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CBSE Class 12 Accountancy Chapter 4 Reconstitution — Retirement / Death of a Partner Worksheet with Answers

Chapter 4 of NCERT Class 12 Accountancy—Reconstitution of Partnership: Retirement and Death of a Partner—deals with scenarios where a partner exits the firm either voluntarily or due to demise. Understanding gaining ratio, goodwill adjustments, revaluation of assets and liabilities, and the preparation of an executor's account is vital for board exams. This worksheet is designed to give you intensive practice across all question types you will encounter in the CBSE 12 Accountancy paper, complete with a detailed answer key.

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Key takeaways

  • ✓Gaining ratio = New ratio − Old ratio; it determines how continuing partners compensate the outgoing partner.
  • ✓On retirement or death, the outgoing partner's capital account is settled through goodwill adjustment, revaluation, and reserve distribution.
  • ✓Executor's account is opened for a deceased partner to record all dues payable to legal heirs.
  • ✓Hidden goodwill is calculated as (Total Capital of the Firm ÷ Combined Share) − Actual Capital, then shared in gaining ratio.
  • ✓Adjustment of capital ensures that continuing partners' capitals are proportionate to their new profit-sharing ratio.
  • ✓This worksheet mirrors the CBSE Class 12 Accountancy board exam pattern with graded difficulty across MCQs, numericals, and case studies.
  • ✓Regular practice with worksheets like this builds both conceptual clarity and speed, crucial for scoring 90+ in Accountancy.

Quick Chapter Recap: Retirement and Death of a Partner

When a partner retires or passes away, the partnership undergoes reconstitution. The firm does not dissolve; instead, the continuing partners share profits in a new ratio, and the outgoing partner (or their legal heirs) must be compensated for their share in goodwill, accumulated reserves, and any revaluation profits or losses. The retiring or deceased partner's capital account is credited with their share of goodwill, reserves, and revaluation gain, and debited for revaluation loss and any drawings. The balance is transferred to the retiring partner's loan account or executor's account (in case of death). Gaining ratio measures the additional share each continuing partner acquires; it equals New Share minus Old Share for each partner. Continuing partners contribute to goodwill in their gaining ratio. If the firm decides to adjust capitals, the partners' capital accounts are made proportionate to their new profit-sharing ratio using either the opening balance method or the closing balance method. These adjustments ensure fairness and legal compliance under the Indian Partnership Act, and mastering them is essential for CBSE Class 12 Accountancy Chapter 4 solutions and board exam success.
  • Retirement: voluntary exit; death: involuntary exit—treatment is similar except executor's account replaces the deceased partner's capital account for settlement.
  • Goodwill adjustment: Continuing partners compensate the outgoing partner in their gaining ratio.
  • Revaluation account: records increase/decrease in asset values and unrecorded liabilities; profit/loss shared in old ratio.
  • Adjustment of capital: capitals made proportionate to new ratio by introducing or withdrawing cash.

Difficulty Level and Time Allocation

This worksheet is calibrated at an intermediate-to-advanced difficulty level, reflecting the typical rigour of CBSE Class 12 board exams and school pre-boards. It includes a balanced mix of conceptual questions, numerical problems, and higher-order thinking skills (HOTS) scenarios. Students are advised to complete the worksheet in one sitting of approximately 90 minutes to simulate exam conditions. Section A (MCQs) should take about 12 minutes, Section B (fill-in-the-blanks) around 8 minutes, Section C (match/true-false) about 6 minutes, Section D (short answers) roughly 30 minutes, Section E (long answers and HOTS) around 25 minutes, and the case study approximately 9 minutes. This time distribution mirrors the actual CBSE marking scheme weightage for Accountancy and helps build both accuracy and speed. After attempting all questions, spend another 15–20 minutes cross-checking your answers against the detailed answer key provided at the end, paying special attention to the step-by-step workings for numerical problems to understand any mistakes.
  • Total duration: 90 minutes under timed conditions
  • Difficulty: Intermediate to Advanced, matching CBSE board standards
  • Sections: MCQs, blanks, match/true-false, short answers, long answers, case study
  • Post-attempt review: 15–20 minutes with the answer key for self-assessment

