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Question
On the reconstitution of a firm the value of furniture increased from ₹ 7,00,000 to ₹ 8,00,000 and stock reduced to ₹ 4,00,000 from ₹ 4,20,000. Gain or loss on revaluation will be ______.
Options
Gain ₹ 80,000
Loss ₹ 80,000
Gain ₹ 8,00,000
Loss ₹ 1,20,000
MCQ
Fill in the Blanks
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Solution
On the reconstitution of a firm the value of furniture increased from ₹ 7,00,000 to ₹ 8,00,000 and stock reduced to ₹ 4,00,000 from ₹ 4,20,000. Gain or loss on revaluation will be Gain ₹ 80,000.
Explanation:
| Increase in the value of furniture = | ₹ 1,00,000 |
| Less: Decrease in the value of stock = | ₹ 20,000 |
| Gain on Revaluation = | ₹ 80,000 |
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