Question : Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?
Option 1: Increase in assets
Option 2: Drawings against capital
Option 3: Interest on capital
Option 4: Partner's salary
Answer (1)
21st Jan, 2024
Correct Answer: Increase in assets
Solution : Changes in either assets or liabilities and unrecorded assets or liabilities are recorded in the Revaluation A/c.
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