What is the effect of admission of a new partner on Partnership?

Post category:Accountancy
Reading time:1 mins read

SOLUTION

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.

Please Share This Share this content

You Might Also Like

In the absence of a Partnership Deed, in which ratio do the old partners sacrifice their share of profit in case of admission of a new partner? (C.B.S.E. 2019)

What is pro-rata allotment of shares?

State any three circumstances other than:-(i) admission of a new partner; (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.

Leave a Reply Cancel reply

Share this content