List any two items that need adjustments in books of account of a firm at the time of admission of a partner. (A1 2014 C) Post category:Accountancy Reading time:1 mins read SOLUTION (i) Adjustment of Accumulated Profits, Losses and Reserves,(ii) Adjustment of Goodwill. 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 PostS, B and j were partners in a firm. T was admitted as a partner in the partnership firm for l/5th share of profits. Calculate the sacrificing ratio of S, B and j. (C.B.S.E. 2019) Next PostWhy is it necessary to revalue assets and liabilities of a firm in case of admission of a partner? (C.B.S.E. Sample Paper 2018) You Might Also Like When is interest received considered as financing activity? October 6, 2022 Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ on the basis of ‘Settlement of Assets and Liabilities’. (Foreign 2014, 2018, CBSE 2019) October 8, 2022 X and Y are partners sharing profits and losses in the ratio of 3 : 2. They admit Z into partnership. X gives 1/3rd of his share while Y gives 1/10th from his share to Z. Calculate new profit-sharing ratio and sacrificing ratio. July 29, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.