Admission Of Partner
Telangana Open School (TOSS) · Class 12 · Accountancy
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Quick Quiz: Admission Of Partner
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What is the primary reason for admitting a new partner into an existing partnership?
According to the Partnership Act 1932, a new partner can be admitted only with the consent of:
When a new partner is admitted, the firm undergoes:
The ratio in which existing partners give up their share in favor of a new partner is called:
Sample Questions
Goodwill is the value of a firm's:
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Reputation and expected future profits
Goodwill represents the firm's reputation and its ability to earn more than normal profits in the future.
If a new partner is admitted for a 1/5 share and the old partners continue in their old ratio, what portion of the profit is left for the old partners?
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4/5
If the new partner takes 1/5, the remaining share is 1 - 1/5 = 4/5, which is shared by the old partners.
Which of the following is NOT a method of valuing goodwill?
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Straight Line Method
Straight Line Method is used for depreciation, not for valuing goodwill. The others are standard methods for goodwill valuation.
When a new partner brings cash for goodwill, it is credited to:
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Goodwill Premium Account
The amount brought for goodwill is first credited to the Goodwill Premium Account before being distributed to old partners.
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