Why are assets and liabilities revalued at the time of admission of a partner? By revaluing the assets and liabilities dont we violate Going concern and Cost concept??
Answers
Answered by
1
the value of assets and liabilities are revalued
at the time of admission because profits and losses related to old assets belong to the old partners..
at the time of admission because profits and losses related to old assets belong to the old partners..
Similar questions