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SOLVED: A new partner is admitted to an existing partnership. As a result of admission, the capital balances of incumbent partners increase while the contributed capital of the new partner is less than his capital credit. Which of the following is the best explanation?A. Revaluation of existing assets of old partnership has benn recognizedB. Bonus has been given by the incumbent partners to the new partnerC. Bonus has been given by the incumbent partners to the new partner and revaluation of exi

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