Question

conclusion of admissionof a partner​

Answer 1

Answer:

On admission of a new partner, the profit sharing ratio changes, the assets and liabilities are revalued and goodwill is calculated and distributed among the old partners in their sacrificing ratios. ... The retiring partner is paid his share of capital, goodwill and revaluation profit or loss.

Answer 2

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• On admission of a new partner, the profit sharing ratio changes, the assets and liabilities are revalued and goodwill is calculated and distributed among the oldpartners in their sacrificing ratios..The retiring partner is paid his share of capital, goodwill and revaluation profit or loss.