presents

Admission of a Partner

12th Commerce

Accountancy

By Prof. Kaushal Chhajer

CA | B.com

AMC Educare Coaching Institute

Main Branch: 2nd Branch:
Saraswati School Campus, K-Lounge Lane Navjeevan Public School Campus,
Kumbha Circle Road, Azad Nagar, Near Modi Ground, R C Vyas Colony,
Bhilwara, Rajasthan - 311 001 Bhilwara, Rajasthan - 311 001
About the Professor…..
 He cleared all the levels of CA exams in his
first attempt with exemptions in FR and SFM
at Final Level.
 He has been a consistent and excellent scorer
throughout his academics.
 He also achieved 3rd rank in Bhilwara District
in Accountancy in IPCC with 93 Marks.
 His professional experience includes areas
like Taxation, Finance, Accountancy and
Audit.
 Seeking his long term objective to share his
vast knowledge and educate the students at
the root level, he entered the Noble
Profession of Teaching. KAUSHAL CHHAJER
 His 4 years teaching experience includes
CA | B.com
 great holdDirector
He is also on Accountancy and Economics.
at AMC Educare Coaching Institute, Bhilwara (Raj.)
 He also runs YouTube Channels for Accountancy and Economics.
“Accounts Ke Guruji” for Accountancy
“World of Economics by CA Kaushal Sir” for Economics.
 With a simplified teaching approach, he shares his knowledge with the students
using precise examples and the concepts.
 With a friendly attitude, he is a young and vibrant motivator.

For any doubts or queries or notes related to Accountancy or

Economics of Class XI or XII, get in touch:
or +91 9414520064 OR : kaushal.chhajer372@gmail.com

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 Class 12th - Accountancy
Admission of a Partner

“ADMISSION OF A PARTNER”
Admission of partner is one of the Modes of Reconstitution of the firm because with this, an
existing agreement comes to an end and a new agreement among ALL the Partners (including
New Partner) comes into existence.

According to Indian
ndian Partnership Act, 1932:

New Partner shall not be admitted in the firm unless all the existing partners agree to
the admission of the new partner or it is agreed otherwise by the partners in the Partnership
Deed.

ADJUSTMENTS REQUIRED ON THE ADMISSION OF A NEW PARTNER:

1. Change in Profit Sharing Ratio.

2. Valuation and Adjustment of Goodwill.
3. Adjustment of Profit or Loss arising from Revaluation of Assets and Liabilities.
4. Adjustments of Reserves and Surplus, and Accumulated Profits/Losses.
5. Adjustment of Capital.

1. Change in Profit Sharing Ratio:

New or Incoming partner may acquire his share from Old Partners through any of the
alternative modes:
a. In their Old Ratio.
b. In a Particular Ratio OR In a Surrendered Ratio
c. In a Particular fraction from OLD Partners.

A. New
w Partner acquires his share from OLD Partners in their OLD Ratio:
(i) PSR of New partner is given BUT Sacrifice made by OLD partners is not
given.

It is assumed that New Partner has acquired his share from OLD Partners in
their OLD Ratio.

Steps:
a. Calculate Remaining
emaining Share (1 – Share of New Partner)
b. Distribute such remaining share between Old Partners in Old Ratio

Eg: A and B are partners in a firm sharing Profits and Losses in the ratio 5:3. C
was admitted for 1/9th share. Calculate New Ratio.
Solution:
Remaining
ining Share = 1 – 1/9
= 8/9
A’s New Share = 5/8 * 8/9 = 40/ 72
B’s New Share = 3/8 * 8/9 = 24/72
C’s New Share = 1/9 or 8/72
Therefore,
New Ratio between A, B and C = 40:24:8 OR 5:3:1

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 Class 12th - Accountancy
Admission of a Partner

(ii) PSR of New Partner is given AND NEW PSR between Old Partners is
given.
Steps:
a. Calculate Remaining Share (1 – Share of New Partner)
b. Distribute such remaining share between OLD Partners in New Ratio

It will give NEW Ratio between ALL the Partners.

