Maharashtra State BoardHSC Arts 12th Board Exam
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State 'True' Or 'False' the Credit Balance of Revaluation Account Means Loss on Revaluation Account. - Book Keeping and Accountancy

MCQ

State 'True' or 'False'
The credit balance of revaluation account means loss on revaluation account.

Options

  • True

  • False

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Solution

True

Explanation: The credit balance in the Revaluation Account represents the losses on revaluation of assets and liabilities. Such losses occur when the decrease in the value of assets and increase in the value of liabilities is more than the increase in the value of assets and decrease in the value of liabilities.

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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 3 Reconstitution of Partnership (Admission of Partner)
Exercise | Q 7 | Page 108
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