Premium brought by newly admitted partner should be:
A. Credited to sacrificing partners
B. Credited to all partners in the new profit sharing ratio
C. Credited to old partners in the old profit sharing ratio
D. Credited to only gaining partners
Answer:A
Premium brought by newly admitted partner should be:
A. Credited to sacrificing partners B. Credited to all partners in the new profit sharing ratio C. Credited to old partners in the old profit sharing ratio D. Credited to only gaining partners