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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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If Revaluation Account shows profit, on which side will it be recorded in old partners capital accounts?

Answer and explanation

Correct answer: Credit side

Profit increases capital so it is credited to old partners capital accounts. In exams remember profit is credited and loss is debited.

Related tags

Capital Account Profit Credit Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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