Give the two main rights acquired by the new partner. Post category:Accountancy Reading time:1 mins read SOLUTION (i)Right to share future profits of the firm, and (ii) Right to share the assets of the firm. Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostAt the time of admission of a partner, who decides the share of profit of the new partner out of the firm’s profit? Next PostState any one purpose for admitting a new partner in a firm. You Might Also Like Sunshine Ltd. issued 20,000 shares of Rs. 100 each payable Rs. 25 per share on application, Rs. 25 per share on allotment and the balance in two calls of Rs. 25 each. The company did not make the final call of Rs. 25 per share. All the money was duly received with the exception of the amount due on the first call on 400 shares held by Mr. Modi. The Board of Directors forfeited these shares and subsequently reissued them @ Rs. 75 per share paid-up for a sum of Rs. 28,000. Journalise the above transactions and prepare Share Capital Account July 14, 2022 Asgar, Chaman and Dholu are partners in a firm. Their Capital Accounts stood at Rs. 6,00,000; Rs. 5,00,000 and Rs. 4,00,000 respectively on 1st April, 2017. They shared Profits and Losses in the proportion of 4 : 2 : 3. Partners are entitled to interest on capital @ 8% per annum and salary to Chaman and Dholu @ Rs. 7,000 per month and Rs. 10,000 per quarter respectively as per the provision of the Partnership Deed. Dholu’s share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of Rs. 1,10,000 p.a. Any deficiency arising on that account shall be met by Asgar. The profit for the year ended 31st March, 2018 amounted to Rs. 4,24,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018. July 22, 2022 What is meant by ‘Fixed Capital’ of a partner? (Delhi 2016 C) October 7, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.