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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationEasy

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If tax liability of ₹9000 is found for the first time then what type of effect is it?

Answer and explanation

Correct answer: Revaluation loss

New tax liability is a burden on the firm so it is a loss. Debit such liability to Revaluation Account.

Related tags

Tax-Liability Unrecorded-Liability Loss Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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