Why is revaluation of assets on reconstitution of partnership necessary?
Why is revaluation of assets on reconstitution of partnership necessary?
Anurag Pathak Changed status to publish May 5, 2023
The reason for the revaluation of assets and reassessment of liabilities is that any increase or decrease in the value of assets and liabilities up to the date of the change in the profit-sharing ratio is for the period before the change in the profit sharing ratio.
Therefore a final change in revaluation is shared by the partners in their old profit sharing ratio.
Anurag Pathak Changed status to publish May 5, 2023