Section A: Multiple Choice Questions (MCQs)

Multiple-choice questions test your conceptual clarity and ability to apply formulas quickly under pressure. In CBSE Class 12 Accountancy Chapter 4, MCQs often cover definitions, ratio calculations, and theoretical underpinnings of retirement and death scenarios. Read each question carefully, eliminate obviously incorrect options first, and double-check calculations for numerical MCQs. Remember that negative marking is not applied in board exams, but accuracy is still paramount for competitive exams like CUET. Practising MCQs sharpens your understanding of key terms such as gaining ratio, executor's account, and adjustment of capital. Each question below carries one mark, and you should aim to answer all six in about twelve minutes. Use rough work space to jot down quick computations for ratio-based MCQs. After completing this section, verify your answers against the detailed answer key at the end of this worksheet to identify any knowledge gaps and revise those NCERT topics immediately for stronger retention and exam confidence.
  • Q1. Gaining ratio is calculated as: (a) Old ratio − New ratio (b) New ratio − Old ratio (c) Capital ratio (d) Sacrifice ratio
  • Q2. On retirement of a partner, his share of goodwill is debited to: (a) Goodwill Account (b) Revaluation Account (c) Continuing Partners' Capital Accounts in gaining ratio (d) All Partners' Capital Accounts equally
  • Q3. When a partner dies, the account opened to settle dues payable to legal heirs is called: (a) Partner's Loan Account (b) Executor's Account (c) Beneficiary Account (d) Legal Heir's Capital Account
  • Q4. If partners share profits 4:3:2 and the middle partner retires, and remaining partners decide to share future profits equally, the gaining ratio of the remaining two is: (a) 1:1 (b) 4:2 (c) 2:1 (d) 3:2
  • Q5. Accumulated reserves at the time of retirement are distributed among all partners in: (a) Gaining ratio (b) New ratio (c) Old ratio (d) Capital ratio
  • Q6. Hidden goodwill is ascertained by: (a) Valuation by an expert (b) Average profit method (c) Capitalisation method using one partner's share and total capital (d) Simple average of past profits

Section B: Fill in the Blanks

Fill-in-the-blank questions require you to recall precise terminology and concepts from NCERT Class 12 Accountancy Chapter 4. This section assesses your memory of definitions, account titles, and the sequence of accounting entries during reconstitution. Pay close attention to singular versus plural forms and the exact wording used in the NCERT textbook—for instance, 'executor's account' not 'legal representative account'. Aim to complete these five blanks in approximately eight minutes. If you are uncertain about an answer, skip it and return after finishing other sections; sometimes a later question will jog your memory. These questions carry one mark each in most CBSE schools' internal assessments and are considered easy scoring opportunities if you have thoroughly read your notes and NCERT text. After attempting all blanks, cross-verify with the answer key provided at the end of this worksheet and make a note of any terms you missed so you can revise them before your next test or board exam.
  • Q7. The ratio in which continuing partners acquire the outgoing partner's share is called the __________ ratio.
  • Q8. Revaluation profit or loss on retirement is shared by all partners in their __________ ratio.
  • Q9. The amount due to a deceased partner is transferred to __________ Account.
  • Q10. Adjustment of capital is done to make the capitals of continuing partners proportionate to their __________ ratio.
  • Q11. When goodwill is raised and written off immediately, the net effect on continuing partners' capital is determined by their __________ ratio.

