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State whether the following statements is true or false :Revaluation account is also called Realisation account.OptionsTrueFalse |
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Answer» False Explanation: Revaluation Account is different from Realisation Account. Revaluation Account is prepared at the time of admission, retirement or death of a partner, which records the effect of changes in the value of assets and liabilities, whereas, Realisation Account is prepared at the time of dissolution of a firm to record the realisation of assets and settlement of liabilities. |
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