Question

on amalgamation of firm , profit or loss on sale of firm is determined by preparation of​

Answer 1

Answer:

samajh nahi aaya phir se

Answer 2

Answer:

When a firm admits a new partner with a view to secure additional capital or better business skill, it is known as admission of partner in an existing firm. In the same manner, two or more independent firms, engaged in identical business activities, may combine their activities into a New Firm and this combination or consolidation is known as Amalgamation of Firms. Thus, two or more firms are said to amalgamate when they join together, pool their resources and run the business into a composite form, as a new firm – as a single integrated unit.