Partnership

Admission

Medium

common

A newly admitted partner acquires two main rights in the firm. Which of the following right is included in them?

Right to share the goodwill of the partnership firm

Right to share the accumulated reserves of the partnership firm

Right to share the assets of the partnership firm

Right to share previous losses of the partnership firm

✅ Correct Option: 3

On admission a new partner acquires two rights: the right to share in the future profits of the firm and the right to share in its assets. Goodwill, accumulated reserves and past losses relate to the period before admission and belong to the old partners, so they are adjusted before he joins rather than shared with him.

2025: 15 May Shift 1

Arrange the following regarding admission procedure in the correct sequence.

(A) Giving share to the new partner.

(B) Treatment of Goodwill

(D) Preparation of Revaluation A/c

(E) Preparing Partner's Capital A/c and Balance Sheet

Choose the correct answer from the options given below:

2026: 6 June Shift 1

Match List-I with List-II

List-I	List-II
(A) Incoming partner brings goodwill in cash	(I) No entry to be passed
(B) Goodwill already exist in the books	(II) Sacrificing partners are credited with their share and new partner is debited
(C) Incoming partner does not bring goodwill in cash	(III) Amount of Premium is shared by the existing partners in the sacrificing ratio
(D) Goodwill paid privately to sacrificing partners	(IV) Write-off the goodwill in old ratio

Choose the correct answer from the options given below:

2026: 12 May Shift 1

Rahul, Anuj and Sharjeel are partners in a firm sharing profits in the ratio of 8:5:3. It is felt that Rahul will no longer be able to actively participate in affairs of the firm. Hence, with effect from April 1, 2025, they decided that, in future they will share the profits in the ratio of 5 : 6 : 5. In this case, what will be the share of Rahul's loss in profits?

2022: 15 July Shift 2

P, Q & R were partners sharing profit in the ratio 4:3:3. W was admitted to the partnership, bringing 1,00,000 capital and Rs. 24,000 as his share of Goodwill. Choose the correct entry for retaining of Goodwill brought in by W. W's share in profit was $\frac{1}{4}$ th

2025: 13 May Shift 1

R and S are partners in a firm sharing profits in the ratio of 5:3. They admitted B as a new partner for 1/7th share in the profit. The new profit sharing ratio will be 4:2:1. The sacrificing ratio of R and S is:

2025: 22 May Shift 1

The reserve fund at the time of admission of a new partner is transferred to -

A newly admitted partner acquires two main rights in the firm. Which of the following right is included in them?

Solution

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