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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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At the time of admission machinery value is increased from ₹90000 to ₹108000. What will be the effect in Revaluation Account?

Answer and explanation

Correct answer: Credit Revaluation Account by ₹18000

Increase in asset value is treated as a gain and credited to Revaluation Account. In exams first identify the direction of increase or decrease.

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Asset Revaluation Admission Revaluation Account Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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