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easyMCQCUET Accountancy 2022 8 Aug Shift 22026Accountancy
1 mark

At the time a new partner is admitted, revaluation of assets and liabilities is made for the:

  1. A
    benefit of old partners
  2. B
    benefit of new partners
  3. C
    mutual benefit of old and new partners
  4. D
    none of the above

Solution & Step-by-step Explanation

Revaluation of assets and liabilities is done so that the unrecorded gains or losses up to the date of admission are shared by the old partners, as they belong to the period before the new partner joined.

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At the time a new partner is admitted, revaluation of assets and liabilities is made for the:
A
benefit of old partners
B
benefit of new partners
C
mutual benefit of old and new partners
D
none of the above

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