{"id":85940,"date":"2021-10-07T13:39:00","date_gmt":"2021-10-07T08:09:00","guid":{"rendered":"https:\/\/www.kopykitab.com\/blog\/?p=85940"},"modified":"2021-10-12T19:34:21","modified_gmt":"2021-10-12T14:04:21","slug":"ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5","status":"publish","type":"post","link":"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5\/","title":{"rendered":"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 &#8211; Admission of A Partner 2021-22"},"content":{"rendered":"\n<p><img class=\"alignnone size-full wp-image-136233\" src=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/10\/Chapter-5-Admission-of-a-partner.jpg\" alt=\"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 - Admission of a partner\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/10\/Chapter-5-Admission-of-a-partner.jpg 1200w, https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/10\/Chapter-5-Admission-of-a-partner-768x432.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span data-preserver-spaces=\"true\"><strong>TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5: <\/strong>Class 12 Accountancy Vol 1 Chapter 5 is all about the Admission of a Partner. It is one of the important chapters of CBSE Class 12.&nbsp;<\/span><span data-preserver-spaces=\"true\">This article will provide all the important topics in detail which are covered in the chapter. You can easily donwload TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 PDF for free.&nbsp;<\/span><\/p>\n<ul>\n<li>Read More: <a href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions\/\" target=\"_blank\" rel=\"noopener\">TS Grewal Class 12 Solutions<\/a><\/li>\n<\/ul>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_47_1 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\">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=\"ez-toc-toggle-icon-1\"><label for=\"item-69db49b83e2bc\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #000000;color:#000000\" 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: #000000;color:#000000\" 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><\/label><input  type=\"checkbox\" id=\"item-69db49b83e2bc\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-visibility-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:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5\/#download-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5-pdf\" title=\"Download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 PDF\">Download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 PDF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5\/#ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5-detailed-topics\" title=\"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 Detailed Topics&nbsp;&nbsp;\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 Detailed Topics&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5\/#ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5-sample-questions\" title=\"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 Sample Questions&nbsp;&nbsp;\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 Sample Questions&nbsp;&nbsp;<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5\/#faq-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5-%e2%80%93-admission-of-a-partner\" title=\"FAQ: TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 &#8211; Admission of a partner\">FAQ: TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 &#8211; Admission of a partner<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5\/#what-is-need-for-admission-of-a-partner\" title=\"What is need for admission of a partner?\">What is need for admission of a partner?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5\/#what-is-admission-to-partner-class-12\" title=\"What is admission to partner class 12?\">What is admission to partner class 12?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5\/#why-a-partner-is-admitted\" title=\"Why a partner is admitted?\">Why a partner is admitted?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5\/#what-is-dissolved-on-the-admission-of-a-new-partner\" title=\"What is dissolved on the admission of a new partner?\">What is dissolved on the admission of a new partner?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"download-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5-pdf\"><\/span><span data-preserver-spaces=\"true\">Download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 PDF<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/04\/TS-Grewal-Class-12-Accountancy-Solutions-Vol-1-Chapter-5.pdf\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5<\/a><\/p>\n<div id=\"example1\" style=\"text-align: justify;\">&nbsp;<\/div>\n<p style=\"text-align: justify;\"><style>\n.pdfobject-container { height: 500px;}<br \/>\n.pdfobject { border: 1px solid #666; }<br \/>\n<\/style><\/p>\n<p style=\"text-align: justify;\"><script src=\"https:\/\/www.kopykitab.com\/_utility\/js\/pdfobject.min.js\"><\/script><br><script>PDFObject.embed(\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/04\/TS-Grewal-Class-12-Accountancy-Solutions-Vol-1-Chapter-5.pdf\", \"#example1\");<\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5-detailed-topics\"><\/span><span data-preserver-spaces=\"true\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 Detailed Topics&nbsp;&nbsp;<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Some important topics are discussed in this chapter. Also, the questions are based on these important topics.&nbsp;&nbsp;<\/strong><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">Meaning: According to the Partnership Act 1932, a new partner can be admitted into the firm only with the consent of all the existing partners unless otherwise agreed upon. With the admission of a new partner, the partnership firm is reconstituted and a new agreement is entered into to carry on the business of the firm.&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Need for a new partner:&nbsp;&nbsp;<\/span><\/li>\n<\/ol>\n<ul>\n<li><span data-preserver-spaces=\"true\">When more capital is needed&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">When a new person possesses expertise and knowledge which will provide fruitful to the business.&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">When the new person is renowned and adds to the goodwill of the firm.&nbsp;&nbsp;<\/span><\/li>\n<\/ul>\n<ol>\n<li><span data-preserver-spaces=\"true\">Calculation of new profit sharing ratio: when the ratio of only new Partner is given, when new partner purchases his share of profit from the old partners equally when new partner purchases his share of profit from the old partners in a particular ratio when new Partners\u2019 share of profit is not given and the old partners sacrifice some part of their share in favor of the new partner.