Question

effect of admission of a partner? Explain.​

Answer 1

Answer:

When new partner is admitted he acquires his share in profits from the old partners. In other words, on the admission of a new partner, the old partners sacrifice a share of their profit in favour of the new partner.

Explanation:

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Answer 2

Answer:

Guiding principle is new partner should not get past earned profit. Hence existing partners share accumulated profit or loss till date. Profit includes not only Reserves but also appreciation or reduction in the value of assets.