Admission Of A Partner
Admission of a partner refers to the process of allowing a new partner to join an existing partnership firm. It involves various steps and considerations to ensure a smooth transition for the new partner.

Benefits of Admission
- Increased capital: The admission of a new partner brings in additional capital which can be used for business expansion or other purposes.
- Diversification of skills: A new partner may bring in new skills and expertise that can benefit the firm.
- Sharing of responsibilities: With more partners, the workload can be distributed more evenly among the partners.

Procedure for Admission
1. Agreement: The existing partners must first agree to admit a new partner and come to a consensus on the terms of admission.
2. Revaluation of assets and liabilities: The firm's assets and liabilities need to be revalued to determine the new partner's share.
3. Adjustment of goodwill: Goodwill is adjusted based on the new partner's share in the firm.
4. Capital contribution: The new partner must make a capital contribution as agreed upon.
5. Profit sharing ratio: The profit sharing ratio among the partners needs to be revised to accommodate the new partner.

Legal Formalities
- The new partner must sign a deed of partnership to formalize their admission.
- The firm must inform the Registrar of Firms about the admission of the new partner.

Conclusion
Admitting a new partner can bring various benefits to a partnership firm, but it is essential to follow the proper procedures and legal formalities to ensure a successful transition.