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Interest receivable of ₹13000 is not in books. What will happen when it is recorded?

Answer and explanation

Correct answer: Interest receivable account debit and revaluation account credit

Interest receivable is an asset. When an unrecorded asset is recorded revaluation account is credited.

Related tags

Interest ReceivableUnrecorded AssetJournalAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq

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