Q.The profit or loss from revaluation on the retirement of a partner is shared by ______.

Assets and liabilities are revalued to their true current worth at the date of retirement, using a Revaluation Account, with the same gain/loss rules as at admission (asset up or liability down = gain; asset down or liability up = loss; unrecorded asset = gain; unrecorded liability = loss). Unlike at admission, the resulting profit or lo …