Maharashtra Board Class 12th Solutions for Accountancy Chapter 3 Reconstitution of Partnership Admission of Partner – Download PDF with Solutions
Accountancy is a tricky subject and students of Maharashtra Board Class 12 can attest to this fact. Amongst the many chapters included in their syllabus, Reconstitution of Partnership Admission of Partner is one of the most important for sure. This chapter entails all the information about changes made in a partnership after the addition of a new partner. Students can get a firm grip over the chapter by practising all the exercise questions in the chapter.
If you are facing any issues while solving the questions related to the chapter, Vedantu is offering solutions for students who need some help. The experts of Vedantu have aimed to provide the students of Maharashtra Board Class 12 with proper information and resources for their exam preparation. Download Reconstitution of Partnership (Admission of Partner) notes from Vedantu, and you can start your preparation easily.
Maharashtra Board Class 12 Solutions for Accountancy Chapter 3 Reconstitution of Partnership Admission of Partner - PDF will be uploaded soon
FAQs on Maharashtra Board Class 12 Solutions for Accountancy Chapter 3 Reconstitution of Partnership Admission of Partner
1. What happens with the admission of a new partner?
The old partnership agreement will end when a new partner is added, and a new agreement with new terms is created.
2. When can a new partner be added to a firm?
According to the Indian Partnership Act, 1932, a new partner can be added when the agreement states so and when the other partners agree to the admission.
3. What rights are provided to a newly admitted partner?
The new partner has rights to profit-sharing as well as the new assets of the firm.
4. Define the New Profit Sharing Ratio.
The new profit sharing ratio is the ratio by which the profits and losses of the firm will be shared by the existing as well as the new partner.
5. Where is the General Reserve transferred to with the admission of a new partner?
With the admission of a new partner, the General Reserve in that case is transferred to the capital accounts of the old partners.