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Which account is prepared to show new values of assets and liabilities on admission of a new partner?

Answer and explanation

Correct answer: Revaluation account

Changes in asset and liability values on admission are recorded in revaluation account. In exams keep it separate from profit and loss adjustment.

Related tags

Asset RevaluationRevaluation AccountConceptAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq

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