{"id":9480,"date":"2018-02-12T12:45:13","date_gmt":"2018-02-12T07:15:13","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=9480"},"modified":"2019-03-05T17:22:38","modified_gmt":"2019-03-05T11:52:38","slug":"reconstitution-partnership-class-12-notes-accountancy","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/reconstitution-partnership-class-12-notes-accountancy\/","title":{"rendered":"Reconstitution of Partnership Class 12 Notes Accountancy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/reconstitution-partnership-class-12-notes-accountancy\/#CBSE_Guide_Reconstitution_of_Partnership_class_12_Notes_Accountancy\" >CBSE Guide Reconstitution of Partnership class 12 Notes Accountancy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/reconstitution-partnership-class-12-notes-accountancy\/#Class_12_Accountancy_notes_Chapter_3_Reconstitution_of_Partnership\" >Class 12 Accountancy notes Chapter 3 Reconstitution of Partnership<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/reconstitution-partnership-class-12-notes-accountancy\/#CBSE_Class_12_Accountancy_Revision_Notes_Chapter_3_Reconstitution_of_Partnership\" >CBSE Class 12\u00a0Accountancy Revision Notes Chapter 3\u00a0Reconstitution of Partnership<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/reconstitution-partnership-class-12-notes-accountancy\/#CBSE_Class_12_Revision_Notes_and_Key_Points\" >CBSE Class 12 Revision Notes and Key Points<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong>Reconstitution of Partnership Class 12 Notes Accountancy<\/strong> in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides accounting for partnership firm\u2019s fundamentals class 12 Notes latest chapter wise notes for quick preparation of CBSE board exams and school-based annual examinations. Class 12 Accountancy notes on chapter 3 accounting for partnership firm\u2019s fundamentals are also available for download in CBSE Guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Guide_Reconstitution_of_Partnership_class_12_Notes_Accountancy\"><\/span><strong>CBSE Guide Reconstitution of Partnership class 12 Notes Accountancy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CBSE guide notes are the comprehensive notes which covers the latest syllabus of CBSE and NCERT. It includes all the topics given in NCERT class 12 Accountancy text book. Users can download CBSE guide quick revision notes from myCBSEguide mobile app and my CBSE guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Class_12_Accountancy_notes_Chapter_3_Reconstitution_of_Partnership\"><\/span><strong>Class 12 Accountancy notes Chapter 3 Reconstitution of Partnership<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Download CBSE class 12th revision notes for chapter 3 Reconstitution of Partnership in PDF format for free. Download revision notes for Reconstitution of Partnership class 12 Notes and score high in exams. These are the Reconstitution of Partnership class 12 Notes prepared by team of expert teachers. The revision notes help you revise the whole chapter 3 in minutes. Revision notes in exam days is one of the best tips recommended by teachers during exam days.<\/p>\n<p style=\"text-align: center;\"><strong><a class=\"button\" href=\"https:\/\/mycbseguide.com\/downloads\/cbse-class-12-accountancy\/1315\/cbse-revision-notes\/7\/\">Download Revision Notes as PDF<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Class_12_Accountancy_Revision_Notes_Chapter_3_Reconstitution_of_Partnership\"><\/span><strong>CBSE Class 12\u00a0Accountancy Revision Notes Chapter 3\u00a0Reconstitution of Partnership<br \/>\n<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Meaning of Reconstruction<\/strong><\/p>\n<p><strong>Any change in agreement of partnership or profit sharing ratio is called reconstitution<\/strong><\/p>\n<p><strong>of partnership firm. <\/strong>In following circumstances a partnership firm may be reconstituted:<\/p>\n<p><strong>1. <\/strong>Change in Profit Sharing Ratio<\/p>\n<p><strong>2. <\/strong>Admission of a partner<\/p>\n<p><strong>3. <\/strong>Retirement\/Death of a partner.<\/p>\n<p><strong>CHANCE IN PROFIT SHARING RATIO AMONG THE EXISTING PARTNERS<\/strong><\/p>\n<p>Meaning: A Change in profit sharing ratio means one or more partners acquires interest form another partner or partners. Here it share of profit of one or more partners increases then share of one or more partner decreases to same extent.<\/p>\n<p>When all the partners of a firm agree to change their profit sharing ratio. the ratio may be changed<\/p>\n<p>New profit sharing ratio: The ratio in which the partners are to share the profits in future on reconstitution is known as New profit sharing ratio.