Question

Bills receivable not to be taken over by the new partnership. what is the meaning of this in admission of a partner​

Answer 1

Answer:New Partner should not get past profit

All profit till date has to accrue to existing partners. Hence all assets and liabilities are revalued to current value. All loss or profit are transferred to existing partners capital a/c. For above reasons existing partners are compensated for loss of share of profit.

Explanation:

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Answer 2

Answer:

new partner will not get past profit