ReViSense.AI
Chapter 99 · Part 1

Reconstitution of a Partnership Firm – Admission of a Partner

35
Concepts
10
Formulae
16 min
Read time
Intermediate

Learning objectives

  • 1Explain learning Objectives
  • 2Explain reasons for Admission of a Partner
  • 3Explain accounting Considerations Upon Admission
  • 4Explain goodwill
  • 5Explain revaluation of Assets
  • 6Explain adjustment of Reserves

Your learning path

Introduction
Learning Objectives
2. Reasons for Admission of a Partner
3. Accounting Considerations Upon Admission
Goodwill
Revaluation of Assets
Adjustment of Reserves
4. Goodwill: Concept and Valuation
Methods of Valuing Goodwill
Worked Example
Summary
Quiz
Revision
Follow the full path

Key terms

TotalJournal EntryRs. 60,000sacrificing ratioGoodwillRs. 30,000ParticularsRevaluation Accountold profit sharing ratioAssetsFormulaRs. 6,250Rs. 3,750Problem 1Problem 2Problem 3

Connected chapters

Reconstitution of a Partnership Firm – Retirement/Death of a Partnershares: Total, old profit sharing ratio, Journal Entry, FormulaDissolution of Partnership Firmshares: Total, Journal EntryAccounting for Share Capitalshares: Journal EntryAccounting for Share Capitalshares: Journal EntryIssue and Redemption of Debenturesshares: Journal Entry
35Concepts
10Formulae
16Minutes
NextReconstitution of a Partnership Firm – Retirement/Death of a Partner