Eg: A and B are partners in a firm sharing Profits and Losses in the ratio 5
5:3. C
was admitted for 1/9th share. New Ratio between A and B is 3:2. Calculate New
Ratio between A, B and C.
Solution:
Remaining Share = 1 – 1/9
= 8/9
A’s New Share = 3/5 * 8/9 = 24/ 45
B’s New Share = 2/5 * 8/9 = 16/45
C’s New Share = 1/9 or 5/45
Therefore,
New Ratio between A, B and C = 24:16:5

(iii) New Partner acquired his share from OLD Partners Equally:
Equally
Deduct the sacrifice made by Old Partner in favour of New Partner from
Existing Share of Profit

Eg: A and B are partners in a firm sharing Profits and Losses in the ratio 3:2. C
was admitted for 1/4th share. He acquires his share from A and B equally.
Calculate New Ratio between A, B and C.
Solution:
A’s New Share = 3/5 – (1/4 *1/2) = 19/40
B’s New Share = 2/5 – (1/4 *1/2) = 11/40
C’s New Share = 1/4 OR 10/40
Therefore,
New Ratio between A, B and C = 19:11:40

B. New Partner acquires his Share from Old or Existing Partners in Particular Ratio:
Existing Partner’s New Share of Profit = OLD Share – Share Sacrificed

Eg: A and B are partners in a firm sh

sharing
aring Profits and Losses in the ratio 3:2.
Case I: C was admitted and he acquired 1/5th share from A and 1/10th share from B.
Case II. C was admitted and he acquired 1/5th share of A and 1/10th share of B.
Calculate New Ratio between A, B and C in both th the cases.
Solution:
Case I Case II
A’s New Share = 3/5 –1/5=
1/5= 2/5 or 4/10 A’s New Share = 3/5 –(3/5
(3/5 * 1/5) = 12/25
B’s New Share = 2/5 –1/10=
1/10= 3/10 B’s New Share = 2/5 –(2/5
(2/5 * 1/10)=
1 9/25
C’s New Share = 1/5+1/10 = 3/10 C’s New Share = 3/25+2/50 = 4/25
Therefore, Therefore,
New Ratio between A, B and C = 4:3:3 New Ratio between A, B and C = 12:9:4

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 Class 12th - Accountancy
Admission of a Partner

C. New Partner acquires his share from OLD Partners in Particular Fraction:

Existing Partner’s New Share of Profit = OLD Share – Share Sacrificed

D. When an Old Partner

tner retains his share:
Steps:
a. Calculate Remaining Share (1 – Share of New Partner- Share retained by Old
Partner)
b. Distribute such remaining share between Remaining OLD Partners in OLD
Ratio

 Sacrificing Ratio:
Calculation of Sacrificed Share = Old Share – New Share

 Situation 1: PSR of New Partner is Given without the details of Sacrifice made
by OLD Partners

In such a situation: Sacrificing Ratio = Old Ratio

 Situation 2: When New Partner acquires the share by surrender of a
particular fraction by Old Partners

In such a Situation: Sacrificing Ratio = Share Surrendered by OLD Partners

2. Treatment of Goodwill:
(i) Existing Goodwill:
Write off among Old Partners in Old Ratio.

Old Partners’ Capital A/c._________Dr. (in OR)

To Goodwill A/c.

(ii) Valued Goodwill:

1. If Goodwill is Paid Privately by a New Partner:

NO-ENTRY
ENTRY

2. When Premium for Goodwill is brought by the New Partner in Cash and it is
retained in the business:
Cash A/c._____________________Dr.
To New Partner’s Capital A/c. (Capital Brought In)
I
To Premium for Goodwill A/c. (Share of G/w)

Premium for Goodwill A/c.______Dr. (Share of Goodwill)

To Sacrificing Partners’ Capital A/c. (in SR)

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 Class 12th - Accountancy
Admission of a Partner

NOTE: if any Old Partner gains, then his Capital/Current A/c should be debited with the
amount of share gained.

