing profits in the ratio of 3:2. They admit Nilu as a partner, who pays Rs. 60,000 as capital. The new ratio is fixed as 3:1:1. The value of goodwill of the firm was determined at Rs. 50,000. Show journal entries if Nilu brings goodwill for her share in cash.
Answer : Cash A/C                       Dr. 70000
To Nilu’s capital A/C                                       60000
To premium A/C                                            10000
(Cash brought in by new partner)
Premium A/C                              Dr. 10000
To Priya’s capital A/C                                     10000
(Amount of goodwill distributed among sacrificing partner in their sacrificing ratio.)

Question. A and B were partners sharing profits in the ratio of 3:2. A surrenders 1/6th of his share and B surrenders 1/4th of his share in favour of C, a new partner. What is the new ratio and the sacrificing ratio.
Answer : Old ratio = A: B          = 3:2
A surrender          = 3/5 X 1/6   = 3/30     =1/10
B surrender          = 2/5 X 1/4   = 1/10
A’s new share       = 3/5 – 1/10  = 5/10
B’s new share       = 2/5 – 1/10  = 3/10
C’s new share       = 1/10 +1/10 = 2/10
New ratio             = 5/10, 3/10, 2/10 OR 5:3:2
Sacrificing Ration  = Old ratio – New ratio
A                          = 3/5 – 5/10 = 1/10
B                          = 2/5 – 3/10 = 1/10
Sacrificing ratio     = 1:1

Question. X, Y and Z are sharing profits and losses in the ratio of 5:3:2. They decide to share future profits and losses in the ratio of 2:3:5 with effect from 1st April, 2002. They also decide to record the effect of the reserves without affecting their book figures, by passing a single adjusting entry.
                                                                        Book Figure
General Reserve                                             Rs. 40,000
Profit 2 loss A/C (Cr)                                     Rs. 10,000
Advertisement Suspense A/C(Dr)                  Rs. 20,000
Pass the necessary single adjusting entry.
Answer : 

Reconstitution Of A Partnership Firm – Admission Of A Partner Class 12 Accountancy Important Questions

Question. Aarti and Bharti are partners sharing profits in the ratio of 5:3. They admit Shital for 1/4th share and agree to share between them in the ratio of 2:1 in future. Calculate new and sacrificing ratio.
Answer : Old ratio     = 5:3
Shital                       = 1/4th Share
Let the profit be Rs. 1
Remaining profit      = 1-1/4         =3/4
Arti : Babita            = 2:1
Arti’s share             = 3/4 X 2/3   = 1/2
Babita’s Share         = 3/4 X 1/3   = 1/4
New Ratio               = 1/2, 1/4, 1/4 Or 2:1:1
Sacrificing ratio       = Old ratio – New ratio
Arti’s sacrifies          = 5/8 – 2/4  = 1/8
Babita’s Sacrifies     = 3/8 – 1/4  = 1/8
Sacrificing Ratio      = 1:1

Question. A, B and C were partners in the ratio of 5:4:1. On 31st Dec. 2006 their balance sheet showed a reserve fund of Rs. 65,000, P&L A/C (Loss) of Rs. 45,000. On 1st January, 2007, the partners decided to change their profit sharing ratio to 9:6:5. For this purpose goodwill was valued at Rs. 1,50,000.
           The partners do not want to distribute reserves and losses and also do not want to record goodwill.
      You are required to pass single journal entry for the above.
Answer : C’s Capita; A/C               Dr.  Rs. 25, 500
To A’s Capital A/C                                                  Rs. 8,500
To B’s Capital A/C                                                  Rs. 17,000

Question. State two occasions when sacrificing ratio may be applied.
Answer :
 (i) On admission of a new partner.
(ii) On change on profit sharing ratio of existing partner.

Question. Rakhi and Parul are partners sharing profits in the ratio of 3:1. Neha is admitted as a partner. The new profit sharing ratio among Rakhi, Parul and Neha is 2:3:2. Find out the sacrificing ratio.
Answer : Old ratio = Rakhi : Parul             = 3:1
New ratio             = Rakhi: Parul: Neha     = 2:3:2
Rakhi’s sacrifice    = 3/4 – 2/7                  = 13/28
Parul’s sacrifice     = 1/4 -3/7                    = 5/28 (Gain)
So, Rakhi’s sacrifice 13/28th share and Parul is gaining to the extent of 5/28th share.

