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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationEasy

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If an existing provision is reduced then what will happen in Revaluation Account?

Answer and explanation

Correct answer: It will be credited

Reduction in provision decreases a charge or liability so it is a gain. Credit reduction in provision.

Related tags

Provision-Reduction Gain Revaluation Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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