What is entry of debenture accrued interset in revaluation account in partner' s admission?
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The assets are overstated or understated are revalued.
The liabilities are brought in the books at their correct values
Unrecorded assets and liabilities of the firm are brought into the books of the firm
The actual position of the firm is calculated.
Profit and loss arriving on account of such revaluation up to the date of admission of a new partner may be adjusted in the partner’s capital accounts in their old profit sharing ratio.
The liabilities are brought in the books at their correct values
Unrecorded assets and liabilities of the firm are brought into the books of the firm
The actual position of the firm is calculated.
Profit and loss arriving on account of such revaluation up to the date of admission of a new partner may be adjusted in the partner’s capital accounts in their old profit sharing ratio.
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