Accounts chapter 5 admission of partner class 12th

 Chapter -5

Admission of partner

Accounts to prepare

1. Revaluation account
2. Partners capital account
3. Balance sheet

1) Revaluation account

2) partner capital account

Step:- 

1. By balance BD
2. By cash account (new partners capital)
3. By premium for goodwill
4. By revaluation (p/l)
5. All undirtibuted profit and reserves (Old g/w | profit and loss | any reserves)

3) balance sheet 

You all know that how to make balance sheet

Question:- 

Answer:- 

Capital adjustment 

Case 1= > on the basis of new partner /when new partner capital is given 

Answer 

Case 2=> when new partner capital is not given

Question

Answer;- 

Case 3= > combined capital 

Question

Answer

Journal entries 

1. Entries of dr. Side of revaluation
2. Entries cr. Side of revaluation
3. Entries of p/l in revaluation
4. Treatment of goodwill
5. Entries of undistributed profit and reserve

Question 

Answer

According to section 31 of partnership act 1932 a person admitted as a new partner(1) if it is so I have read in the partnership deed i)the absence of the above if all the partner agreed for admission

Effect of admission of a partner

1. old partners come to an end and new Pathak come into existe how were the firm continuous
2. new all incoming partner become entitled to share future profits of the farm and combined share of all partner get reduced
3. New incoming partner contribute and agreed amount of capital in the farm
4. new an incoming partner acquire is right to assets and also become liable for the liability of the form
5. Adjustment is made for reserve accumulated  profit and losses

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