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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationMedium

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Bank loan decreased from ₹180000 to ₹165000. What will be its effect on revaluation account?

Answer and explanation

Correct answer: Credit ₹15000

Decrease in liability is a gain for the firm. Therefore ₹15000 will be credited to revaluation account.

Related tags

Bank Loan Liability Decrease Gain Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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