A newly admitted partner has the right to - Option 1: Share the profit of firm after his admission Option 2: Share the assets of the firm before his admission Option 3: Share the general reserve already appearing in the Balance Sheet before his admission Option 4: Demand extra-profit than his agreed share if business makes huge profits

The answer is 'Share the profit of firm after his admission'. View full solution:

CUET Accountancy - A newly admitted partner has the right to - | PYQs + Solutions

CUET Accountancy 2023 20 June Shift 2

Partnership

Easy

Share the profit of firm after his admission

Share the assets of the firm before his admission

Share the general reserve already appearing in the Balance Sheet before his admission

Demand extra-profit than his agreed share if business makes huge profits

✅ Correct Option: 1