wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Objective Type Questions :
Answer in one sentence only.

What is meant by admission of partner?

Open in App
Solution

When a new partner joins the firm with the consent of all the other partners, then a new agreement needs to be prepared. Such a procedure of admitting a new partner into a partnership firm is termed as admission of partner.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Analysing Capital Accounts
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon