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Where to write prepaid insurance if given in adjustment in revaluation account |
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Answer» tion:as we know prepaid insurance is ASSETS for us and it is given in adjusmentit MEANS it had not been RECORDED now we have to RECORD thisso it will increase our assets so it will record at CREDIT side of revaluation accountnote. increase in assets and decrease.in liability will.credit to revaluation account |
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