Question

Based on the following, answer the question. Amrita and Kalyani are partners sharing profits in the ratio of 3 : 2. They decided to expand the business by admitting Suraj as a new partner for 1/4th share. Suraj’s share of goodwill is valued at Rs 90,000 for which he compensated Amrita and Kalyani in the ratio 1 : 4. Following information is also provided:

• Machinery : Rs 25,00,000
• Land : Rs 10,00,000
• Computer : Rs 2,50,000
• Workmen compensation fund : Rs 5,30,000

Claim against workmen compensation is Rs 2,00,000 and goodwill appeared in the books at Rs 60,000.
A new partner can be admitted:

• A. If all the existing partners agree
• B. If Majority of the existing partner agree
• C. If any one of the existing partner agree
• D. If 4/5th of the existing partner agree

Hint:

Consensus from all partners is crucial when admitting a new partner.

Answer 1

The Correct Option is A

Based on the partnership act, for all partners, it is important to have consensus for admitting a new member. Therefore, the correct answer is:
% Option (1) If all the existing partners agree.