Law does not provide that at the time of admission of a partner, assets are to be revalued and liabilities reassessed. Why are the assets revalued and liabilities reassessed?

New partner does not get advantage as of increase New partner does not get disadvantage as of decrease Both options 1 or 2 None of these

Both options 1 or 2

New partner has no relation with the past loss or gain that's why assets are revalued and liabilities are reassessed to brought down to their current value so that incoming partner is not put to an advantage or disadvantage because of change in values.