90.2K
Verified Solution
Link Copied!
On retirement or on the event of death of a partner, why do firm revaluate assets and reassess their liabilities?
a.
Revaluation is necessary as the value of assets and liabilities increase or decrease over a passage of time
b.
To ascertain true profit or loss that is to be distributed to all partners in the old profit sharing ratio
c.
All options are correct
d.
Possibility of certain assets and liabilities remain unrecorded in the books of accounts
Answer & Explanation
Solved by verified expert
