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Question
Give a word / term / phrase which can substitute the following statements :
Excess of credit side over debit side of revaluation account.
One Word/Term Answer
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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).
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