{"id":9483,"date":"2018-02-12T12:53:31","date_gmt":"2018-02-12T07:23:31","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=9483"},"modified":"2019-03-05T17:33:04","modified_gmt":"2019-03-05T12:03:04","slug":"admission-partner-class-12-notes-accountancy","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/admission-partner-class-12-notes-accountancy\/","title":{"rendered":"Admission of A Partner Class 12 Notes Accountancy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/admission-partner-class-12-notes-accountancy\/#CBSE_Guide_Admission_of_A_Partner_class_12_Notes_Accountancy\" >CBSE Guide Admission of A Partner class 12 Notes Accountancy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/admission-partner-class-12-notes-accountancy\/#Class_12_Accountancy_notes_Chapter_4_Admission_of_A_Partner\" >Class 12 Accountancy notes Chapter 4 Admission of A Partner<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/admission-partner-class-12-notes-accountancy\/#CBSE_Class_12_Accountancy_Revision_Notes_Chapter_4_Admission_of_A_Partner\" >CBSE Class 12\u00a0Accountancy Revision Notes Chapter 4 Admission of A Partner<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/admission-partner-class-12-notes-accountancy\/#CBSE_Class_12_Revision_Notes_and_Key_Points\" >CBSE Class 12 Revision Notes and Key Points<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong>Admission of A Partner Class 12 Notes Accountancy<\/strong>\u00a0in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides accounting for partnership firm\u2019s fundamentals class 12 Notes latest chapter wise notes for quick preparation of CBSE board exams and school-based annual examinations. Class 12 Accountancy notes on chapter 4 accounting for partnership firm\u2019s fundamentals are also available for download in CBSE Guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Guide_Admission_of_A_Partner_class_12_Notes_Accountancy\"><\/span><strong>CBSE Guide Admission of A Partner class 12 Notes Accountancy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CBSE guide notes are the comprehensive notes which covers the latest syllabus of CBSE and NCERT. It includes all the topics given in NCERT class 12 Accountancy text book. Users can download CBSE guide quick revision notes from myCBSEguide mobile app and my CBSE guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Class_12_Accountancy_notes_Chapter_4_Admission_of_A_Partner\"><\/span><strong>Class 12 Accountancy notes Chapter 4 Admission of A Partner<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Download CBSE class 12th revision notes for chapter 4 Admission of A Partner in PDF format for free. Download revision notes for Admission of A Partner class 12 Notes and score high in exams. These are the Admission of A Partner class 12 Notes prepared by team of expert teachers. The revision notes help you revise the whole chapter 4 in minutes. Revision notes in exam days is one of the best tips recommended by teachers during exam days.<\/p>\n<p style=\"text-align: center;\"><strong><a class=\"button\" href=\"https:\/\/mycbseguide.com\/downloads\/cbse-class-12-accountancy\/1315\/cbse-revision-notes\/7\/\">Download Revision Notes as PDF<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Class_12_Accountancy_Revision_Notes_Chapter_4_Admission_of_A_Partner\"><\/span><strong>CBSE Class 12\u00a0Accountancy Revision Notes Chapter 4 Admission of A Partner<br \/>\n<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Meaning<\/strong><\/p>\n<p>When a new partner is admitted in a running business due to the requirement of more capital or may be to take advantage of the experience and competence the newly admitted partner or any other reason, it is called admission of a part in partnership firm.<\/p>\n<p>According to section 31(1) of Indian partnership Act, 1932, \u201cA new partner be admitted only with the consent of all the existing partners\u201d<\/p>\n<p>At the time of admission of new partner, following adjustments are requires<\/p>\n<p><strong>1.<\/strong> Calculation of new profit sharing ratio and sacrificing ratio.<br \/>\n<strong>2.<\/strong> Accounting treatment of Goodwill.<br \/>\n<strong>3.<\/strong> Accounting treatment of accumulated profit, reserves and accumulated loss.<br \/>\n<strong>4.<\/strong> Accounting treatment of revaluation of assets and reassessment of liabilities.<br \/>\n<strong>5.<\/strong> Adjustment of capital in new profit sharing ratio.<\/p>\n<p><strong>1. Calculation of new profit sharing ratio<\/strong><br \/>\nFollowing types of problems may arise for the calculation of new profit share ratio.<br \/>\n<strong>Case (i) When old ratio is given and share of new partner is given.<\/strong><\/p>\n<p><strong>Note : <\/strong>Unless agreed otherwise, it is presumed that the new partner acquires his share in profits from the old partners in their old profit sharing ratio.