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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationEasy

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On which side are asset increase and liability decrease recorded in Revaluation Account?

Answer and explanation

Correct answer: Credit side

Both situations are gains for the firm so they are recorded on the credit side. Credit gain items.

Related tags

Gain-Items Credit-Side Revaluation Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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