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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationMedium

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Patent value changed from ₹50000 to ₹41000. Which account will be credited?

Answer and explanation

Correct answer: Patent account

Patent is an asset and when value decreases the asset account is credited. Loss is debited to revaluation account.

Related tags

Patent Decrease Journal Asset Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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