<\/p>\n<p>Alternative Method :<br \/>\nOld Ratio = A : B<\/p>\n<p>1 : 2<\/p>\n<p>Left the profit of the firm = 1<br \/>\nC\u2019s share (New Partner) = 1\/3<br \/>\nRemaining Profit = 1-1\/3 = 2\/3<br \/>\nNow this profit 2\/3 will be divided between the old partners in their future profit sharing ratio (old ratio) i.c., 1:2<\/p>\n<p>A\u2019s new Profit = 1\/3 of 2\/3 = <img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/acc\/p104\/image001.png\" alt=\"Admission of A Partner Class 12 Notes Accountancy\" width=\"38\" height=\"41\" \/>= 2\/9<br \/>\nB\u2019s new Profit = 2\/3 of 2\/3 = <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/acc\/p104\/image002.png\" \/>= 4\/9<br \/>\nC\u2019s profit = 1\/3 or <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/acc\/p104\/image003.png\" \/>= 3\/9<br \/>\nHence the new ratio = 2:4:3<br \/>\nNote : In this case only New Partners share is given then Sacrificing ratio = Old<br \/>\nRatio = 1 : 2 there is not need to calculate it<\/p>\n<p><strong>Case (ii) When new partner acquires his\/her share from old partners in agreed share.<\/strong><\/p>\n<p><strong>2. Accounting Treatment of Goodwill<\/strong><\/p>\n<p>At the time of admission of a partner, treatment of Goodwill is necessary to compensate the old partners for their sacrifice. The incoming partner must compensate the existing partners because he is going to acquire the right to share future profits and his share is sacrificed by old partners. If goodwill (Premium) is paid to old partners privately or outside the business by the new partner then on entry is required in the books of the firm.<\/p>\n<p>There may be different situations about the treatment of goodwill at the time of the admission of the new partner.<\/p>\n<p><strong>(i) Goodwill (premium) brought in by the new partner in cash and retained in the business<\/strong><\/p>\n<p><strong>Note : <\/strong>Sacrificing = Old ratio \u2013 New ratio<\/p>\n<p>A = 3\/5 \u2013 3\/8 = <img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/acc\/p104\/image004.png\" alt=\"Admission of A Partner Class 12 Notes Accountancy\" width=\"85\" height=\"41\" \/><br \/>\nB = 2\/5 \u2013 3\/8 = <img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/acc\/p104\/image005.png\" alt=\"Admission of A Partner Class 12 Notes Accountancy\" width=\"83\" height=\"41\" \/><br \/>\nThis sacrificing ratio between A and B i.e., 9 : 1.<\/p>\n<p><strong>3. Accounting treatment of Accumulated Profits<\/strong><\/p>\n<p>Accumulated profits and reserves are distributed to partners in their old profit sharing ratio. If old partners are not interested to distribute, these accumulated profits are adjusted in the same manner as goodwill and the following adjusting entry will be passed.<\/p>\n<p>New Partner\u2019s capital A\/c Dr. (New share)<br \/>\nTo old partner\u2019s capital A\/c (Sacrificing ratio)<\/p>\n<p><strong>4. Accounting treatment for revaluation of assets and re-assessment of liabilities<\/strong><\/p>\n<p>The assets and liabilities are generally revalued at the time of admission of a new partner. Revaluation Account is prepared for this purpose in the same way was in case of change in profit sharing ratio. This account is debited with all losses and credited with all gains. Balance of Revaluation Account is transferred to old partner in their old ratio.<\/p>\n<p><strong>\u00a05. Adjustment of Capital in New Profit Sharing Ratio<\/strong><\/p>\n<p><strong>Working Notes :<\/strong><\/p>\n<p>Gauri\u2019s share of goodwill = Rs. <img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/acc\/p104\/image006.png\" alt=\"Admission of A Partner Class 12 Notes Accountancy\" width=\"154\" height=\"42\" \/><br \/>\nTotal adjusted capital of old partner for 2\/3 share = Rs. 1,42,433 + Rs. 91,217 = Rs. 2,33,650<br \/>\nProportionate capital of Gauri 1\/3 share = Rs. <img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/acc\/p104\/image007.png\" alt=\"Admission of A Partner Class 12 Notes Accountancy\" width=\"196\" height=\"42\" \/>= Rs. 1,16,855<\/p>\n<p><strong>Bank A\/c<\/strong><\/p>\n<table class=\"mobile\" border=\"1\" width=\"822\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\">Particulars<\/td>\n<td style=\"text-align: center;\">(Rs.)<\/td>\n<td style=\"text-align: center;\">Particulars<\/td>\n<td style=\"text-align: center;\">(Rs.)<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\">\n<p style=\"text-align: center;\">To Gauri\u2019s Capital<\/p>\n<p style=\"text-align: center;\">To Premium for goodwill<\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\">1,16,825<\/p>\n<p style=\"text-align: center;\">15,000<\/p>\n<\/td>\n<td style=\"text-align: center;\" rowspan=\"2\">By balance c\/d<\/td>\n<td style=\"text-align: center;\">1,31,825<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">1,31,825<\/td>\n<td style=\"text-align: center;\">1,31,825<strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Class_12_Revision_Notes_and_Key_Points\"><\/span><strong>CBSE Class 12 Revision Notes and Key Points<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Admission of A Partner class 12 Notes Accountancy. CBSE quick revision note for class-12 Chemistry Physics Math\u2019s, Accountancy and other subject are very helpful to revise the whole syllabus during exam days. The revision notes covers all important formulas and concepts given in the chapter. Even if you wish to have an overview of a chapter, quick revision notes are here to do if for you. These notes will certainly save your time during stressful exam days.