In that case, the above Journal entry will be:

Premium for Goodwill A/c.______Dr. (Share of Goodwill)
Gaining Part. Cap./Curr. A/c.____Dr. (Firm’s G/w * Share Gained)
To Sacrificing Partners’ Capital A/c. (in SR)

3. When Premium forr Goodwill is brought by New Partner in Cash and it is

withdrawn by the sacrificing partner fully or partly:

Cash A/c._____________________Dr.
To New Partner’s Capital A/c. (Capital Brought In)
To Premium for Goodwill A/c. (Share of G/w)

Premium
ium for Goodwill A/c.______Dr. (Share of Goodwill)
To Sacrificing Partners’ Capital A/c. (in SR)

Sacrificing Partner’s Cap/Current A/c._Dr (Amount withdrawn)

To Cash/ Bank A/c.

4. When Premium for Goodwill is brought in Kind (Assets):

Assets A/c.___________________Dr.
c.___________________Dr.
To Premium for Goodwill A/c. (Share of G/w)

Premium for Goodwill A/c.)_____Dr

To Sacrificing Partners’ Cap A/c. (In SR)

5. When Premium for Goodwill is Not Brought in Full or Part in cash by a New or
Incoming Partner:

Cash/Bank
ash/Bank A/c._______________Dr.
To New Partner’s Cap A/c. (Amount of Cap.)
To Premium for Goodwill A/c. (G/w brought in cash)

Premium for Goodwill A/c._____Dr. (G/w. brought in Cash)

New Partner’s Cap/Current A/c._Dr. (Unpaid share of G/w)
To Sacrificing Partner’s Capital A/c. (In SR)

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 Class 12th - Accountancy
Admission of a Partner

Hidden Goodwill
If in the question, no information is given about share of Goodwill brought by New
Partner or about Firm’s Goodwill,
In such a case: Calculate HIDDEN GOODWILL of the Firm:

Net worth of the firm on the basis of Capital brought by New Partner XXX
[Cap. Brought by New Partner * Reciprocal of His share]
(-) Actual Net worth of the Firm (XXX)
[After taking into account capital brought in by New Partner]
= Firm’s Hidden Goodwill = XXX

Now, Calculate New Partner’s share in such Hidden Goodwill and Pass the following
Journal Entry:
Cash/ Bank A/c._____________________Dr.
To New Partner’s Cap. A/c. (Cap Brought in)

New Partner’s Cap/Current A/c.________Dr. (Share of G/w.)

To Sacrificing Partner’s Cap A/c. (In SR)

Net Worth = Total Assets – Fictitious Assets – Accumulated Losses – Outside Liabilities-
Non Trade Investments + New Partner’s Capital + Revaluation Profit – Revaluation Loss
OR
Net Worth = Capital oof ALL partners + Reserves and Surplus + Accumulated Profits –
Fictitious Assets – Non Trade Inv. + Revaluation Profit – Revaluation Loss

3. Revaluation of Assets and Reassessment of Liabilities:

a) When Assets or Liabilities are to be shown at the Revised Val

Values:
Case Situation Treatment (Journal Entry)
1. Increase in Value of Asset Asset A/c. _____________ Dr
To Revaluation A/c.
2. Decrease in Value of Asset Revaluation A/c.______ Dr.
To Assets A/c.
3. Increase in Value of Liability Revaluation A/c.______ Dr.
To Liability A/c.
4. Decrease in Value of Liability Liability A/c. __________ Dr
To Revaluation A/c.
5. Recording an Unrecorded Asset A/c. _____________ Dr
Asset To Revaluation A/c.
6. Recording an Unrecorded Revaluation A/c.______ Dr.
Liability To Liability A/c.
7. Revaluation Expenses:
Paid By Borne By
Firm Firm Revaluation A/c._______Dr.
To Cash A/c.
Firm Partner Partners’ Cap/Current A/c._______Dr.
To Cash A/c.

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 Class 12th - Accountancy
Admission of a Partner

Partner Firm Revaluation A/c._______Dr.

To Partners’ Cap/Currentnt A/c.
Partner Partner No Entry
8. When Remuneration is Paid Revaluation A/c._______Dr.
to partner for Revaluation To Partners’ Cap/Current A/c.
9. Transfer of Balance in
Revaluation Account:
Profit on Revaluation Revaluation A/c._______Dr.
To OLD Partners’ Cap/Current A/c. (In OR)
Loss on Revaluation OLD Partners’ Cap/Current A/c.____Dr (In
OR)
To Revaluation A/c.