Question. Piyush and Deepika are partners sharing in the ratio of 7:3. they admit Seema as a new partner. The new ratio being 5:3:2. Pass journal entries.
Answer : Cash A/C                                          Dr. 4000
To premium A/C                                                            4000
(Amount of goodwill brought in by new partner)
Premium A/C                                                 Dr. 4000
To Piyush’s capital A/C                                                   4000
(Goodwill distributed among sacrificing partners in their sacrificing ratio.)

Question. A and B were partners in the ratio of 3:2. They admit C for 3/13th share. New profit ratio after C’s admission will be 5:5:3. C brought some assets in the form of his capital and for the share of his goodwill.
Following were the assets:
      Assets                             Rs.
      Stock                                     2,44,000
      Building                                  2,40,000
      Plant and Machinery         1,40,000
At the time of admission of C goodwill of the firm was valued at Rs. 12,48,000.
Pass necessary journal entries.
Answer :  

Reconstitution Of A Partnership Firm – Admission Of A Partner Class 12 Accountancy Important Questions

Question. X and Y divide profits and losses in the ratio of 3:2. Z is admitted in the firm as a new partner with 1/6th share, which he acquires from X and Y in the ratio of 1:1. Calculate the new profit sharing ratio of all partners.
Answer : Old ratio = X:Y = 1:1
Z is admitted for 1/6th share which he acquire from X,Y in the ratio of 1:1
Since 1/6 X 1/2 = 1/12 from X and Y
X’s new ratio = 3/5 – 1/12 = 31/60
Y’s New ratio = 2/5 – 1/12 = 19/60
Z’s share = 1/6
New ratio = 31/60, 19/60,1/6 or 31:19:10

Question. On what occasions does the need for valuation of goodwill arise?
Answer : Need of valuation of goodwill arises on the following occasions:-
(i) Change in profit sharing ratio of existing partners.
(ii) Admission of a partner.
(iii) Retirement of a partner.
(iv) Death of a partner.

Question. Ajay and Naveen are partners sharing profits in the ratio of 5:3. Surinder is admitted in to the firm for 1/4th share in the profit which he acquires from Ajay and Naveen in the ratio of 2:1. Calculate the new profit sharing ratio.
Answer : Ajay’s sacrifies = 1/4 X 2/3   = 2/12
Naveen’s sacrifies           =1/4 X 1/3    = 1/12
Ajay’s new share            = 5/8 – 2/12  = 11/24
Naveen’s New share       = 3/8 – 1/12  = 7/24
Surender’s share            = 1/4 or 6/24
New ratio                       = 11:7:6

Question. A and B are partners sharing profits in the ratio of 3:2. They admit C into partnership for 1/4th share. C is unable to bring his share of goodwill in cash. The goodwill of the firm is valued at Rs. 21,000. give journal entry for the treatment of goodwill on C’s admission.
Answer : C’s capital A/C     Dr. 5250
To A’s capital A/C                             3150
To B’s capital A/C                             2100
(C’s share of goodwill distributed among old partners in sacrificing ratio i.e. 3:2)

Question. A and B are partners sharing profits equally. They admit C into partnership, C paying only Rs. 1000 for premium out of his share of premium of Rs. 1800 for 1/4th share of profit. Goodwill account appears in the books at Rs. 6000. All the partners have decided that goodwill should not appear in the new firms books.
Answer :

Reconstitution Of A Partnership Firm – Admission Of A Partner Class 12 Accountancy Important Questions

Question. A business has earned average profit of Rs. 60,000 during the last few years. The assets of the business are Rs. 5,40,000 and its external liabilities are Rs. 80,000. The normal rate of return is 10%. Calculate the value of goodwill on the basis of capitalisation of super profits.
Answer : (i)Capital employed = Assets – Liabilities
                                           = 540000 – 80000
                                           = Rs. 460000
(ii) Normal Profit = Capital employed X Normal rate of return/100
                          = Rs. 460000 X 10/100 = 46000
(iii) Super Profit = Firm’s Average profit – Normal Profit
                        = 60000 – 46000
                        = 14000
(iv) Goodwill = Super profit X 100/ Normal rate of return
                    = 14000 X 100/ 10
                    = 140000

Question. Why is it necessary to revalue assets and reassess liabilities at the time of admission of new partner?
Answer : It is necessary to revalue assets and reassess liabilities at the time of admission of new partners as if assets and liabilities are overstated or understated in the books then its benefits or loss should not affect the near partner.

