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State Whether the following Statement is True or False: Revaluation Account is opened when the value of assets and liabilities are changed.

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Question

State Whether the following Statement is True or False:

Revaluation Account is opened when the value of assets and liabilities are changed.

True or False
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Solution

The statement is true.

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Chapter 3: Admission of a Partner - OBJECTIVE TYPE QUESTIONS [Page 3.185]

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D. K. Goel Accountancy Part A Volume 1 and 2 [English] Class 12
Chapter 3 Admission of a Partner
OBJECTIVE TYPE QUESTIONS | Q (B) 8. | Page 3.185
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