In this Class 12 Accountancy chapter, the focus shifts to the reconstitution of a partnership firm through the admission of a new partner. The chapter explores the various aspects involved in admitting a partner into an existing partnership, such as the need for admission, methods of admission, determination of new profit-sharing ratios, and the accounting treatment for the same. It delves into the impact of the admission on the existing partners’ capital and the adjustments required in the books of accounts. Additionally, the chapter covers the preparation of the revaluation account and the treatment of goodwill, accumulated profits, and reserves.
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Notes Class 12 Accountancy Chapter 2 Reconstitution of a Partnership Firm – Admission of a Partner
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In this Class 12 Accountancy chapter, the focus shifts to the reconstitution of a partnership firm through the admission of a new partner.
Categories: Accountancy, Class 12, Notes
Tags: Accounting Standards, Accounting Treatment, AccountingPartnership Structure, Accumulated Profits Reserves, Admission of a Partner, Capital Adjustment, Class 12 Accountancy, Class 12 Commerce, Goodwill, Partnership Changes, Partnership Deed, Partnership Firm, Profit-sharing Ratios, Reconstitution, Revaluation Account
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