If one-third of the machinery is taken over by partner sahil of book value Rs.72000 and balance is revalued at Rs. 60000. HOW MUCH AND WHERE THE AMOUNT WILL BE CREDITED/ DEBITED?
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Explanation:
Qualitative Characteristics of Accounting Information are-
- Reliability: Accounting Information must be reliable. Reliability of information means it is verifiable, free from bias and material error.
- Relevance: Accounting Information must be relevant to the user. Information is relevant if it meets the needs of the users in decision-making.
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