(i) Assets are revalued and liabilities are reassessed at the time of admission of a partner.(ii) Accumulated profits and losses are transferred to Revaluation Account at the time of admission of a partner.(iii) Contingent liability becoming a certain liability is debited to Revaluation Account at the time of admission of a partner.(iv) The purpose of Revaluation Account is to ascertain the gain /loss arising on account of Revaluation of Assets and Reassessment of Liabilits.(v) A new partner is liable for the past losses of the firm. (vi) On revaluation of assets and liabilities , Capital Accounts of old Partners do not change.(vii) Old Partner are no allowed to withdraw the amount of the goodwill brought in by the new partner .(viii) Unless agreed otherwise , the new profit- sharing ratio of old partners will be the same as their old profit - sharing ratio.(ix) It is necessary that partner should have captials in their profit - sharing ratio. (x) A new partner bring goodwill into the firm to acquire right to share the future profit of the firm.

(i) Assets are revalued and liabilities are reassessed at the time of

1.	(i) Assets are revalued and liabilities are reassessed at the time of admission of a partner.(ii) Accumulated profits and losses are transferred to Revaluation Account at the time of admission of a partner.(iii) Contingent liability becoming a certain liability is debited to Revaluation Account at the time of admission of a partner.(iv) The purpose of Revaluation Account is to ascertain the gain /loss arising on account of Revaluation of Assets and Reassessment of Liabilits.(v) A new partner is liable for the past losses of the firm. (vi) On revaluation of assets and liabilities , Capital Accounts of old Partners do not change.(vii) Old Partner are no allowed to withdraw the amount of the goodwill brought in by the new partner .(viii) Unless agreed otherwise , the new profit- sharing ratio of old partners will be the same as their old profit - sharing ratio.(ix) It is necessary that partner should have captials in their profit - sharing ratio. (x) A new partner bring goodwill into the firm to acquire right to share the future profit of the firm.
Answer» SOLUTION :[(i) True; (ii) False ; (III) True; (IV) True; (v) False ; (vi) False; (vii) False; (viii) True; (IX) False; (X) True.]

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