Admission of a Partner in a Partnership Firm

In this lesson, we will learn the complete concept of Admission of a Partner in a partnership firm in a simple and practical manner.

The video explains:

• Rights of the incoming partner

• New Profit-Sharing Ratio

• Sacrificing Ratio

• Treatment of Goodwill

• Revaluation of Assets and Liabilities

• Treatment of Reserves and Accumulated Profits/Losses

• Adjustment of Capital Accounts

• Journal Entries with practical illustrations

• Step-by-step numerical problems