Section C: Match the Following and True/False

This section combines matching pairs with true or false statements to test both your ability to connect related concepts and your understanding of factual accuracy in CBSE Class 12 Accountancy Chapter 4. In the match-the-following sub-section, draw clear lines or write the correct pairs (A-iv, B-i, etc.) to avoid confusion during evaluation. In true/false questions, if a statement is false, mentally correct it to reinforce the right concept—for example, if the statement says 'Gaining ratio is Old − New' and it is false, recall that the correct formula is New − Old. Allocate roughly six minutes for this section. These questions are typically worth one mark each and are considered moderate difficulty. They often appear in CBSE sample papers and previous years' board exams, so practising them builds familiarity with the exam pattern. Once you finish, check your answers against the detailed answer key at the end of this worksheet and revisit any NCERT passages or Class 12 Accountancy notes where you made errors to strengthen your conceptual foundation before the board exams.
  • Match the Following: Column A: (A) Gaining ratio (B) Executor's Account (C) Hidden Goodwill (D) Adjustment of Capital | Column B: (i) Makes capitals proportionate (ii) New share − Old share (iii) Calculated via capitalisation (iv) Settles deceased partner's dues
  • Q12. True or False: Goodwill is always recorded as an asset in the books when a partner retires.
  • Q13. True or False: Revaluation account is prepared to record changes in the values of assets and liabilities.
  • Q14. True or False: Gaining ratio is used to distribute the retiring partner's share of goodwill among continuing partners.
  • Q15. True or False: Reserves and accumulated profits are distributed in the new profit-sharing ratio on retirement.

Section D: Short Answer Questions (3–4 marks each)

Short-answer questions in CBSE Class 12 Accountancy typically carry three to four marks and require you to demonstrate both conceptual understanding and the ability to perform straightforward calculations or prepare simple journal entries. In Chapter 4, expect questions on calculating gaining ratio when profit-sharing ratios are given, preparing the revaluation account, passing adjustment entries for goodwill, or explaining the treatment of accumulated reserves and profits. Write concise, point-wise answers; use sub-headings if the question has multiple parts. Show all workings for numerical problems—even if your final answer is incorrect, you can earn partial marks for correct method. Allocate about six minutes per question, totalling thirty minutes for this section. Clarity and neatness matter: underline account titles, use Dr./Cr. labels, and box final answers. After completing all five questions, compare your solutions with the answer key provided at the end of this worksheet, paying special attention to the step-by-step method and journal entry formats to ensure you follow CBSE marking scheme guidelines.
  • Q16. A, B and C are partners sharing profits in the ratio 5:3:2. B retires and A and C decide to share future profits in the ratio 3:2. Calculate the gaining ratio.
  • Q17. What is an executor's account? When is it prepared?
  • Q18. Pass the necessary journal entry to transfer accumulated General Reserve of ₹30,000 on retirement of a partner when partners A, B, C share profits equally.
  • Q19. Explain the concept of hidden goodwill with a suitable example.
  • Q20. X, Y and Z are partners with capitals ₹80,000, ₹60,000 and ₹40,000 sharing profits 4:3:2. Z retires. Calculate Z's share of goodwill if total goodwill of the firm is valued at ₹54,000, and pass the adjustment entry in the books (goodwill account is not to be raised).

Section E: Long Answer and HOTS Questions (5–6 marks each)

