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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationEasy

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If revaluation has asset decrease ₹7000 and liability decrease ₹2000 then what is the net result?

Answer and explanation

Correct answer: ₹5000 loss

Asset decrease is loss ₹7000 and liability decrease is gain ₹2000 so net loss is ₹5000. Take the difference of opposite effects.

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Numerical Mixed-Items Net-Loss Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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