Format of Revaluation Account

Revaluation A/c
Particulars ₹ Particulars ₹
To Assets A/c. (Dec in Assets) By Assets A/c. (Inc
nc in Assets)
To Liabilities A/c. (Inc in Liabilities) By Liabilities A/c. (Dec in Liab.)
To Unrecorded Liabilities By Unrecorded Assets A/c.
To Cash/Bank (Expenses of RevalReval.)
To Partner’s Capital A/c. (Expense)
To Partners’ Capital/Current A/c. (B.f) By Partners’ Capital/Current A/c. (B.f)
(In Old Ratio) (In Old Ratio)
Total Total

b) When Assets or Liabilities are to appear in the Books at the Old Values:
In this Case, we will record the Increase or Decrease of Assets and Liabilities in
Memorandum Revaluation Account. This Account is divided into 2 parts:
First Part is similar to Revaluation Account. The Profit/Loss on Revaluation is
transferred to OLD Partners’ Cap Account in their OLD RATIO.
Second Part, In this Part, entries passed in the first part are to be reversed. The
Balance of this Account of this second part is transferred to ALL Partners’ Cap
Account(Including New Partner) in NEW RATIO.

Journal Entries:
Case Situation Treatment (Journal Entry)
1) Increase in Value of Asset Asset A/c. _____________ Dr
To Memorandum Revaluation A/c.
2) Decrease in Value of Asset Memorandum Revaluation A/c.______ Dr.
To Assets A/c.
3) Increase in Value of Liability Memorandum Revaluation A/c.______ Dr.
To Liability A/c.
4) Decrease in Value of Liability Liability A/c. __________ Dr
To Memorandum Revaluation A/c.
5) Transfer of Balance in M.
Revaluation Account:
Profit on Revaluation Memorandum Revaluation A/c._______Dr.
To OLD Partners’ Cap/Current A/c. (In
( OR)

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 Class 12th - Accountancy
Admission of a Partner

Loss on Revaluation OLD Partners’ Cap/Current A/c.____Dr (In

(
OR)
To Memorandum Revaluation A/c.
6) For Reversing the Entry 1 Memorandum Revaluation A/c.______ Dr.
To Assets A/c.
7) For Reversing the Entry 2 Asset A/c. _____________ Dr
To Memorandum Revaluation A/c.
8) For Reversing the Entry 3 Liability A/c. __________ Dr
To Memorandum Revaluation A/c.
9) For Reversing the Entry 4 Memorandum Revaluation A/c.______ Dr.
To Liability A/c.
10) Transfer of Balance in M.
Revaluation Account:
Dr. side Balance Memorandum Revaluation A/c._______Dr.
To ALL Partners’ Cap/Current A/c. (In
( NR)
Cr. Side Balance ALL Partners’ Cap/Current A/c.____Dr (In
(
NR)
To Memorandum Revaluation A/c.

4. Treatment of Reserves and Accumulated Profits/Losses:

At the time of admission of Ne
New Partner, if any balance appears in the General Reserve
/ Accumulated Profits or Losses A/c., then the same needs to be transferred to OLD
Partners’ Capital Account in their OLD Ratio

Accounting Entries:
(i) For transfer of Reserves and Accumulated Profits:

Reserves A/c.________________________ Dr.

Profit and Loss A/c.____________________Dr.
Workmen Compensation Reserve A/c._____Dr
Investment Fluctuation Reserve A/c.______ Dr
To ALL Partners’ Capital/Current A/c. (In OLD RATIO)

(ii) For transfer of Accumulate

Accumulated Losses:

ALL Partners’ Capital/Current A/c.________Dr. (In OLD RATIO)

To Profit and Loss A/c.
To Advertisement Suspense A/c.
(Deferred Revenue Expenditure)

 WORKMEN COMPENSATION RESERVE:

It is a reserve set aside out of profits to meet possible liab
liability
ility to pay compensation
to employees, if any arises. A claim may or may not arise or Claim amount may be
higher than the amount of Reserve at the time of change in PSR.

