Change in Profi...

Re-assessment of liabilities means:

An account prepared to carry out the scheme of revaluation of assets and reassessment of liabilities :

Revaluation of assets on the reconstitution of partnership is necessary because their present value may be different from their _____

The purpose of revaluation account is to ascertain the

For calculating the Proportional Amount of Net Effect of Revaluation for Sacrificing Partner is

When partners decide to record the net effect of revaluation of assets and liabilities , a single adjusting entry involving the ____________ of gaining partners’ and sacrificing partner is passed

___________on the reconstitution of partnership is necessary because their present value may be different from their book value