Accountancy, asked by vaibhavcce3468, 10 months ago

Stock includes 3000 for obsolete item

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Answered by sk8815788gmailcom

Answer:

stock includes Rs 3000 obsolete items.this is debited to revaluation account because its a loss. why is this a loss? Dear Student, this is a loss for the firm because in the books of accounts it has been overstated by Rs 3,000 which results in more Profits.

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