Admission of partner?

R.C.Jain and Associates (Member) (134 Points)

07 March 2014  

This Query is relating to Admission of a Partner in a Partnership Firm. There is a partnership firm and it wants to admit a family member as a partner.

Is it necessary to Revalue all the assets and liabilities and value the goodwill?

Or

Family Member can be admitted with just a fixed amount of Capital?