<\/p>\n<ul>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physics\/1251\/cbse-revision-notes\/7\/\">Physics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-chemistry\/1267\/cbse-revision-notes\/7\/\">Chemistry<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-mathematics\/1284\/cbse-revision-notes\/7\/\">Mathematics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-biology\/1298\/cbse-revision-notes\/7\/\">Biology<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-accountancy\/1315\/cbse-revision-notes\/7\/\">Accountancy<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/cbse-revision-notes\/7\/\">Economics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-business-studies\/1727\/cbse-revision-notes\/7\/\">Business Studies<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-computer-science\/1851\/cbse-revision-notes\/7\/\">Computer Science<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-informatics-practices\/1873\/cbse-revision-notes\/7\/\">Informatics Practices<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-english-core\/1855\/cbse-revision-notes\/7\/\">English Core<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-history\/1869\/cbse-revision-notes\/7\/\">History<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physical-education\/1877\/cbse-revision-notes\/7\/\">Physical Education<\/a><\/li>\n<\/ul>\n<p>To download Admission of A Partner class 12 Notes Accountancy, sample paper for class 12 Physics, Chemistry, Biology, History, Political Science, Economics, Geography, Computer Science, Home Science, Accountancy, Business Studies, and Home Science; do check myCBSEguide app or website. myCBSEguide provides sample papers with solution, test papers for chapter-wise practice, NCERT Admission of A Partner, NCERT Exemplar Admission of A Partner, quick revision notes for ready reference, CBSE guess papers and CBSE important question papers. Sample Paper all are made available through\u00a0<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\"><strong>the best app for CBSE students<\/strong><\/a>\u00a0and myCBSEguide website.<\/p>\n<ul>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/accounting-partnership-firms-fundamentals-class-12-notes-accountancy\/\">Accounting for partnership firms fundamentals class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/goodwill-nature-valuation-class-12-notes-accountancy\/\">Goodwill Nature And Valuation class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/reconstitution-partnership-class-12-notes-accountancy\/\">Reconstitution of Partnership class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/retirement-death-partner-class-12-notes-accountancy\/\">Retirement or Death of a partner class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/dissolution-partnership-firm-class-12-notes-accountancy\/\">Dissolution Of a Partnership Firm class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/accounting-share-capital-class-12-notes-accountancy\/\">Accounting For Share Capital class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/accounting-debentures-class-12-notes-accountancy\/\">Accounting For Debentures class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/company-accounts-redemption-debentures-class-12-notes-accountancy\/\">Company Accounts \u2013 Redemption of Debentures class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/financial-statements-company-class-12-notes-accountancy\/\">Financial Statements Of A Company class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/financial-statement-analysis-class-12-notes-accountancy\/\">Financial statement analysis class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/tools-financial-statement-analysis-class-12-notes-accountancy\/\">Tools for financial statement analysis class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/accounting-ratios-class-12-notes-accountancy\/\">Accounting Ratios class 12 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/cash-flow-statement-class-12-notes-accountancy\/\">Cash flow statement class 12 Notes Accountancy<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Admission of A Partner Class 12 Notes Accountancy\u00a0in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides accounting for partnership firm\u2019s fundamentals class 12 Notes latest chapter wise notes for quick preparation of CBSE board exams and school-based annual examinations. Class 12 Accountancy notes on chapter &#8230; <a title=\"Admission of A Partner Class 12 Notes Accountancy\" class=\"read-more\" href=\"https:\/\/mycbseguide.com\/blog\/admission-partner-class-12-notes-accountancy\/\" aria-label=\"More on Admission of A Partner Class 12 Notes Accountancy\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":9785,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,456],"tags":[620,625,457,150,426,240],"class_list":["post-9483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbse-class-12","category-revision-notes","tag-accountancy-notes","tag-admission-of-a-partner","tag-cbse-notes","tag-cbse-notes-and-key-points","tag-quick-revision","tag-quick-revision-notes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Admission of A Partner Class 12 Notes Accountancy<\/title>\n<meta name=\"description\" content=\"Admission of A Partner class 12 Notes Accountancy chapter 4 in PDF format for free download. 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