Why is it necessary to revalue assets and reassess liabilities of a fi – InterviewSolution

1.	Why is it necessary to revalue assets and reassess liabilities of a firm in case of admission of a new partner?
Answer» The assets are revalued and liabilities of a firm are reassess, at the time of admission of a partner because the new partner should; neither benefit nor suffer because change in the value of assets and liabilities as on the date of admission.

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