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Why do we Revalue Asset on Admission of New Partner

New Partner should not get past profit

New partner joins for future profit.

All profit till date has to accrue to existing partners.

Hence all assets and liabilities are revalued to current value.

All loss or profit are transferred to existing partners capital a/c.

For above reasons existing partners are compensated for loss of share of profit.

Why revaluation on admission of partner from meraskill
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