P1 C4 RECUSTRUCTION OF PARTNERSHIP — Elements of Account STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C4 RECUSTRUCTION OF PARTNERSHIP1 Mark
Question
What is revaluation of assets and liabilities?
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Answer
Due to some reasons when values of assets and liabilities shown in the balance sheet is more or less than its market or real value than partners decides to reevaluate the assets and liabilities values which is known as revaluation of assets and liabilities.
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