Question

Unrecorded assets or liability are transferred to _

Answer 1

Answer:

A Revaluation Account is prepared in order to ascertain net gain or loss on revaluation of assets and liabilities and bringing unrecorded items into books. The Revaluation profit or loss is transferred to the capital account of all partners including retiring or deceased partners in their old profit sharing ratio.

Explanation:

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Answer 2

Answer:

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