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

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyReconstitution of Partnership (Admission of Partner)1 Mark
Question
Why is the new partner admitted?
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Answer

A new partner is admitted to the existing partnership firm to increase the capital resources of the firm and to secure advantages of a new entrant’s skill and business connections, i.e. goodwill.

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