Based on following, answer the question.
Amrita and Kalyani are partners sharing profits in the ratio of 3:2. They decided to expand the business by admitting Suraj as new partner for 1/4th share. Suraj's share of goodwill is valued at ₹90,000 for which he compensated Amrita and Kalyani in the ratio of 1:4. Following information is also provided:
| Particulars | Book value (₹) | Revalued figure (₹) |
| Machinery | 25,00,000 | 27,00,000 |
| Land | 10,00,000 | 50,00,000 |
| Computers | 2,50,000 | 50,000 |
Workmen Compensation Fund ₹5,00,000. Claim against workmen compensation is ₹2,00,000 and goodwill appeared in the books at ₹60,000.
A New Partner may be admitted into a partnership:
Answer & explanation
Correct answer: option 1
The correct answer is option 1- If all existing partners agree.
A New Partner may be admitted into a partnership if all existing partners agree.
As per the Partnership Act, 1932, a new partner can be admitted into the firm with the consent of all the existing partners, unless otherwise agreed upon. With the admission of a new partner, there is a reconstitution of the partnership firm and all the partners get into a new agreement for carrying out the business of the firm.