Adjustments needed at the time of admission of the new partner

Following adjustments are needed:-
1) Calculation of the new profit sharing of the firm.
2) Adjustment of existing reserves and accumulated profits/ losses.
3) Accounting treatment of goodwill.
4) Revaluation of assets and Liabilities.
5) Accounting treatment of Joint life policy.
6) Adjustment of Capital on the basis of new profit sharing ratio.

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