Question

partner's capital account is debited to record the shortage of capital brought it.true or false ​

Answer 1

Answer:

Answer. The partner's capital account is credited to record the gain of the revaluation account. The revaluation account is credited with an increase in the assets and a decrease in the liabilities since it is a gain. It is debited with the decrease in the assets and an increase in the liabilities since it is a loss