Home › CBSE Class 12 (Commerce) › Accountancy › Accounting for Partnership Firms: Change in Profit-Sharing Ratio and Admission of a Partner › Unless the deed says otherwise, who must agree t…
Unless the deed says otherwise, who must agree to admit a new partner?
AManaging partner alone
BA simple majority
CAll existing partners
DLargest capital holder
Answer & Solution
Correct answer: C. All existing partners
The Partnership Act 1932 requires the consent of every existing partner for a new admission unless the deed provides differently.
Related questions
Giri and Shanta share equally. Kachroo pays Rs. 20,000 goodwill for 1/5, old-ratio sacrifiAverage profit Rs. 90,000, capital Rs. 8,00,000, normal rate 10%. Goodwill at 4 years' supProfits were 16,000; 20,000; 24,000; 32,000 on capital Rs. 1,00,000 at 18%. Goodwill at 3 Two equal partners admit C and the ratio becomes 2:1:2. Their sacrificing ratio?A and B share 2:1; with C the ratio becomes 3:2:1. Who sacrifices?Two equal partners admit C for 1/3, taken equally from both. New ratio?AS 26 defines an intangible asset as identifiable and what else?Purchased goodwill kept in books should be written off over at most how long?