Question

state whether the partner's capital account is debited or credited to record the gain of revaluation account​

Answer 1

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. When the credit side is greater than the debit, there is a profit on revaluation which is credited to the partner's capitals accounts in their old profit sharing ratio.

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