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If an asset has book value ₹75000 and it is accepted at ₹75000 itself. What will happen in Revaluation Account?

Answer and explanation

Correct answer: No entry

When there is no change in value there is no gain or loss. Therefore no entry is made in Revaluation Account.

Related tags

No ChangeNo EntryAsset ValuationAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq

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