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P1 C5 ADMISSION OF A PARNER — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C5 ADMISSION OF A PARNER1 Mark
Question
When revaluation account is debited and credited?
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Answer

When there is gain/profit at the time of revaluation, revaluation A/c is credited and when there is loss at the time of revaluation, Revaluation A/c is debited.

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