Arrange the following in appropriate sequence regarding admission of a Partner:A. Preparation of Revaluation accountB. Partnerandrsquo;s Capital Account are completedC. Preparation of Balance Sheet of New PartnershipD. New Partner brings his share of Capital and good will.E. Transferring the profit/ loss on Revaluation to old partners.Choose the correct answer from the options given below:a)D, C, B, A, Eb)A, B, C, E, Dc)A, E, D, C, Bd)A, E, D, B, CCorrect answer is option 'D'. Can you explain this answer?

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Arrange the following in appropriate sequence regarding admission of a Partner:

A. Preparation of Revaluation account
B. Partner’s Capital Account are completed
C. Preparation of Balance Sheet of New Partnership
D. New Partner brings his share of Capital and good will.
E. Transferring the profit/ loss on Revaluation to old partners.

Choose the correct answer from the options given below:

a)
D, C, B, A, E
b)
A, B, C, E, D
c)
A, E, D, C, B
d)
A, E, D, B, C

Correct answer is option 'D'. Can you explain this answer?

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Arrange the following in appropriate sequence regarding admission of a...

A. Preparation of Revaluation account
B. Partner's admission agreement
C. Calculation of new profit sharing ratio
D. Adjustment of capital accounts
E. Allocation of goodwill (if any)

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Arrange the following in appropriate sequence regarding admission of a...

The correct sequence regarding the admission of a partner is:

A. Preparation of Revaluation account

- The first step involves revaluing the assets and liabilities of the old partnership to determine the current market value.
- The difference in the value of assets and liabilities will be credited or debited to the Revaluation account.

E. Transferring the profit/loss on Revaluation to old partners

- The profit or loss arising due to revaluation is then transferred to the old partners' capital accounts in their profit-sharing ratio.
- This step ensures that the gains or losses arising from revaluation are shared among the existing partners before the new partner is admitted.

D. New Partner brings his share of Capital and goodwill

The new partner contributes his share of the capital and goodwill to the partnership.
Goodwill is calculated based on the agreed valuation method and is credited to the existing partners' capital accounts in their profit-sharing ratio.

B. Partner's Capital Account is completed

The capital accounts of all partners, including the new partner, are updated to reflect the new capital contributions and shares of goodwill.
This step ensures that each partner's capital account reflects their accurate investment in the partnership.

C. Preparation of Balance Sheet of New Partnership

Finally, the new partnership's balance sheet is prepared, reflecting the updated values of assets, liabilities, and partners' capital accounts.
This step provides a snapshot of the financial position of the partnership after the admission of the new partner.

In conclusion, the correct answer is D: A, E, D, B, C.

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Arrange the following in appropriate sequence regarding admission of a Partner:A. Preparation of Revaluation accountB. Partner’s Capital Account are completedC. Preparation of Balance Sheet of New PartnershipD. New Partner brings his share of Capital and good will.E. Transferring the profit/ loss on Revaluation to old partners.Choose the correct answer from the options given below:a)D, C, B, A, Eb)A, B, C, E, Dc)A, E, D, C, Bd)A, E, D, B, CCorrect answer is option 'D'. Can you explain this answer?

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