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प्रश्न
State Whether the following Statement is True or False:
The balance of Revaluation Account is transferred to all partner's capital accounts including new partner.
चूक किंवा बरोबर
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उत्तर
The statement is false.
Explanation:
- The profit or loss shown in the Revaluation Account belongs entirely to the period before the new partner joins the firm.
- Therefore, the balance is transferred only to the Old Partners' Capital Accounts in their Old Profit Sharing Ratio.
- The new partner has no claim or liability over these past value adjustments
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