Maharashtra State BoardHSC Arts 12th Board Exam
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Answer in One Sentence Only. - Book Keeping and Accountancy

One Line Answer

Answer in one sentence only.
What is meant by admission of partner?

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Solution

When a new partner joins the firm with the consent of all the other partners, then a new agreement needs to be prepared. Such a procedure of admitting a new partner into a partnership firm is termed as admission of partner.

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Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 3 Reconstitution of Partnership (Admission of Partner)
Exercise | Q 2 | Page 107
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