Partnership
This query is : Resolved
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
Guest
Guest
(Expert)
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.
Hence prudence & historical concepts are irrelevant in this case.
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