How is a partner admitted to a firm?
Section 31 of the Indian Partnership Act, 1932 provides that a person may be admitted as a partner if the Partnership Deed so provides or with the consent of all the partners.
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What is meant by Admission of a new partner
When a new person becomes a partner in the firm, it is Admission of a Partner. On admission of a partner, old partnership comes to an end and new partnership comes into existence.
Rajib and Sanjiv are in partnership sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as on 31st March, 2023 is as under:
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Amod and Subodh are partners sharing profits in the ratio of 3 : 2. They admit Pramod as a new partner from 1st April, 2023. They have decided to share future profits in the ratio of 4 : 3 : 3. The Balance Sheet as at 31st March, 2023 is given below:
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Neha and Tara are partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet on 31st March, 2012, stood as follows:
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Ashish and Akash are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as under:
Solution:- Journal Particulars Dr. Cr. Cash A/c Dr. 30,450 To Namrata’s Capital A/c To Premium for Goodwill A/c (Being Namrata bring her amount of capital and share of goodwill) 23,450 7,000 Particulars Dr. Cr. Premium for Goodwill A/c Dr. 7,000…
Avinash and Varun are partners in a firm sharing profits and losses in the ratio of 3 : 1. On 1st April, 2023, their position was as given below:
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Following is the Balance Sheet of Suhail and Sahil as at 31st March, 2023 who share profits and losses in proportion of 3 : 2.
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James and Aryan are in partnership sharing profits and losses in the ratio of 3/5 : 2/5. The capitals of James and Aryan after adjustments are ₹ 2,40,000 and ₹ 1,80,000 respectively.
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Ishu and Vishu are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as follows:
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