Question

Goodwill brought in by incoming partner in cash for joining in a partnership firm is taken away by the old partners in their new profit sharing ratio (True/False) ?

Answer 1

Answer:

False

Explanation:

partners of a firm may decide to change their existing profit sharing ratio. For the right to acquire share in the assets and profits of the partnership firm, the partner brings an agreed amount of capital either in cash or in kind. In other words, on the admission of a new partner, the old partners sacrifice a share.

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Answer 2

Answer:

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