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Why are assets revalued at the time of admission of a partner?

Answer and explanation

Correct answer: To adjust old partners' gain or loss

Revaluation adjusts gains or losses existing before admission among old partners. Remember that it is shared in the old ratio.

Related tags

Asset-RevaluationAdmission-PartnerBasic-ConceptAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq

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