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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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Old books show plant ₹360000 and accumulated depreciation ₹90000. On admission net value of plant is accepted at ₹300000. What is the revaluation result?

Answer and explanation

Correct answer: ₹30000 gain

Old net value is ₹270000 and new net value is ₹300000. Therefore there is a revaluation gain of ₹30000.

Related tags

Plant Accumulated Depreciation Net Gain Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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