Question. A and B are partners with capital of Rs. 26,000 and Rs. 22,000 respectively. They admit C as partner with 1/4th share in the profits of the firm. C brings Rs. 26,000 as his share of capital. Give journal entry to record goodwill on C’s admission.
Answer : 

Reconstitution Of A Partnership Firm – Admission Of A Partner Class 12 Accountancy Important Questions

Question. The capital of a firm of Arpit and Prajwal is Rs. 10,00,000. The market rate of return is 15% and the goodwill of the firm has been valued Rs. 1,80,000 at two years purchase of super profits. Find the average profits of the firm.
Answer : (i) Super profit = Value of goodwill /Number of years purchase
                                    = 180000/2
                                    = 90000
(ii) Normal Profit = Capital employed X Normal rate of return /100
                         = 1000000 X 15/ 100
                         = 150000
(iii) Average Profit = Normal Profit + Super profit
                           = 150000 + 90000
                           = 240000

Question. A and B are partners with capitals of Rs. 13,000 and Rs. 9000 respectively. They admit C as a partner with 1/5th share in the profits of the firm. C brings Rs. 8000 as his capital. Give journal entries to record goodwill.
Answer :

Reconstitution Of A Partnership Firm – Admission Of A Partner Class 12 Accountancy Important Questions
Reconstitution Of A Partnership Firm – Admission Of A Partner Class 12 Accountancy Important Questions

Question. What is meant by sacrificing ratio?
Answer : Sacrificing ratio is the ratio in which old partners have agreed to sacrifice their share of profit in favour of the new partner. This ratio is calculated by deducting the new ratio from the old ratio.
            Sacrificing Ratio = Old Ratio – New Ratio

Question. A and B are partners sharing profits in the ratio of 3:2. Their books showed goodwill at Rs. 2000. C is admitted with 1/4th share of profits and brings Rs. 10,000 as his capital but is not able to bring in cash goodwill Rs. 3000. Give necessary Journal entries.
Answer : 

Reconstitution Of A Partnership Firm – Admission Of A Partner Class 12 Accountancy Important Questions
Reconstitution Of A Partnership Firm – Admission Of A Partner Class 12 Accountancy Important Questions

Question. X and Y are partners sharing profits in the ratio of 5:4. They admit Z in the firm for 1/3rd profit, which he takes 2/9th from X and 1/9th from Y and brings Rs. 1500 as premium. Pass the necessary Journal entries on Z’s admission.
Answer : Cash A/C                                         Dr. 1500
To premium A/C                                                                1500
(cash brought in by Z for his share of goodwill)
Premium A/C                                                Dr. 1500
To X’s capital A/C                                                              1000
To Y’s Capital A/C                                                              500
(Goodwill distributed among sacrificing partners in the ratio of 2:1.)

Question. The average profits for last 5 years of a firm are Rs. 20,000 and goodwill has been worked out Rs. 24,000 calculated at 3 years purchase of super profits. Calculate the amount of capital employed assuming the normal rate of interest is 8 %.
Answer : (i) Super profit = value of goodwill/ number of years purchase
                                    = 240000/3
                                    = 80000
(ii) Normal Profit = Average profit – Super profit
                         = 20000 – 8000
                         = Rs. 12000
(iii) Capital Employee = Normal Profit X 100/ Normal rate of return
                                = 12000 X

Long Answer Questions :

Question: A & B carrying on business in partnership and sharing profits and losses in the ratio of 3:2 require a partner when their Balance Sheet stood as follows:

