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Question
At the time of admission of a new partner in the firm, the new partner compensates the old partners for their loss of share in the super profits of the firm for which he brings in additional amount which is known as ______.
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Solution
At the time of admission of a new partner in the firm, the new partner compensates the old partners for their loss of share in the super profits of the firm for which he brings in additional amount which is known as premium for goodwill.
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