A gain or loss on revaluation of assets should be allocated to the partners according to the balances of their capital accounts.

Name: A gain or loss on revaluation of assets should be allocated to the partners according to the balances of their capital accounts.
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Question

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A gain or loss on revaluation of assets should be allocated to the partners according to their agreed profit-sharing ratio, not necessarily according to the balances of their capital accounts.

A Gain or Loss on Revaluation of Assets Should Be