How to Use NCERT Solutions Effectively
Learn the best strategies to make the most of NCERT solutions for your exam preparation.
Read More Why there is need for the revaluat | Class 12 Accountancy Chapter Reconstitution of a Partnership Firm - Admission of a Partner, Reconstitution of a Partnership Firm - Admission of a Partner NCERT Solutions
Q6.
Why there is need for the revaluation of assets and liabilities on the admission of a partner?
When a new partner joins the firm, it is very important to revalue the assets and liabilities of the firm for asertaining its true and fair values.This is done because the value of assets and liability may have increased or decreased and consequently their corresponding figures in old balance sheet may either be understated or overstated.Moreever it may also be possible that some of assets and liabilites are left unrecorded.
Thus in order to record the increase and decrease in the market value of assets and liabilities,revaluation account is created and any profit or losses associated with this increase or decrease are distributed among the old partners of the firm.
Study Tips for Answering NCERT Questions:
NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:
- Read the question carefully and focus on the core concept being asked.
- Reference examples and data from the chapter when answering questions about Reconstitution of a Partnership Firm - Admission of a Partner.
- Review previous year question papers to get an idea of how such questions may be framed in exams.
- Practice answering questions within the time limit to improve your speed and accuracy.
- Discuss your answers with your teachers or peers to get feedback and improve your understanding.
Important Questions & Answers
Why is this answer important for exams?
This question is important because it tests key concepts from the NCERT syllabus and is frequently asked in CBSE exams.
Which NCERT concept is used in this question?
This question is based on core NCERT concepts explained in the chapter and should be revised thoroughly before exams.
What is the correct answer to: Why there is need for the revaluation of assets and liabilities on the admission of a partner? ?
When a new partner joins the firm, it is very important to revalue the assets and liabilities of the firm for asertaining its true and fair values.This is done because the value of assets and liability may have increased...
How do you solve Why there is need for the revaluation of assets and liabilities on the admission of a partner? step by step?
Step-by-step explanation:
• When a new partner joins the firm, it is very important to revalue the assets and liabilities of the firm for asertaining its true and fair values
• This is done because the value of assets and liability may have increased or decreased and consequently their corresponding figures in old balance sheet may either be understated or overstated
• Moreever it may also be possible that some of assets and liabilites are left unrecorded
•
•
What common mistakes should be avoided in this question?
Students often lose marks by skipping steps, writing incomplete explanations, or misunderstanding keywords used in the question.
Latest Blog Posts
Stay updated with our latest educational content and study tips
CBSE Exam Preparation Tips
Expert tips and tricks to excel in your CBSE board exams with confidence.
Read More
Student Discussion
Be the first to comment.
ADD NEW COMMENT