Multiple choice

Revaluation A/c is also known as

  1. profit and loss appropriation A/c

  2. profit and loss adjustment A/c

  3. profit and loss A/c

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

On admission of a partner, the assets and liabilities are adjusted and credited to the old partner's capital a/c. So it is also known as P/L adjustment  A/c.

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