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ADMISSION OF PARTNER

Accountancy

IN CASE WHEN NEW PARTNER IS ADMITTED TO THE FIRM AND THE PARTNER SAYS THAT HE IS READY TO ACCEPT EXISITING LIABILITIES OF THE FIRM THEN THE ACCOUNTING TRATMENT WILL BE THAT THE REVALUATION PROFIT/LOSS WILL BE SHARED IN ALL THE PARTNERS RIGHT????

Prathmesh Kharul

US CMA All

★ 6K+

08-Dec-23 23:46

439

Answers (6)

Best Answer

Anyways he is taking up the asset and liability of the firm.

CA Suraj Lakhotia

Admin

11-Dec-23 12:00

CA Suraj Lakhotia Admin

Anyways he is taking up the asset and liability of the firm.

Thankyou so much sir

Thread Starter

Prathmesh Kharul

US CMA All

★ 6K+

11-Dec-23 12:45

CA Suraj Lakhotia Admin

Anyways he is taking up the asset and liability of the firm.

So Revaluation profit is to be shared amongst all the old partners or with the new partner as well?

Vishnu Muraleedharan

CA Final

★ 32K+

12-Dec-23 11:38

Vishnu Muraleedharan

So Revaluation profit is to be shared amongst all the old partners or with the new partner as well?

Old partners only.

CA Suraj Lakhotia

Admin

15-Dec-23 19:57

CA Suraj Lakhotia Admin

Anyways he is taking up the asset and liability of the firm.

So the existing liabilities of the firm would be debited to new partner capital account

Tanuj Sharma

CA Foundation

★ 15

13-Jan-24 18:35

Tanuj Sharma

So the existing liabilities of the firm would be debited to new partner capital account

No.

CA Suraj Lakhotia

Admin

16-Jan-24 13:50