Flag estion e c. Realization Account d. Partner's Capital Account estion 48 yet wered On retirement or on the event of death of a partner, why do firm revaluate assets and reassess their liabilities? ked out of Sg tion O a. To ascertain true profit or loss that is to be distributed to all partners in the old profit sharing ratio b. Possibility of certain assets and liabilities remain unrecorded in the books of accounts c. All options are correct ed. Revaluation is necessary as the value of assets and liabilities increase or decrease over a passage of time