They admit C into partnership and gave him 1/8th share in the future profits in the following terms.
i. Goodwill of their firm will be valued twice the average of the last three years profits which amounted to Rs..21000; Rs.24000 andRs..25560.
ii. C is to bring in cash for the amount of his share of goodwill.
iii. C is to bring Rs.15000 as his capital.
iv Furniture decreased by Rs..500
v Machinery increased to Rs.50000
vi. Make a provision @5% for DD on debtors.
Pass journal entries to record these transactions.
Answer: 

Question: At the time of admission of a new partner, the assets and liabilities of A and B were revalued as follows.
i) A provision for Doubtful Debts @10% was made on sundry debtors
(Sundry Debtors Rs..50,000)
ii) Creditors were written back by Rs.5,000.
iii) Building was appreciated by 20% (Book Value of Building Rs..2,00,000)
iv) Unrecorded investments were worthRs..15,000.
v) A provision of Rs.2,000 was made for an outstanding bill for repairs.
vi) Unrecorded Liability towards suppliers was Rs.3,000.
Pass necessary journal entries.
Answer: 

Question: Charu and Harsha were partners in a firm sharing profits in the ratio of 3:2. On 1stApril, 2014 their Balance Sheet was as follows:

On the above date Vaishali was admitted for 1/4th share in the profits of the firm on the following terms.
i. Vaishali will bring Rs.20,000 for her capital and Rs.4,000 for her share of goodwill premium.
ii. All Debtors were considered good.
iii. The market value of Investments was Rs.50,000.
iv. There was a liability of Rs.6,000 for Workmen’s compensation.
Pass necessary entries.
Answer:

Question: A, B and C were partners sharing profits and losses in the ratio of 2:1:1. They admit D as a new partner on April 1, 2020. On that date their Balance Sheet had following items appearing in it.

You are required to pass necessary journal entries in each of the following situation in connection with investment Fluctuation Fund:
a) There is no additional information given.
b) Market value of investment is Rs.1,75,000
c) Market value of investment is Rs.1,65,000
d) Market value of investment is Rs.1,98,000
e) Market value of investment is Rs.1,55,000
Answer:

Question:The balance sheet of Madhu and Vidhi who are sharing profits in the ratio of 2:3 as at 31st March 2016 is given below

Madhu and Vidhi decided to admit Gayatri as a new partner from 1st april 2016 and their new profit sharing ratio will be 2:3:5. Gayatri brought Rs. 4,00,000 as capital and goodwill premium in cash.
A. Goodwill of the firm was valued at Rs.3,00,000
B. Land and building was found undervalued by Rs.26,000
C. Provision for doubtful debts was to be made equal to 5% of the debtors.
D. There were unrecorded supplier to the extent of Rs.20,000.
E. There was a claim of Rs.6,000 on account of workmen compensation.
Pass necessary journal entries.
Answer: 

Question: A, B and C were partners sharing profits and losses in the ratio of 4:3:2. They admit D as a new partner on April 1, 2020. An extract of their Balance Sheet as at 31st March, 2020 is as follows:

Show the accounting treatment under the following alternative cases:
Case 1: If there is no claim made against WCR.
Case 2: If a claim on account of WCR is estimated at Rs.18,000.
Case 1: If a claim on account of WCR is exactly Rs.63,000
Case 1: If a claim on account of WCR is Rs..18000.
Answer:

Question: The Balance Sheet of Madan and Mohan who share profits and losses in the ratio of 3:2 as at 31st March 2017 was as follows.

They decided to admit Gopal on 1st April 2017 for 1/4th share on the following terms.
i. Gopal shall bring Rs.25,000 as his share of premium for goodwill and capital Rs.80,000.
ii. That unaccounted accrued income of Rs.500 be provided for.
iii The market value of investment was Rs.45,000.
iv. A debtor whose dues of Rs.1,000 were written off as Bad Debts paid Rs.800 in full settlement.
v. A claim of Rs.2,000 on account of Workmen’s Compensation to be provided for.
vi. Patents are undervalued by Rs.5,000.
Pass journal entries.
Answer: Loss on revaluation-Rs. 8,700

Question: Given below is the balance sheet of A and B who are carrying partnership business on 31st March 2018 A and B share profits and losses in the ratio of 2:1

