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Reconstitution of Partnership: Admission of a Partner
Accounts · Chapter 3 · 1. Partnership Accounts
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Your path through this chapter
Visual lesson Beta
- Part 1: Ratios and Goodwill19 slides
- Part 2: Revaluation, Reserves, Capitals and Change in Ratio20 slides
Flashcards Beta
31 cards for quick recall of key terms and facts.
Review the cards Step 3: Not startedPractice
77 board-style questions with instant checks: Multiple choice 23, Short answer 18, Long answer 10, True or false 8.
Practise Step 4: Not startedChapter test Free
Short and long chapter tests in board pattern, with results and analysis.
Step 5: Not started- Chapter test (long) — Reconstitution of Partnership: Admission of a Partner · 40 marks · 100 min
- Chapter test (short) — Reconstitution of Partnership: Admission of a Partner · 20 marks · 50 min
Topics 7
- New profit-sharing ratio, sacrificing ratio and gaining ratio on admission
- Treatment of goodwill on admission (AS-26): premium paid privately, retained, withdrawn, or not brought in cash
- Hidden goodwill and goodwill already appearing in the books
- Revaluation Account on admission
- Accumulated profits, reserves and losses on admission (including a single adjustment entry)
- Adjustment of capitals on admission and the new Balance Sheet (horizontal format)
- Change in profit-sharing ratio among existing partners