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?

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

(i) Capitals are fixed.

(ii) Capital are fluctuating. 

What is subscription? How is it calculated?

Why is Profit and Loss Adjustment Account prepared? Explain.

If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?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

 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.

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If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?

What is Capital Fund? How is it calculated?

State the meaning of Income and Expenditure Account.

What are the features of Receipt and Payment Account?

What is sacrificing ratio? Why is it calculated?

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

Why it is necessary to ascertain new profit sharing ratio even for old partners when a new partner is admitted?

Why is Profit and Loss Adjustment Account prepared? Explain.