&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Adjustment required at the time of admission of a new partner&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Net profit sharing ratio&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Sacrificing ratio&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Treatment of goodwill, hidden goodwill,&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">When a new partner brings in proportionate capital&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Revaluation of assets and re-assessment of liabilities.&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Accounting treatment of reserves, undisturbed profits, and losses&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Adjustment of capital&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Adjustment of old partners accounts&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Steps involved in the adjustment of capital&nbsp;&nbsp;<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">These are the topics explained in detail in Admission of a Partner.&nbsp;&nbsp;<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5-sample-questions\"><\/span><span data-preserver-spaces=\"true\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 Sample Questions&nbsp;&nbsp;<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In this section, the students will get TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 Sample Question. These will provide a glimpse of the questions.&nbsp;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><strong>Q1. State any two reasons for the preparation of the Revaluation Account on the admission of a new partner.<\/strong>&nbsp;&nbsp;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A. The two reasons for the preparation of Revaluation Account on the admission of a new partner are:-&nbsp;&nbsp;<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">Assets and Liabilities may appear in the books at revised (new) values.&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Assets and Liabilities may appear in the books at old values.&nbsp;&nbsp;<\/span><\/li>\n<\/ol>\n<p><strong>Q2. What do understand by the admission of a Partner? How is a new partner admitted to the firm?&nbsp;&nbsp;<\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">A. When a new partner is admitted into the firm, it is known as an admission of a new partner. On the Admission of a new partner, the old partnership comes to an end new partnership comes into existence. A person can be admitted as a new partner:-&nbsp;&nbsp;<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">If it is so agreed in the Partnership Deed&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">In the Absence of the Partnership Deed, if all the partners agree to the admission.&nbsp;&nbsp;<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">A. At the time of admission, a new partner who acquires the share in future profits from the existing Partners should compensate sacrificing Partners by paying them an amount, termed as goodwill or premium of goodwill.&nbsp;&nbsp;<\/span><\/p>\n<p>We have included complete information regarding&nbsp;<span data-preserver-spaces=\"true\"><a href=\"http:\/\/www.cbse.gov.in\/\" target=\"_blank\" rel=\"noopener\">CBSE<\/a> TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 &#8211; Admission of a partner. If you have any questions feel free to ask in the comment section.&nbsp;<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"faq-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5-%e2%80%93-admission-of-a-partner\"><\/span>FAQ: TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 &#8211; Admission of a partner<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1633594007385\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what-is-need-for-admission-of-a-partner\"><\/span>What is need for admission of a partner?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Sacrificing ratio.\u00a0New profit sharing ratio.\u00a0Revaluation of assets and Reassessment of liabilities.\u00a0Valuation and adjustment of goodwill.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1633594041557\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what-is-admission-to-partner-class-12\"><\/span>What is admission to partner class 12?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>When a new partner\u00a0is admitted in a running business\u00a0due to the requirement of more capital or maybe to take advantage of the experience and competence of the newly admitted partner or any other reason, it is called admission of a part in a partnership firm.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1633594090544\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"why-a-partner-is-admitted\"><\/span>Why a partner is admitted?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>A new partner is admitted to the existing partnership firm\u00a0to increase the capital resources of the firm and to secure advantages of a new entrant&#8217;s skill and business connections, i.e. goodwill.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1633594091543\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what-is-dissolved-on-the-admission-of-a-new-partner\"><\/span>What is dissolved on the admission of a new partner?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>On the admission of a new partner,\u00a0Old partnership\u00a0is dissolved.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5: Class 12 Accountancy Vol 1 Chapter 5 is all about the Admission of a Partner. It is one of the important chapters of CBSE Class 12.&nbsp;This article will provide all the important topics in detail which are covered in the chapter. You can easily donwload &#8230; <a title=\"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 &#8211; Admission of A Partner 2021-22\" class=\"read-more\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-5\/\" aria-label=\"More on TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 5 &#8211; Admission of A Partner 2021-22\">Read more<\/a><\/p>\n","protected":false},"author":244,"featured_media":136233,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":""},"categories":[1,2917,73693,73712,2985,73410],"tags":[75091,75094],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/85940"}],"collection":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/users\/244"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/comments?post=85940"}],"version-history":[{"count":5,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/85940\/revisions"}],"predecessor-version":[{"id":138267,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/85940\/revisions\/138267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/media\/136233"}],"wp:attachment":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/media?parent=85940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/categories?post=85940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/tags?post=85940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}