partnership

[zaynah]

hi sir i'm having problem on partnership changes(admission, retirement and dissolution). please help me, thanks in advance

[Auckburally]

admission: when a new partner enters in a partnership
retirement: whenever a old partner retires or is leaving the partnership
dissolution: when a partnership breaks down.

admission:entries
  1.revaluation a/c(if ever assets or liabilities are revalued)   
              if there is difference in the debit side then profit on revaluation then           or    loss  in the credit side
               Dr revaluation                                                                                                   Dr partner capital a/c
               Cr partner capital a/c                                                                                         Cr revaluation a/c
              Note: profit or loss are shared in the old sharing profit ratio
              this means only existing partners will obtained the amount of revaluation

 2.goodwill a/c
              debit side                      Credit side
              existing partners             New partners
              accounting entries: For existing partners                      new partner
                                         DR goodwill a/c                              DR partner capital a/c
                                         CR partner capital a/c                     Cr goodwill a/c


Dissolution:
1. realisation a/c
2. capital a/c
3. bank a/c


realisation a/c
1.reasilation a/c
capital a/c
bank a/c
goodwill a/c

all depend in the situation of the questions given!!!!!!!!!!!!!!!!!!!!!!