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Which of the following item will not be recorded in revaluation account?

Answer and explanation

Correct answer: Old profit and loss balance

Old profit and loss balance is accumulated profit or loss and is distributed separately among old partners. Revaluation account is for value changes.

Related tags

Profit Loss BalanceNot RevaluationConceptAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq

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