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Question
State True or False with reason.
A new partner can bring capital in cash or kind.
Options
True
False
MCQ
True or False
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Solution
This statement is True.
As per the provision of partnership deed, when any person is admitted to the firm, he has to bring some amount as capital which can be in cash or in-kind of assets to get rights in the assets and definite share in the future profit of the firm.
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Chapter 3: Reconstitution of Partnership (Admission of Partner) - Exercise 3.1 (Objective Type Questions) [Page 159]
