Admission of new partner – Fill in the blanks

1. An intangible asset regarding reputation of a business is known as .

2. New partner can be admitted in the partnership with the of the all partners.

3. Goodwil of a business can be sold only by the business.

4. Technically admission of a partner the old partnership

5. Incoming partner contributes to share in the total assets and for future profits.

6. Excess of the proportionate investment is the cost of for the old partners.

7. Market value of the business - Net worth of the business = .

8. Under goodwill method goodwill is shown in .

9. Goodwill is distributed among old partners according to income sharing ratio.

10. New partnership deed is when amalgamation of firms took place.

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