<\/p>\n<p>Gaining Ratio : It is the ratio in which the profit sharing ratio of gaining partners increases. It is calculated by taking difference between New profit sharing ratio and old profit sharing ratio.<\/p>\n<p>Sacrificing Ratio: It is the ratio in which the profit sharing ratio of sacrificing partners decreases. It is calculated by taking difference between old profit sharing ratio and new profit sharing ratio.<\/p>\n<p>Note : If <u>old ratio-new ratio<\/u> is positive it means sacrifice and if it is negative it means gain.<\/p>\n<p><strong>Accounting Treatment of Goodwill <\/strong><\/p>\n<p>In case of change in profit sharing ratio, the gaining partner must components the sacrificing partner by paying the proportionate amount of goodwill.<\/p>\n<p><strong>Note :<\/strong><\/p>\n<p><strong>(i)<\/strong> Increase in the value of an Asset and decrease in the value of a liability result in profit.<\/p>\n<p>Assets A\/cDr.<\/p>\n<p>To Revaluation<\/p>\n<p><strong>(ii)<\/strong> Decrease in the value of any asset and increase in the value of a liability gives loss.<\/p>\n<p>Revaluation A\/cDr.<\/p>\n<p>To Assets A\/c<\/p>\n<p><strong>(iii)<\/strong> For increase in the value of liabilities.<\/p>\n<p>Revaluation A\/cDr.<\/p>\n<p>To Liabilities A\/c<\/p>\n<p>(Increase in value of Liability)<\/p>\n<p><strong>(iv)<\/strong> For decrease in the value of Liabilities<\/p>\n<p>Liabilities A\/cDr.<\/p>\n<p>To Revaluation A\/c<\/p>\n<p>(Decrease in the value of Liabilities)<\/p>\n<p><strong>(v)<\/strong> When Revaluation account shows profit<\/p>\n<p>Revaluation A\/cDr.<\/p>\n<p>To Partner\u2019s Capital A\/c<\/p>\n<p>(Profit credited to Partner\u2019s Capital A\/c in old ratio)<\/p>\n<p><strong>(vi)<\/strong> In case of Revaluation Loss<\/p>\n<p>Partner\u2019s Capital A\/c\u2019sDr.<\/p>\n<p>To Revaluation A\/c<\/p>\n<p>(Loss debited to Partner\u2019s Capital A\/cs in old ratio)<\/p>\n<p><strong>SPECCIMEN\/PROFORMA OF REVALUATION ACCOUNT<\/strong><\/p>\n<p><strong>Revaluation Account<\/strong><\/p>\n<table class=\"mobile\" border=\"1\" width=\"829\" cellspacing=\"1\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\">Particulars<\/td>\n<td style=\"text-align: center;\">(Rs.)<\/td>\n<td style=\"text-align: center;\">Particulars<\/td>\n<td style=\"text-align: center;\">(Rs.)<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\">To Assets (individually)<\/p>\n<p style=\"text-align: center;\">Decrease in value<\/p>\n<p style=\"text-align: center;\">To Liabilities increase<\/p>\n<p style=\"text-align: center;\">On revaluation<\/p>\n<p style=\"text-align: center;\">To Unrecorded Liability<\/p>\n<p style=\"text-align: center;\">To profits transferred to<\/p>\n<p style=\"text-align: center;\">Partner\u2019s capital A\/c<\/p>\n<p style=\"text-align: center;\">(in old ratio)<\/p>\n<\/td>\n<td><\/td>\n<td>\n<p style=\"text-align: center;\">By Assets (individually)<\/p>\n<p style=\"text-align: center;\">Increase in value of Asset<\/p>\n<p style=\"text-align: center;\">By Liabilities (individually)<\/p>\n<p style=\"text-align: center;\">Decrease on revaluation<\/p>\n<p style=\"text-align: center;\">By Unrecorded asset<\/p>\n<p style=\"text-align: center;\">By Loss transferred to partners<\/p>\n<p style=\"text-align: center;\">Capital A\/c (in old ratios)<\/p>\n<\/td>\n<td>\u00a0<strong>\u00a0 \u00a0 \u00a0 \u00a0<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Class_12_Revision_Notes_and_Key_Points\"><\/span><strong>CBSE Class 12 Revision Notes and Key Points<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Reconstitution of Partnership class 12 Notes Accountancy. CBSE quick revision note for class-12 Chemistry Physics Math\u2019s, Accountancy and other subject are very helpful to revise the whole syllabus during exam days. The revision notes covers all important formulas and concepts given in the chapter. Even if you wish to have an overview of a chapter, quick revision notes are here to do if for you. These notes will certainly save your time during stressful exam days.