Reconstitution of Partnership Firm: Admission of a Partner
In the NCERT Accountancy textbook for Class 12, this topic treats admission as the reconstitution of the firm with fresh terms. You study how the incoming partner gains a share, how the sacrificing ratio divides goodwill credit among old partners, and how accumulated profits, losses and workmen funds are shared before entry. The lesson demonstrates revaluation of assets and liabilities, adjustment of capitals to the new ratio with cash brought in or withdrawn, and the drafting of the opening balance sheet that records the firm as newly composed.
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