Partner admission

Sometime, partnership assets are revalued before the new partner joins:

Dr Revaluation surplus/various asset accounts
Cr Existing partners in current profit sharing ratio

with revaluation amount eg the increase in an an asset’s value.

There is usually a goodwill adjustment:

Cr Existing partners in current profit sharing ratio
Dr New partnership in new partnership sharing ratio

with the valuation of goodwill.

Then the new partner is usually required to pay in some cash as capital to the capital account and (perhaps) current account

Dr Cash
Cr Capital account
Cr Current account