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 :
Excess of credit side over debit side of revaluation account.

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Solution

Profit on revaluation

Explanation: Excess of credit side over debit side of Revaluation Account is regarded as  profit on revaluation. This profit is transferred to All Partners’ Capital Accounts in their old profit-sharing ratio (including the deceased partner).

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 2 | Page 140
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