Question

18. On revaluation, the increase in liabilities leads to​

Answer 1

Answer:

Whenever a partner exits a partnership, the books of accounts of such a firm have to be settled. The outgoing partner or his legal representatives have to be paid their dues. This means a revaluation of assets and liabilities must be done. Let us take a look at the accounting treatment.

Explanation:

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Answer 2

increase in liabilities is revaluated in journal by following entry

Revaluation ac_______dr.

to sundry liabilities ac