Home › CBSE Class 12 (Commerce) › Accountancy › Accounting for Partnership Firms: Change in Profit-Sharing Ratio and Admission of a Partner › If nothing says how the new partner gets his sha…
If nothing says how the new partner gets his share, from whom is it assumed to come?
AOld partners, in old ratio
BOnly the senior partner
COld partners equally
DOnly the junior partner
Answer & Solution
Correct answer: A. Old partners, in old ratio
Without a stated arrangement, each old partner is taken to give up a share in proportion to his existing profit share.
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?