Why is it necessary to revalue assets and liabilities of a firm in case of admission of a partner?
Why is it necessary to revalue assets and liabilities of a firm in case of admission of a partner?
Anurag Pathak Changed status to publish July 18, 2023
Assets are revalued and liabilities of a firm are reassessed at the time of admission of a partner because the new partner should neither benefit nor suffer because of the changes in the value of assets and liabilities as on the date of admission.
Anurag Pathak Changed status to publish July 18, 2023
