Whether it is compulsory to revalue assets, liabilities on date of retirement or admission of partner when deed is silent
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Revaluation of assets and liabilities
Replies (1)
While the partnership deed being silent means there is no pre-defined "method" or "frequency" specified for revaluation, it is a standard accounting necessity during the admission or retirement of a partner to ensure that the capital accounts of all partners (including the incoming or outgoing partner) are adjusted fairly for any accumulated gains or losses in the firm's net assets.
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