Maharashtra State BoardHSC Commerce 12th Board Exam
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Give a Word / Term / Phrase Which Can Substitute the Following Statements - Book Keeping and Accountancy

One Word Answer

Give a word / term / phrase which can substitute the following statements :
The account which shows revaluation of assets and liabilities.

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Solution

Revaluation or Profit and Loss Adjustment Account

Explanation: The account which shows revaluation of assets and liabilities is called Revaluation or Profit and Loss Adjustment Account. This account records the revised values of assets and liabilities, so that the deceased partner’s heir can be paid his share of profits that the firm has earned till the date of his death.

Concept: Retirement Or Death of a Partner - Revaluation of Assets and Liabilities
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 5 Reconstitution of Partnership (Death of Partner)
Exercise | Q 1 | Page 140
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