state any four purposes for admiting a new partner ?
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- 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).
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Answer: 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).
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