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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationEasy

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Which is the correct journal entry for decrease in liability?

Answer and explanation

Correct answer: Liability Account Dr and Revaluation Account Cr

When liability decreases the liability account is debited and gain is credited. Remember liability decrease means gain.

Related tags

Liability-Decrease Journal-Entry Gain Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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