Question:
Write two main rights acquired by the new partner.
Write two main rights acquired by the new partner.
Show Hint
When a new partner is admitted, their rights are defined in the partnership agreement, ensuring clarity and fairness among all partners.
Updated On: Nov 5, 2025
Hide Solution
Verified By Collegedunia
Solution and Explanation
The two main rights acquired by a new partner in a partnership firm are:
1. Right to share profits: The new partner is entitled to a share in the firm's profits as per the agreement among the partners.
2. Right to participate in management: The new partner gains the right to take part in the decision-making and management of the firm.
1. Right to share profits: The new partner is entitled to a share in the firm's profits as per the agreement among the partners.
2. Right to participate in management: The new partner gains the right to take part in the decision-making and management of the firm.
Was this answer helpful?
0
0
Top Questions on Reconstitution of Partnership
- Arrange the admission procedure in correct sequence: (A) Giving share to the new partner.
(B) Treatment of Goodwill.
(C) Calculating new profit sharing ratio and sacrificing ratio.
(D) Preparation of Revaluation A/c.
(E) Preparing Partner's Capital A/c and Balance Sheet.- CUET (UG) - 2025
- Accountancy
- Reconstitution of Partnership
- A and B are partners sharing profits in the ratio of 2:1. C is admitted into the firm for 1/4 share of profits. C brings in Rs. 20,000 in respect of his capital. The capitals of old partners A and B, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs. 45,000 and Rs. 15,000 respectively. It is agreed that partners' capitals should be according to the new profit sharing ratio. Determine the new profit sharing ratio.
- CUET (UG) - 2025
- Accountancy
- Reconstitution of Partnership
- A, B and C are partners in a firm. If D is admitted as a new partner, what will be its effect?
- CUET (UG) - 2025
- Accountancy
- Reconstitution of Partnership
- What is meant by reconstitution of partnership firm?
- UP Board XII - 2025
- Accountancy
- Reconstitution of Partnership
- Which of the following events does not result in reconstitution?
- CBSE CLASS XII - 2025
- Accountancy
- Reconstitution of Partnership
View More Questions
Questions Asked in UP Board XII exam
- Solve: \((\tan^{-1}y - x)dy = (1+y^2)dx\).
- UP Board XII - 2025
- Differential Equations
What is the first law of Kirchhoff of the electrical circuit? Find out the potential difference between the ends of 2 \(\Omega\) resistor with the help of Kirchhoff's law. See the figure:
- UP Board XII - 2025
- Electrical Circuits
- State Kirchhoff's law related to electrical circuits. In the given metre bridge, balance point is obtained at D. On connecting a resistance of 12 ohm parallel to S, balance point shifts to D'. Find the values of resistances R and S.
\includegraphics[width=0.5\linewidth]{image8.png}- UP Board XII - 2025
- Wheatstone Bridge
- What are the electromagnetic waves? Write down its characteristics.
- UP Board XII - 2025
- Electromagnetic Wave
- How the demand of a commodity is affected by changes in the price of the commodity? Explain with the help of a diagram.
- UP Board XII - 2025
- Consumer theory
View More Questions