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Reassessment of Liabilities (Retirement)

Give a word /...

Question

Give a word / term / phrase which can substitute each of the following statements :

Excess of credit side over debit side of revaluation account.

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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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