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When a new partner is admitted into a partnership and the capital of the old partners decreases, which of the following explains the reason for

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When a new partner is admitted into a partnership and the capital of the old partners decreases, which of the following explains the reason for the decrease? 1. Undervalued liabilities were written up to their fair values. II. Undervalued assets were written up to their fair values. Multiple Choice I only Neither I nor II Both I and II Il only

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