If the asset accounts did not reflect their current values,the asset accounts would need to be adjusted before admitting the new partner.

Question

Quizplus · Accepted Answer

Before admitting a new partner, it is important to ensure that the asset accounts accurately reflect their current values. If they do not, adjustments must be made to ensure the balance sheet is correct and the new partner is entering into the business with accurate information.

If the Asset Accounts Did Not Reflect Their Current Values,the