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What is the main purpose of Revaluation Account at the time of admission?

Answer and explanation

Correct answer: To adjust profit or loss on old assets and liabilities among old partners

Revaluation Account finds profit or loss from changes in old values. The result goes to old partners in old ratio.

Related tags

PurposeConceptAdmissionAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq

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