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Question
If at the time of retirement, there is some unrecorded asset, it will be ______ to ______ Account.
Options
Debited; Revaluation
Credited; Revaluation
Debited; Goodwill
Credited; Partner's Capital
MCQ
Fill in the Blanks
Solution
If at the time of retirement, there is some unrecorded asset, it will be Credited to Revaluation Account.
Explanation:
If there is an unrecorded asset at the time of retirement, it will be credited to the Revaluation Account.
shaalaa.com
Retirement or Death of a Partner - Revaluation of Assets and Liabilities
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