Amalgamation of Parnership firms

CA Sahil Singla.. (Service Tax ) (3746 Points)

18 May 2010  

Please tell me in case of partnership firms if there is revaluation of Assets & Liabilities ,then do we need to open Revaluation A/c .In xams, I directly posted the changes in value of individual Assets & Liabilities to Partner's capital A/c in their profit sharing ratio without opening the revaluaton A/c .Will i get any marks for it ??