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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 increase in liability?

Answer and explanation

Correct answer: Revaluation Account Dr and Liability Account Cr

Increase in liability increases burden on the firm so Revaluation Account is debited. Treat it as loss.

Related tags

Liability-Increase Journal-Entry Loss Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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