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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.


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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)

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