Admission of partner?

Others 337 views 1 replies

R.C.Jain and Associates

Member

134 Points Joined June 2013

This Query is relating to Admission of a Partner in a Partnership Firm. There is a partnership firm and it wants to admit a family member as a partner.

Is it necessary to Revalue all the assets and liabilities and value the goodwill?

Family Member can be admitted with just a fixed amount of Capital?

Replies (1)

Manoj Mehta

Head Of Department (Accounts & Finance)

1479 Points Joined March 2009

Dear sir when a partner is admitted there is no requirement to revalue all the assets and goodwill. Just partner have to bring in the share capital and in return you have to give him profit percentage. I hope my answer is clear to you regards