Which among the following is NOT true for New Profit Sharing Ratio:
Held on 3 Jun 2025 · Verified 13 Jul 2026.
How much of the share of profit for the new partner and how he will acquire it from the existing partners is decided mutually between the old partners and the new partner.
If nothing is specified as to how the new partner acquires his share from the old partners, it may be assumed that he gets it from them in their profit sharing ratio.
The new partner acquires his share from the old partners only according to their respective contribution, no any other way can be possible for profit sharing at any condition.
On admission of a new partner, the profit sharing ratio among the old partners will change, keeping in view their respective contribution to the profit sharing ratio of the incoming partner.
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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.