Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Reconstitution of Partnership Firm: Retirement and Death

Question:
How many times can a partnership firm prepare a revaluation account?
Options:
2
4
Zero
Many
Correct Answer:
Many
Explanation:
A partnership firm prepares a revaluation account, whenever it reconstitutes its firm. Reconstitute makes the firm to prepare the revaluation account so it can be made many times according to needs of the firm.