⭐ Important points (exam-critical)
- ⭐Hidden goodwill at admission = (Total Capital implied by new partner − Combined adjusted capitals).
- ⭐Joint Life Policy treatment depends on method (Surrender Value vs Premium expensed).
- ⭐On dissolution: realise assets, pay liabilities, settle partners (Garner v. Murray for insolvency).
- ⭐Interest on partner's loan is a charge (P&L), not appropriation.
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