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Question
Pick the odd one out:
Options
Increase in assets
Increase in liabilities
Decrease in liabilities
Taking an unrecorded asset in books
MCQ
Solution
Increase in liabilities
Explanation:
The only thing that will appear on the credit side of the revaluation account is an increase in liabilities.
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Accounting for Revaluation of Assets and Reassessment of Liabilities
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