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    3. Accounting for Partnership Firm - Admission of a Partner

    Accounting for Partnership Firm - Admission of a Partner

    Posted By: lucky_aut
    Date: 26 Jun 2025 15:57:15
    Accounting for Partnership Firm - Admission of a Partner

    Accounting for Partnership Firm - Admission of a Partner
    Last updated 11/2023
    Duration: 1h 42m | .MP4 1920x1080 30 fps(r) | AAC, 44100 Hz, 2ch | 1.61 GB
    Genre: eLearning | Language: English

    Partnership Firm Final Accounts, Profit & Loss Account, Partners Capital Accounts, Sacrifice Ratio , Goodwill etc.

    What you'll learn
    - Accounting of a Partnership Firm When Partner is Admitted
    - Profit & Loss Account/Revaluation Account, Balance Sheet and Capital Account of a partnership firm, Journal Entries Related to Partnership Firm
    - Calculation of Sacrifice Ratio of Existing Partners Due to Admission of New Partner
    - Calculation of Goodwill, New Ratio, Sacrifice Ratio

    Requirements
    - Basic Knowledge of Mathematics & English Required

    Description
    Partnership Firm is any type of business under which two or more businessmen join together to start a business with predetermined profit or loss sharing ratio. All the terms of partnership are mentioned in partnership deed.

    Sometime partnership firm gets restructured due to admission of a partner.

    New Partner may be admitted to the partnership firm for the benefit of the business this is may be because of multiple skills that person is having so that existing business can flourish.

    Due to admission of a new partner existing partners need to sacrifice their existing profit sharing ratio and give that to new partner. Also due to admission of a partner new profit sharing ratio need to determine.

    Generally new partner introduces some capital and give amount towards goodwill original partners have bought to the partnership firm.

    When new partner is admitted some of the existing assets and liabilities need to revalue. We will learn its treatment in accounts in this series.

    Also we will learn how to prepare final accounts i.e. profit and loss account, balance sheet and partners capital account and how balance sheet of partnership firm always tallies.

    Journal entries related to final accounts with unique technique to create journal entries are also explained in this series.

    Who this course is for:
    - Learners of Accounting
    More Info

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