<\/p>\n<ul>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physics\/1251\/cbse-revision-notes\/7\/\">Physics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-chemistry\/1267\/cbse-revision-notes\/7\/\">Chemistry<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-mathematics\/1284\/cbse-revision-notes\/7\/\">Mathematics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-biology\/1298\/cbse-revision-notes\/7\/\">Biology<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-accountancy\/1315\/cbse-revision-notes\/7\/\">Accountancy<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/cbse-revision-notes\/7\/\">Economics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-business-studies\/1727\/cbse-revision-notes\/7\/\">Business Studies<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-computer-science\/1851\/cbse-revision-notes\/7\/\">Computer Science<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-informatics-practices\/1873\/cbse-revision-notes\/7\/\">Informatics Practices<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-english-core\/1855\/cbse-revision-notes\/7\/\">English Core<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-history\/1869\/cbse-revision-notes\/7\/\">History<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physical-education\/1877\/cbse-revision-notes\/7\/\">Physical Education<\/a><\/li>\n<\/ul>\n<p>To download Reconstitution of Partnership class 12 Notes Accountancy, sample paper for class 12 Physics, Chemistry, Biology, History, Political Science, Economics, Geography, Computer Science, Home Science, Accountancy, Business Studies and Home Science; do check myCBSEguide app or website. myCBSEguide provides sample papers with solution, test papers for chapter-wise practice, NCERT Reconstitution of Partnership, NCERT Exemplar Reconstitution of Partnership, quick revision notes for ready reference, CBSE guess papers and CBSE important question papers. Sample Paper all are made available through\u00a0<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\"><strong>the best app for CBSE students<\/strong><\/a>\u00a0and myCBSEguide website.<\/p>\n<ul>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/accounting-partnership-firms-fundamentals-class-12-notes-accountancy\/\">Accounting for partnership firms fundamentals class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/goodwill-nature-valuation-class-12-notes-accountancy\/\">Goodwill Nature And Valuation class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/admission-partner-class-12-notes-accountancy\/\">Admission of A Partner class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/retirement-death-partner-class-12-notes-accountancy\/\">Retirement or Death of a partner class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/dissolution-partnership-firm-class-12-notes-accountancy\/\">Dissolution Of a Partnership Firm class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/accounting-share-capital-class-12-notes-accountancy\/\">Accounting For Share Capital class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/accounting-debentures-class-12-notes-accountancy\/\">Accounting For Debentures class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/company-accounts-redemption-debentures-class-12-notes-accountancy\/\">Company Accounts \u2013 Redemption of Debentures class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/financial-statements-company-class-12-notes-accountancy\/\">Financial Statements Of A Company class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/financial-statement-analysis-class-12-notes-accountancy\/\">Financial statement analysis class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/tools-financial-statement-analysis-class-12-notes-accountancy\/\">Tools for financial statement analysis class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/accounting-ratios-class-12-notes-accountancy\/\">Accounting Ratios class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/cash-flow-statement-class-12-notes-accountancy\/\">Cash flow statement class 12 Notes Accountancy<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Reconstitution of Partnership Class 12 Notes Accountancy in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides accounting for partnership firm\u2019s fundamentals class 12 Notes latest chapter wise notes for quick preparation of CBSE board exams and school-based annual examinations. Class 12 Accountancy notes on chapter &#8230; <a title=\"Reconstitution of Partnership Class 12 Notes Accountancy\" class=\"read-more\" href=\"https:\/\/mycbseguide.com\/blog\/reconstitution-partnership-class-12-notes-accountancy\/\" aria-label=\"More on Reconstitution of Partnership Class 12 Notes Accountancy\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":9785,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,456],"tags":[620,457,150,426,240,623],"class_list":["post-9480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbse-class-12","category-revision-notes","tag-accountancy-notes","tag-cbse-notes","tag-cbse-notes-and-key-points","tag-quick-revision","tag-quick-revision-notes","tag-reconstitution-of-partnership"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - 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