C is admitted as a partner on the date of the Balance Sheet on the following terms
i. C will bring in Rs..1,00,000 as his capital and Rs.60,0000 as his share of goodwill for 1/4th share in the profits.
ii. Plant is to be appreciated to Rs.1,20,000 and the value of Building is to be appreciated by 10%.
iii. Stock is found overvalued by Rs..4,000
iv. A provision for doubtful debts is to be created at 5% of Sundry Debtors.
v. A creditors were unrecorded to the extent of Rs.1,000.
Pass the necessaries journal entries.
Answer: 

Question: A,B and C were partners in a firm sharing profits in the ratio 3:2 :1. On 31st march,2015, their balance sheet was as follows:

On the above date, D was admitted as a new partner, he brought Rs.1,00,000 as capital and further it was decided that:
a. The new profit sharing ratio between A,B,C and D will be 2:2:1:1
b. Goodwill of the firm was valued at Rs. 90,000 and D bought his share of goodwill premium in cash
c. The market value of investments was Rs.24,000
d. Machinery will be reduced to Rs. 29,000
e. A creditor of Rs. 3,000 was not likely to claim the amount and hence to be written off Pass necessary journal entries.
Answer: profit on revaluation- Rs.3,000

Question: The Balance Sheet of A and B who share profits and losses in the ratio of 3:2 as at 31st March 2017 was as follows:

They decided to admit C on 1st April 2017 for 1/6th share on the following terms.
i) C shall bring Rs.30,000 as his capital and Rs..10000 for his share of goodwill premium, half of which is withdrawn by A and B.
ii)Debtors Rs.1500 will be written off as bad debts and a provision of 5% will be made for doubtful debts.
iii) Outstanding salary will be paid off.
iv) Stock will be depreciated by 10%, furniture by Rs..500 and plant and machinery by 8%.
v) Investment Rs.2500 not mentioned in the balance sheet were to be taken into account.
vi) A creditor of Rs..2100 not recorded in the books was to be taken into account.
Pass necessary journal entries.
Answer: Revaluation account (loss): Rs.5625

Question: The Balance Sheet of Honey and Money who share profits and losses in the ratio of 3:2 as at 31st March 2017 was as follows.

They decided to admit Gopal on 1st April 2017 for 1/4th share on the following terms.
i. Gopal will bring Rs..25,000 as his share of premium for goodwill and capital Rs.50000.
ii. That unaccounted accrued income of Rs.500 be provided for.
Iii The market value of investment was Rs..40,000.
iv. A debtor whose dues of Rs.1,000 were written off as Bad Debts paid Rs.800 in full settlement.
v. A claim of Rs.22,000 on account of Workmen’s Compensation to be provided for.
vi. Patents are valueless.
Pass necessary journal entries
Answer: Loss on revaluation- Rs. 28,700/

Question: P and K were partners in a firm. On March 31, 2020 their Balance Sheet was as follows:

On April 1, 2020 they decided to admit C as a new partner for 1/4th share in profits on the following terms:
i. C’s loan will be converted into his capital.
ii. C will bring his share of goodwill premium by cheque. Goodwill of the firm will be calculated on the basis of average profits of previous three years. Profits for the year ended March 31, 2018 and March 31, 2019 were Rs..55,000 and Rs.1,00,000 respectively.
iii10% depreciation will be charged on plant and machinery and land and building will be appreciated by 5%.
Pass journal entries
Answer: profit on revaluation- Rs.13,450, goodwill of the firm- Rs.70,000

Question: The Balance Sheet of C and D who share profits and losses in the ratio of 4:1 as at 31st March 2017 was as follows.

