Admission of New Partner: Fill In the Blanks

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on March 12, 2023

1. An intangible asset related to the reputation of a business is known as .

2. A new partner can be admitted into a partnership with the of all partners.

3. The goodwill of a business can be sold only by the business.

4. Technically, the admission of a new partner the old partnership

5. An incoming partner contributes to share in the total assets and for future profits.

6. Excess of the proportionate investment is the cost of for the old partners.

7. Market value of the business - Net worth of the business = .

8. Under the goodwill method, goodwill is shown on the .

9. Goodwill is distributed among old partners according to the income sharing ratio.

10. A new partnership deed is when an amalgamation of firms takes place.

Admission of New Partner: Fill In the Blanks FAQs

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.