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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationEasy

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If a liability is reduced in revaluation then at what value will it appear in the final balance sheet?

Answer and explanation

Correct answer: At the reduced new value

After revaluation the liability is shown at its new correct value. Use the revised liability amount in final balance sheet.

Related tags

Balance-Sheet Liability-Reduction Revised-Value Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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