Assets can be revalued in a partnership change because:
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At the time of reconstitution of partnership, it is necessary to revalue the assets to get its true value. The value of assets may have increased or decreased over time and their figures in the old balance sheet may be either undervalued or overvalued, it can also happen that some of the assets are left unrecorded.
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Ans÷ At ths time of reconstitution of partnership , it is necessary to revalue the assets to get it's true value . The value of assets may have increased pr decreased overtime and thier figure in the old balance sheet may be either undervalued over valued , it can also happen that some of the assets are left unrecorded.
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