Why revaluation on admission of partner

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New partner should not get past earned profit. New partner joins for future profit. All profit till date has to accrue to existing partners. Hence all assets and liabilities are revalued to current value. All loss or profit are transferred to existing partners capital a/c.

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Why do we
revalue asset on
admission of
new Partner?

New Partner should not get past profit
New partner should not get past earned profit.
New partner joins for future profit.
All profit till date has to accrue to existing partners.
Hence all assets and liabilities are revalued to current value.
All loss or profit are transferred to existing partners capital a/c.
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