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Reconstitution of Partnership (Retirement of Partner) — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyReconstitution of Partnership (Retirement of Partner)2 Marks
Question
A revaluation Account is also called Realisation Account.
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Answer

This statement is False.
The changes in the values of assets or liabilities on revaluation are recorded in the Revaluation Account. At the time of dissolution of the firm, when Assets or liabilities are disposed off and whatever amounts are paid or received by the firm are recorded in the Realisation Account. So Revaluation Account and Realisation Account are not the same.

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