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Accountancy > Reconstitution of a Partnership Firm- Admission of a Partner

Reconstitution of a Partnership Firm- Admission of a Partner

Often times when a partnership firm is doing well it thinks about expanding. So new partners are admitted to the firm. There are changes to be made in the accounts of the firm like revaluation of assets, changes in capital account etc. Let us see the accounting effects of admission of a new partner in a firm.

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