Partnership - An agreement between two or more persons for sharing the profits of a business carried on by all or any of them acting for all., Retirement - Withdrawal of a partner from the business of the firm which may be due to his bad health, old age or change in business interests., Sacrificing ratio - The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner, Goodwill - A well established business develops an advantage of good name, reputation and wide business connections which in monetary terms known as .........., Intangible - Goodwill is a ................. asset., Location - One of the factors affecting the value of goodwill is ............, Average Profit - Total profit of past few years / No.of years is, Normal Profit - Capital Employed x Normal Rate of Return / 100 =, Super Profit - Average profit - Normal profit =, Capital Employed - Total assets (excluding goodwill) - Outside liabilities =, Goodwill - Capitalised value - Net assets =, Hidden Goodwill - The value of goodwill that is not specified at the time of admission of a partner., Revaluation Account - ........................ is prepared at the time of admission of a new partner or in case of death or retirement of a partner., Premium method - The method of treatment of goodwill when the new partner pays his share of goodwill in cash., Revaluation Account Dr To Cash Account - The Journal entry for an unrecorded liability to prepare revaluation account.,

Reconstitution of a Partnership firm-Admission of a Partner

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