A new partner is entitled only to share in the future profits of the firm from the date of his admission. Past profits, general reserves and assets as on the date of admission belong to the old partners.
A newly admitted partner has the right to -
Held on 20 Jun 2023 · Verified 13 Jul 2026.
Share the profit of firm after his admission
Share the assets of the firm before his admission
Share the general reserve already appearing in the Balance Sheet before his admission
Demand extra-profit than his agreed share if business makes huge profits
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.