AB are two partners. C is admitted for 1/3 rd share of profit. At the time...

  

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AB are two partners. C is admitted for 1/3 rd share of profit. At the time of his admission the partners decided to revalue the assets and liabilities as under; Stock up by Rs.5000,sundry creditors reduced by Rs.3000,provision for doubtful debts increased by Rs.2000,building of Rs.4000 was also accounted for.. What is the profit or loss on revaluation of assets and liabilities AB are two partners. C is admitted for 1/3 rd share of profit. At the time of his admission the partners decided to revalue the assets and liabilities as under; Stock up by Rs.5000,sundry creditors reduced by Rs.3000,provision for doubtful debts increased by Rs.2000,building of Rs.4000 was also accounted for.. What is the profit or loss on revaluation of assets and liabilities

Answer rating: 100% (QA)

Solution DateParticularsLFDrRsCrRsiBuilding Ac Dr100000 To Revaluation ... View the full answer