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Answer Posted / nazi
There can be many situations but the main entries w.r.t. revaluation can be summed up as below:
Case 1:In case of increase in value of asset-
Particular Assets A/c Dr.
To Revaluation Reserve A/c
(being increase in value of asset)
Revaluation Reserve A/c Dr.
To Old Partners' Capital A/cs.
(being Revaluation reserve transferred
to Old Partners Capital Accounts)
Case 2: In case of decrease in value of asset-
Revaluation Reserve A/c Dr.
To Particular Assets A/c
(being decrease in value of asset)
Old Partners' Capital A/cs Dr.
To Revaluation Reserve A/c
(being loss on revaluation transferred
to old partners capital accounts)
| Is This Answer Correct ? | 6 Yes | 2 No |
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