Question

At the time of admission of a new partner in the firm, the new partner compensates the old partners for their loss of share in the super-profits of the firm for which he brings in an additional amount which is known as ___________

Answer 1

Answer:

new profit share

Explanation:

Because when a new partner comes ni firm when reconstitution of partnerships .So additional amount he brings is known as NEW PROFIT SHARE.

Answer 2

Answer:

goodwill

Explanation:

because it is the amount brought in by the new partner to compensate the old partner