Question

on the admission of a new partner the decrease in the value of assets is debited to....​

Answer 1

Answer:

A revaluation account or profit or loss adjustment account is opened for the purpose. This account is debited with all reduction in the value of assets and increase in liabilities and credited with increase in the value of assets and decrease in the value of liabilities.

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Answer 2

Answer:

revaluation ac

Explanation:

This account is debited with all reduction in the value of assets and increase in liabilities and credited with increase in the value of assets and decrease in the value of liabilities.01-Feb-2021