Assertion (A): When there is a change in profit sharing ratio of existing partners then the assets and liabilities of the firm are revalued. Reason (R): They are revalued because if there is any change in the value of assets and liabilities then such change belongs to the period prior to change in profit sharing ratio a. Both A and R are correct b. Both A and R are incorrect c. A is true but R is not correct explanation of A d. A is incorrect but R is correct

Assertion (A): When there is a change in profit sharing ratio of exist

1.	Assertion (A): When there is a change in profit sharing ratio of existing partners then the assets and liabilities of the firm are revalued. Reason (R): They are revalued because if there is any change in the value of assets and liabilities then such change belongs to the period prior to change in profit sharing ratio a. Both A and R are correct b. Both A and R are incorrect c. A is true but R is not correct explanation of A d. A is incorrect but R is correct
Answer» a. Both A and R are correct

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