What is meant by admission of a partner?

Who is an incoming partner?

Durga and Naresh were partnership in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.

The amount of bills payable appearing in the balance sheet is understated by. Rs.10,000 State whether the revaluation account will be debited or credited to restore the amount of bills payable to its actual value. Also give reason for your answer.

On the admission of C, A and B decide to record an unrecorded asset worth Rs.10,000 State whether the revaluation account will be debited or credited.

The value of Plant and machinery increased by 10%. State whether revaluation account will be debited or credited.

What is meant by Admission of a Partner ?

What are rigts acquired by the new partner?

Why revaluation account is to be opened ?

What are the items debited and credited to revaluation account ?

At the time of admission of a partner, who decides the share of profits for the new partner out of the firm's profit ?

Anbu end Raju are partners, sharing profits in the ratio of 3 : 2. Akshai is admitted as apartner. The new profit sharing ratio among Anbu, Raju and Akshai is 5 : 3 : 2. Find out the sacrificing ratio.

Kokila and Mala were sharing ratio 4:3. Chandra was admitted with 3/7 share in the profit 2/7 from Kokila and 3/7 from Mala. Calculate New sharing ratio.