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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationExpert

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Old bills payable are reduced from ₹36000 to ₹30000. What is its effect in Revaluation Account?

Answer and explanation

Correct answer: ₹6000 credit

Reduction in liability creates a gain so Revaluation Account is credited. In exams remember liability decrease means profit.

Related tags

Bills Payable Liability Decrease Gain Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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