Accounting Treatment under different situations:

Case Situation Treatment (Journal Entry)
E
A. When Claim does not Exist Workmen Comp. Reserve (WCR) A/c.______Dr.
To OLD Partners’ Capital A/c. (in OR)

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B. When Claim Exist:
a. Claim < WCR
b. Claim = WCR
c. Claim > WCR
 INVESTMENT FLUCTUATION RESERVE (IFR):
It is a Reserve set aside out of profits to meet fall in Market Value of Investments. At
the time of change in PSR; it is treated as fo
Case Situation
1. Book Value = Market Value
2. Market Value < Book Value
(Calculate Fall in Value)
1. Fall in Value < IFR
2. Fall in Value = IFR
3. Fall in Value > IFR
3. Market Value > Book Value
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Class 12th - Accountancy
Admission of a Partner
WCR A/c._________________Dr (Reserve Amt)
To Prov. for WCC A/c. (Amt. of Claim)
To OLD Partners’
ers’ Capital (Bal. fig. in OR)
WCR A/c._________________Dr (Reserve Amt)
To Prov. for WCC A/c. (Amt. of Claim)
WCR A/c._________________Dr (Reserve Amt)
Revaluation A/c. ________Dr (Bal. Fig)
To Prov. for WCC A/c. (Amt.
Amt. of Claim)
OLD Partners’ Capital A/c.__ Dr (In OR)
To Revaluation A/c.
follows:
Treatment (Journal Entry)
IFR A/c.__________________Dr
To OLD Partners’ Capital A/c. (in OR)
IFR A/c.____________________Dr.
____Dr.
To Investments A/c. (Amount of FALL)
To OLD Partners’ Capital A/c. (B/f in OR)
IFR A/c.____________________Dr.
To Investments A/c. (Amount of FALL)
IFR A/c.____________________Dr.
Revaluation A/c.__________Dr.
To Investments A/c. (Amount of FALL)
OLD Partners’ Capital A/c.__ Dr (In OR)
To Revaluation A/c
Investments
nvestments A/c.____________Dr. (Amt of Inc.)
To Revaluation A/c.
Revaluation A/c.____________Dr.
A/c.____________D
To OLD Partners’ Capital A/c. (In OR)
IFR A/c.___________________Dr. (Reserve Amt)
To OLD Partners’ Capital A/c. (In OR)
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 Class 12th - Accountancy
Admission of a Partner

Adjustments of Accumulated Profits/Losses or Reserves THROUGH CAPITAL

ACCOUNTS ONLY
OR
When Reserves or Accumulated Profits/
Profits/Losses
Losses are to be retained in the Books of
Accounts:

When the Reserves or Accumulated Profits/Losses are to be retained in the books of

accounts, then, a Journal Entry for the Net Effect of Accumulated Profits/Losses is to be
passed (since they were earned in past) and the Reserves and Accumulated
Profits/Losses will continue to appear in the books at the same amount.

For passing the adjustment entry, following steps are to be followed:

(i) Calculate Net Effect of Reserves, Accumulated Profits/Losses.
Reserves and Surplus XXX
Profit and Loss A/c. (Cr. Bal) XXX
WCR Balance XXX
IFR Balance XXX
(-)) Profit and Loss A/c. (Dr. Bal) (XXX)
(-)) Accumulated Losses (XXX)
= NET EFFECT XXX

(ii) Calculate Sacrificed Share or Gained Share (Sacrificing Ratio/ Gain

Gaining Ratio)

(iii) Calculate share of Gaining Partner/Sacrificing Partner in the above

calculated Net Effect of Reserves and Accumulated Profits/Losses.
For Gaining Partner = Net Effect*Share Gained
For Sacrificing Partner = Net Effect*Share Sacrificed

(iv) Pass the Adjustment

djustment Entry;
a. If Net Effect is Positive:
Gaining Partners’ Capital/Current A/c.__________Dr.
To Sacrificing Partners’ Capital/Current A/c.

b. If Net Effect is Negative:

Sacrificing Partners’ Capital A/c._______________Dr.
To Gaining Partners’ Capital A/c.

