Recording of an unrecorded asset on the reconstitution of a partnership firm will be ______.
A. A loss to the existing partners
B. Neither a gain nor a loss to the existing partners
C. A gain to the existing partners
D. None of the above
Answer:C
Recording of an unrecorded asset on the reconstitution of a partnership firm will be ______.
A. A loss to the existing partners B. Neither a gain nor a loss to the existing partners C. A gain to the existing partners D. None of the above