Accountancy, asked by bhumkarpranav2420, 6 months ago

When do you know whether to debit or credit investment in revaluation

Answers

Answered by indrajeet13062

5

Answer:

At the time of admission of a new partner, all assets are revalued to ascertain that they are recorded in the books at their current values. Any gain or loss from such revaluation is transferred to the revaluation account. A decrease in the value of plant and machinery is debited to the revaluation since it a loss for the firm.

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