Long-answer questions test your ability to integrate multiple concepts from CBSE Class 12 Accountancy Chapter 4—such as revaluation, goodwill adjustment, settlement of the outgoing partner's account, and adjustment of continuing partners' capitals—into a single comprehensive solution. These questions often present a mini-case with several transactions that must be recorded through a series of journal entries and ledger accounts. Higher-order thinking skills (HOTS) questions may ask you to evaluate alternative methods, justify a treatment, or solve a problem with incomplete information using logical reasoning and standard accounting principles. Each question in this section carries five to six marks, so aim to spend about eight to nine minutes per question, totalling around twenty-five minutes for all three. Structure your answer clearly: begin with a brief statement of the principle or formula, show detailed workings in a tabular or columnar format where applicable, and conclude with the required journal entries or ledger accounts. After attempting all questions, thoroughly review the answer key at the end of this worksheet, comparing not just the final figures but also the intermediate steps and presentation style to align with CBSE marking expectations.
  • Q21. P, Q and R were partners sharing profits in the ratio 3:2:1. Their balance sheet as on 31st March 2024 showed: Capitals—P ₹1,20,000, Q ₹90,000, R ₹60,000; General Reserve ₹30,000; Creditors ₹50,000; Plant ₹1,80,000; Stock ₹60,000; Debtors ₹70,000; Cash ₹40,000. R retired on that date on the following terms: (i) Plant to be appreciated by 10%; Stock to be depreciated by 5%; a provision of 5% on debtors for doubtful debts to be created. (ii) Goodwill of the firm valued at ₹60,000; R's share to be adjusted through P and Q's capital accounts in their gaining ratio. (iii) Amount due to R to be transferred to his loan account. Prepare Revaluation Account, Partners' Capital Accounts, and R's Loan Account.
  • Q22. X, Y and Z are partners sharing profits 5:3:2. Y died on 30th June 2024. The partnership deed provided that the legal heirs of a deceased partner shall be entitled to: (a) Balance in capital account (b) Share of goodwill based on twice the average of past three years' profits (c) Share of profit up to date of death on the basis of last year's profit. Capitals on 1st April 2024: X ₹2,00,000; Y ₹1,50,000; Z ₹1,00,000. Profits for last three years: 2021–22: ₹90,000; 2022–23: ₹1,20,000; 2023–24: ₹1,50,000. Pass necessary journal entries and prepare Y's Executor's Account.
  • Q23. (HOTS) A and B are partners with capitals ₹4,00,000 and ₹3,00,000 respectively, sharing profits equally. C is admitted for 1/4 share bringing ₹3,00,000 as capital but no premium for goodwill in cash. It is agreed that capitals of A and B will be adjusted in their profit-sharing ratio by opening current accounts. Calculate the new capitals of A and B and pass the adjustment entries. (Hint: Treat C's capital as base for 1/4 share to find total capital, then compute A and B's shares and adjust.)

Section F: Case Study Question (4 marks)

Case-study questions have become a staple of CBSE Class 12 Accountancy board exams since 2020–21. These questions present a realistic business scenario involving reconstitution due to retirement or death and ask you to apply Chapter 4 concepts to answer sub-questions that test comprehension, calculation, and decision-making. Read the case carefully, underline key figures and conditions, and then tackle each sub-question methodically. Typically, a case study carries four marks split across two or three sub-parts. Budget approximately nine minutes for this section. Case studies integrate knowledge from multiple topics—revaluation, goodwill, gaining ratio, executor's account—so they are an excellent test of holistic understanding. Because these questions are scenario-based, ensure you refer back to the case data for each sub-question rather than relying on memory. After completing the case study, cross-check your answers with the detailed solution in the answer key at the end of this worksheet, paying special attention to how each figure was derived and whether you cited the correct line from the case. This practice will prepare you for similar integrated questions in your board exams.

