Question

When and why revaluation of assets and liabilities are done in partnership business?

Answer 1

Hey

Ur answer...

At the time of admission and retirement of partnership

Revaluation account will be open by business concerns.

in admission...

Is a time of join another partner in partnership firm..

So...

Old partners CAPITAL.., liability and assets...

Is revalued and shares in partners.

In their p sharing ration...

Hence

When business concerns try to

Prepare a new relation between partners therefore

Revaluation accounts opened..

❗❗

Regards

@lava...90...☺️✔️

Answer 2

Answer:

Revaluation of assets and liabilities in partnership is done at the time of change in the profit sharing ratio among the partners.

very short answer.. ok