State any one purpose for admitting a new partner in a firm. Post category:Accountancy Reading time:1 mins read SOLUTION When a firm requires more capital to expand its business, it may admit a new partner. 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 PostGive the two main rights acquired by the new partner. Next PostState the ratio in which the old partners share the amount of cash brought in by the new partner as premium for goodwill. You Might Also Like How are Calls in Advance shown in the Balance Sheet? September 28, 2022 X and Y are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2019 was as follows: August 1, 2022 State with reason whether ‘Discount received on making payment to suppliers’ would result into inflow, outflow or no flow of cash. October 6, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.