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State Whether the following Statement is True or False: At the time of change in profit sharing ratio, profit on Revaluation Account is credited to existing partners' capital accounts in old ratio.

State Whether the following Statement is True or False:

At the time of change in profit sharing ratio, profit on Revaluation Account is credited to existing partners' capital accounts in old ratio.

True or False

The statement is true.

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Chapter 2: Change in Profit Sharing Ratio among the Existing Partners - OBJECTIVE TYPE QUESTIONS [Page 2.97]

Chapter 2 Change in Profit Sharing Ratio among the Existing Partners
OBJECTIVE TYPE QUESTIONS | Q (B) 12. | Page 2.97

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