Question

0lz tell how to prepare or what entries showed be written while preparing the cash or bank a/c after the partners capital a/c in the revaluation of a partner ....from the chapter Admission of a partner.......plz.answer right now....no need silly answers...other wise will be reported by me........​

Answer 1

Explanation:

Before we introduce a new partner to the partnership firm, we must ensure all the assets and liabilities are valued correctly. So just prior to introducing a new partner revaluation account is made and subsequent adjustments are made in books of accounts. Let us take a look.

At the time of admission of a new partner, the assets are re-valued and liabilities are reassessed. The assets are re-valued and liabilities are reassessed so that:

The assets are overstated or understated are revalued.

The liabilities are brought in the books at their correct values

Unrecorded assets and liabilities of the firm are brought into the books of the firm

The actual position of the firm is calculated.

Profit and loss arriving on account of such revaluation up to the date of admission of a new partner may be adjusted in the partner’s capital accounts in their old profit sharing ratio.

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