Question

Explain the journal entry when expense on revaluation paid by partner

Answer 1

Answer:

Revaluation Expenses are a loss for the partnership firm, as it is an expense paid out of firm for the purpose of revaluation of assets and liabilities. These will be recorded on the debit side of Revaluation Account

Answer 2

Answer:

Explanation:

Revaluation Expenses are a loss for the partnership firm, as it is an expense paid out of firm for the purpose of revaluation of assets and liabilities. These will be recorded on the debit side of Revaluation Account

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