Accountancy, asked by shresthkedia215, 1 month ago

Did recording unrecorded assets in revaluation violate the historical cost concept?

Answers

Answered by madhurane78

0

Answer:

"Unrecorded assets and liabilities of the firm are brought into the books of the firm. The actual position of the firm is calculated. Profit and loss arriving on account of such revaluation up to the date of admission of a new partner may be adjusted in the partner's capital accounts in their old profit sharing ratio."

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