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What do you understand by admission of a...

What do you understand by admission of a new partner?

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When a new partner is admitted into the firm, it is known as admission of a new partner. On admission of a new partner, old partnership comes to an end and new partnership comes into existence.
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On the admission of a new partner :

Knowledge Check

  • On the admission of a new partner

    A
    old firm is dissolved
    B
    old partnership is dissolved
    C
    both old partnership and firm are dissolved
    D
    neither partnership nor firm is dissolved

  • On the admission of a new partner

    A
    old firm is dissolved.
    B
    old partnership is dissolved.
    C
    both old partnership and firm are dissolved.
    D
    neigher partnership nor firm is dissolved.

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