The need of revaluation of assets and liabilities on admission:
A. Assets and liabilities should appear at revised value
B. Any profit and loss on account of change in values belong to old partners
C. All unrecorded assets and liabilities get recorded
D. None of the above
Answer:B
The need of revaluation of assets and liabilities on admission:
A. Assets and liabilities should appear at revised value B. Any profit and loss on account of change in values belong to old partners C. All unrecorded assets and liabilities get recorded D. None of the above