Accountancy, asked by senritam923, 9 months ago

why it is necessary for revalue assets and reassess liabilities of a firm in case of admission of new partner

Answers

Answered by up72690

Explanation:

Why there is need for the revaluation of assets and liabilities on the admission of a partner? ... This is done because the value of assets and liability may have increased or decreased and consequently their corresponding figures in old balance sheet may either be understated or overstated.

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