Format: PDF • Chapter: 5 (Admission of a Partner) • Syllabus: CBSE / NCERT • Session: 2025-26
Chapter 5 Admission of a Partner is a frequently asked and high-scoring topic in Class 12 Accountancy. These handwritten-style notes (available as a printable PDF) simplify all treatments related to the admission of a new partner: revaluation of assets & liabilities, treatment of goodwill, adjustment of capitals, gaining/new profit sharing ratio, and the required journal & ledger entries — with step-by-step worked problems for board exam readiness.
📖 Chapter Index — Topics Covered
- Meaning and effects of admission of a partner
- Reconstitution of partnership on admission
- Revaluation Account — treatment of assets & liabilities
- Treatment of reserves, profits and accumulated losses
- Goodwill — valuation and methods of adjustment (raised, paid, written off)
- Capital adjustments — premium for goodwill and adjustment entries
- New profit sharing ratio and sacrificing ratio calculations
- Admission where new partner brings cash/assets and where revaluation causes gains/losses
- Preparation of Revaluation A/c, Partners’ Capital A/c, Balance Sheet after admission
- Worked examples and previous-year style problems
⭐ Features of these handwritten notes
- Neat handwritten-style presentation of Revaluation A/c, Capital A/c and Balance Sheet formats.
- Clear procedure for goodwill treatment in different scenarios (raised, paid, not raised).
- Stepwise method to compute sacrificing ratio, gaining ratio and new profit-sharing ratio.
- Multiple solved examples covering all common variations encountered in CBSE problems.
- Shortcuts, common pitfalls and a one-page revision checklist for last-minute study.
📥 Download the PDF
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📥 Download Chapter 5 — Admission of a Partner (Handwritten Notes PDF)
🧠 How to use these notes effectively
- Begin by practising Revaluation A/c entries separately to get comfortable with increases/decreases in assets/liabilities.
- Master goodwill treatments: understand when to raise, when to write off and when to adjust via capital accounts.
- Always compute sacrificing and new profit ratios before making capital adjustments.
- Attempt full problems (revaluation → capital adjustments → balance sheet) under timed conditions for exam practice.
- Use the one-page checklist for quick revision before the exam.
📌 Exam Tips & Common Pitfalls
- Pass Revaluation entries first, then make adjustments to capitals — examiners expect this order.
- Clearly state old and new profit-sharing ratios and show calculations for sacrificing ratio.
- If goodwill is raised, show the entry and distribution among old partners before adjusting new partner’s capital.
- When retiring/admitting partner issues are combined in a question, label each section (Revaluation / Capital / Settlement) for clarity.
- Always write narrations briefly but clearly for journal entries; they fetch marks.
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FAQ
Q. What is sacrificing ratio?
Answer: Sacrificing ratio is the portion of profit that old partners give up in favour of the new partner on admission. It is calculated as (Old Ratio − New Ratio) for existing partners.
Q. How is goodwill treated on admission?
Answer: Goodwill can be raised and credited to old partners’ capital accounts (or cash brought in by new partner and distributed to old partners), or it may be written off as per the question instruction. The notes cover all common treatments with examples.
Q. Are worked examples included?
Yes — multiple solved examples illustrate different types of admission problems commonly asked in CBSE exams.
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