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Reconstitution of Partnership : Admission of a Partner — Concept Maps

ICSE · Class 12 · Accountancy

4 concept maps of Reconstitution of Partnership : Admission of a Partner for ICSE Class 12 Accountancy, each also written out as a text outline.

68 questions38 flashcards6 formulas & key relations5 concepts

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4 Concept Maps

Overview of Admission of a Partner: Key Concepts

Overview of Admission of a Partner: Key Concepts

The map in words

  • Admission of Partner
    • Legal Aspect
      • Section 30 Indian Partnership Act 1932
      • Consent of ALL Partners
      • Not Liable for Past Acts
    • New Profit Sharing Ratio
      • Old Share minus Sacrifice
      • Five Cases
      • Always Sum Equals One
    • Sacrificing Ratio
      • Old Ratio minus New Ratio
      • Negative means Gain
      • Goodwill Distributed Here
    • Goodwill Treatment
      • AS 26 Only Purchased
      • Premium in Cash
      • Premium in Kind
      • Cannot Pay Goodwill
      • Hidden Goodwill
      • Existing Goodwill Written Off
    • Accumulated Profits and Losses
      • General Reserve
      • Profit and Loss Account
      • Workmen Compensation Fund
      • Investment Fluctuation Fund
      • Outside Liabilities
    • Revaluation of Assets
      • Revaluation Account
      • Old Partners in Old Ratio
      • New Partner Not Affected
    • Capital Adjustment
      • Based on Old Partners Capital
      • Based on New Partners Capital
      • Through Cash
      • Through Current Accounts

Admission of a Partner — Complete Concept Map

Admission of a Partner — Complete Concept Map

The map in words

  • Admission of Partner
    • Why Admit
      • More Capital
      • More Skills
      • Better Reputation
      • Reward Employee
    • Rights Acquired
      • Share Future Profits
      • Share in Assets
    • Key Calculations
      • New Profit Sharing Ratio
        • Old Share minus Sacrifice
      • Sacrificing Ratio
        • Old Ratio minus New Ratio
      • Hidden Goodwill
        • TED Formula
    • Goodwill Treatment
      • Paid in Cash
        • Cash IN then Share OUT
      • Not Paid in Cash
        • Debit Current Account
      • Existing Goodwill
        • Write Off First
    • Adjustments Required
      • Reserves Transfer to Old Partners
      • Revaluation of Assets
      • Capital Adjustment
        • Cash Method
        • Current Account Method
    • Special Funds
      • Workmen Compensation Fund
        • Claim then Surplus
      • Investment Fluctuation Fund
        • Cover Loss then Surplus
      • EPF
        • Outside Liability Only

Chapter Overview: Admission of a Partner

Chapter Overview: Admission of a Partner

The map in words

  • Admission of Partner
    • Reconstitution
      • Meaning
      • Occasions
        • Admission
        • Retirement
        • Death
        • Change in Ratio
        • Amalgamation
    • Rights of New Partner
      • Share in Future Profits
      • Share in Assets
    • Key Calculations
      • New Profit Sharing Ratio
        • Old Partners Share Remaining in Old Ratio
        • Old Partners Share in Agreed Ratio
        • New Partner Acquires from Specific Partners
        • Fraction of Old Partners Share
      • Sacrificing Ratio
        • Old Ratio minus New Ratio
        • If no new ratio given equals Old Ratio
    • Goodwill Treatment
      • AS 26 Rule
        • Only Purchased Goodwill Recorded
      • Existing Goodwill Written Off in Old Ratio
      • Premium Paid Privately
        • No Entry
      • Premium Paid in Cash
        • Retained in Business
        • Withdrawn by Old Partners
      • Premium Paid in Kind
      • Premium Not Paid in Cash
        • Debit New Partners Current Account
      • Hidden Goodwill
        • Capitalisation Method
    • Accumulated Profits and Losses
      • Reserves to Old Partners in Old Ratio
      • Losses Debited to Old Partners in Old Ratio
      • Specific Funds
        • Workmens Compensation Fund
        • Investment Fluctuation Reserve
    • Revaluation of Assets and Liabilities
      • Revaluation Account
      • Profit or Loss to Old Partners in Old Ratio
    • Capital Adjustment
      • Based on New Partners Capital
      • Through Cash
      • Through Current Accounts

Admission of a Partner as a mode of reconstitution of partnership

Admission of a Partner as a mode of reconstitution of partnership

The map in words

  • Admission of a Partner as a mode of reconstitution of partnership
    • Reconstitution of Partnership
    • Admission of New Partner
    • New Partner’s Rights
    • New Profit Sharing Ratio
    • Sacrificing Ratio
    • Premium for Goodwill
    • Goodwill Already in Books
    • Hidden or Inferred Goodwill

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Frequently Asked Questions

What are the important topics in Reconstitution of Partnership : Admission of a Partner for ICSE Class 12 Accountancy?
Key topics in Reconstitution of Partnership : Admission of a Partner include Meaning and Occasions of Reconstitution, New Profit Sharing Ratio and Sacrificing Ratio, Treatment of Goodwill and Hidden Goodwill, Accumulated Profits, Losses, and Specific Funds. Study these first, then practise questions on each for the ICSE Class 12 board exam.
What do the concept maps for Reconstitution of Partnership : Admission of a Partner show?
The 4 maps show how the ideas in Reconstitution of Partnership : Admission of a Partner connect: Overview of Admission of a Partner: Key Concepts; Admission of a Partner — Complete Concept Map. Each map is also written out as an outline on this page.
How should I revise Reconstitution of Partnership : Admission of a Partner for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 68 practice questions on Reconstitution of Partnership : Admission of a Partner. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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