Reconstitution of Partnership (Admission of Partner) — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Expenses incurred on the dissolution of the firm.

Income due but not received.

A preference share having the right of conversion into equity.

Partnership agreement in written form.

The account is debited when the new partner brings cash for his share of goodwill.

Issue of share at its face value.

The form of business organisation where a huge amount of capital can be raised.

A person who draws a bill of exchange.

The ratio in which the old partners share the amount brought in by the new partner towards goodwill.

The account where the deceased partner’s share in the accrued profit from the date of the last Balance Sheet to the date of his death is adjusted.