5. Adjustment of Capital:
We shall discuss adjustment of Capital as under:

a. Adjustment of OLD PARTNERS’ Capital on the basis of NEW Partner’s Capital.

b. Calculating the Capital of INCOMING Partner on the basis of OLD Partners’
Capital.

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 Class 12th - Accountancy
Admission of a Partner

A. Adjustment of OLD PARTNERS’

ARTNERS’ Capital on the basis of NEW Partner’s Capital.
Steps:
1) Calculate Total Capital of the Firm =
[New Partner’s Capital * Reciprocal of his share]
2) Determine NEW PSR, if Not Given.
3) Determine New Capital of ALL the Partners on the basis of New PSR
[Total
al Capital in NEW Ratio]
4) Ascertain Present Capital Balances of OLD Partners (after all
adjustments)
5) Find Surplus/Deficit & Pass the Journal Entry.
Journal Entry:
a. If Present Capital < New Capital
Cash/Bank/Partner’s Current A/c._____________Dr. (Deficit)
To Partner’s Capital A/c.

b. If Present Capital > New Capital

Partner’s Capital A/c._______________________Dr.
To Cash/Bank/Partner’s Current A/c. (Surplus)

B. Calculation of Capital of New Partner on the Basis of Capitals of OLD Partners:

If it is given in Question that New Partner will bring proportionate/his share
of Capital, then ascertain his share of Capital as follows:

Steps:
1) Calculate Total Adjusted Capital Balances of OLD Partners.
2) Calculate Total PSR of OLD Partners = [1 – New Partner’s Share]
3) Calculate Firm’s Capital =
Total Adjusted Capital of OLD Partners * Reciprocal of their share.
4) Calculate New Partner’s share in Firm’s Capital =
Firm’s Capital * New Partner’s Share.
Journal Entry:
Cash/Bank A/c._______________________Dr. (Cap. Ascertained)
To New Partner’s Cap. A/c.

 Admission of New Partner DURING the year

Till Now, we have seen admission of a partner at the beginning of the year or at the end
of the year. Now, what should be the accounting treatment when a partner is adadmitted
during the year.
i. Divide the profits of the year of the business between Pre
Pre-Admission
Admission Period and
Post-Admission
Admission Period on a agreed Basis (Generally on Time Basis)
ii. Profits of Pre-Admission
Admission should be appropriated between OLD Partners in
OLD Ratio.
iii. Profits of Post--Admission should be appropriated between ALL Partners in
NEW Ratio.

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 Class 12th - Accountancy
Admission of a Partner

MOOL MANTRA
Revaluation Account is also known as Profit and Loss Adjustment Account.
Account
If nothing is mentioned in question about share sacrificed/given
sacrificed by old
partners, then, SR = OR.
If New Ratio between Old Partners is given and share of new partner is given –
distribute remaining share (1
(1-new
new partner’s share) in that new ratio of old
partners to find New PSR
Partner अगर Goodwill का Amount लेकर आया है - तो “Premium for
f Goodwill A/c”
आएगा

New Partner को Goodwill का Amount लाना ह पड़ेगा अगर नह ं लेकर आया तो उसके -
Current A/c. से Dr. करगे

If Existing Goodwill is given – write off among Old Partners in Old Ratio.
If Existing Reserves or Losses are given – distribute among
ong Old Partners in Old
Ratio.
Employees’ Provident Fund – It is a part of Current Liability and NOT A
RESERVE. Therefore, it is not distributed among the partners.
If Debtors and PBD both are given in question and If Bad Debts are there: Then,
o the amount of Bad Debt is deducted from debtors and
o Bad-debts
debts will be deducted from PBD – but if Bad debts are more than
PBD, then balance Bad
Bad-Debts
Debts will be transferred to Profit and Loss A/c
(Revaluation A/c).
Capital Adjustment:
(i) Determination of Other Partners’ Capital on the basis of New Partner’s
Capital:
Firm’s Capital = New Partner’s Capital * Reciprocal of his share.

(ii) Determination of New Partner’s Capital on the basis of Old Partner’s Capital:
Firm’s Capital = (Adjusted Capi
Capital
tal of Old Partners) * Reciprocal of their share.

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