Question : Which of the following is not true with respect to Admission of a partner?
Option 1: A new partner can be admitted if it is agreed in the partnership deed.
Option 2: If all the partners agree, a new partner can be admitted.
Option 3: A new partner has to bring relatively higher capital as compared to the existing partners.
Option 4: A new partner gets right in the assets of the firm.

Question

Question : Which of the following is not true with respect to Admission of a partner?

Option 1: A new partner can be admitted if it is agreed in the partnership deed.

Option 2: If all the partners agree, a new partner can be admitted.

Option 3: A new partner has to bring relatively higher capital as compared to the existing partners.

Option 4: A new partner gets right in the assets of the firm.

Team Careers360 · Accepted Answer

Correct Answer: A new partner has to bring relatively higher capital as compared to the existing partners.

Solution : Answer = A new partner has to bring relatively higher capital as compared to the existing partners

The statement "A new partner has to bring relatively higher capital as compared to the existing partners" is not true regarding the admission of a partner. The capital contribution of a new partner is determined by mutual agreement or as stated in the partnership deed, and it may not necessarily be higher than that of existing partners.
Hence, the correct option is 3.

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Question : Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ____(i)_ whereas in case of admission of a partner, it is shared by _(ii)___.

Question : Distribution of 'profit and loss (credit) at the time of change in profit sharing ratio of existing partners is shared by ____(i)_ whereas in case of admission of a partner, it is shared by_(ii)___.