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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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TS GREWAL-PRACTICAL ASSIGNMENT-5. ADMISSION OF A PARTNER VERY SHORT ANSWER QUESTIONS (1 MARK)
  1. What do you understand by admission of a new partner?

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  2. State with reason whether at the time of Admission of a Partne, partne...

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  3. Status the rights acquired by a newly admitted partner.

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  4. Why should a new partner contribute towards goodwill on his admission?

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  5. Give the name of the compensation which is paid by the new partner to ...

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  6. What is meant by New Profit-sharing Ratio in case of admission of par...

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  7. How is Sacrificing Ratio calculated?

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  8. Reena and Raman are partners in a firm sharing profits in the ratio of...

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  9. List any two items that need adjustment is boods of account f a firm a...

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  10. Why is it necessary to revalue assets and liabilities of a firm in cas...

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  11. Which account shows the net result of revaluation of assets and reasse...

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  12. State any two reasons for the preparation of 'Revaluation Account' in ...

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  13. A and B share profits and losses in the ratio of 4:3. They C will 3/7t...

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  14. Amit and Beena were partnes in a firm sharing profits and losses in th...

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  15. What is meant by 'Hidden Goodwill'?

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  16. Under what circumstances premium for Goodwill paid by the incoming par...

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  17. Vinay and Naman are partners sharing profits in the ratio of 4:1. Thei...

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  18. A,B C and D were partners in a firm sharing profits in the ratio of 4:...

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  19. Geeta, Sunita nad Anita were partners in a firm sharing profits in the...

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  20. Why is the General Reserve distiributed among the old partners before ...

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