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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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On admission bank balance in books was ₹85000 but bank confirmation showed ₹87200. What is the treatment of the extra amount?

Answer and explanation

Correct answer: Credit Revaluation ₹2200

Increase in bank balance by ₹2200 is an increase in asset. Therefore it is a gain and will be credited to Revaluation Account.

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Bank Balance Asset Increase Gain Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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