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Question
When the Balance Sheet is prepared after the retirement of a partner (subsequent to the preparation of the Revaluation Account), ______ values are shown in it.
Options
Historical
Realisable
Market
Revalued
MCQ
Fill in the Blanks
Solution
When the Balance Sheet is prepared after the retirement of a partner (subsequent to the preparation of the Revaluation Account), Revalued values are shown in it.
Explanation:
Revalued values are shown on the Balance Sheet once a partner retires (after the production of the Revaluation Account).
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Retirement or Death of a Partner - Revaluation of Assets and Liabilities
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