Question

give two reasons why preparation is necessary.

Answer 1

Answer:

Two reasons for preparation of Revaluation Account at time of admission of a partner are. (i) To record the effect of revaluation of assets and liabilities. (ii) To ensure that the profits or losses on revaluation of assets and liabilities may be divided amongst the old partners...

Answer 2

Preparation is as important as planning, maybe even more so. Preparation gets you ready to actually do the work.

You could say that planning is the original step, and preparation is the sequel. The truth is, you can plan all you want, but if you don't prepare, you still won't be ready.

Hope it helps...

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