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How can a new partner be admitted?

  • Post category:Accountancy
  • Reading time:1 mins read

SOLUTION

According to Section 31 of Indian Partnership Act, 1932, a person can be admitted as a new partner only with the consent of all the existing partners.







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Previous PostGive the accounting entry for an unrecorded liability in case of reconstitution of partnership firm.
Next PostAt the time of admission of a partner, who decides the share of profit of the new partner out of the firm’s profit?

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