Accountancy, asked by Enakashi7262, 2 months ago

Profit or loss on revalution
is borne by

Answers

Answered by AllenGPhilip

1

Explanation:

WHEN A NEW PARTNER IS ADMITTED INTO A PARTNERSHIP THERE ARISE A NEED TO REVALUE THE ASSET AND LIABILITIES FOR THIS PURPOSE WE PREPARED REVALUATION ACCOUNT OR PROFIT AND LOSS ADJUSTMENT ACCOUNT THE PROFIT OR LOSS TRANSFERED TO OLD PARTNER CAPITAL ACCOUNT IN THEIR PROFIT SHARING RATIO

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