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If new asset value is shown in the balance sheet after revaluation what happens to the old book amount?

Answer and explanation

Correct answer: Difference is adjusted through Revaluation Account and new value is shown

Revaluation Account records the difference and the revised value appears in balance sheet. Avoid double counting.

Related tags

Balance SheetNew ValueConceptAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq

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