Question

answer me first plsssss

increase in the the value of asset is debited to revaluataion account it is true or false
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Answer 1

At the time of admission of a new partner, all assets are revalued and any gain or loss on such revaluation is transferred to the Revaluation account. An increase in the value of plant and machinery is recorded by crediting the revaluation account since it is a gain for the firm.