Question

State any 4 purposes for admitting a new partner in a firm.

Answer 1

Answer:

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Required adjustments at the time of admission of a Partner:

Calculation of New Profit Sharing Ratio.

Revaluation of Assets and Liabilities of the firm.

Treatment of Goodwill.

Adjustment of Accumulated Reserves and Profits /Losses.

Adjustment of Capital (if agreed).

Answer 2

Answer:

Hope it helps ....

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