Admission of new partner

1. Why and how new partner is admitted in partnership business?

2. What kind of accounting treatment is required at the time of admission of new partner?

3. What do you mean by old ration?

4. What do you mean by new ratio?

5. What do you mean by Sacrificing ratio?

6. Define revaluation.

7. Who will enjoy the profit of revaluation of assets and liabilities?

8. State the usual methods of computing the value of goodwill.

9. What do you mean by amalgamation?

10. What general entry will be passed for transfer of general reserve?

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