Why do firm revaluate assets and reassers their liabilities on retirement or on the event of death of a partner.

Explanation

At the time of retirement or death of a partner, there is also some assets which will not are shown at their current values. Similarly, there is also sure liabilities that are shown at a worth totally different from the duty to be met by the firm. Not solely that, there is also some unrecorded assets and liabilities which require to be brought into books.