Question

profit or loss on revualation is borne by​

Answer 1

Answer:

Explanation: Profit and Loss Adjustment Account is opened to record the gains and losses on revaluation of assets and liabilities, so that the new partner is not put to any advantage or disadvantage. Any profit or loss on revaluation is shared or borne by the old partners in their old profit sharing ratio.

Answer 2

Explanation:

Profit and Loss Adjustment Account is opened to record the gains and losses on revaluation of assets and liabilities, so that the new partner is not put to any advantage or disadvantage. Any profit or loss on revaluation is shared or borne by the old partners in their old profit sharing ratio.