Economics · Partnership Accounts
On the admission of a new partner, if the partners decide to record changes that occurred in the value of assets and liabilities in the books but not in the ledger accounts, then the firm prepares which of the following accounts?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Profit and Loss Appropriation Account
- 2Profit and Loss Adjustment Account
- 3Revaluation Account
- 4Memorandum Revaluation Account✓
Correct answer
Memorandum Revaluation Account
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