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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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In which situation will an entry be made on the credit side of Revaluation Account?

Answer and explanation

Correct answer: Decrease in liability

Decrease in liability is a gain for the firm so it is credited to Revaluation Account. Loss items go to the debit side.

Related tags

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

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