Why revaluation on admission of partner
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New partner should not get past earned 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.
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Why revaluation on admission of partner
- 1. MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam Why do we revalue asset on admission of new Partner?
- 2. New Partner should not get past profit New partner should not get past earned 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. MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
- 3. Example MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
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