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In which situation will the revised balance sheet show the new asset value and Revaluation Account show only the difference?

Answer and explanation

Correct answer: When asset value is changed by revaluation

In revaluation only increase or decrease is recorded. The balance sheet shows the revised value.

Related tags

Revised Balance SheetDifferenceAsset ValueAsset RevaluationReconstitution Admission Of A PartnerAccountancyClass 12 Mcq

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