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Journal entry to be passed for unrecorded assets for preparing Revaluation A/C at the time of Retirement of a partner will be ____
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Important Questions on Reconstitution of a Partnership Firm – Retirement/Death of a Partner
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Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?
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On the date of admission of a partner there was a balance of ₹ 45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at:
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Which account is credited when there is an increase in the value of assets during revaluation?
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What is the primary purpose of preparing a revaluation account during the retirement of a partner?
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When a partner retires, the revaluation account is prepared to record the:
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In the event of a partner's death, the revaluation of assets and liabilities is done to ascertain:
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What account is debited when there is an increase in the value of liabilities during revaluation?
