Reconstitution of a Partnership Firm – Admission of a Partner

Introduction

This chapter dives deep into the world of partnership firms, specifically when a new partner joins the team. We'll unpack the concept of reconstitution and guide you through all the necessary adjustments you'll need to make in the firm's books.

LEARNING OBJECTIVES 

After studying this chapter you will be able to: 

• Explain the concept of reconstitution of a partnership firm

• Identify the matters that need adjustments in the books of firm when a new partner is admitted

• Determine the new profit sharing ratio and calculate the sacrificing ratio; Define 

 and enumerate the factors that affect it

• Explain the methods of valuation of goodwill

• Describe how goodwill will be treated under different situations when a new partner is admitted

• Make necessary adjustments for revaluation of assets and reassessment of liabilities

• Make necessary adjustments for accumulated profits and losses

• Determine the capital of each partner, if required according to the new profit sharing ratio and make necessary adjustments

• Make necessary adjustments on change in the profit sharing ratio among the existing partners.

Chapter Weightage - 12 Score

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