Which of the following would affect the revaluation account at the time of reconstitution of a partnership firm?

Increase in assets

The correct answer is option 1- Increase in assets.

Any increase in asset is recorded on the credit side of the revaluation account. The journal entry made on increase in asset is- Asset A/c Dr. To Revaluation A/c. Revaluation of assets are done at the time of reconstitution of the firm.

All other options are recorded in the partner's capital account not revaluation account.