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Remote session ACCA CBE 1-5 March 2021

Please read advice/recommendations from ACCA

Partner admission

Forums › FIA Forums › FA2 Maintaining Financial Records Forums › Partner admission

  • This topic has 1 reply, 2 voices, and was last updated 1 month ago by Ken Garrett.
Viewing 2 posts - 1 through 2 (of 2 total)
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    Posts
  • December 30, 2020 at 3:54 am #601156
    desmond@1234
    • Topics: 1
    • Replies: 0
    • ☆

    Can I get the full process for partner admission?

    December 30, 2020 at 9:26 am #601173
    Ken Garrett
    Keymaster
    • Topics: 9
    • Replies: 9035
    • ☆☆☆☆☆

    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

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