They decided to admit E on 1st April 2017 for 1/4th share on the following terms.
i. E will bring Rs.1,00,000 as his capital and Rs.20000 for his goodwill premium.
ii. Debtors Rs.2000 will be written off as bad debts and a provision of 4% will be created on debtors for bad and doubtful debts.
iii Stock will be reduced by Rs..2000, furniture will be depreciated by Rs..4000 and 10% depreciation will be charged on plant.
iv. Investment of Rs..7000 not shown in the balance sheet will be taken into account.
v. There was an outstanding repair bill of Rs.2300 which will be recorded in the books.
vi. It was decided that General Reserve will continue to be shown in the Balance sheet.
Pass necessary Journal entries to record above transactions.
Answer: Loss on revaluation: Rs..8660

Question: Leena and Reena are partners in a firm sharing profits in the ratio of 3:2. On 31st March, 2020, their Balance Sheet was as follows:

On the above date Teena was admitted as a new partner for 1/5th share in the profits of the firm on following terms:
i. Teena will bring Rs.100000 for her share of capital and shall bring Rs.80,000 as her share of premium for goodwill.
ii. That unexpired insurance of Rs.5000 will be taken into account.
iii There were unrecorded creditors of Rs. 5000.
iv. Stock is decreased to Rs. 141000.
v. value of plant and machinery is appreciated by Rs. 5000
vi. 10% of General Reserve was to be transferred to provision for doubtful debts.
vii. Claim on account of workmen’s compensation amounted to Rs. 40000.
viii. Leena, Reena and Teena will share future profits in the ratio of 5:3:2.
Pass necessary journal entries
Answer: Loss on revaluation: Rs. 40000

Question: On March 31, 2020 the Balance Sheet A and B, who were sharing profits in the ratio of 3:1 was as follows:

They decided to admit C for 1/4th share on the following terms:
i) C shall bring Rs.50000 for capital.
ii. Bad debts amounted to Rs.3000.
iii The market value of investment is Rs..4500.
iv A liability of Rs.2000, included in creditors is not likely to arise. Hence it should be written back.
v. Stock is revalued at Rs.13000.
vi. Liability on account of workmen’s compensation amounted to Rs.2000.
vii. Goodwill of the firm was valued at Rs.64000. Goodwill account was to be raised and written off.
Pass necessary journal entries.
Answer: loss on revaluation- Rs..1000

Question: Q and R were partners sharing profits in the ratio of 3:2. Their balance sheet as at 31st March 2019 is given below

Q and R decide to admit S as a new partner from 1st April 2019. Their new profit sharing ratio was 3:2:5. S brought in Rs.600000 as her capital but could not bring her share of goodwill premium in cash. Goodwill account is to be raised and written off.
i. S share of goodwill premium was valued at Rs. 30,000.
ii. Plant and machinery be valued at 125%.
iiiCreditors were unrecorded to the extent of Rs.30,000.
iv. Claim on account of workmen compensation was Rs. 40,000.
Pass necessary journal entries.
Answer: Profit on revaluation: Rs.1,20,000

Question: Vinay and Madan were partners sharing profits in the ratio of 2:1. On 1st April 2019, They admitted Sunil, a retired army officer who had lost his legs while servicing in army, as a new partner for 1/4 share in profits. Sunil will bring Rs.60,000 for Goodwill and Rs. 50,000 as capital, At the time of admission of Sunil the Balance Sheet Vinay and Madan was as under

It was decided to
(i) Reduce the value of stock by Rs..10, 000.
(ii) Plant to be valued at Rs. 80,000.
(iii) An amount of Rs..3,000 included in creditors was not payable.
(iv) Half of the investment were taken over by Vinay and remaining were valued at Rs..25,000.
Prepare revaluation account, partners ‘capital account and Balance sheet of the reconstituted firm.
Answer: 

Question: Ajay and Vijay share profits in the ratio of 5:3. Their Balance Sheet as at 31st March 2020 was as follows.

They decided to admit Sanjay into partnership with 1/8th share in profits. He brings Rs. 60,000 as capital and Rs..36,000 for goodwill in cash. Sanjay acquires his share entirely from Ajay. Following revaluations are also made:
i. Provident fund is to be increased by Rs. 15,000.
ii. Debtors are all good. Hence, no provision is needed on debtors.
iii. Stock includes Rs. 9,000 for obsolete items.
iv. Creditors are to be paid Rs. 3,000 more.
v. Fixed assets are to be revalued at Rs. 2,10,000.
Pass journal entries.
Answer: Loss on Revaluation- Rs. 56,200

Reconstitution Of A Partnership Firm – Admission Of A Partner Class 12 Accountancy Important Questions