{"id":39247,"date":"2022-12-07T18:37:43","date_gmt":"2022-12-07T13:07:43","guid":{"rendered":"https:\/\/tsboardsolutions.com\/?p=39247"},"modified":"2022-12-07T18:37:43","modified_gmt":"2022-12-07T13:07:43","slug":"ts-inter-2nd-year-accountancy-study-material-chapter-5","status":"publish","type":"post","link":"https:\/\/tsboardsolutions.com\/ts-inter-2nd-year-accountancy-study-material-chapter-5\/","title":{"rendered":"TS Inter 2nd Year Accountancy Study Material Chapter 5 Admission of a Partner"},"content":{"rendered":"

Telangana TSBIE TS Inter 2nd Year Accountancy\u00a0Study Material<\/a> 5th Lesson Admission of a Partner Textbook Questions and Answers.<\/p>\n

TS Inter 2nd Year Accountancy Study Material 5th Lesson Admission of a Partner<\/h2>\n

Very Short Answer Questions<\/span><\/p>\n

Question 1.
\nWhat are the aspects which require attention when a new partner is admitted?
\nAnswer:
\nThe following Adjustments are to be made in the books of accounts at the time of admission of a new partner. They are:<\/p>\n

    \n
  1. Calculation of new profit sharing ratio.<\/li>\n
  2. Revaluation of assets and liabilities.<\/li>\n
  3. Accounting treatment of goodwill.<\/li>\n
  4. Distribution of reserves and undistributed profits\/losses.<\/li>\n
  5. Adjustment of capital in proportion to profit sharing ratio.<\/li>\n<\/ol>\n

    Question 2.
    \nWhat is a Revaluation account?
    \nAnswer:
    \nAn account prepared with the specific purpose of recording changes in the value of assets and liabilities of a partnership firm. It is called a Revaluation account.<\/p>\n

    \"TS<\/p>\n

    Question 3.
    \nWhy Revaluation account is prepared?
    \nAnswer:<\/p>\n

      \n
    1. When the new partner is admitted, it becomes necessary to revalue the assets and liabilities of the firm in order to ascertain and record their true values.<\/li>\n
    2. The revaluation account is prepared to see that the new partner should not be benefitted or suffered from any appreciation or depreciation in the value of assets and liabilities.<\/li>\n<\/ol>\n

      Question 4.
      \nWhat is goodwill?
      \nAnswer:<\/p>\n

        \n
      1. Goodwill is the reputation or good name associated with the name of firm.<\/li>\n
      2. Goodwill is an intangible asset. It is the force of attracting customers. It helps to earn more profits than the normal profits in feature.<\/li>\n
      3. Firm which have goodwill will enjoy continuous patronage of customers.<\/li>\n<\/ol>\n

        Question 5.
        \nState the essential features of goodwill.
        \nAnswer:
        \nFeatures of goodwill:<\/p>\n