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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationEasy

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If an unrecorded patent of ₹10000 is found then what type of effect is it?

Answer and explanation

Correct answer: Revaluation gain

Patent is an asset and finding an unrecorded asset gives gain. Credit it to Revaluation Account.

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Patent Unrecorded-Asset Gain Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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