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When are the assets and liabilities of a firm revalued:
- a)On admission of a new partner
- b)On retirement of a partner
- c)On death of a partner
- d)In all the above
Correct answer is option 'D'. Can you explain this answer?
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When are the assets and liabilities of a firm revalued:a)On admission ...
Assets and Liabilities Revaluation in a Firm
- On admission of a new partner: When a new partner is admitted to a firm, the assets and liabilities of the firm are revalued to reflect the new partner's capital contribution and profit-sharing ratio.
- On retirement of a partner: When a partner retires from a firm, the assets and liabilities are revalued to determine the amount payable to the retiring partner and to adjust the capital accounts of the remaining partners.
- On death of a partner: In case of the death of a partner, the assets and liabilities of the firm are revalued to settle the deceased partner's share of the profits and to adjust the capital accounts of the remaining partners.
- In all the above: Revaluation of assets and liabilities occurs in all the above scenarios - admission of a new partner, retirement of a partner, and death of a partner. This revaluation ensures that the financial position of the firm is accurately reflected after any changes in the partnership structure.
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When are the assets and liabilities of a firm revalued:a)On admission of a new partnerb)On retirement of a partnerc)On death of a partnerd)In all the aboveCorrect answer is option 'D'. Can you explain this answer?
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