Business Studies, asked by Himabindu9508, 11 months ago

What is meant by revaluation of assets and reassessment of liabilities?

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Answered by afnan1141

3

Answer:

Revaluation of Assets and Liabilities. ... It is debited with the decrease in the value of assets and the increase in the value of liabilities. The balance of this account shows a gain or loss on revaluation which is transferred to the Existing partners' capital account in existing profit sharing ratio.

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