Profit and loss A/c given on the assets side of balance sheet shall be transferred to Partner’s Capital Account in
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Answer:A revaluation A/c is opened for the purpose of revaluing assets and liabilities. this account is debited with all reduction in the value of assets and liabilities. the difference in the two sides is revaluation profit and loss. this profit and loss is transferred to current capital account of old partners in old profit sharing ratio.
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