“CUET Accounts Notes by Artham Resources: Chapter 5 – Reconstitution of a Partnership: Admission of a Partner. Explores the process and accounting entries involved when a new partner is admitted to an existing partnership.”
Content of Chapter 5 – Reconstitution of a Partnership: Admission of a Partner:
- Introduction to Partnership Reconstitution
- Admission of a New Partner: Reasons and Implications
- Valuation of Goodwill and Revaluation of Assets and Liabilities
- Accounting Entries for Admission: Capital Adjustment, Goodwill Treatment, and Profit Sharing
- Treatment of Accumulated Profits and Reserves
- Adjustments for Partners’ Capital, Current Accounts, and Profit Sharing Ratios
- Illustrative Examples and Practice Problems for Admission of a Partner
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