At the time of retirement, the assets and liabilities are revalued so that the partners' share in profit/loss due to revaluation can be ascertained.

sacrificing

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outgoing

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incoming

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gaining

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Solution

The correct option is B outgoing
At the time of retirement, the assets and liabilities are revalued so that the outgoing partners' share in profit /loss due to revaluation can be ascertained. This revaluation is routed through revaluation account.

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Profit/Loss on Revaluation of Assets & Liabilities on the retirement of a partner is shared by the partners in their:

At the time of retirement, the assets and liabilities are revalued so that the _______ share in profit/loss due to revaluation can be ascertained.

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