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Why is the new partner not directly affected by asset revaluation?

Answer and explanation

Correct answer: Because revaluation relates to the position before admission

Revaluation corrects gain or loss of the period of old partners. Therefore the new partner does not directly share it.

Related tags

New PartnerRevaluation ReasoningConceptAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq

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