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.
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.
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)_____.
Question : At the time of reconstruction of a partnership due to admission of a new partner, the balance of the Workmen Compensation Reserve will be transferred to:
Question : A, B and C are partners in a firm sharing profits and losses in the ratio of 3: 2: 1. D is admitted as a new partner for 1/4 share in the profits of the firm, which he gets 1/8 from A, and 1/16 each from B and C. The total capital of the new firm after D's admission will
Question : In which condition a partnership firm is deemed to be dissolved?
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