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

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 11Q: What is the first step in a partnership liquidation (termination and sale of assets)?
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Why is it important to state all partnership assets in terms of current prices at the time of the admission of a new partner?

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