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Question
A decrease in the value of liability will be recorded on the ____________ side of the revaluation account.
Options
debit
either debit or credit
credit
debit and credit both
MCQ
Fill in the Blanks
Solution
A decrease in the value of liability will be recorded on the credit side of the revaluation account.
shaalaa.com
Accounting for Revaluation of Assets and Reassessment of Liabilities
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