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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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Which item does not appear on the debit side of Revaluation Account?

Answer and explanation

Correct answer: Decrease in liabilities

Decrease in liability is a gain so it appears on the credit side. Debit side records losses or increases in liabilities.

Related tags

Debit Side Liability Decrease Concept Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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