Answer Key with Explanations

Below is the complete answer key for every question in this CBSE Class 12 Accountancy Chapter 4 worksheet. Each answer includes a brief explanation or working so you can understand the reasoning and learn from any mistakes. Use this key not just to tick right or wrong, but as a learning tool: if you got an MCQ wrong, revisit that concept in your NCERT textbook or Class 12 Accountancy notes; if a numerical answer differs, rework the problem step-by-step alongside the solution provided here. For journal entries, check that your account titles, debit-credit placements, and narrations match the standard format. For theoretical answers, compare the key points—your wording need not be identical, but all essential elements should be present. Self-assessment using this answer key is one of the most effective revision strategies; it highlights gaps in understanding and reinforces correct methods. If you find certain types of questions consistently challenging, consider practising additional problems from NCERT exemplar or previous years' CBSE board papers. Remember, Accountancy rewards precision and consistent practice, so review this answer key thoroughly before moving on to the next chapter or taking a mock test.
  • Section A Answers: 1(b), 2(c), 3(b), 4(a), 5(c), 6(c)
  • Section B Answers: 7.gaining 8.old 9.Executor's 10.new profit-sharing 11.gaining
  • Section C Answers: Match—A(ii), B(iv), C(iii), D(i); 12.False 13.True 14.True 15.False
  • Section D Answers: 16.Gaining ratio A=1/10, C=1/10 i.e. 1:1. Working: Old A=5/10, C=2/10; New A=3/5, C=2/5; Gain A=3/5−5/10=1/10, C=2/5−2/10=1/10. | 17.Executor's account is prepared to record amounts due to the legal heirs of a deceased partner. It is credited with the deceased partner's capital, share of goodwill, reserves, and profit up to date of death; debited with drawings and share of losses; balance paid to executor. | 18.Journal Entry: General Reserve A/c Dr. 30,000; To A's Capital A/c 10,000; To B's Capital A/c 10,000; To C's Capital A/c 10,000 (Being reserve distributed in old ratio 1:1:1). | 19.Hidden goodwill is not explicitly valued but inferred from the incoming or outgoing partner's settlement. Example: If a new partner brings capital such that his share corresponds to a certain fraction of total capital, the implied goodwill can be back-calculated. Similarly, on retirement, if the continuing partners' total capital and profit share are known, hidden goodwill = (Agreed Capital × Total Share) − Actual Combined Capital. | 20.Z's share of goodwill = 54,000 × 2/9 = ₹12,000. Journal Entry: A's Capital A/c Dr. 6,000; B's Capital A/c Dr. 6,000; To Z's Capital A/c 12,000 (Being Z's share of goodwill adjusted in A and B's gaining ratio 1:1, as they now share 4:3 future profits and Z's 2/9 is split equally).
  • Section E Answers: 21. Revaluation A/c: Dr. Stock 3,000, Prov. for DD 3,500; Cr. Plant 18,000; Profit 11,500 distributed P 5,750, Q 3,833, R 1,917. Partners' Capitals: R Cr. 1,917 reval + 10,000 reserve + 20,000 goodwill (P and Q contribute 10,000 each in gaining ratio 1:1) = R's balance transferred to Loan. Prepare full accounts as per standard format. | 22. Average profit = (90,000+1,20,000+1,50,000)/3 = 1,20,000. Goodwill = 2×1,20,000 = 2,40,000. Y's share = 2,40,000 × 3/10 = 72,000. Profit to date of death (3 months) = 1,50,000 × 3/12 × 3/10 = 11,250. Journal Entries: Goodwill adjustment, profit transfer, executor settlement. Executor A/c Cr. Capital 1,50,000 + Goodwill 72,000 + Profit 11,250 = Total due. | 23. C brings 3,00,000 for 1/4; Total capital = 3,00,000 × 4 = 12,00,000. A and B share remaining 3/4 equally, so each should have 3,00,000. A has 4,00,000 (excess 1,00,000 to Current A/c Cr.); B has 3,00,000 (no adjustment). Entries: A's Capital Dr. 1,00,000 To A's Current A/c 1,00,000.
  • Section F Case Study Answers: (i) Old M=2/5, N=2/5, O=1/5; New M=1/2, N=1/2. Gaining M=1/2−2/5=1/10, N=1/2−2/5=1/10. Gaining ratio 1:1. | (ii) O's goodwill share = 50,000×1/5=10,000. Entry: M's Capital Dr. 5,000; N's Capital Dr. 5,000; To O's Capital 10,000. | (iii) Revaluation: Buildings +24,000, Furniture −4,000, Stock −2,500; Net +17,500 → M+7,000, N+7,000, O+3,500. Reserve 25,000 → M+10,000, N+10,000, O+5,000. O's final capital = 40,000+3,500+5,000+10,000 = 58,500. Amount payable = ₹58,500. | (iv) Entry: O's Capital A/c Dr. 58,500; To Cash A/c 20,000; To O's Loan A/c 38,500.

