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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationMedium

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If building value increases from ₹200000 to ₹240000 what will be recorded in revaluation account?

Answer and explanation

Correct answer: Credit ₹40000

Increase in asset is credited to revaluation account like a gain. Record only the increase of ₹40000.

Related tags

Asset Increase Building Revaluation Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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