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P1 C5 ADMISSION OF A PARNER — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C5 ADMISSION OF A PARNER1 Mark
Question
State rights of a new partner.
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Answer

Rights of a new partner, after admission are as follows :
  • New partner becomes entitled to share future profits of the firm.
  • New partner contributes an agreed amount of capital in cash or in kind and acquires right on the assets of the firm.
  • The goodwill of the firm is revalued and new partner contributes his share of goodwill in cash or kind and get right in future's goodwill value.

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