Accountancy, asked by agarwalag63, 5 months ago

In what situations memorandum revaluation account is prepared

Answers

Answered by krishnasaranb123

1

Memorandum revaluation account is prepared when at the time of admission/retirement of partner, the partnership firm does not want to change the value of assets and liabilities in the balance sheet but want to give effect of it through partner's capital account.

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