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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationMedium

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Credit side of revaluation account exceeds debit side by ₹14000. What does it mean?

Answer and explanation

Correct answer: Revaluation profit

When credit side is higher there is revaluation profit. It is credited to old partners in old ratio.

Related tags

Revaluation Profit Account Balance Concept Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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