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Frequently asked questions

What is the difference between sacrifice ratio and gaining ratio in partnership reconstitution?+
Sacrifice ratio applies when a new partner is admitted; it shows how much share the old partners give up. Gaining ratio applies when a partner retires or dies; it shows how much additional share the continuing partners acquire. Formula: Gaining Ratio = New Share − Old Share for each continuing partner.
Why is an executor's account opened instead of keeping the deceased partner's capital account?+
Upon a partner's death, all amounts due—capital balance, goodwill share, profit to date of death—must be paid to the legal heirs, not the deceased. The executor's account is a representative personal account that consolidates these dues and facilitates settlement to the estate, maintaining clear legal and accounting separation.
How do I calculate hidden goodwill when it is not explicitly given in the question?+
Hidden goodwill is inferred from the agreed capital or settlement terms. Method: If the continuing partners' total capital and their combined share of profit are known, Total Goodwill = (Combined Actual Capital ÷ Combined Share) − Actual Total Capital. Then apportion the retiring or deceased partner's share in the old ratio and adjust via gaining ratio.
Should I always prepare a revaluation account when a partner retires, or can I skip it?+
If the question states that assets and liabilities are to be revalued or any unrecorded item is to be brought into books, you must prepare a revaluation account to record changes and distribute profit or loss in the old ratio. If no revaluation is mentioned or agreed values remain unchanged, you may skip it. Always read the question terms carefully.
What is the correct journal entry format when goodwill is adjusted without opening a goodwill account?+
Debit the continuing partners' capital accounts in their gaining ratio and credit the retiring (or deceased) partner's capital account with their total share of goodwill. Narration: 'Being [Retiring Partner]'s share of goodwill adjusted through continuing partners in gaining ratio.' This is the hidden goodwill or premium method.
How is profit up to the date of death calculated for a deceased partner?+
Profit to date of death is usually computed on a time basis using the previous year's profit unless the question specifies otherwise. Formula: (Last Year's Profit × Number of Months since year-start to date of death ÷ 12) × Deceased Partner's Share. Some questions may provide sales-based or other methods; follow the partnership deed clause given.
Can the retiring partner's dues be settled entirely in cash, or must part be transferred to a loan account?+
The question will specify the mode of settlement. If it says 'amount due transferred to loan account,' pass the entry Dr. Retiring Partner's Capital, Cr. Retiring Partner's Loan. If it says 'settled by cheque,' use Cr. Bank. Often a hybrid is used: part cash and balance as loan, as per the partners' agreement and firm's liquidity.
What are the common mistakes students make in Chapter 4 that I should avoid?+
Common errors include: (i) Confusing sacrifice and gaining ratios. (ii) Distributing reserves in new ratio instead of old ratio. (iii) Forgetting to adjust goodwill in gaining ratio when the goodwill account is not raised. (iv) Omitting revaluation profit/loss from the retiring partner's capital. (v) Incorrect calculation of gaining ratio when new ratio is not given explicitly—always derive it first. (vi) Wrong narrations in journal entries.
Is it compulsory to adjust the capitals of continuing partners after retirement?+
No, adjustment of capital is done only if the question explicitly states that the partners' capitals should be made proportionate to their new profit-sharing ratio. If there is no such instruction, you settle the outgoing partner's account and leave the continuing partners' capitals as they stand after all adjustments for goodwill, revaluation, and reserves.
How many marks does Chapter 4 typically carry in the CBSE Class 12 Accountancy board exam?+
Chapter 4—Reconstitution (Retirement/Death)—generally carries 10 to 12 marks in Part A (Partnership and Company Accounts). Questions may include one long answer (6 marks) covering journal entries and ledger accounts, and one short or case-based question (4 to 5 marks). Practising worksheets like this ensures you can handle any format confidently and score full marks.

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