How can a new partner be admitted? Post category:Accountancy Reading time:1 mins read SOLUTION According to Section 31 of Indian Partnership Act, 1932, a person can be admitted as a new partner only with the consent of all the existing partners. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostGive the accounting entry for an unrecorded liability in case of reconstitution of partnership firm. Next PostAt the time of admission of a partner, who decides the share of profit of the new partner out of the firm’s profit? You Might Also Like Partnership Deed of C and D, who are equal partners, has a clause that any partner may retire from the firm on the following terms by giving a six-month notice in writing: The retiring partner shall be paid − (a) the amount standing to the credit of his Capital Account and Current Account. (b) his share of profit to the date of retirement, calculated on the basis of the average profit of the three preceding completed years. (c) half the amount of the goodwill of the firm calculated at 11/2 times the average profit of the three preceding completed years. C gave a notice on 31st March, 2017 to retire on 30th September, 2017, when the balance of his Capital Account was Rs. 6,000 and his Current Account (Dr.) Rs. 500. Profits for the three preceding completed years ended 31st March, were: 2015 − Rs. 2,800; 2016 − Rs. 2,200 and 2017 − Rs. 1,600. What amount is due to C as per the partnership agreement? August 3, 2022 In which ratio do the remaining partners acquire the share of profit of the retiring partner? (Delhi 2018 C) October 8, 2022 Define Trade Payables. September 30, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Partnership Deed of C and D, who are equal partners, has a clause that any partner may retire from the firm on the following terms by giving a six-month notice in writing: The retiring partner shall be paid − (a) the amount standing to the credit of his Capital Account and Current Account. (b) his share of profit to the date of retirement, calculated on the basis of the average profit of the three preceding completed years. (c) half the amount of the goodwill of the firm calculated at 11/2 times the average profit of the three preceding completed years. C gave a notice on 31st March, 2017 to retire on 30th September, 2017, when the balance of his Capital Account was Rs. 6,000 and his Current Account (Dr.) Rs. 500. Profits for the three preceding completed years ended 31st March, were: 2015 − Rs. 2,800; 2016 − Rs. 2,200 and 2017 − Rs. 1,600. What amount is due to C as per the partnership agreement? August 3, 2022
In which ratio do the remaining partners acquire the share of profit of the retiring partner? (Delhi 2018 C) October 8, 2022