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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationEasy

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Why is an unrecorded liability debited to Revaluation Account?

Answer and explanation

Correct answer: Because it is a loss for the firm

An unrecorded liability creates a new burden on the firm so it is a loss. Put such liability on the debit side.

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Reasoning Unrecorded-Liability Debit Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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