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The accountant debited unrecorded asset ₹31000 to Revaluation Account. What is the error?

Answer and explanation

Correct answer: Unrecorded asset is gain so Revaluation Account should be credited

Finding an unrecorded asset gives gain to the firm. Correct entry debits asset and credits Revaluation Account.

Related tags

Common MistakeUnrecorded AssetJournalAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq

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