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

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyReconstitution of Partnership (Death of Partner)2 Marks
Question
For a decrease in the value of assets, Revolution Account is debited.
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Answer

This statement is True.
A decrease in the value of assets means a loss to the business and in that case, Asset Account will be credited and Revaluation Account will be debited.

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