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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Why is it important to state all partnership assets in terms of current prices at the time of the admission of a new partner?

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

To explain: The reason for which all partnership assets are stated in the current prices at the time of admission of a new partner.

Explanation

In order to avoid sharing of gains and losses of the firm prior to the admission of the new partner, partnership assets are stated in the current prices at the time of the admission of a new partner...

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