A partnership is a form of business commonly chosen when two or more people decide to form a business together. A partnership is not incorporated and does not have the reporting requirements of a corporation. A partnership must follow generally accepted accounting principles when reporting its financial transactions and creating financial statements. Partnerships use balance sheets and income statements as a way of measuring business profitability, but there are differences you must be aware of when preparing partnership financial statements of revalued figure.

The balance sheet prepared after the new partnership agreement records assets and liabilities at the revalued figure. Here is a detailed explanation:
Assets:
- Assets are the resources owned by the partnership that have economic value. They can include cash, accounts receivable, inventory, property, equipment, and investments.
- When preparing the balance sheet after the new partnership agreement, the assets are recorded at the revalued figure, which means their values are adjusted to reflect their fair market value or current market price.
- This revaluation takes into account any changes in the value of the assets since they were initially acquired. It provides a more accurate representation of the partnership's financial position.
Liabilities:
- Liabilities are the obligations or debts of the partnership. They can include accounts payable, loans, mortgages, and other debts.
- Like assets, liabilities are also recorded at the revalued figure on the balance sheet after the new partnership agreement.
- This revaluation ensures that the liabilities are reported at their current amounts, taking into consideration any changes in interest rates or repayment terms.
Importance of revaluing assets and liabilities:
- Revaluing assets and liabilities provides a more accurate representation of the partnership's financial position.
- It helps in determining the true value of the partnership's resources and obligations.
- Revaluing assets and liabilities also helps in making informed business decisions, assessing the partnership's solvency, and evaluating its financial performance.
Therefore, after the new partnership agreement, the balance sheet records assets and liabilities at the revalued figure to provide a more accurate and up-to-date snapshot of the partnership's financial position.

Revaluation of Assets and Liabilities in Partnership Agreement
Revaluation of assets and liabilities is a common practice in partnership agreements to reflect the true market value of the assets and liabilities of the business. When a new partnership agreement is formed, assets and liabilities are typically recorded at revalued figures. This means that the assets and liabilities are adjusted to their current market values at the time of the new agreement.

Reason for recording at revalued figures:
- The revaluation of assets and liabilities provides a more accurate representation of the financial position of the business.
- It ensures that the assets and liabilities are stated at their true economic value, rather than their original cost.

Impact on the balance sheet:
- Assets will be increased or decreased to reflect their current market value.
- Liabilities will also be adjusted to their current value, which may result in an increase or decrease in the total liabilities of the business.

Example:
If a building was originally purchased for $100,000 but its current market value is $150,000, the building will be revalued at $150,000 in the balance sheet prepared after the new partnership agreement.
In conclusion, assets and liabilities are recorded at revalued figures in the balance sheet prepared after the new partnership agreement to provide a more accurate representation of the financial position of the business.