Admission of a Partner

Admission of a Partner

A and B are partners in a firm sharing profits in the ratio of 2 : 1. They admit C as a new partner for 1/5 share. New R

1 : 2 correct per NCERT Admission of a Partner; matches accountancy concept accurately.

Ref: NCERT Accountancy Class XII Chapter 3 Admission of Partner explains goodwill valuation sacrificing ratio revaluation reserves adjustment accounting treatment.

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Admission of a Partner

On the admission of a new partner, old partnership continues.

False correct per NCERT Admission of a Partner; matches accountancy concept accurately.

Ref: NCERT Accountancy Class XII Chapter 3 Admission of Partner explains goodwill valuation sacrificing ratio revaluation reserves adjustment accounting treatment.

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Admission of a Partner

Calculation of sacrificing ratio is necessary when the new partner will bring in ________________.

premium for goodwill correct per NCERT Admission of a Partner; matches accountancy concept accurately.

Ref: NCERT Accountancy Class XII Chapter 3 Admission of Partner explains goodwill valuation sacrificing ratio revaluation reserves adjustment accounting treatment.

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Admission of a Partner

In case of admission of a partner, unrecorded asset and unrecorded liability are to be recorded in:

Revaluation a/c and Balance sheet correct per NCERT Admission of a Partner; matches accountancy concept accurately.

Ref: NCERT Accountancy Class XII Chapter 3 Admission of Partner explains goodwill valuation sacrificing ratio revaluation reserves adjustment accounting treatment.

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Admission of a Partner

The matters that require adjustment at the time of admission of a new partner are:

All of the above correct per NCERT Admission of a Partner; matches accountancy concept accurately.

Ref: NCERT Accountancy Class XII Chapter 3 Admission of Partner explains goodwill valuation sacrificing ratio revaluation reserves adjustment accounting treatment.

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