Question

Debit balance of revaluation account. Answer in a word / phrase / term.

Answer 1

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Debit balance of revaluation account⤵️⤵️⤵️⤵️

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Answer 2

Answer:

As per the question

Debit balance of revaluation account.

It is debited with the decrease in the value of assets and the increase in the value of liabilities. The balance of this account shows a gain or loss on revaluation which is transferred to the Existing partners' capital account in existing profit sharing ratio.It records the effect of revolution of assets and liabilities.