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Partnership

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(Querist)
04 June 2016 One question Dekhe koun genious hai In the partnerships When a partner admitted We revalued our assets and shows the revalued figures in balance sheet Now tell me whether it is not the violation of basic concept PRUDENCE And hisorical cost concept
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04 June 2016 On admission of a new partner,we need to calculate Goodwill & new partner's share in capital as per present position.
Hence prudence & historical concepts are irrelevant in this case.

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