Assertion : Increase in Asset is always posted to the credit of Revaluation A/c Reason : It is a gain to the business
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list of different item food given below: rice
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Explanation:
- ADMISSION,DEATH,RETIREMENT OF A PARTNER LEADS TO RECONSTITUTION OF THE FIRM FOR THIS PURPOSE WE PREPARE REVALUATION A/C , PARTNERS CAPITAL A/C , BALANCE SHEET
- REVALUATION A/C IS ALSO KNOWN AS PROFIT AND LOSS ADJUSTMENT A/C
- REVALUATION A/C IS A NOMINAL ACOUNT
- ALL GAINS ARE CREDITED
- ALL LOSSES ARE DEBITED
- DURING REVALUATION OF ASSETS AND LIABILITIES AN INCREASE IN THE VALUE OF ASSETS WILL BE CREDITED AND DECREASE IN THE VALUE OF ASSET WILLBE DEBITED
- INCRESE IN VALUE OF LIABILITY WILL BE DEBITED AND DECREASE IN THE VALUE OF LIABILITY WILL BE CREDITED
- FINALLY THE PROFIT OR LOSS ON REVALUATION WILL BE TRANSFERED TO PARTNERS CAPITALA/C
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