If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?

What is Capital Fund? How is it calculated?

What is sacrificing ratio? Why is it calculated?

If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?

 Why there is need for the revaluation of assets and liabilities on the admission of a partner? 

What is subscription? How is it calculated?

List the items which may be debited or credited in capital accounts of the partners when:

(i) Capitals are fixed.
(ii) Capital are fluctuating.

Why is Profit and Loss Adjustment Account prepared? Explain.

 Why it is considered desirable to make the  partnership agreement in writing.

On what occasions sacrificing ratio is used?

Identify various matters that need adjustments at the time of admission of a new partner.

What is sacrificing ratio? Why is it calculated?

 Why there is need for the revaluation of assets and liabilities on the admission of a partner? 

What is Capital Fund? How is it calculated?

Identify various matters that need adjustments at the time of admission of a new partner.

Distinguish between firm’s debts and partner’s private debts.

List the items which may be debited or credited in capital accounts of the partners when:

(i) Capitals are fixed.
(ii) Capital are fluctuating.

Write the various matters that need adjustments at the time of retirement of partner/partners.

If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?

Why is Profit and Loss Adjustment Account prepared? Explain.

On what account realisation account differs from revaluation account.